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Last updated on August 1st, 2022
Credit One Bank® Platinum 5X Visa
Credit One Bank® Platinum 5X Visa
- Regular Purchase APR 25.49% variable based on the Prime Rate
- Cash Advance APR 25.49% variable based on the Prime Rate
- Annual Fee $95
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Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.Good
- Processing Network Visa
- Earn 5% cash back rewards on the first $5,000 of eligible gas, grocery, internet, cable, satellite TV, and mobile phone service purchases each year, and then 1% thereafter. Plus 1% cash back rewards on all other purchases, terms apply
- With $0 Fraud Liability, you won’t be responsible for unauthorized charges
- View your free online access to your Experian credit score, terms apply
- Automatically earn More Cash Back Rewards for using your Credit One Bank card at participating merchants, terms apply
- If you are a Covered Borrower under the Military Lending Act, you may get a different offer
- Regular Purchase APR: 25.49% variable based on the Prime Rate
- Cash Advance APR: 25.49% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each Cash Advance, whichever is greater
- Annual Fee: $95
- Foreign Transaction Fee: Either $1 or 3% of each purchase in U.S. dollars, whichever is greater
- Late Payment Penalty Fee: Up to $39 (terms apply)
- Return Payment Penalty Fee: Up to $39 (terms apply)
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At a Glance
The Credit One Bank® Platinum 5X Visa is a cash back rewards credit card. Earn 5% cash back rewards on the first $5,000 of eligible gas, grocery, internet, cable, satellite TV, and mobile phone service purchases each year, and then 1% thereafter (terms apply). The rewards with this card are automatically redeemed as statement credits, which is the only redemption option available. The annual fee is $95.
Ideal for Those Who:
- Have a good credit score and want a credit card that can earn cash back rewards
- Plan to pay their entire statement balance in full each month to avoid interest charges
- Are building their credit score even more and want free access to tools that allow them to monitor their progress
Credit One Bank® Platinum 5X Visa Review
The Credit One Bank® Platinum 5X Visa is the bank’s top-of-the-line cash back rewards card product. Here is how it stacks up.
Earn 5% Cash Back Rewards
The major selling point of the Platinum Rewards Card is the ability to earn 5% cash back rewards on the first $5,000 in eligible purchases, then 1% thereafter. Credit One defines “eligible purchases” as any purchases that fit into the following merchant code spending categories:
- Gas
- Groceries
- Mobile phone, cable, internet, and satellite services
Getting 5% back in rewards on categories that cardholders are likely to spend significantly on is a nice feature. The $5,000 cap works out to about $96 per week, or $417 per month. The varied combination of eligible 5% cash back rewards categories should allow you to space out the $5,000 limit throughout the year.
Platinum Rewards Visa Annual Fee
The Platinum Rewards Visa’s annual fee of $95 is on par with most Credit One Bank Platinum credit cards. Theoretically, the significant annual fee is compensated for by the increased earning potential of the card.
By comparison, the Discover It Cash Back and the Chase Freedom Flex Card both offer 5% cash back rewards in rotating categories and 1% back on all other purchases. They also charge no annual fee. The U.S. Bank Cash+ Visa Signature also features no annual fee but earns 5% cash back rewards on the first $2,000 spent each quarter in the two categories of cardholders’ choice. These categories include options for service provider payments and dining, meaning they offer more value than the Platinum Rewards Card.
No Rewards Program
Credit One Bank automatically credits the cash back rewards earned in the form of statement credits. Currently there are no other redemption options available, such as travel bookings or merchandise options to choose from. The latter features are typically found with other cash back rewards cards.
While statement credits can be useful – especially for people who prefer their statement balance to be as low as possible – if you are willing to spend over $5,000 every year on your credit card, you’ll likely be more enticed by a card that grants you several options for redemption – just in case you change your mind.
Restrictions
Credit One Bank’s products specialize in helping people build their credit scores. However, purchase and cash advance APRs can teeter on the higher end of the spectrum. Such is the case with the Platinum Rewards Visa Card. Its rates are above average for both purchases and cash advances. However, this rate won’t become an issue if you pay your balance in full every month – something that all consumers should strive for.
Other Card Features
- Visa Zero Fraud Liability
- Free online access to your Experian credit score each month
- Up to 10% more cash back rewards with participating retailers
- Easy-to-use mobile app
Should You Apply for the Credit One Bank® Platinum 5X Visa?
The Credit One Bank® Platinum Rewards Visa can help consumers build their credit with responsible use. And the ability to earn cash back rewards is always welcome. Although it charges an annual fee and has a higher-than-desired APR, the card can be useful if you use it as your go-to for most expenses. Just be aware that if you hit the $5,000 threshold early, you’ll only earn 1% cash back rewards on purchases until the following year begins.
If you are interested in other Credit One Bank cards – especially one without an annual fee – you can consider the Credit One Bank Platinum Rewards Visa with No Annual Fee. For those seeking other brand cash back credit cards, consider either the Citi Custom Cash℠ Card, the WF Active Cash, or even the Citi® Double Cash Card – 18 month BT offer.
The information related to Citi Custom Cash Card and Citi Double Cash Card has been collected by BestCards.com and has not been reviewed or provided by the issuer or provider of this product or service.
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