| Last updated on September 23rd, 2023
Credit One Bank® Platinum Visa®
Credit One Bank® Platinum Visa®
Credit One Bank® Platinum Visa®
- 28.99% variable based on the Prime Rate Regular Purchase APR
- 28.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The Credit One Bank® Platinum Visa® is an excellent cash back rewards credit card for those who plan to use it to pay for expenses like utilities and errands. Earn 1% cash back rewards on eligible gas, grocery purchases and mobile phone service, internet, cable and satellite TV services purchases (terms apply). The card also features a $39 annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 1% cash back rewards on eligible gas, grocery purchases and mobile phone service, internet, cable and satellite TV services, terms apply
- With $0 Fraud Liability, you won’t be responsible for unauthorized charges
- Automatic reviews for credit line increase opportunities
- View your Experian credit score online for free, terms apply
- Choose your monthly payment due date for added convenience, terms apply
- Never miss an account update with customizable text and email alerts
- Manage your account on-the-go with the Credit One Bank mobile app
- Show off your personality by selecting from a variety of card designs, a fee may apply
- Regular Purchase APR: 28.99% variable based on the Prime Rate
- Cash Advance APR: 28.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $5 or 8% of the amount of each Cash Advance, whichever is greater, or $10 or 3% of each Cash Advance, whichever is greater, or $10 or 5% of each Cash Advance, whichever is greater
- Annual Fee: $39
- Foreign Transaction Fee: Either $1 or 3% of each purchase in U.S. dollars, whichever is greater
- Late Payment Penalty Fee: Up to $39 (terms apply)
- Return Payment Penalty Fee: Up to $39 (terms apply)
- You're comfortable paying a moderate annual fee on a card that earns cash back rewards on everyday purchases
- You have credit in the low-to-good range
- You don’t plan on carrying a balance monthly
- You plan to use your card to pay for daily expenses and monthly utilities
Credit One Bank® Platinum Visa® Review
The Credit One Bank Platinum Visa Card is a reliable cash back rewards card that boosts the rewards available – while giving cardmembers the chance to boost them even further with participating retailers.
Earn Cash Back Rewards on Everyday Purchases
The Platinum Visa® Card from Credit One Bank® earns 1% cash back rewards on eligible purchases. Credit One Bank defines “eligible purchases” as any purchases that fit into the following merchant code categories:
- Gas
- Groceries
- Mobile phone, cable, internet, and satellite services
Earn More Cash Back Rewards with Participating Partners
This Platinum Visa® also earns up to an additional 10% on purchases with participating retailers. This bonus means that cardholders can potentially earn 1.1% cash back rewards on select purchases. There are over 30,000 locations across the U.S. where cardholders can earn more cash back rewards.
Automatic Redemptions
Cash back rewards, including More Cash Back Rewards, are automatically applied as a statement credit each billing period. This process is the same as with other Credit One Bank® Platinum cards. And, while other redemption options are lacking, it will help cardholders lower their monthly statements.
A High APR on Purchases
Like other Credit One Bank cards, the Platinum Visa® has a fairly high APR on purchases and cash advances. While the rate is variable, it does nevertheless fall in the above-average range. Because of this, applicants should plan to pay their bill in full each month to avoid interest charges and keep their credit report in good standing.
One thing to note about all Credit One Bank cards is that they don’t allow holders to conduct balance transfers. The Platinum Visa® is no different. This isn’t necessarily a bad thing, however, as the interest rates on these cards do not make them a recommended option for migrating and paying down existing debt.
One Annual Fee
This card features a $39 annual fee, which is moderate considering that Credit One Bank offers alternate cards with annual fees reaching as high as $99 per year. If customers can take ample advantage of the cash back rewards earning feature, they may be able to offset the yearly cost a fair bit – if not entirely.
Other Card Features
- Visa Zero Fraud Liability to protect against unauthorized charges
- Free online access to your Experian credit score each month
- Online pre-qualification option
- Credit One Bank’s dedicated customer service hotline
- Credit One Bank mobile app: The bank’s mobile app makes it easy to view transactions, make payments, and more
Should You Apply for the Credit One Bank® Platinum Visa®?
The Credit One Bank® Platinum Visa® is a welcome addition for those looking for the chance to earn 1% back for gas, grocery, and purchases with select service providers. An additional bonus of up 10% in cash back rewards at participating retailers is another nice perk.
The principal limitation of the Platinum Visa® is the lack of options for redeeming cash back rewards. There is no rewards portal allowing users to redeem their cash back rewards for trips, merchandise, or donations. Instead, they would receive their cash back rewards as a statement credit. However, for those who prefer to keep it simple, the cash back rewards is automatically deposited and there are no other steps to take.
In addition, statement credits are what people have come to expect from Credit One Bank rewards. Credit One Bank products are for those who prefer to improve and maintain their credit scores, so the Platinum Visa®’s rewards structure is ideal for them.
With regular spending, cardholders can not only cover their bills but also receive rebates at the same time – all for a reasonable annual fee. If you have a credit score in the middle of the pack and want to earn rewards on every purchase, the Credit One Bank® Platinum Visa® is a reliable option to consider carefully.
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