Credit One Bank® Platinum X5 Visa®: Higher Cash Back With Higher Fees

Updated: June 11, 2024

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MoneyGeek’s Take

The Credit One Bank® Platinum X5 Visa® card caters to individuals with fair credit who want to build credit while earning cash back. This card offers 5% back on gas stations, grocery stores and utilities and 1% on all purchases. While rewards don't expire, the $95 annual fee, the $5,000 quarterly spending cap on eligible purchases and the lack of introductory offers might give pause to those wary of upfront costs. Overall, this card can be costly if you're not maximizing the rewards.

Credit One Bank® Platinum X5 Visa®

Rewards Rate
Get 5% cash back rewards on the first $5,000 of el...
29.74% variable
Annual Fee
Recommended Credit
580-740 (Fair to Good)

Credit One Bank® Platinum X5 Visa® Overview

The Credit One Bank® Platinum X5 Visa® card is tailored for those who regularly spend on gas, groceries and utility bills, offering a substantial 5% cash back on these select categories for the first $5,000 annually, then 1% after that. Existing cardholders have the potential to earn up to 10% cash back at participating merchants through the More Cash Back Rewards program.

While the card does not offer an intro APR period on purchases or transfers or waive the annual fee, it does include a free Experian IdentityWorksSM membership, which can be a valuable tool for monitoring your credit.

Despite its high cash back rates, the Credit One Bank® Platinum X5 Visa® card's $95 annual fee and absence of introductory offers might make it less suitable for cost-conscious customers who do not spend heavily in the card's rewarded categories.

>> MORE: Best Cash Back Credit Cards
Credit One Bank® Platinum X5 Visa®

Card Type

Credit Building, Cash Back

Annual Fee


Introductory Offer


Introductory APRs



  • 5% cash back on eligible gas, grocery, internet, cable, satellite TV and mobile phone service purchases for the first $5,000 yearly, 1% afterward.
  • 1% cash back on all other purchases
  • Up to 10% cash back via the More Cash Back Rewards Program

Credit One Bank® More Cash Back Rewards Program Overview

The Platinum X5 Visa®’s 5% cash back offer applies to eligible gas, groceries, mobile phone, internet and cable TV services purchases on the first $5,000 each year. All other non-eligible purchase earns 1%. For instance, grocery purchases at multipurpose retailers like convenience stores and drugstores only earn 1%, as well as purchases at superstores or discount stores such as Walmart or Target.

Cardholders can also earn up to 10% cash back at select stores and participating merchants, though details on the offers are accessible only to current account holders.

When it comes to redeeming rewards, cardholders can choose between automatic redemption as statement credits or manual redemption as statement credits, gift cards or other goods and services. Users can change from automatic to manual redemption via or the Credit One mobile app.

Why You Might Want to Get This Card

The Platinum X5 Visa® card offers spenders and credit builders key benefits. Here's a closer look at why someone would want to consider this card:

Credit Building for Fair Credit: Tailored for individuals with fair credit, this card helps improve credit scores while earning rewards. It's a practical tool for those on the journey to their financial happy place.

5% Cash Back on Select Categories: The card gives 5% cash back on the first $5,000 spent annually on gas, groceries and utility services, then 1% after that. This benefit can be valuable for households with significant spending in these areas.

Flexible Redemption With No Expiration: Cash back rewards don't expire, allowing you to redeem them on your own schedule without the pressure of a deadline.

Why You Might Want a Different Card

While the Platinum X5 Visa® card has its perks, it's important to consider a few potential drawbacks before applying.

Category-Specific Rewards: Cash back does not apply to grocery purchases from warehouse clubs (Costco, Sam’s Clubs), discount stores (Walmart, Target), drugstores, convenience stores or smaller stores.

Annual Fee: At $95, the annual fee is a significant upfront cost. If you're not a heavy spender in the card's elevated cash back categories, this fee could outweigh the benefits you earn.

No Introductory Offers: The absence of any intro APR or balance transfer offers means you won't get a break on interest or have an opportunity to consolidate debt with this card, which could be a dealbreaker for those carrying a balance or looking to make a large purchase.

How the Credit One Bank® Platinum X5 Visa® Compares

If the Credit One Bank® Platinum X5 Visa® doesn't seem like the card for you, there are some comparable cards for people with fair credit you can consider:

Credit One Bank® Platinum X5 Visa® vs. Credit One Bank® Platinum Rewards Visa® With No Annual Fee

The Platinum Rewards Visa® has no annual fee but offers a lower 2% cash back on select categories and less flexibility with earning rewards, which might lessen its value. If avoiding fees is a priority, the no-annual-fee card may appeal more. Still, for those who spend significantly in the 5% cash back categories of the Platinum X5 Visa®, the higher rewards could justify the $95 annual fee.

Credit One Bank® Platinum X5 Visa® vs. Citi Double Cash® Card

The Citi Double Cash® card stands out with its no annual fee and a flat 2% cash back on all purchases, which may appeal to those seeking simplicity and savings. It also offers a 0% intro APR on balance transfers for 18 months, a plus for those looking to manage debt. While the Credit One Bank® Platinum X5 Visa® offers higher cash back rates in select categories, the Citi Double Cash® Card is likely the better choice for consistent rewards and cost efficiency.

Is the Credit One Bank® Platinum X5 Visa® Right for You?

The Credit One Bank® Platinum X5 Visa® is a fitting choice for those with fair credit aiming to build their credit profile while earning cash back on everyday expenses. If you regularly spend on gas, groceries and utilities, you'll benefit from the 5% cash back rate. However, the $5,000 quarterly limit on these eligible purchases can limit the rewards you earn.

Also, be mindful of the $95 annual fee and ensure your cash back earnings will surpass this cost. This card isn't ideal for those seeking introductory APR offers or who frequently shop at big-box retailers excluded from the 5% category. In essence, it's about striking a balance between earning rewards and managing fees.

How We Evaluated the Credit One Bank® Platinum X5 Visa®

In evaluating the Credit One Bank® Platinum X5 Visa®, we considered a pool of 48 cards. Our methodology focused on the following weighted features to determine its MoneyGeek Cash Back Score of 3.29 out of 5:

  • Effective Reward Rate (50% Weight): A rating of 4.13 indicates a high return on spending.
  • Annual Fee (5% Weight): The presence of a fee impacts this score negatively.
  • Issuer Satisfaction (5% Weight): A rating of 2 reflects average customer satisfaction.
  • Penalties (5% Weight): A top rating of 5 means minimal penalty fees.
  • Regular APR (10% Weight): A rating of 4.73 suggests a competitive interest rate.
  • Foreign Transaction Fees (5% Weight): A perfect score of 5 for no additional fees on foreign transactions.

These factors, combined with the card's specific features, informed our balanced review.

About Doug Milnes, CFA

Doug Milnes, CFA headshot

Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.

Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.

*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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