Credit One Bank Platinum Rewards Visa with No Annual Fee Review

Credit One Bank Platinum Rewards Visa with No Annual Fee

The Credit One Bank Platinum Rewards Visa with No Annual Fee credit card offers convenient features and rewards without any annual fees. This card is designed for individuals who want to maximize their spending power while avoiding the burden of an annual fee.

With this credit card, you can enjoy rewards on all purchases and a range of benefits from Credit One Bank. It allows 2% cash back on gas, groceries, and select telecommunication services, along with other benefits like free credit score access and zero fraud liability coverage. However, it’s important to be aware of potential drawbacks like fees for certain transactions and a potentially low credit limit.

Quick Highlights: Credit One Bank Platinum Rewards Visa with No Annual Fee 

• There is no annual fee for qualified applicants, and you can earn the benefits of a credit card without paying an annual fee.
• 2% cash back: Get rewarded for everyday purchases. Earn 2% cash back on gas, grocery purchases, and mobile phone, internet, cable, and satellite TV services.
• Flexible payment due date. Flexibility to choose your monthly payment due date for added convenience. Take control of your payments and choose the best date for you. Terms apply.
• Free credit score and report summary  Stay informed with free online credit score and summary of your credit report. Keep track of your credit health at no extra cost to you. Terms apply.
• Zero fraud liability. Protection against fraud with $0 fraud liability. Rest easy knowing you won’t be held responsible for unauthorized charges. Terms apply.
• Customizable account alerts. Manage your account easily with alerts via email and text. Stay on top of your spending and payments with customizable account alerts. Terms apply.
• Mobile app for account management. Access your account anytime, anywhere, with the Credit One Bank mobile app. Keep track of your balance, make payments, and more on the go. Terms apply.
• This is a special offer for active-duty military members under the Military Lending Act. If you are a covered borrower, you may receive a different offer with special terms and conditions. Terms apply.

Rewards and Benefits Credit One Bank Platinum Rewards Visa with No Annual Fee 

Rewards

• 2% cash back on eligible gas, grocery, internet, cable, satellite TV, and mobile phone service purchases. This means you’ll earn 2 points for every $1 spent in these categories.
• No annual fee: This can be a major advantage, especially if you don’t spend enough in the bonus categories to offset an annual fee on another card.

Redeem Rewards

You are right; the Credit One Bank Platinum Rewards Visa with No Annual Fee only allows redeeming rewards through statement credits. This means you cannot redeem your rewards for cash, gift cards, travel, or other options typically offered by other credit cards.

Here’s a summary of the redemption process:

Automatic: Statement credits are automatically applied to your monthly statement once you have at least one net eligible purchase in that month.

No action is required. You don’t need to take manual steps to redeem your rewards. They will be spontaneously applied if you meet the minimum purchase requirement.

 Benefits

• Rewards for your spending. Earn 1% cashback on eligible purchases, like gas, groceries, and utilities. Plus, get 2x rewards on dining and purchases made at the credit card issuer’s website.
• There is no annual fee. Why pay an annual membership fee when you can earn rewards without it?
• Zero fraud liability coverage protects against unauthorized charges made to your account.
• Flexible redemption options. You can enjoy redeeming your cashback rewards as a statement credit, check, or deposit to your bank account.
• Travel benefits. Receive travel accident and auto rental collision insurance coverage when you pay for eligible flights or car rentals with the card.
• Roadside assistance. Enjoy peace of mind when you’re on the road with 24/7 roadside dispatch and towing assistance.
• Credit lines increase opportunities. With responsible card use, you may be eligible for a credit line increase after your account has been open for a certain period.
• We customize account notifications. Stay on top of your finances with customizable email or text alerts for important account updates, such as payment due dates or when your statement is available.
• Online account management. Keep track of your spending, pay your bills, and manage your account easily and conveniently through Credit One’s online banking portal.

Rates and Fee Credit One Bank Platinum Rewards Visa with No Annual Fee

Rates

• Interest rate: Credit One Bank’s website does not specify an interest rate. You can find the current interest rate applicable to your account by logging in to your online account or contacting Credit One Bank directly.
• Regular APR: 29.74% Variable
• Intro Purchase APR: N/A
• Intro balance transfer APR: N/A

Fees

• Annual fee: $0
• Late payment fee: Up to $39
• Returned payment fee: Up to $39
• Credit limit increase fee: $25
• Annual authorized user fee: $35 (per authorized user)
• Balance transfer fee: the amount transferred 3% (minimum $5, maximum $25)
• Cash advance fee: the amount 10% or 5% advanced (minimum $5, maximum $25)
• Foreign transaction fee: 1% or 3% of every transaction, which is greater.

 Eligibility Criteria for Credit One Bank Platinum Rewards Visa with No Annual Fee

Fico Score

While Credit One Bank doesn’t publicly state the specific credit score requirement, it generally targets individuals with average to excellent credit, which typically translates to a score of 670 to 850, good to excellent.

Application Process for Credit One Bank Platinum Rewards Visa with No Annual Fee

1. Pre-qualify: You can pre-qualify for the card on Credit One Bank’s website without impacting your credit score. This will give you an idea of your chances of approval without a hard credit inquiry.
2. Apply online: If pre-qualified, you can proceed with the online application process, which typically involves providing personal information, income details, and employment information.
3. Awaiting decision: Credit One Bank will overview your application and inform you of their decision within a few business days.
4. Card approval and receiving: Upon approval, you’ll receive your card within 7-10 business days.

How to Apply for a Credit One Bank Platinum Rewards Visa with No Annual Fee

1. Visit the Credit One Bank website: Go to Credit One Bank credit cards: https://www.creditonebank.com/
2. Find the card: Under the “Platinum” section, locate the “Platinum Rewards Visa with No Annual Fee” and click on it.
3. Review the details: Carefully read the card details, including rewards, fees, and eligibility criteria.
4. Click “Apply Now.” If you’re ready to proceed, click the “Apply Now” button.
5. Complete the application: Provide your personal, income, and employment information.
6. Submit your application: Review your information for accuracy and apply.

Additional notes

• You will need to be a US citizen or permanent resident to apply.
• The application process involves a credit check.
• Approval for the card depends on your creditworthiness.

 Conclusion

This credit card with no annual fee is good for building credit and earning cash back on everyday purchases, making it suitable for those new to credit. The Credit One Bank® Platinum Rewards Visa® with No Annual Fee offers a compelling option for individuals building credit or new to the credit card world.

With no annual fee to worry about, you can focus on maximizing the 2% cash-back rewards in common spending categories like gas, groceries, and select telecommunication services. While the card does have other fees, like foreign transaction and cash advance fees, responsible cardholders can avoid these and enjoy the benefits of free credit score monitoring and zero fraud liability coverage. However, it’s important to compare this card.

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