Credit One Platinum Rewards Card

Andrew Reyes  | 
  • Annual percentage rate (APR): 17.99% to 23.99%.
  • Purchase intro APR: None.
  • Initial credit limit: $300.
  • Rewards: 1%, 5%, or 10% cash back.
  • Annual fee: $95.
  • Late fee: $39.
  • Foreign transaction fee: $1 or 3%.
  • Credit score: Fair to Good (580-730).
  • Compare rewards cards here.

Benefits

  • No cash-back limit: There are no parameters or limits to how much you can spend and earn cash back on with the Credit One Bank Platinum Rewards Visa. As your credit limit increases, your cash-back limit does not change. Note that this is separate from the percentage that you can earn back for spending in the bonus category;
  • Cash back is applied to your statement: When you earn cash back with the Credit One Platinum Rewards card, it is automatically applied to your statement balance. This can help with keeping your credit utilization low, and it helps you focus on paying your balances down instead of spending the cash-back rewards elsewhere;
  • Online pre-qualification: Instead of applying, getting a soft or hard credit check, and potentially not even getting approved for the card, the Credit One Platinum Rewards card allows applicants to check and see if they meet the criteria beforehand. By doing this you can avoid applying for an unrealistic credit card, and you can avoid your credit being affected by a credit pull;
  • Free credit score access: You’re allowed to check your credit scores free of charge as often as you would like if you open a Credit One Platinum Rewards card account. The Federal Trade Commission (FTC) only provides one free credit report every 12 months, but many companies are offering additional credit reports free of charge for their users;
  • Mobile app: There is a mobile app for the Credit One Platinum Rewards card. This can help with keeping track of your balance, paying your bill, and maximizing your rewards;
  • Bonus category spending: Although the standard is 1% cash back for the Credit One Platinum Rewards card, you can also earn an additional 5% cash back on the first $5,000 of eligible purchases (gas, groceries, internet, cable, satellite TV, mobile phone services).

Drawbacks

  • High annual fee: The annual fee for the Credit One Platinum Rewards Visa is higher than other options. This is fairly typical for cards that are largely aimed at individuals with lower credit scores or no credit history at all. It is also important to note that the annual fee is initially charged to your account, not something you pay outright. To elaborate, if you have a $300 credit limit, this means that you truly only have a $205 credit limit;
  • High APR: The APR for the Credit One Platinum Rewards card is higher than a lot of other options. But since the approval odds are much greater, the high APR makes up for the potential risk that Credit One Bank assumes when it supplies a credit card to individuals with less-than-stellar credit. With good payment history and low credit utilization, you can lower the initial APR of 23.99% to 17.99%. As long as you pay what you owe each month, the APR should not be an issue;
  • No sign-up bonus: Many credit card issuers offer a sign-up bonus to incentivize signing up for a card they offer. There is no sign-up bonus for the Credit One Platinum Rewards card;
  • Foreign transaction fee: There is a 3% or $1 foreign transaction fee with the Credit One Platinum Rewards card. This means that any time you use your card when traveling abroad, you will be charged 3% or $1 for your purchase. It is important to note that you are only charged 3% if the resulting number is greater than $1.
  • Low initial credit limit: The initial credit limit for the Credit One Platinum Rewards card is only $300. This number does not change based on good credit or credit history. You could have a credit score of 800 with no debt, and no missed payments, and you will still start at a $300 credit limit. As long as you make your payments on time and keep your credit utilization low, you will have no problem raising your credit limit over time;
  • Cash back is applied to your statement: The Credit One Platinum Rewards card applies cash back rewards directly to your statement, it is never paid out directly. While some would prefer to receive physical cash, or a deposit into a bank account, the true reason why this is inconvenient is that it can be hard to track your credit limit accurately;
  • Bonus category spending limitation: The bonus spending category of the Credit One Platinum Rewards card looks very appealing at 5% cash back, but it is important to note that this is only valid during the first year. After the first year, the initial 5% reduces down to 1% for qualified purchases, which is the same percentage you’ll earn for all purchases.

What Can You Expect From the Credit One Platinum Rewards Card?

As a Credit One Platinum Rewards cardholder, you can expect the following user experience:

  • Accessibility: The Credit One Platinum Rewards card mobile app allows you to access your account on the go. You are able to view statements, make balance transfers, and initiate payments right from your phone. You are also able to view your Experian credit score month over month as well as what goes into your score. Lastly, the mobile app allows for secured purchases via Apple Pay, Samsung Pay, and Google Pay;
  • Customization: The Credit One Platinum Rewards card allows cardholders to customize their payment due date, notifications, number of physical cards, and you can choose your design (although a fee may be applied);
  • Peace of mind: The Credit One Platinum Rewards card protects its cardholders by providing zero fraud liability that protects against lost or stolen cards, EMV chip technology guards that reduce the chance of counterfeit attempts, and paperless statements that ensure your important documents do not get lost or stolen in the mail.

Who Should Get the Credit One Platinum Rewards Card?

The Credit One Platinum Rewards Visa is a great credit card for someone who is fairly new to credit. While this is not the same as a secured credit card, it is more of a beginner credit card than other options. The relatively small late fee, low credit limit, and the required credit for approval are key indicators that this is a viable option for those just starting on their credit journey. With a high APR, an annual fee, and a low credit limit, this is not the most viable option for individuals with established credit.

Compare other rewards credit cards and learn more here.


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