US Bank Platinum Business Credit Card Alternatives

US Bank Platinum Business Credit Card Alternatives
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If you’re a CFO, controller, or business owner looking for a business credit card, you have an overwhelming number of options available to you. The U.S. Bank Platinum Business Credit Card is a popular one that offers some spending controls and has no annual fee.

But is this card the best for your business? Does it offer value beyond helping your team make purchases? Can it also help you reduce administrative work and ensure your company stays on budget?

We’re answering those questions and more in this guide to the U.S. Bank Platinum Business Credit Card and its alternatives.

How to evaluate business credit cards

To determine whether or not the U.S. Bank Platinum Business Credit Card is right for your business, you should consider the following questions:

  • Does the card simplify the payment process?
  • Does it reduce time spent on administrative work?
  • Does it give me real-time visibility into company spending?
  • Can the card prevent my employees from going over budget or making out-of-policy purchases?
  • Can it empower my team to manage the budget?
  • What are its fees?
  • How can I qualify for this card?
  • What perks does this card have that don’t matter to my business?

That’s a lot of ground to cover. Fortunately, we’ve done the hard work of researching these answers for you.

Does the U.S. Bank Platinum Business Credit Card simplify the payment process?

The U.S. Bank Platinum Business Credit Card’s main offering is a physical credit card. It comes with free employee cards for your team.

Virtual cards aren't available to Platinum Business card holders. You can add your U.S. Bank Platinum Business Credit Card to your smartphone’s digital wallet, although doing so doesn’t offer the same functionality as a true virtual card.

US Bank does offer its business clients online bill pay, if you sign up for their online banking with scheduled bill pay.

Does the U.S. Bank Business Platinum Card reduce admin?

A business credit card should do more than help you make purchases. It should also help make your team’s lives easier by facilitating administrative tasks like expense reporting and accounting.

Unfortunately, the U.S. Bank Business Platinum Credit Card leaves a lot to be desired. While it offers an integration with QuickBooks, it doesn’t have many other tools that make bookkeeping easier. For example, it lacks a travel booking integration and receipt capture feature.

Unlike some state-of-the-art corporate cards, this one won’t help you eliminate the tedious expense reimbursement process. Because the U.S. Bank Business Platinum Credit Card doesn’t have a virtual card option, you likely won’t feel confident giving out physical cards to all of your team members, like junior staff, interns or contractors. These cardless team members will have to make out-of-pocket purchases and request reimbursements through expense reports. Your finance team will have to devote precious time to processing reimbursement requests, instead of focusing on something of higher value.

Does the U.S. Bank Business Platinum Card give you real-time visibility into total spend?

The U.S. Bank Business Platinum Card lets you see your credit card transactions in real time, but the ability to manipulate the data is limited. You’re going to have to export a CSV and build your own reporting in Excel.

While U.S. Bank has an accounts payable solution, it comes as a separate product that’s only available to $20 million+ clients. You’ll need a separate U.S. Bank solution to manage payroll as well.

Can the U.S. Bank Business Platinum Card prevent over-budget or out-of-policy spending?

U.S. Bank lets you set restrictions for when, where, and how much your team can spend on their employee cards with its Payment Controls feature. You can allocate budgets towards certain types of merchants, like office supply stores, or spending categories, like travel, and set card spending limits through your online dashboard.

These restrictions, however, can’t replace an approvals process. And while you can block purchases by setting up rules in advance, this feature doesn’t fully integrate with your corporate card policy.

Does the U.S. Bank Business Platinum Card empower your employees to manage their own budgets?

The U.S. Bank Business Platinum Credit Card offers a spending vs. limits report to show you actual vs. budgeted spending.

Both account admins and card holders can get alerts when spending gets close to or exceeds the budgeted amount.

What are the U.S. Bank Business Platinum Card fees?

These are the fees you’ll incur when using the U.S. Bank Business Platinum Credit Card.

 U.S. Bank Business Platinum Credit Card Fees and Interest Rates Annual Fee $0 Annual Percentage Rate (APR) 0% introductory APR for 15 billing cycles after account opening, then variable APR between 9.99-17.99% depending on creditworthiness Balance Transfer Fee 3% amount of each transfer or $5, whichever is greater Foreign Transaction Fee 3% Cash Advance Fee 5% Maximum Late Payment Fee $39 Returned Payment Fee $35 Overlimit Fee $39

As of December 13, 2020

How do I qualify for the U.S. Bank Business Platinum Card?

You’ll need an excellent credit score of at least 750 to qualify for the U.S. Bank Business Platinum Credit Card.

U.S. Bank Platinum card perks that don’t matter

This card offers balance transfers and credit limits, which seem like perks, but actually aren’t all that useful and are potentially costly. Your business doesn’t need to risk paying high interest to get access to 30 days of “float” with a credit limit. And balance transfers incur a 3% or $5 fee, whichever one is larger.

Cardholders incur a sizable 29.99% penalty APR when they exceed their credit limit twice in one year. You could end up making large purchases you can’t afford, and then have to pay high interest on them.

U.S. Bank Platinum Business Credit Card vs Lola.com

Lola.com’s corporate card, a debit card powered by Visa, is a smart alternative to the U.S. Bank Platinum Business Credit Card. Here’s how the two stack up.

U.S. Bank Platinum Business Credit Card vs. Lola.com’s Corporate Card

Who is a good fit for the U.S. Bank Platinum Business Credit Card ?

Small businesses that want a traditional corporate credit card with some spending controls and no annual fee are a good fit for the U.S. Bank Platinum Business Credit Card.

Who is a good fit for Lola.com’s corporate card?

Lola.com’s corporate card is a great option for startups that want to control spend and minimize administrative tasks. Lola.com card helps growing teams reduce time spent on admin and bookkeeping so they can focus on high-value initiatives. This card provides growing teams with state-of-the-art spend management tools that other banks only make available to their biggest clients.

FAQs

Does the U.S. Bank Business Platinum Card simplify the payment process?

Kind of. While it offers online banking and physical cards, it lacks a virtual card solution.

Does the U.S. Bank Business Platinum Card reduce admin?

No. The card lacks features that eliminate or help facilitate the expensing process.

Does the U.S. Bank Business Platinum Card give you real time visibility into total spend?

No. While cardholders have access to their own real-time transactions and spending reports online, they can’t see payroll or accounts payable spending.

Can the U.S. Bank Business Platinum Card prevent over-budget or out-of-policy spending?

Not quite. While you can set some restrictions on spending, you can’t create an approval process through this card.

Does the U.S. Bank Business Platinum Card empower your team to manage their own budgets?

Yes. The card offers reporting that shows budgeted vs. actual spend and provides spending alerts.

What are the U.S. Bank Business Platinum Card fees?

No annual fee, 0% intro APR period lasting 15 months, then a regular variable APR, 3% balance transfer fee, 3% foreign transaction fee.

How do I qualify for the U.S. Bank Business Platinum Card?

You’ll need a credit score of at least 750.

What are U.S. Bank Platinum card perks that don’t matter?

Credit limits and balance transfers.

Does the U.S. Bank Platinum card offer rewards?

No. This card has no rewards program and doesn’t offer a sign-up bonus, cash rewards, or cash back.

Lola.com is the spend management solution that keeps you on budget.


About the Author: Ana Cvetkovic
Ana Cvetkovic is a freelance writer for Lola.com. She is also the CEO of BLOOM Digital Marketing, a creative marketing agency that specializes in creating demand generation content for SaaS companies in the hospitality and travel industries.