Credit One Bank Platinum X5 Visa Review

Credit One Bank® Platinum X5 Visa is a rewards credit card designed for individuals with fair to good credit scores. This card offers the highest cash-back rate among all Credit One cards, making it a desirable choice for those looking to earn rewards on their everyday purchases. Cardholders can earn 5% cash back on eligible gas, grocery, mobile phone service, internet service, and cable and satellite TV service purchases with this card. The card initially offers a minimum credit line of $500. However, it’s important to be aware that the annual fee of $95 is deducted from this credit line. This means that the available purchase credit limit will start at $405. The Platinum X5 Visa and discuss its benefits, features, rates, fees, and comparisons with similar credit cards.

Let’s start with quick highlights!

Quick Highlights

Earn 5% cash back on the first $5,000 spent annually on eligible gas, groceries, internet, cable, satellite TV, and mobile phone services.
Earn 1% cash back on all other purchases.
Zero Fraud Liability protection.
Free online credit score and credit report summary.
Potential to earn additional cash-back rewards at participating merchants.

Credit One Bank Platinum X5 Visa Rewards

5% cash back on eligible gas, grocery, mobile phone service, and internet, cable and satellite TV service purchases (up to $5,000 per calendar year)
1% cash back on all other eligible purchases
Additional 10% cash back at select retailers (details disclosed upon sign-up)
Zero Fraud Liability protection for unauthorized charges
Free Online Credit Score and Credit Report summary (terms apply)
Automatically earn more cash-back rewards at participating merchants.
Different offers may be available for Covered Borrowers under the Military Lending Act.

Rates and Fee

Annual Fee: $95
Purchase APR: 29.24% Variable APR
Balance Transfer APR: Not applicable
Cash Advance APR: 29.24% Variable APR + $10 or 5% of the amount, whichever is greater
Late Payment Fee: Up to $39
Returned Payment Fee: Up to $39
Foreign Transaction Fee: $1 or 3% of the transaction amount, whichever is greater

Credit One Bank® Platinum X5 Visa Benefits

Free Credit Score – Keep track of your credit with free access to your credit score and report summary online.

Cash Back Rewards – Earn 5% cash back on gas, grocery, and select services in the first $5,000 spent each year. Additionally, it offers convenient online management options and fraud protection for added peace of mind. After that, you’ll continue to earn 1% cash back on all other purchases.

Zero Fraud Liability – Rest easy knowing that you won’t be held responsible for unauthorized charges made with your card.

More Rewards – Automatically receive up to 10% more cash back rewards from participating merchants.

Credit Line Increases – Enjoy regular account reviews for potential credit line increases to help you manage your spending and credit.

Redeeming Rewards with Credit One Bank® Platinum X5 Visa

The Credit One Bank® Platinum X5 Visa offers multiple options for redeeming your cash-back rewards:

Automatic Statement Credit: This is the default option applied upon account opening. Your rewards are automatically credited to your statement balance at the end of each month.
Manual Redemption: You can choose to redeem your rewards manually for:

- Statement Credit: Apply the rewards directly to reduce your statement balance.
- Gift Cards: Choose from various gift cards offered by Credit One.
- Merchandise: Browse and select merchandise from the Credit One rewards catalog.

Why get the Credit One Bank Platinum X5 Visa?

You want a competitive rewards program for those with fair credit whose options might be limited.
You’re trying to build or rebuild credit.
You are looking for built-in incentives to pay on time.

Use the Credit One Bank Platinum X5 Visa Card

Use the card to pay for all eligible monthly bills: gas, groceries, internet, TV, and cell phone, for 5% cash back.
Pay off balances in full each month to avoid late payments and high interest fees.
Use it at participating merchants for up to 10% more cash-back rewards.
Take advantage of other shopping discounts exclusive to Visa cardholders.

The Credit One Bank Platinum X5 Visa is worth it.

The Platinum X5 Visa card, carrying a high annual fee and APR, is best suited for responsible cardholders who strategically spend to maximize rewards and avoid carrying a balance.
As long as you don’t get buried in steep fees, the card can be particularly lucrative for one accessible to those with lower credit scores.
If you are still improving your score but are eager to get in on the rewards game, the Platinum X5 Visa can be a good choice.

Credit One Bank® Platinum X5 Visa Application and Eligibility

While I cannot directly guide you through the application process, I am happy to provide information on eligibility requirements and resources to help you get started on your own.

Eligibility Criteria

Minimum Credit Score: While not officially stated, Credit One generally targets individuals with fair to good credit (typically 640 or higher).
Income: A steady source of income is required, but the specific minimum is private.
Age: You must be at least 18 years old to apply.

Application Process

Visit the Credit One Bank website and navigate to the Credit One Bank® Platinum X5 Visa® page.
Review the card details and terms and conditions carefully.
If you meet the eligibility criteria and are interested in applying, click the “Apply Now” button.
We will direct you to the online application form, where you will need to provide your personal information, financial details, and employment history.
Once you apply, Credit One will review your information and make a decision.

