Credit One Bank Platinum Rewards Visa Review
If you are seeking a credit card that helps you build credit while providing valuable rewards, then the Credit One Platinum Rewards Visa card is perfect for you. This card is best for users who want to rebuild their credit scores. The Credit One Bank Platinum Rewards Visa card offers regular credit limit increases based on usage history.
The highlight of this card is the rewards feature. There are not many cards in the market that provide similar rewards as this one for those who have a mediocre credit score. It also offers annual cash back bonuses for purchases made in eligible categories, such as gas, groceries, mobile phone service, internet, cable and satellite TV services.
Card Details to Know Up Front
- Bonus, Fee or FeatureHas or Not
- Has Annual Fee
- Has Balance Transfer Offer
- Has APR Offer
- Cash Back Rewards
- Travel Rewards
Credit One Bank Platinum Rewards Visa at a Glance
The Credit One Bank Platinum Rewards Visa card comes with an offer of 5% cash back on the first $5,000 for purchases made on eligible categories each year, including gas, grocery, internet, cable, satellite TV and mobile phone services. It also offers 1% cash back on other purchases.
- Credit One Bank® Platinum X5 Visa®
A great card to maximize cash back rewards
- Fair-ExcellentCredit Needed
- $95Annual Fee
- 1%–10% Cash Back*Rewards Rate
- 1xRewards Rate on Gas
- 1xRewards Rate on Groceries
Pros & Cons Explained
The Credit One Bank Platinum Rewards Visa card comes with some lucrative offers — especially considering this card is available for users with fair credit — while it also involves some fees and charges that you must be mindful of.
- Cash back rewardsYou get 5% cash back rewards on the first $5,000 of purchases in eligible categories each year. After crossing the yearly limit of $5,000, this rate drops to 1%. You also get 1% cash back for purchases made in other categories.
- Reasonable credit score requirementYou stand a good chance of qualifying for this card even with average credit.
- Due date flexibilityYou get to choose a payment due date that works for you if your assigned payment date does not suit you.
- Check your credit scoreYou can check your Experian credit score free of cost every month with this card.
- Option to pre-qualifyThis card lets you perform a soft credit inquiry that will not hurt your score. By doing this, you can check whether you are eligible for the card before you apply formally.
- Annual feeEven though the annual fee of $95 is relatively reasonable, there are other cards in the same category that do not charge an annual fee.
- No sign-up bonusA sign-up bonus can often compensate for a card’s annual fee, but this card does not offer any sign-up bonus. There are many other options for cash back cards that do have introductory bonuses, especially if you have a good credit score.
- Low cap on rewardsThe yearly limit of $5,000 to earn 5% cash back translates to an average of $417 in purchases in those categories every month, which is rather low. Once you cross this limit, you are eligible to get only 1% cash back. Other cards offer a higher cap or no cap at all.
- High APRIf you do not pay off your monthly balance in time, you will pay an APR of 23.99%. Since this card does not have an intro APR offer, purchases made using the card will start accruing interest from the date of the transaction.
The Credit One Bank Platinum Rewards Visa card did not make it to our list of the best cash back credit cards of 2022. Other cards provide better offers and rewards. You can check our complete review of the best cash back credit cards to know more about other options in this category.
Bonuses & Rewards Explained
The Credit One Bank Platinum Rewards Visa card provides reasonable benefits when stacked up against similar cards in its category. One of the drawbacks is the low cap on the rewards that you earn.
While the card offers a lucrative 5% cash back for purchases across several categories, this is offset by the low cap of $5,000 per year, after which you’ll get 1% cash back.
In addition, you must keep in mind that not all grocery and gas purchases will be eligible for the 5% cash back. For example, purchases at warehouses like Costco will not be eligible for cash back, nor will groceries bought from convenience or drugstores.
Boost your Credit Score
You can boost your credit score with the Credit One Bank Platinum Rewards Visa card while benefiting from cash back offers.
Purchases made with this card will give 5% cash back on specific categories and 1% cash back on others. The first $5,000 worth of purchases made in a calendar year in these categories will give cash back rewards equivalent to $250, which is more than double the annual fee for the card.
Other Features Explained
In addition to the lucrative 5% cash back on select categories, the Credit One Bank Platinum Rewards Visa card offers other benefits as well.
- Card FeatureDescription
- Fraud protectionThis card provides complete protection against unauthorized charges if you lose your card.
- Free access to Experian credit scoreYou can supervise and track your credit health progress with free access to your Experian credit score. You can also check other details that go into your credit report.
