The U.S. Bank FlexPerks Select Rewards Visa credit card is a great choice for someone that wants to earn special rewards while making regular purchases. These types of credit cards do tend to have higher interest rates, so the cardholder would have to decide if the potential rewards are worth the extra credit card interest.
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No matter what type of credit card you choose to get, you need to make sure you are using it to your advantage. The Federal Reserve’s website has a great article on getting the most out of your credit card.
U.S. Bank FlexPerks Select Rewards Visa Card Rates
The amount a cardholder must pay in interest each month depends completely on their credit score: The higher their score, the lower their interest payments.
The rates for this Rewards Visa card from U.S. Bank are particularly high, so having a credit score as high as possible is necessary to avoid large interest payments.
The cardholder’s annual percentage rate for balance transfers and purchases will be between 13.99% and 23.99%. The rate for cash advances is 23.99% no matter how good the cardholder’s credit score is.
The cardholder does not have to pay interest on balance transfers for the first six months. For the balance transfer to qualify for this introductory rate, the balance transfer has to be made in the first 30 days that the card is active. If the cardholder can pay off the transferred balance in full in this six-month timeframe, they could save a lot of money. If the balance is not paid off in time, it will affect their interest and they could face an interest rate that is higher than the one on their previous credit card.
U.S. Bank FlexPerks Select Rewards Visa Card Fees
While there is no annual fee for the U.S. Bank FlexPerks Select Rewards Visa credit card, there are a lot of transaction fees and very high penalty fees. If the cardholder makes a balance transfer to their credit card they have to pay a 4% fee on the amount being transferred. Cash advances, ATM cash advances, and equivalent cash advances also have a 4% fee, but a credit card check only has a 3% fee.
While the majority of banks and credit unions only have one fee for foreign transactions, U.S. Bank has two. If the transaction is in U.S. currency the fee is 2%, and if it is in a foreign currency the fee is 3%.
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