Customer Care/Support

Customer Service At: 877-825-3242
Outside The Us: 1-702-405-2042
Official Website: Credit One

Conclusion

The Credit One Bank® Platinum X5 Visa® stands out among other credit cards with its unique features and rewards program. With a competitive APR, no annual fee, and cash back on purchases, this card is excellent for those looking to build or improve their credit score. This service goes the extra mile by offering both convenient online management options and fraud protection, ensuring your peace of mind. This Bank, a Fortune 500 company, commits to providing excellent customer support and innovative financial solutions. We value diversity and inclusion within our company and strive to create a positive impact in the communities we serve. Thank you for considering the Credit One Bank® Platinum X5 Visa® as your next credit card option.

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Frequently Asked Questions (FAQs) the Credit One Bank Platinum X5 Visa

Is the Credit One Bank Platinum X5 Visa a sound rewards credit card?

The Credit One Bank Platinum X5 Visa is ideal for those with average credit who want a rewards credit card. However, remember that there are $95 annual and foreign transaction fees.

What makes the Credit One Platinum X5 Visa worth it?

The 5% high reward rate in specific categories makes the Credit One Platinum X5 Visa worth it. However, there are credit line limits that may limit your overall reward potential.

Who is eligible for a Credit One platinum card?

The Credit One Platinum X5 Visa is available to those with average to excellent credit.

What is the credit limit for the Credit One platinum card?

While there is a minimum credit limit of $500, Credit One does not disclose a maximum credit limit in its terms and conditions. However, remember that your credit limit may be determined by factors such as your credit score and income. So, your credit limit may vary. It’s important to note that Credit One also offers credit line increases for eligible cardholders. It’s best to contact them directly for more information on your specific credit limit.

Does the Credit One platinum card have any fees?

Yes, there is a $95 annual fee for the Credit One Platinum X5 Visa. Additionally, there is a foreign transaction fee for purchases made outside of the United States. It’s essential to carefully consider these fees before deciding if this card is right for you. However, credit cards have annual and foreign transaction fees, so it may be worth it for the potential rewards this card offers.

How can I apply for a Credit One platinum card?

You can apply for a Credit One Platinum X5 Visa directly on their website or by mail. The application process is quick and easy, and you’ll receive a decision within minutes. Remember to have your personal information handy, such as your Social Security number, income information, and monthly rent or mortgage payment amount. It’s also essential to carefully read the terms and conditions before submitting your application. Contact Credit One’s customer service for assistance if you have any questions or concerns. Overall, the Credit One Platinum X5 Visa application process is straightforward and accessible.

Is the Credit One platinum card a good choice for me?

Ultimately, whether or not the Credit One Platinum X5 Visa is a good choice for you will depend on your financial situation and spending habits. This may be a good option if you have average credit and want a rewards card. However, if the annual or foreign transaction fees are a concern, other options may be worth exploring.

4.7Expert Score

Credit Building

The Credit One Bank Platinum X5 Visa offers 5% cash back on gas, groceries, phone, internet, and cable/satellite TV (up to $5,000 annually). However, there's a $95 annual fee, which reduces the starting limit. Consider if the rewards outweigh the cost before applying.

Credit Building Rating

7.4

Cost of Membership

Ease of Building Credit

6.8

APR

2.4

Features

PROS

High rewards rate: This card offers the highest cash-back rate among Credit One cards and is competitive compared to other cash-back cards.
Bonus rewards: You can earn additional cash back through Credit One's rewards programs and online shopping discounts.
Solid category rewards: The card offers a generous 5% cash back on essential expenses like gas, groceries, and internet for up to $5,000 annually.
Accessible credit score requirement: This card is available to individuals with average credit, making it easier to qualify than some rewards cards.

CONS

Annual fee: The $95 annual fee can significantly reduce your rewards if you spend less to offset it.
Potentially limited access: Credit One's prequalification process might not guarantee approval for this card unless you have "good" credit. Other cards offer better long-term value for those with higher credit scores.
Low starting limit: The initial credit limit can be intense, limiting your potential to maximize rewards early on.
Foreign transaction fees: Using the card abroad incurs additional costs.
No introductory APR: The card doesn't offer an essential 0% APR period on purchases.

Specification: Credit One Bank Platinum X5 Visa Review

Best For:	Rewards
Recommended Credit	Fair to Good (580 – 739)
Intro Offer:	No Current Offer
Rewards	1% Cash Back on other purchases, Earn 5% cash back on everyday purchases at grocery stores, restaurants, gas stations, and more.
Annual Fee:	$95
Regular APR:	29.74% Variable
Intro Balance Transfers APR:	0% for 15 months on balance transfers
Intro Purchase APR:	0% for 15 months on purchases
Intro Purchase APR Period:	15 Months
Balance Transfers Fee:	N/A
Foreign Transaction Fee	Either $1 or 3% of each purchase in U.S. dollars, whichever is greater.
Cash Advance Fee	Either $10 or 5% of the amount of each cash advance, whichever is greater.
Late Payment Fee:	$39
Cash Equivalent Fee	N/A
Convenience Check Fee	N/A
Returned Payment Fee:	Up to $39
Over Limit Fee:	N/A
Credit Card Limit:	Starting from minimum $500
Credit Card Type	Rewards
Credit Card Features	Free Credit Score, Zero Fraud Liability