Credit Card News
U.S. Bank Introduces Shield Visa Card
U.S. Bank has debuted a new credit card that includes a “market-leading” promo interest rate and a unique clear plastic design.
About the U.S. Bank Shield Card:
This week, U.S. Bank announced the launch of the U.S. Bank Shield Visa Card. A key feature of this card is an introductory 0% APR on purchases and balance transfers for the first 24 billing cycles. Following this period, the card has a variable APR that currently ranges from 17.75% to 28.74. However, customers can apply for a three-month ExtendPay Plan offer each calendar year with no fee.
Beyond the promotional APR, the U.S. Bank Shield card does include some cardholder perks. First, customers can earn 4% cashback on prepaid flight, hotel, and car rental bookings made via the U.S. Bank Travel Rewards Center. Additionally, after cardholders make 11 consecutive months of purchases with their card (and keep their account in good standing), they’ll automatically earn a $20 statement credit.
As for expenses, the U.S. Bank Shield card does not have an annual fee. That said, those looking to use the card for a balance transfer should note that U.S. Bank charges a fee of 5% (with a $5 minimum fee). In other words, those transferring a balance of $10,000 to the card would have a balance transfer cost of $500.
What They’re Saying:
Discussing the new option, U.S. Bank’s head of credit card and debit products Steve Mattics said, “The Shield Visa card is the perfect card for the consumer motivated by value, protection and security. In addition to the best and longest introductory APR offer on purchases and balance transfers, this card offers a market-leading suite of protection benefits to ensure clients can be confident when using it to make important purchases – all for no annual fee.”
My Thoughts:
Cards such as this new U.S. Shield card force me to reconsider what I expect a credit card to be. Browsing the landing page, my immediate thought is, “No actual rewards besides their travel portal and not even a welcome bonus? No, thank you!”
But, once I looked a little closer, I realized that having 24 months of 0% interest could be quite useful in the right situations. Heck, as a relatively new homeowner, I’m sure there are plenty of projects we could accomplish with the help of such an offer.
Of course, that’s where some uncertainty comes in as you may not know what type of credit limit your Shield card offers. Thus, it would be quite disappointing to have a large purchase in mind, apply for this card, and then learn that your limit would be well below your intended purchase price. On that note, however, U.S. Bank does offer a pre-approval tool that won’t impact your credit — although I’m not sure if this would provide a sample limit or just an overall verdict.
Ultimately, while I don’t think the U.S. Bank Shield Visa is the one for me, I will keep an open mind about it going forward — and perhaps my thoughts will change should there be a large purchase I need to finance.
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