Debt Relief: U.S. Bank’s Latest Credit Card Stands Out with an Industry-Best, 24-Month 0% Intro APR

Credit card debt is on the rise in the U.S. as consumers rack up balances they can’t — or choose not to — pay off each month. A report from the Federal Reserve Bank of New York details that credit card debt grew by $45 billion during 2024’s fourth quarter. No other form of household debt came close to matching the growth in credit card debt during the quarter.

Consumers now owe more than $1.21 trillion in total credit card debt. And 7.18% of credit card debt is at least 90 days delinquent, which is a higher percentage than any other type of household debt. These facts don’t paint a rosy picture for consumers with credit card debt, and the problem isn’t going away anytime soon. 

Inflation and stagnating wage growth can dampen consumer confidence. Consumers’ average perceived probability of missing a minimum debt payment within the next three months increased last month to 14.6% — the highest level since April 2020, according to a separate Federal Reserve Bank of New York survey. 

Consumers can turn to financial education to help them rein in their credit card debt. Putting together a realistic household budget — and adhering to it — can enable people to shed debt over time. But opening a new credit card that charges no interest may also bring relief to consumers who want to buy something today and pay for it later.

U.S. Bank recently announced a new credit card that offers a market-best introductory 0% APR on balance transfers and purchases for the initial 24 billing cycles. The introductory APR applies to balance transfers cardholders initiate within 60 days of opening their account.

The card, known as the U.S. Bank Shield Visa Card, offers a variable APR, currently listed at 17.74% to 28.74%, after the introductory period. The variable APR is based on a cardholder’s creditworthiness at the time they open their account. U.S. Bank believes the card will gain traction among consumers thanks to its diverse features.

“The Shield Visa card is the perfect card for the consumer motivated by value, protection, and security,” Steve Mattics, Head of Credit Card and Debit Products at U.S. Bank, said in a press release announcing the card. 

The rollout of the Shield Visa card may be coming at just the right time for consumers seeking a solution to their financial woes. The University of Michigan’s Index of Consumer Sentiment dropped to 57.9 in March, constituting a decrease of more than 10% from the February’s sentiment figures.

Joanne Hsu, the Director of the Surveys of Consumers and a Research Associate Professor at the University of Michigan, wrote in comments accompanying the index numbers that consumer sentiment has fallen for three months in a row and is down 22% from December figures. 

“While current economic conditions were little changed, expectations for the future deteriorated across multiple facets of the economy, including personal finances, labor markets, inflation, business conditions, and stock markets,” Hsu wrote.

Card issuers expecting the new U.S. Bank card to be devoid of bells and whistles should note that, while the Shield Visa card offers a lengthy 0% APR period, the introductory rate doesn’t come at the expense of other card benefits.

The U.S. Bank Shield Visa Card provides cardholders with numerous features:

• Cash Back: Cardholders receive 4% cash back on prepaid air, car, and hotel reservations they make with the card through the company’s Rewards Center. This may be an appealing benefit for consumers looking to save money on travel costs.
• No Annual Fee: A $0 annual fee further positions the card as an enticing payment instrument for shoppers who are mindful of their budgets.
• Statement Credits: Cardholders can earn an extra $20 via an annual statement credit that applies when they make purchases with their Shield Visa card for 11 consecutive months. An account must be in good standing to qualify for the credit.
• Additional Benefits: Consumers can also access cellphone protection benefits, complimentary access to their credit score, and extended warranty protections. 

Consumers who are on the fence about applying for U.S. Bank’s newest credit card can use an interactive calculator on the company’s website. The calculator allows users to enter the amount of a credit card or loan balance they want to transfer to the card, along with the current APR of the amount they’d like to transfer, to see their potential savings.

We’ll be keeping an eye on other credit card issuers to see if they roll out 0% cards with longer introductory APR periods in response to U.S. Bank’s newest card. For now, Mattics is optimistic about what the Shield Visa card brings to the market.

“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,” Mattics said.