Credit One Platinum Rewards Visa

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Last updated on March 11th, 2021

Credit One Platinum Rewards Visa

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

Credit One 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 Excellent , Good
  • Processing Network Visa
Best Benefits
  • 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
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
  • Return Payment Penalty Fee: Up to $39
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At a Glance

The Credit One Platinum Rewards Visa Card is a cash back credit card. 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, which is the only redemption option available. The annual fee is $95.

Ideal for Those Who:

  • Have average or faire credit 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 your credit score and want free access to tools that allow you to monitor your progress

Credit One Platinum Rewards Credit Card Review

The Credit One Platinum Rewards Visa is the bank’s top-of-the-line cash back card product. However, the card leaves a bit to be desired when compared to some of its contemporaries.

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. However, 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 spend through the $5,000 threshold within a few months, meaning for the remainder of the year earns 1% cash back. This baseline rate struggles to truly merit the annual fee of $95.

Platinum Rewards Visa Annual Fee

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. Realistically, though, the costs of the card are fairly high.

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 balances for all of their credit card products. However, there are 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.

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.

High Interest Rates

Credit One is a bank that specializes in helping people rebuild their credit scores. Generally, they offer ideal cards for people looking to rebuild their credit score. As such, their purchase and cash advance APRs are typically at 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.

Credit One also doesn’t allow balance transfers, which generally would be a negative. However, given the high interest rates, that is a positive. Paying your monthly statement in full is an excellent habit to get into. However, with this card it becomes a necessity in order to avoid high interest charges.

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
  • Foreign transaction fee of either $1 or 3% of the transaction cost in US dollars (whichever is greater)
  • Easy-to-use mobile app

Should You Apply for the Credit One Platinum Rewards Visa?

The Credit One Platinum Rewards Visa can help consumers build their credit with responsible use. And the ability to earn cash back rewards is always welcome. However, a high annual fee and APRs lower its value. Another hurdle is the $5,000 cap on 5% cash back. If you use this as your main card for most expenses, you’ll hit the $5,000 threshold early and spend the rest of the year earning only 1% back.

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 Flex, and the U.S. Bank Cash+.

Several others offer a lower flat-rate for cash back, but are unlimited and with no annual fee. The most obvious contenders are the Citi Double Cash Card, which earns 2% back, and the American Express Cash Magnet Card, which earns 1.5% back.

If you are interested in 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 Platinum Rewards Visa, but with no cap on rewards and no annual fee. It may not be a “premium card,” but it does offer more value over the Platinum Rewards Visa.

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