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Introductory APR periods are a major way credit card issuers lure new card members to their products. With a set time period in place, typically 12 months or more, cardholders can pay off purchases over that period with no interest — or transfer a balance from another card to pay down existing debt.
U.S. Bank has launched a credit card that has one of the longest introductory APRs we've ever seen. Here are all the details of the U.S. Bank Shield Visa Card.
U.S. Bank Shield Visa Card's Industry-Leading Intro APR
The U.S. Bank Shield Visa Card offers a 0% Intro APR on purchases and balance transfers for 24 billing cycles. After that, there's a variable APR of 17.74%-28.74%. Balance transfers have a fee of $5 or 5%, whichever is greater.
Comparing that to other balance transfer cards out there, this is one of the longest periods currently on the market. Offers generally hover in the 12 to 21 billing cycle range, so 24 billing cycles is a stellar intro period. Even better, there's no annual fee on the U.S. Bank Shield Visa Card.
Earning Rewards on the U.S. Bank Shield Visa Card
What makes the U.S. Bank Shield Visa Card especially interesting is the fact that it earns cash back — albeit in a limited capacity. Most cards with high intro APR periods do not earn rewards in any way. The U.S. Bank Shield Visa Card earns 4% cash back on prepaid flight, hotel, and car rental reservations booked directly in U.S. Bank's Reward Center.
The card also rewards a $20 annual statement credit after 11 consecutive months of purchases on the card. There's no minimum threshold for the monthly purchases, and the credit is paid 2 billing cycles after the 11th consecutive calendar month of purchases.
Other Benefits of the U.S. Bank Shield Visa Card
The U.S. Bank Shield Visa Card offers a once-yearly $0 fee “ExtendPay Plan” after the intro APR period expires. For up to 50% of your credit line, you can elect to enroll in a 3-month payment plan. This is similar to other payment plan systems from other banks, such as Chase Pay Over Time.
The card offers cell phone protection, with up to $600 reimbursed if your cell phone is damaged or stolen. Cardmembers are eligible for 1 incident per 12-month period, and there's a $100 deductible on all claims.
Like many cards, this card offers free credit score monitoring. This is offered through TransUnion's CreditView Dashboard. Some members may not qualify for alert functionality.
The U.S. Bank Shield Visa Card also comes with a number of warranties and purchase protection benefits. They include:
- Auto Rental Damage Waiver: While not primary rental car insurance that some premium credit cards offer, this is secondary insurance that covers physical damage and theft of your rental vehicle, reasonable and customary towing, and valid loss-of-use charges and administrative fees when you use the card to pay for your rental vehicle.
- Extended Warranty Protection: Extended warranty protection adds an extra year to products purchased on the U.S. Bank Shield Visa Card.
- Purchase Security: This benefit protects against theft or damage due to fire, vandalism, or accidentally discharged water or certain weather conditions within the first 90 days after using your U.S. Bank Shield Visa Card to purchase the product.
Our Take
The U.S. Bank Shield Visa Card offers a strong 24-billing cycle introductory APR period for purchases and balance transfers, and even awards cash back when using U.S. Bank's Reward Center. The card also offers a few “nice to have” benefits for a $0 annual fee credit card. For those looking to pay off large purchases over two years, or transfer a large balance from another credit card, the U.S. Bank Shield Visa Card is worthy of a spot in your wallet.
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