U.S. Bank Shield Visa Card Review: Pay Down Debt Faster With an Ultra-Long Intro APR

U.S. Bank Shield Card Benefits

Intro APR Offer

The U.S. Bank Shield Card offers an industry-leading 0% intro APR on purchases and balance transfers for 24 billing cycles. After that the APR is variable, currently 17.49%-28.49%. The generous length of this interest-free window is virtually unprecedented for a credit card. A couple of others offer 21 months, but the vast majority offer 18 months or less.

If you’ve got large upcoming expenses that you can’t pay off quickly, such as emergency car repairs or home renovations, this card can help you avoid interest. Or, if you’re currently struggling with high-interest debt from other loans or credit cards, you can transfer those balances onto this card and get a little breathing room from interest charges. It’ll help you to pay down your balances considerably faster.

This is the primary draw of the U.S. Bank Shield Card. Depending on your situation, you could save hundreds or thousands of dollars in interest with this card.

I recently received a large medical bill for which I neither wanted to pay with emergency savings nor incur monthly interest payments. I opened the Shield Card to avoid interest and pay off the bill at my leisure. It’ll likely save me several hundred dollars over the next two years.

Cash Back on Select Purchases

The U.S. Bank Shield Card earns 4% cash back on prepaid air, hotel and car reservations booked through U.S. Bank’s Rewards Center.

With all the great rewards credit cards out there that offer high return rates in so many different spending categories, you may think a single spending category is subpar.

However, credit cards that specialize in 0% intro APR typically don’t even have a rewards program. The fact that you can earn cash back for any spending at all is a big win for this card.

$20 Annual Statement Credit

The U.S. Bank Shield Card offers a $20 statement credit after you make at least one purchase each month for 11 consecutive calendar months.

This is a simple incentive for you to keep the card in your wallet. It’s not mouth-watering, but it’s still pretty great for a no-annual-fee credit card.

Cell Phone Insurance

When you pay your monthly wireless bill with the Shield Card, you’ll automatically receive secondary cell phone insurance (meaning it’ll cover anything your primary insurance, such as your personal insurance, won’t). You’re covered up to $600 toward a damaged or stolen phone once per 12-month period. You’re subject to a $100 deductible.

Again, for a no-annual-fee credit card, this benefit is valuable. If you currently pay out-of-pocket for cell phone insurance, this perk could be reason enough to keep the card.

Travel and Purchase Coverage

The U.S. Bank Shield Card comes with a handful of purchase protections and travel insurance. Cardholders receive:

• Car rental insurance: When you pay for your rental with the card and decline the agency’s collision damage waiver, you can be covered up to the actual cash value of most rented cars in the event of damage due to collision or theft. In the US, coverage is secondary, which means it only reimburses amounts not covered by your personal insurance policy (if you have one); otherwise, it’s primary.
• Purchase security: If an eligible item you bought with your card is damaged or stolen within 90 days of purchase, you could be reimbursed up to $500 per claim and $50,000 per account.
• Extended warranty: When you use your card to pay for an eligible item with a manufacturer’s warranty, your coverage can be doubled up to one additional year on warranties of three years or less. Reimbursement is up to $10,000 per claim and $50,000 per account.

U.S. Bank Shield Card Drawbacks

Untraditional Welcome Bonus

It’s common to look for a welcome bonus with a high dollar amount when considering a new credit card. The U.S. Bank Shield Card doesn’t come with cash back, travel rewards or anything similarly quantifiable.

Still, its intro APR offer could deliver more value than you may find from a traditional welcome bonus — depending on how you use it.

Balance Transfer Fee

The typical credit card balance transfer fee ranges from 3% and 5% of the amount transferred. U.S. Bank takes the high number here. You’ll be charged 5% of your transfer or $5, whichever is greater.

Who Is the U.S. Bank Shield Visa Card Best For?

The U.S. Bank Shield Card is best for those trying to skirt interest payments. This card is designed to rescue you from high credit card APRs.

On a similar note, this card (and every other credit card) isn’t for those who struggle with overspending. Receiving an intro APR shouldn’t be viewed as a means to spend money you don’t have. It’s better saved for emergencies or for expenses that you know you can pay off within the first two years.

Finally, the U.S. Bank Shield Card is for those with good credit or better. Even the best balance transfer credit cards can’t accept more debt than their credit lines can hold. If you open this card and receive a credit limit of $2,000, it’ll do little good to save you money on your $10,000 in credit card debts.

Is It the Right Card for You?

The U.S. Bank Shield Card could be right for you if:

• You’ve got a large upcoming purchase that you can’t soon pay off within a few months
• You currently hold credit card debt that you’re having a hard time paying off due to high interest payments
• You’ve got good credit
• You want cell phone insurance without having to pay a monthly fee

Alternatives to the U.S. Bank Shield Visa Card

The U.S. Bank Shield Card isn’t the only no-annual-fee credit card that comes with these types of perks. Other cards offer fewer interest-free months but with better rewards programs and proper welcome bonuses:

• Citi Double Cash® Card: With the Citi Double Cash Card, an advertising partner, you’ll receive a less impressive 0% Intro APR on balance transfers for 18 months, then 17.99% – 27.99% (Variable). A 17.99% – 27.99% (Variable) APR will apply for purchases. As a tradeoff, you’ll earn 1% cash back when you make a purchase and 1% back when you pay off that purchase (essentially 2% cash back everywhere).
• Chase Freedom Flex®: New cardholders receive a 0% Intro APR on Purchases and Balance Transfers for 15 months, then 18.74% – 28.24% Variable APR. But you’ll get access to lots of bonus spending categories, and you also get cell phone insurance that’s more generous than the U.S. Bank Shield Card.