Credit One Bank® Platinum Rewards Visa with No Annual Fee review

Published: May 7, 2020

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Published: May 7, 2020

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Ratings Policy
Cash Back Rating:
1.2 rating
1.2 rating
1.2 / 5
Rewards Value: 1.5
Annual Percentage Rate: 0.0
Rewards Flexibility: 0.4
Features: 1.0

In a Nutshell:

Despite its higher-than-average APR, the Credit One Bank Platinum Rewards Visa with No Annual Fee is a solid starter card for people with fairly good credit scores.

Learn more about this card

Rewards Rate

2% cash back on eligible gas and grocery purchases as well as mobile phone, internet, cable and satellite TV services

Poor

Sign-up Bonus
None

Poor

Annual Fee
$0

Excellent

Average Yearly Rewards Value ($1,325 monthly spend)
$155

Poor

APR
23.99% (variable)

Poor

Pros

  • Offers bonus cash back in practical everyday spending categories.
  • No annual fee.
  • Future credit line increases may be granted based on your overall credit performance.
  • Track your credit score online.
  • You can check if you pre-qualify online with no impact to your credit score.
  • Boost your cash back earnings at select retailers with the More Rewards program.

Cons

  • Only specific purchases qualify for cash back.
  • Initial minimum credit limit could make it difficult to keep credit utilization in check.
  • APR is very high, even for cardholders with excellent credit.
  • Offers little in the way of perks.
Fair

Other Notable Features: Zero fraud liability, pick your payment due date, free credit score

Credit Building Rating:
3.9 rating
3.9 rating
3.9 / 5
Cost of Membership 4.4
Ease of Building Credit 3.4
APR 1.2
Features 2.4

In a Nutshell:

Despite its higher-than-average APR, the Credit One Bank Platinum Rewards Visa with No Annual Fee is a solid starter card for people with fairly good credit scores.

Learn more about this card

Average cost of membership per year ($3,600 annual spend)
$0 (+$27 in cash back rewards)

Excellent

Security deposit required
$0

Excellent

Initial credit limit
Starting at $300

Average

Access to higher credit line?
Future credit line increases may be granted based on your overall credit performance, but no specified time period

Average

APR
23.99% (variable)

Fair

Annual fee
$0 (for qualified applicants, terms apply)

Excellent

Other rates and fees

  • Cash advance APR: 23.99% (variable)
  • Cash advance fee: 5% (or $10, whichever is greater)
  • Foreign transaction fee: 3% in US dollars (or $1, whichever is greater)
  • Late or returned payment: up to $39*
  • Credit protection (optional): $.96 per $100 of new balance
Average

Rewards
2% cash back on eligible gas and grocery purchases as well as mobile phone, internet, cable and satellite TV services.

Very Good

Other Notable Features: Zero fraud liability, pick your payment due date, free credit score

The Credit One Platinum Rewards Visa with No Annual Fee offers a decent rewards-earning scheme on practical purchases like gas, groceries and mobile phone, internet, cable and satellite TV service purchases, along with a few minor perks that should help shore up an already good credit score.

Minimum initial credit limit of $300

While it might not seem like much, the Platinum Rewards Visa card’s low initial minimum credit limit is meant to help cardholders, not hold them back. Qualifying for the card’s lowest limit could help budget-conscious cardholders control spending while still offering room to earn cash back, though keeping credit utilization in check may prove challenging for some. That said, you may be eligible for a credit increase based on good performance.

Multiple ways to reap rewards

The average cardholder should get decent value out of the Platinum Rewards Visa cash back rewards program, thanks to the bonus cash back it offers in a mix of practical everyday categories. You’ll earn 2% cash back on all eligible purchases of gas, groceries and internet, cable and satellite TV services, which are regular expenses that can really add up.

Plus, you can get up to 10% more in cash back rewards through Credit One’s More Rewards program, a card-linked offer program that can boost your cash back earnings by as much as 10% at select merchants. Offers change frequently, so keep a close eye on any communications from the bank.

It pays you to use it

The Platinum Rewards Visa card charges no annual fee, so you won’t have to worry about this cutting into the cash back you earn. We estimate that a typical cardholder who spends the average amount across this card’s categories and puts $3,600 on the card annually can earn about $35 dollars per year − a good rating when compared to competitors. If you’re approved for a higher credit limit, of course, you could spend and earn much more.

High APR

The not-so-great news about this card is that its variable APR of 23.99% for all cardholders, regardless of their credit history. This APR is much higher than the average credit card APR, so it’s crucial that you avoid carrying a balance. The monthly interest fees won’t be pretty.

Moderate fees and penalties

The Platinum Rewards Visa is about average when it comes to fees and penalties, capping late fees and returned payment fees at $39 and charging 5% or $10 (whichever is greater) for cash advances. Plus, there’s no APR penalty for late payments. However, at nearly $40 a pop, those late payment fees will add up quickly if you struggle with due dates.

Additional perks

In addition to its competitive cash back rewards program and moderate penalties and fees, the Platinum Rewards Visa offers several more benefits. Many cardholders forget about these perks, but taking advantage of all the card’s benefits will maximize its value. Here’s a quick look at what the card has to offer:

  • Free online credit score monitoring Keep an eye on your credit with one free Experian report per month.
  • Zero fraud liability — In case your card is stolen, you won’t be responsible for covering fraudulent charges.
  • Customizable account notifications Set your own reminders and alerts so you don’t miss payments.
  • Regular reviews for credit increases Demonstrate responsible card use and you may have your credit limit increased over time.
  • Exclusive shopping discounts – Cardholders can earn extra cash back at select retailers.

Check if you pre-qualify online

The Platinum Rewards Visa is a designed for cardholders with good credit or above, but if you’re on the fence about applying you can check if you pre-qualify online with no impact to your credit score.

Why get the Credit One Platinum Rewards Visa?

  • You want a card that offers bonuses in some everyday spending categories.
  • You don’t want to pay an annual fee.
  • You want a chance at a higher limit over time.

How to use the Credit One Platinum Rewards Visa:

  • If you’re approved for the minimum credit limit of $300, keep a close eye on your balance to ensure your credit utilization stays in check.
  • Avoid carrying a balance, or you’ll pay for it with the high APR.
  • Use this card for all gas, grocery and mobile phone, internet and satellite TV service purchasesto get your 2% cash back.
  • Shop at participating retailers using the More Rewards program for even more discounts.

Is the Credit One Platinum Rewards Visa worth it?

It won’t be an especially lucrative cash back card if you’re only approved for the minimum initial credit limit, but since it charges no annual fee and offers bonuses on everyday purchases like gas and groceries, the Platinum Rewards Visa card could pay off over time.

All reviews are prepared by CreditCards.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the bank’s website for the most current information.

Responses to comments in the discussion section below are not provided, reviewed, approved, endorsed or commissioned by our financial partners. It is not our partner’s responsibility to ensure all posts or questions are answered.

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