Credit One Bank Platinum X5 Visa Review
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 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!
Table of Contents
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, groceries, 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.
What card is recommended?
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.
Specification: Credit One Bank Platinum X5 Visa Review
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