U.S. Bank Business Platinum Card Review 2024

U.S. Bank keeps its small business credit card portfolio surprisingly simple, with just a small handful to choose from. Of the choices available, the Business Platinum Card is likely the best U.S. Bank-issued choice for a business owner looking for an introductory 0% APR offer on balance transfers and purchases.

The card comes with 0% intro APR on purchases and balance transfers for 18 billing cycles, followed by a regular APR of 17.24% - 26.24% variable. A balance transfer fee of either 3% of the amount of each transfer or $5 minimum, whichever is greater, applies. For those who qualify for the lower end of the ongoing APR range, the card’s interest rate is relatively low compared to U.S. Bank’s other small business credit cards, though business owners looking to finance purchases on an ongoing basis would likely be better served by a business loan or line of credit.

The card offers no rewards. If you are interested in a U.S. Bank small business credit card that does come with rewards, consider a card like the U.S. Bank Business Leverage® Visa Signature® Card or the U.S. Bank Triple Cash Rewards Visa® Business Card*.

• $0 annual fee
• Get a 0% intro APR on purchases and balance transfers for 18 billing cycles, followed by a regular APR of 17.24% - 26.24% variable. A balance transfer fee of either 3% of the amount of each transfer or $5 minimum, whichever is greater, applies
• No rewards
• Free employee cards

The U.S. Bank Business Platinum Card comes with a 0% intro APR on purchases and balance transfers for 18 billing cycles, followed by a regular APR of 17.24% - 26.24% variable. A balance transfer fee of either 3% of the amount of each transfer or $5 minimum, whichever is greater, applies. Purchases may post at any time during the promotional period, but balance transfers must be completed within 30 days of account opening.

• Visa Spend Clarity: Track spending and manage your expenses more efficiently with this powerful tool.
• Dedicated domestic service: U.S. Bank’s 100% domestic servicing center provides 24/7 dedicated service.

Interest Rates

• Regular APR: 17.24% - 26.24% (Variable)
• Purchase intro APR: 0% Intro APR on purchases and balance transfers for 18 billing cycles
• Balance transfer intro APR: 0% Intro APR on purchases and balance transfers for 18 billing cycles

Fees

• Annual fee: $0
• Balance transfer fee: Either 3% of the amount of each transfer or $5 minimum, whichever is greater
• Foreign purchase transaction fee: 3%

U.S. Bank Business Platinum Card* vs. Edward Jones Business Plus Mastercard®*

Arguably two of the biggest downsides of the U.S. Bank Business Platinum Card* are its balance transfer fee and its lack of ongoing rewards. The Edward Jones Business Plus Mastercard®* is an attractive alternative that offers both a no-balance-transfer-fee promotion and rewards.

The Edward Jones Business Plus Mastercard offers a 0% intro APR for the first 12 billing cycles on balance transfers followed by a variable APR of 20.24% - 29.99% on purchases and balance transfers. 0% introductory fee for balances transferred within the first 60 days of account opening. A balance transfer fee of 3% of each transferred amount ($5 minimum) will apply after that. Depending on the size of balance transfer you plan on shifting to the card, the savings from their no-fee promotion could be substantial.

You can earn 4 points per dollar on prepaid hotels and car rentals booked directly in the Edward Jones Rewards Travel Center, 2 points per dollar on eligible net purchases over $40,000 and 1.5 points per dollar on eligible net purchases up to $40,000.

The Edward Jones Business Plus Mastercard®* is available for a $0 annual fee every year with at least one purchase to the account, otherwise $25.

U.S. Bank Business Platinum Card* vs. U.S. Bank Triple Cash Rewards Visa® Business Card*

If U.S. Bank is your business bank of choice and you’d rather have a card that earns rewards on your business spending, check out the U.S. Bank Triple Cash Rewards Visa® Business Card*. The card earns 5% cash back on prepaid hotels and car rentals booked directly in the Travel Rewards Center, 3% cash back at gas and EV charging stations, office supply stores, cell phone service providers and restaurants and 1% cash back on all other eligible purchases. In addition to earning cash-back rewards, the Triple Cash also offers a 0% intro APR on purchases and balance transfers for 15 billing cycles, followed by a regular APR of 19.24% - 28.24% variable. A balance transfer fee of either 3% of the amount of each transfer or $5 minimum, whichever is greater, applies.

The Triple Cash also offers a nice perk for small business owners: a $100 annual credit to users for eligible recurring software subscription expenses such as FreshBooks or QuickBooks.

The Triple Cash card carries no annual fee and comes with a welcome bonus offer: $500 cash back after spending $4,500 in the first 150 days of opening the account.

U.S. Bank Business Platinum Card* vs. Amex Blue Business Cards

If you are looking for everyday cash-back rewards for your business, consider one of the many cards that earn 2% cash back or 2 points per dollar on all spending. While there are several personal and business cards that offer generous and simple rewards, American Express offers options for both cash-back fans and points collectors: The American Express Blue Business Cash™ Card (Terms apply, see rates & fees) and The Blue Business® Plus Credit Card from American Express (Terms apply, see rates & fees), both with no annual fee.

If you prefer cash back, consider The American Express Blue Business Cash™ Card, which earns 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. If you prefer transferable points, consider The Blue Business® Plus Credit Card from American Express, which earns 2 Membership Rewards points per dollar on everyday business purchases such as office supplies or client dinners up to the first $50,000 in purchases per year, then 1 point per dollar on all other purchases.

Related: Best Business Credit Cards Of 2024

The U.S. Bank Business Platinum Card is a decidedly vanilla balance transfer card that is built for a single purpose. The card is not for small business owners seeking rewards, travel perks, lounge access or even a general spending card. But if you are looking to take advantage of a 0% introductory offer on balance transfers and purchases for your small business, the U.S. Bank Business Platinum card should be on your short list.

Methodology

Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors, including:

• Annual fees
• Welcome bonus offers
• Ongoing earning rates
• Included merchant credits
• Additional cardholder benefits

Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors came together to provide a star rating for each individual card.

To view rates and fees for The American Express Blue Business Cash™ Card please visit this page.
To view rates and fees for The Blue Business® Plus Credit Card from American Express please visit this page.

Read more: How Forbes Advisor Rates Credit Cards