Credit One Bank® Platinum Rewards Visa

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Last updated on November 11th, 2021

Credit One Bank® Platinum Rewards Visa

5% Back on the First $5,000 of Eligible Purchases Each Year

Credit One Bank® Platinum Rewards Visa
  • Regular Purchase APR 23.99% variable based on the Prime Rate
  • Cash Advance APR 23.99% variable based on the Prime Rate
  • Annual Fee $95
  • Credit Needed Good
  • Processing Network Visa
Best Benefits
  • 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
Rates & Fees
  • Regular Purchase APR: 23.99% variable based on the Prime Rate
  • Cash Advance APR: 23.99% 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)
Credit Card Deals

At a Glance

The Credit One Bank® Platinum Rewards Visa is a cash back 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. Plus 1% cash back rewards on all other purchases, 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 rewards
  • Plan to pay their entire statement balance in full each month to avoid interest charges
  • Are building their credit score and want free access to tools that allow them to monitor their progress

Credit One Bank® Platinum Rewards Visa Review

The Credit One Bank® Platinum Rewards Visa is the bank’s top-of-the-line cash back card product. Here is how it stacks up.

Earn 5% Cash Back

The major selling point of the Platinum Rewards Card is the ability to earn 5% cash back on the first $5,000 in eligible categories each year. 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 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 categories should allow you to space out the $5,000 limit throughout the year.

Platinum Rewards Visa Annual Fee re

The Platinum Rewards Visa’s annual fee of $95 is par for the course 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% back in rotating categories and 1% back on everything else. They also charge no annual fee. The U.S. Bank Cash+ Visa Signature also features no annual fee but earns 5% cash back on the first $2,000 spent each quarter in the two categories of cardholder’s choice. These categories include options for service provider payments and food, meaning they offer more value than the Platinum Rewards Card.

No Rewards Program

Credit One automatically deposits cash back as statement credits for all of their credit card products. However, there are no other options available. This includes travel redemptions or merchandise options to choose from, as 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’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 reach past 20% for both purchases and cash advances. However, this rate won’t become an issue if you pay your balance in full every month.

Other Card Features

  • Visa Zero Fraud Liability
  • Free online access to your Experian credit score each month
  • Up to 10% cash back with select retailers
  • Easy-to-use mobile app

Should You Apply for the Credit One Bank® Platinum Rewards 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 high 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 on purchases until the following year.

If you are interested in other Credit One cards – especially one without an annual fee – you can consider the Credit One Bank Platinum Rewards Visa with No Annual Fee.