Credit One Platinum Rewards Visa
5% Back on the First $5,000 of Eligible Purchases Each Year
- Earn 5% cash back on the first $5,000 in eligible purchases each year
- Unlimited 1% cash back on all other purchases
- Cash back automatically redeemed as statement credits
- Regular Purchase APR: 23.99% variable based on creditworthiness and 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
- Return Payment Penalty Fee: Up to $39
- Spoil your pup with a FREE upgrade to BarkBox. - Offer Expires on December 31, 2020 - See Details
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- Complimentary EZ Mini Crunchies (60g) when you spend S$120 - Offer Expires on December 31, 2020 - See Details
- 10% off museum entry - Offer Expires on December 31, 2020 - See Details
- Save up to 55% on London theater tickets - Offer Expires on December 31, 2020 - See Details
- Save an extra 10% on Tower of London access tickets - Offer Expires on December 31, 2020 - See Details
- Save 5% with Alamo® at participating locations - Offer Expires on December 31, 2020 - See Details
- Save 5% with Enterprise Rent-A-Car® at participating locations - Offer Expires on December 31, 2020 - See Details
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At a Glance
The Credit One Platinum Rewards Visa Card is a cash back credit card that struggles to achieve what many of its rivals pull off so effortlessly. The card earns 5% back on the first $5,000 each year for purchases in eligible categories and 1% back on all other purchases. The rewards with this card are automatically redeemed as statement credits, with no other redemption options available. The annual fee is $95.
Ideal for Those Who:
- Have average credit and don’t think they can qualify for a better 5% cash back offer
- Plan to pay their entire statement balance in full each month to avoid interest payments
- Are single, or plan to only use their card sparingly in the eligible categories
Credit One Platinum Rewards Credit Card Review
The Credit One Platinum Rewards Visa is the bank’s top-of-the-line credit card product but falls flat when compared to some of its competition.
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 categories:
- Mobile phone, cable, internet, and satellite services
Getting 5% back on categories cardholders are likely to spend significantly on is a nice feature, but the $5,000 limit isn’t as impressive as it sounds. $5,000 works out to about $96 per week, or $417 per month – neither of which are really significant figures when you consider the rewards are earned for gas, grocery, or service provider payments.
The determined cardholder with a family will probably burn through the $5,000 threshold within a few months, meaning for the remainder of the year earns a flat-rate 1% back, which certainly doesn’t merit the annual fee of $95.
High Annual Fee
The Platinum Rewards Visa features an annual fee of $95, which, while high, is par for the course with most Credit One credit cards. Theoretically, the significant annual fee is compensated for by the increased earning potential of the card, but realistically, the costs of the card are too much to ignore.
The Discover It Cash Back and the Chase Freedom Card both offer 5% back in rotating categories, 1% back on everything else, and 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 each quarter for purchases in the two categories of cardholder’s choice. These categories include options for service provider payments and food, meaning they offer significantly more value than the Platinum Rewards Card.
No Rewards Program
Credit One offers cash back as statement balances for all of their credit card products, with no other options available. There are no travel redemptions or merchandise options to choose, as are found with the Discover and Chase credit cards mentioned – or just about any other cash back rewards program from a major (or minor) card issuer.
While statement credits can be useful, especially for people who prefer their statement balance be as low as possible, if you are willing to shell out over $5,000 in spending every year on your credit card, you’ll likely be more enticed by a card that gave you several options for redemption, just in case you change your mind.
Poor Interest Rates
Credit One is a bank that specializes in helping people rebuild their credit scores. As such, their purchase and cash advance APRs are typically at the higher end of the spectrum. With the Platinum Rewards Visa Card, these rates almost come across as excessive, with the rate being over 25% for both.
Credit One also doesn’t allow balance transfers, which generally would be a negative, but given the extortionate interest rates, that is a blessing in disguise. Paying your monthly statement in full is an excellent habit to get into, but with this card, it becomes a necessity, not a nice-to-do practice.
Should You Apply for the Credit One Platinum Rewards Visa?
The Credit One Platinum Premium Visa has a lot going against it, including a high annual fee and an even larger APR. The major problem, however, is the $5,000 cap on 5% cash back that simply doesn’t work unless you are single or plan only to use the card sparingly.
There is a multitude of cash back credit cards from card issuers that offer 5% cash back in select categories, but with no annual fee. There are, for example, the three cards previously mentioned: the Discover It Cash Back, the Chase Freedom, and the U.S. Bank Cash+. Dozens of others offer a lower flat-rate of cash back, but are unlimited and with no annual fee, with the most obvious contenders being the Citi Double Cash Card, which earns 2% back, and the American Express Cash Magnet Card, which earns 1.5% back.
If you want a Credit One Card, possibly as you are still rebuilding your credit and only have an average credit score, the Credit One Platinum Preferred earns 2% back on the same eligible purchases as the Rewards but with no cap on rewards, an additional 10% rewards (2.2% back) with select retailers, and no annual fee. It may not be the “premium card,” but it is undoubtedly the one we “prefer.”