Credit One Bank Platinum Visa Review
People looking for an unsecured card who have a fair credit score may benefit from the Credit One Platinum Visa Rewards credit card. It offers a 5% cash back on bonus category purchases (up to $5,000 per year) and 1% cash back on other purchases.
The Credit One Platinum Visa Rewards card may be a good option for you if you’re looking to earn high cash back rewards while rebuilding your credit. With this card, you have a good chance of rebuilding your credit while earning 5% cash back on eligible gas, grocery, internet, cable, satellite TV and mobile phone purchases up to $5,000 every year and a 1% cash back on other purchases.
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 Visa at a Glance
The Credit One Bank Platinum Visa card is one of the few cards that offer good reward incentives for people with fair to average credit. It also gives you the flexibility to set your own due date and offers free access to your Experian credit score.
- Credit One Bank Platinum Visa
Best cash back card for those with fair credit
- Fair-ExcellentCredit Needed
- $0–$99*Annual Fee
- 1% Cash BackRewards Rate
- 1xRewards Rate on Gas
- 1xRewards Rate on Groceries
Pros & Cons Explained
Understanding the pros and cons of the Credit One Bank Platinum Visa will help you decide if this is the best card for you among other credit cards of the same category.
- High cash back rate for bonus category purchasesYou can get an impressive 5% cash back by spending up to $5,000 every year on gas, groceries, internet, cable, satellite tv and mobile phones through this card.
- Online pre-qualificationCredit One Bank offers online pre-qualification for credit cards <a href="https://www.creditonebank.com/pre-qualification/data-entry/index" target="_blank">on their website</a>. After filling out some information, the bank will perform a soft inquiry that will not affect your credit score.
- Free access to credit scoreThis card offers you free access to your Experian credit score, which can help you gauge your eligibility for credit cards.
- High annual feeThe Credit One Bank Platinum Visa card has an annual fee of $95, which is pretty high compared to other cards in the same category.
- High APRWith this card, you should try to avoid carrying a balance because it has a high variable APR of 23.99%.
- High foreign transaction feeYou may not want to apply for this card if you’re a frequent traveler since it charges a 3% fee on international transactions.
MoneyGeek featured the Credit One Bank Platinum Visa card in The Best Rewards Credit Cards of 2022. You can compare other cards on the list to decide if this card is a better choice than others.
Bonuses & Rewards Explained
Understanding the bonuses and rewards structure of the Credit One Bank Platinum Visa card will help you earn maximum cash back rewards on your purchases.
Credit One More Rewards Program
With this card, you get access to the More Rewards Program. This allows you to earn up to 10% cash back by making purchases from participating merchants.
Cash back rewards on bonus category purchases
You can earn 1% cash back on spending up to $5,000 every year on gas, groceries, internet, cable, satellite TV and mobile phones.
Redeemable by applying as a statement credit
The rewards offered by this card are only redeemable by applying as a statement credit and are reflected on your account within 90 days.
Other Features Explained
The Credit One Bank Platinum Visa card also offers many other features which can benefit users.
- Card FeatureDescription
- Zero fraud liabilityIf your card is stolen or lost and any unauthorized transaction is processed, it will be protected by zero liability.
- Flexible due dateYou can pick any date six days before or after your due date to pay your pending balance.
- No penalty APRThis card does not have a penalty APR, which means you won’t get charged a hefty amount at a high APR if you miss your payments.
"The More Program offers additional rewards when making purchases from select merchants. You’ll be emailed new offers as they become available or you can check on your account home page." - Alene Laney, Credit Card Journalist
Understanding the Fine Print
Learning about the fine print of this card will help you understand the various fees and charges like regular APR, annual fee, cash advance fee and foreign transaction fee that are associated with it.
- Card FeatureAmount or Rate
- Annual Fee$0–$99*
- Cash Back Rewards
- Rewards Rate1% Cash Back
- Airline Benefits
This card has a variable regular APR of 23.99%, which is high compared to the average APR of 12.99%. At this APR, you would accrue a lot of interest on your balance if you don’t make your monthly payments on time.
The annual fee of this card is $95, which is quite high for a rewards card with limited benefits.
Cash Advance Fee
This cash advance fee of this card is $10 or 5% of the amount. If you take out a cash advance of $1,000, you’ll pay a $50 fee.
Foreign Transaction Fee
For every $100 you spend abroad, you’ll pay a $3 fee since the foreign transaction fee of this card is 3% of the total amount or $1, whichever is greater.
The best resource for this information is your credit card provider’s website, your latest billing statement and the credit card agreement database maintained by the Consumer Financial Protection Bureau.
Who Should & Shouldn’t Consider Credit One Bank Platinum Visa?
Other Considerations for Credit One Bank Platinum Visa
A first-time credit card user will have different spending habits than someone who has multiple cards and has been using them for a while. Whether this is your first or only credit card or you are adding this card to your wallet, make sure to consider these factors.
Things to Consider if This Will Be Your First or Only Credit Card
If the Credit One Platinum Visa is your first credit card, you should first check if you have the required credit score for this card. This credit card is only for people with average to fair credit scores. Due to a high variable APR of 23.99%, you may not want to make big purchases with this card.
To avoid accruing a large amount of interest, you should pay your monthly balance on time. This card may not be the best option for international traveling, as it charges a 3% fee on every transaction.
Things to Consider if This Will Be an Additional Card in Your Wallet
This card can be strategically used with other cards in your wallet to build your credit score. Because of the high variable APR, carrying a balance on this card is not recommended. However, you can use this card to make bonus category purchases that will earn you a 5% cash back on every purchase.
Due to a high annual fee, getting this card may only be a good idea if the fee outweighs the rewards because you’ll have to pay an annual fee for your other cards as well.
MoneyGeek follows a six-step process that involves collecting credit card information, standardizing data points, potential cardholder profiles, considering annual and introductory bonuses, establishing the card values and reviewing data monthly to reprocess rankings.
How Credit One Bank Platinum Visa Compares to Other Cards
The Credit One Bank Platinum Visa card is a good option for people with fair credit scores. However, other cards available in the same category have little to no annual fee and offer a much better cash back rewards rate.
In-Depth Credit Card Comparisons:
Quick Comparison of Credit One Bank Platinum Visa
Credit One Bank Platinum Visa
- Annual Fee: $95
- Purchase APR: 23.99%
- International transactions fee: 3%
- Cash back rate: 5% for bonus category purchases and 1% for other purchases.
- Best For: People with fair credit looking to rebuild their credit score while earning decent rewards.
Capital One Quicksilver Rewards
- Annual Fee: $0
- Purchase APR: 20.49%
- International transactions fee: $0
- Cash back rate: 1.5%
- Best For: International travelers and people looking for straightforward cash back reward rates.
Other Helpful Decision-Making Q&As
The following frequently asked questions about the Credit One Bank Platinum Visa card will help you make a better decision about getting the card.
Still not sure about this card? Consider these options.
Although the Credit One Bank Platinum Visa card is a good option if you have a fair credit score, you can also look over other cards in the same category in case you’re not sure about getting this card.
Chase Ink Business Cash
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