5 Things to Know About the U.S. Bank Split Credit Card

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Bank Split World Mastercard functions more like a buy now, pay later plan than a traditional credit card. It allows cardholders to split their purchases into equal payments across three, six or 12 months. Beyond its flexible repayment feature, the $0-annual-fee card doesn't offer much in the way of rewards or benefits. And there are more rewarding credit cards from major issuers, including U.S. Bank itself, that offer similar repayment options. Here’s what to know about the U.S. Bank Split credit card.» MORE: Buy now, pay later vs. credit cardsTypically, with traditional credit cards, balances accrue until they’re paid off. The U.S. Bank Split card works differently. When cardholders make a purchase of $100 or more with it, that expense is automatically placed into a three-month interest-free payment plan, allowing repayment over three billing cycles with no fees. Additionally, cardholders have the option to extend their payment plans to six or 12 months, each of which charges a fixed monthly fee rather than interest. So, for instance, if you make a $250 purchase and you don’t think you can pay it back over the automatic three-month repayment period, you can log into your U.S. Bank card account before the end of the billing cycle and choose a six- or 12-month plan instead. Again, you’ll be charged a fixed fee, every month, for the duration of those longer plans. You’ll be able to see what your fixed fee is once you extend your plan.Note that purchases under $100 are combined at the end of the billing cycle into a single three-month payment plan that cannot be extended. Plus, while users can’t cancel or shorten their repayment plans, they can pay them off early. As established above, the U.S.

Bank Split World Mastercard doesn't operate like traditional credit cards do. To that point, it doesn't earn rewards. Rewards cards — those that earn cash back, miles or points — are valuable because they can give you money back on your spending and offer long-term benefits for cardholding. See NerdWallet’s list of best rewards credit cards for options. Apart from its split payment option, the U.S.

Bank Split World Mastercard doesn't offer much in the way of benefits or perks. For example, it doesn't come with a welcome bonus for new applicants. Welcome offers are standard on many traditional rewards cards and can earn new applicants hundreds of dollars in rewards. Here’s a list of NerdWallet’s best credit card welcome bonuses. Applicants can see whether they’re preapproved for the U.S.

Bank Split World Mastercard, which means they can check to see if they might qualify for the card, without a hard inquiry and subsequent impact to their credit scores.Like most preapproval processes, once you formally apply, there is then a hard pull on your credit, which can temporarily affect credit scores. Various major issuers offer credit cards with payment plan options. These cards might be more valuable than the U.S.

Bank Split World Mastercard because many of them also offer rewards and benefits. For instance, Chase's "Pay Over Time" feature allows eligible customers pay off purchases of $100 or more in equal monthly installments for a fee instead of interest.In fact, U.S. Bank itself features an ExtendPay program on many of its other cards, which is similar to the Split card's payment option. With ExtendPay, eligible U.S. Bank credit cardholders can divide purchases of $100 or more across three- to 24-month periods for no interest, only a fixed monthly fee.» MORE: NerdWallet's best U.S. Bank credit cardsHelpful resourcesFind the right credit card for you.Whether you want to pay less interest or earn more rewards, the right card's out there. Just answer a few questions and we'll narrow the search for you.Download the app Disclaimer: NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product's site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution's Terms and Conditions. Pre-qualified offers are not binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. NerdWallet Compare, Inc. NMLS ID# 1617539 NMLS Consumer Access | Licenses and Disclosures California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812 Insurance Services offered through NerdWallet Insurance Services, Inc. (CA resident license no.OK92033) Insurance Licenses Fundera, Inc. NMLS ID# 1240038 NMLS Consumer Access California: California Finance Lender loans arranged pursuant to the Department of Financial Protection and Innovation Finance Lenders License #603L288 NerdWallet has engaged Atomic Invest LLC (“Atomic”), an SEC-registered investment adviser, to bring you the opportunity to open investment advisory accounts (Automated Investing Account and/or Treasury Account) with Atomic. NerdWallet receives compensation of 0% to 0.85% of assets under management annualized, payable monthly, for each referred client who opens an Atomic account and a percentage of free cash interest earned by clients, which creates a conflict of interest. Brokerage services for Atomic are provided by Atomic Brokerage LLC ("Atomic Brokerage"), member of FINRA/SIPC and an affiliate of Atomic, which creates a conflict of interest. See details about Atomic, in their Form CRS, Form ADV Part 2A and Privacy Policy. See details about Atomic Brokerage in their Form CRS, General Disclosures, fee schedule, and FINRA’s BrokerCheck. You also can open a Cash Account offered by Atomic Brokerage which allows you to earn interest on your cash through a cash sweep program.

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