- Earn extra cash backThe Credit One More Cash Back Rewards program helps you save money when you link your credit card to affiliated online portals and buy through them. These deals can earn up to an extra 10% in cash back rewards.
If you think your annual purchases in the card’s bonus categories will be somewhere in the range of $5,000, then this card could help you save money while building credit. This is because you can earn $250 from these categories and easily pay off the card’s $95 annual fee, before even considering the 1% cash back on other purchases.
Understanding the Fine Print
While the 5% cash back on select categories can fetch you as much as $250 in statement credits, you must also keep in mind the terms and conditions of the cash back offers.
- Card FeatureAmount or Rate
- Annual Fee$95
- Cash Back Rewards
- Rewards Rate1%–10% Cash Back*
- Airline Benefits
This card comes with an annual fee of $95.
Although the card offers 5% cash back on purchases made in select categories, you must keep in mind the fine print, as there is a limit of $5,000 in purchases for the 5% rate.
Regular APR & Cash Advance APR
The Credit One Bank Platinum Rewards Visa card offers a considerably high regular APR of 23.99% for purchases and cash advances. This card also charges a cash advance fee of 5% or $10, whichever is greater.
Late Payment Fees
If you do not make monthly payments on time, you will be charged a late fee of up to $39. This fee is in addition to the interest that will be charged on the outstanding amount.
Foreign Transaction Fee
This card charges 3% or $1 (whichever is greater) on every international transaction.
While choosing a card that helps you build your credit score, you must also factor in other charges such as annual fees and APR rates. To compare all features that a card offers, you can refer to the last billing statement of your existing card. You can also get this information on your card provider's website or the credit card agreement database maintained by the Consumer Financial Protection Bureau (CFPB).
Who Should & Shouldn’t Consider Credit One Bank Platinum Rewards Visa?
Other Considerations for Credit One Bank Platinum Rewards Visa
There are various factors to consider before deciding on the ideal credit card that suits your spending requirements. You should evaluate whether using this as your only card is ideal or if it’s more valuable when you use it with another card.
Things to Consider if This Will Be Your First or Only Credit Card
If this is the first or the only card that you use, you must keep in mind the high APR charges for purchases and cash advances. You may end up paying exorbitant interest charges if you do not pay your balances within the same month.
If the spending categories that this card provides bonus rewards points on are useful to you, it can more than compensate for the annual fees that it charges. This card could be of immense value if you want to build good credit. You can complete a risk-free pre-qualification application to check if you are eligible for the card.
Things to Consider if This Will Be an Additional Card in Your Wallet
If you are going to use this card along with another one, you must keep in mind the spending categories in which this card offers bonus cash back. Shift purchases in those categories to this card to maximize your rewards potential.
You can also avoid paying international transaction fees by using other cards that do not charge for such transactions.
At MoneyGeek, we follow a comprehensive methodology to review credit cards. We collect data on numerous cards and arrive at scores for important aspects that can impact your finances. We also re-rank all cards monthly to ensure accurate, up-to-date info.
How Credit One Bank Platinum Rewards Visa Compares to Other Cards
While the Credit One Bank Platinum Rewards Visa card does offer cash back benefits, there are other cards in the market that do not cap these rewards. We compared this card to others in the same category to help you make an informed choice.
Quick Comparison of Credit One Bank Platinum Rewards Visa
Credit One Bank Platinum Rewards Visa
- Annual fee: $95
- Cash back earning rate: 5% on select categories up to $5,000 per year, 1% otherwise
- Intro APR offer: No
- Sign-up bonus: No
- Mini verdict: Best for those with average credit looking for cash back rewards
Chase Freedom Flex
- Annual fee: $0
- Cash back earning rate: 5% on select categories up to $6,000 per year, 3% on dining and drugstores, 1% otherwise
- Intro APR offer: Yes
- Sign-up bonus: $200 cash back bonus after making $500 on purchases in the first 3 months
- Mini verdict: Best for those with a good credit rating seeking cash back rewards
Other Helpful Decision-Making Q&As
While there are many cards in this category that provide benefits such as cash back and rewards, they each have different eligibility criteria to qualify. We have answered some of the most frequently asked questions about this card to help you decide.
Still not sure about this card? Consider these options.
If you are still uncertain about this card, you can consider exploring other options offered by leading banks. If you are not focused on getting a cash back rewards card, it may be a good option to go with a travel card or a balance transfer card.
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