The U.S. Bank Platinum balance transfer fee is 3% (min $5). The balance transfer fee on the U.S. Bank Platinum is assessed when an eligible debt is moved to the card, and the fee amount will be automatically added to the balance.
This credit card is great for balance transfers, as it offers an introductory APR of 0% for 20 billing cycles, which can help cardholders save money on interest. For reference, the average balance transfer card offers low interest for 13 months and charges a transfer fee of 2.44%. But keep in mind that a regular APR of 15.24% - 25.24% (V) will apply to the balance after the intro period ends.
The best way to do a U.S. Bank balance transfer is to apply for the U.S. Bank Visa® Platinum Card, which has a balance transfer intro APR of 0% for 20 billing cycles with a 3% (min $5) balance transfer fee. After 20 billing cycles, the card’s regular APR of 15.24% - 25.24% (V) kicks in, applying to any balance remaining at that time. U.S. Bank accepts balance transfers from auto loans, personal loans, student loans and credit cards from other issuers.… read full answer
You can request a U.S. Bank balance transfer online, by phone, or with a balance transfer check (which may be available by request). You just have to provide some basic information about the account you want to transfer a balance from and the amount you wish to transfer. U.S. Bank will determine how much to allow you to transfer by reviewing your credit history, income and existing debt.
It’s best to request your transfer when opening an account, or soon after, so you can take advantage of the promotional financing. A U.S. Bank balance transfer provides 12 to 20 months to pay off existing debt at 0% interest.
Here is how to do a U.S. Bank balance transfer:
Online: Log into your online account, select your credit card, and click the “Request a Balance Transfer” link from the “Take Action” menu. Put in the creditor’s name and address, your account number, and the amount you wish to transfer, then submit.
Phone: Call U.S. Bank customer service at 1 (800) 285-8585. When prompted, say “main menu,” then “representative.” State that you’re requesting a balance transfer, and provide the customer service rep with the necessary information.
Balance transfer check: Using a balance transfer check is a bad idea because U.S. Bank will treat the transaction as a cash advance. That means fees and interest will be too expensive for this type of transfer to make sense.
Eligible balances: U.S. Bank accepts balances owed on credit cards, personal loans, auto loans and more from other banks and credit unions. You cannot transfer balances from other U.S. Bank accounts.
Processing Time: It may take up to two weeks for a balance transfer to post to your account. Make sure to continue paying your original creditor until the transfer goes through. You’ll ultimately get credit from U.S. Bank.
The U.S. Bank Visa® Platinum Card isn’t the only notable balance transfer credit card that U.S. Bank has to offer. For example, the U.S. Bank Cash+® Visa Signature® Card and Harley-Davidson® Credit Card have 0% balance transfer APRs for 15 billing cycles and 12 months respectively, with a 3% (min $5) transfer fee. The regular APR for the U.S. Bank Cash+® Visa Signature® Card is 14.74% - 24.74% (V) and for the Harley-Davidson® Credit Card is 15.74% - 24.74% (V). You will need good or excellent credit to have a better chance of being approved for any of the 0% balance transfer U.S. Bank cards.
To negotiate a balance transfer fee, call the credit card issuer’s customer service number before you apply for the card and make your case. People with a good, long-standing relationship with the issuer and a credit score that exceeds the card’s approval requirements will have the best chance of getting the fee waived.… read full answer
Negotiating for a lowered or waived balance transfer fee may save you hundreds of dollars, but it’s more likely to be a waste of time. Banks are naturally hesitant to waive balance transfer fees because many balance transfer cards have 0% APR offers, so transfer fees are one of their main ways to make money. That said, you never really know how they’ll respond until you ask.
How to Negotiate a Balance Transfer Fee in 4 Steps
Check your credit score. To know which balance transfer cards you could get approved for, check your credit score. The higher your credit score is, the better your bargaining position will be. When you have good or excellent credit, you can qualify for many good balance transfer offers, so you’ll be able to consider alternatives if you don’t get what you want from a particular credit card company.
Compare balance transfer offers and pick the best one. You can use WalletHub’s balance transfer calculator to figure out how much you’d save by transferring your debt to various balance transfer cards. It’s important to consider the amount of time you’ll likely spend paying off the debt when making these comparisons.
Call the card issuer’s customer service line and speak to a rep. If the first person can’t help, ask for someone higher up the ladder – they’re more likely to have the authority to negotiate.
Make your case. Bring up any good relationship you have with the card issuer, especially if you are a loan, checking or investing customer, too. People with high incomes are also more likely to get the fee waived because the card issuer will be eager to get more business from them in the future. In addition, you might want to mention your credit score if it’s around 750 or higher.
If negotiations are unsuccessful, consider other balance transfer cards or even other debt payment options. Your most cost-effective option may still be to pay the fee and transfer your balance to the card that you initially wanted. But it’s best to explore alternatives before making a decision.
The best U.S. Bank credit cards require a 750 credit score or higher for good approval odds. Most U.S. Bank’s co-branded credit cards require good credit, or a credit score of at least 700. In other words, most U.S. Bank credit cards are for people with good credit or excellent credit, but there are options for applicants with lower scores, too.… read full answer
U.S. Bank Minimum Credit Score Requirements by Card:
Meeting the U.S. Bank credit score requirements does not guarantee your approval for a U.S. Bank credit card. Your income, debt, credit history, and any recent inquiries on your credit report are all considered before you’re approved for a U.S. Bank credit card.
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