Why we like this card: With the Credit One Bank Platinum X5 Visa card, even cardholders with average credit can earn a solid rewards rate on their spending.
Pros
- Generous 5% rewards rate (on up to $5,000 worth of purchases) on common spending categories
- Available to cardholders with average credit
Cons
- Low initial credit limit
- Foreign transaction fee
- $95 annual fee
- No intro APR
Credit One Bank Platinum X5 Visa: Overview
APR
- Intro: N/A
- Purchase: 29.24% variable APR
- Balance transfer: N/A
- Cash advance: 29.24% variable APR, plus either $10 or 5% of the amount of each cash advance, whichever is greater
- Penalty: the penalty APR is not disclosed in the terms and conditions, but there’s a fee of up to $39 for late and returned payments
Annual fee: $95
Foreign transaction fee: either $1 or 3% of each purchase in U.S. dollars, whichever is greater.
The Credit One Bank Platinum X5 Visa is a rewards credit card for cardholders with decent credit. Though this $95 annual fee card offers a high rewards rate at first glance, restrictions on how much credit you’re extended can limit your rewards.
For example, the initial minimum credit line is $500, but the $95 annual fee is subtracted from the credit line. That means the credit limit is $405 to start. If you spend up to your credit limit at the beginning of your card membership, you can only earn 5% cash back rewards on up to $405 worth of purchases, which might not be ideal for everyone.
However, your credit limit won’t remain at $405. The credit limit may be increased based on your credit performance. In other words, making on-time and in-full payments on your card will boost your chances of Credit One increasing your credit line.
So, before you sign up for this card, you’ll want to take the time to read the fine print. Otherwise, you could end up with a card that restricts your spending and rewards-earning potential.
Credit One Bank Platinum X5 Visa: Rewards
Cardholders receive a higher rewards rate on essential spending at places like grocery stores and gas stations, but there are stipulations on which retailers qualify.
For example, you won’t earn 5% on groceries purchased at stores—like drugstores and convenience stores—that sell groceries in addition to other products. Instead, you’ll earn 1%.
And while Credit One boasts about offering an additional 10% cash back at top retailers, the bank doesn’t disclose which retailers are eligible before you sign up.
- 5% cash back rewards on eligible gas, grocery, mobile phone service, and internet, cable and satellite TV service purchases for the first $5,000 per calendar year in eligible gas, grocery, mobile phone service, and internet, cable and satellite TV service purchases. Then 1% thereafter.
- 1% cash back rewards on all other eligible purchases
- 10% more cash back rewards at select retailers
Does Credit One Bank Platinum X5 Visa offer a new customer bonus?
No, the Credit One Bank Platinum X5 Visa does not offer a new customer bonus.
How to redeem Credit One Bank Platinum X5 Visa rewards
There are a few options for how you can use your cash back rewards: You can get an automatic statement credit or manually redeem your rewards for gift cards, merchandise, or a statement credit.
- Receive a statement credit or buy merchandise. When you open your account, you’ll be placed on automatic statement credit redemption, so the statement credit will be applied to your account after the end of each month. You can also opt to redeem your statement credit manually or when you choose.
Additional benefits
- $0 fraud liability. If you discover a fraudulent charge on your bill and alert Visa, you could be covered by Visa’s Zero Liability Policy, which requires issuers to replace the funds within five business days of notification if there’s an authorized transaction on your card.
- Free credit score access. You can get a free monthly educational credit score when registering for online account access with Credit One.
Is the Credit One Bank Platinum X5 Visa right for you?
The Credit One Bank Platinum X5 Visa is best for cardholders who want a rewards credit card with average credit. Yet cardholders should note the $95 annual fee, foreign transaction fee, and credit limit restrictions as this card isn’t the most affordable and straightforward card out there.
If you do have good credit, consider opting for another card with better rewards rates, a welcome bonus, fewer fees, and a larger starting credit line.
Credit cards similar to Credit One Bank Platinum X5 Visa
Though the Credit One Bank Platinum X5 Visa has a decent rewards rate, you can get a card, like the Discover it® Cash Back Credit Card, with similar rewards and fewer limitations.
Discover it® Cash Back Credit Card vs. Credit One Bank Platinum X5 Visa
Unlike the Credit One Bank Platinum X5 Visa, which offers 5% back on purchases in specific spending categories, the is a rotating category card.
With the Discover it® Cash Back, cardholders earn 5% cash back on up to $1,500 in combined quarterly purchases in various categories throughout the year (then 1%) and 1% cashback on all other eligible purchases. Plus, you won’t have to pay any annual or foreign transaction fees, so your rewards go directly into your pocket if you’re making on-time payments and not accruing interest.
While you’ll have to activate the 5% category every three months, you could be earning up to $75 every quarter. You’ll also be able to welcome bonus that’s equal to the amount of cash back you earn through your first 12 consecutive billing periods or 365 days, whichever is longer.
All in all, the Discover it® Cash Back Card is likely a better card choice than the Credit One Bank Platinum X5 Visa, but you may need a higher credit score to get approved for it.
Frequently asked questions
Is the Credit One Platinum X5 Visa worth it?
The Credit One Platinum X5 Visa may not be worth it for everyone as it has a $95 annual fee plus a foreign transaction fee. However, you can earn a 5% high reward rate in certain categories—though your reward potential could be capped because of credit line limits.
Is it hard to get a Credit One platinum card?
It’s not hard to get a Credit One Platinum X5 Visa as it’s available to cardholders with average to excellent credit.
What is the max credit limit for Credit One platinum card?
While the minimum credit limit on the Credit One Platinum X5 Visa card is $500, Credit One does not disclose a maximum credit limit in its terms and conditions.
Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying.
