Credit One Bank® Platinum X5 Visa® Credit Card Review 2024

The Credit One Bank® Platinum X5 Visa® is an unsecured card for consumers with fair to good credit who are looking to continue shoring up their credit. Credit One offers to reward you for responsible use through regular potential credit limit increases.

Unlike some cards for lower credit scores, there are no one-time processing fees or monthly use fees. Credit One Bank only charges an annual fee of $95.

Unsure where your credit stands? If you were turned down in the past or you are unsure if you’d qualify with an average score, Credit One Bank allows you to go through a pre-qualification process. With only a soft inquiry that doesn’t impact your credit and a short form to fill out, you can learn what cash rewards are available to you.

The highlight of the Credit One Bank® Platinum X5 Visa® is the rewards feature. Very few cards for fair credit provide reward incentives. This card gives you the chance to earn cash back on eligible category purchases, including gas, groceries, as well as mobile phone, internet, cable and satellite TV services.

• Earn 5% cash-back rewards on the first $5,000 of eligible gas, grocery, internet, cable, satellite TV, and mobile phone service purchases each year, then 1% thereafter. All other purchases earn 1%.
• Annual fee of $95 billed upon account opening.
• Those with average credit may qualify.
• Flexibility to set your own due date.
• Free monthly access to your credit score.

Earning Rewards

Earn 5% cash-back rewards on the first $5,000 of eligible gas, grocery, internet, cable, satellite TV, and mobile phone service purchases each year, then 1% thereafter. All other purchases earn 1%. Note that purchases made at warehouse clubs like Sam’s and Costco and discount supercenters like Walmart and Target do not qualify as grocery purchases.

Credit One Bank® Platinum X5 Visa® also provides access to the More Cash Back Rewards program. Purchases from participating merchants could earn up to 10% back. These merchants are not disclosed until you become a cardholder, so additional rewards may not be significant for your circumstances.

Depending on your creditworthiness, you could qualify for additional rewards or cards not reviewed here. It is worth noting that, if your account is in default (as defined by the Card Agreement), you will not earn rewards for credits posted during that period.

Redeeming Rewards

Rewards are automatically applied as a statement credit for all qualifying purchases. While the rewards are referred to as cash back, you cannot request a check or direct deposit.

Rewards Potential

Forbes Advisor uses data from various government agencies to determine baseline income and spending averages across various categories. Wage earners with fair credit who are likely to be approved for the Credit One Platinum X5 Visa, have a household income of $91,162 annually and $28,431 in annual spending that can reasonably be charged to credit cards.

The average household spends $1,948 on gas, $5,259 on groceries and $2,535 on cellphone and internet services each year. This would lead the household to max out the $5,000 spending cap for the 5% bonus rewards which would earn $250 in cash back. At a 1% rate, the remaining $18,689 of spending would earn an additional $186.89 for a total annual earning of $436.89.

If your initial credit limit is below $500, however, it won’t be possible to charge 100% of the estimated purchases above. But you’ll likely still be able to maximize the 5% categories.

• Choose your due date: After your introductory month, pick any date six days before or after your assigned due date.
• $0 fraud liability: Protection against unauthorized charges.
• Digital wallet compatible: With Apple Pay, Samsung Pay and Google Pay.

Interest Rates

• Regular APR: 29.74% Variable
• Intro APR: N/A

Fees

• Annual fee: $95
• Foreign purchase transaction fee: N/A

Credit One Bank® Platinum X5 Visa® vs. Indigo® Mastercard®*

The Indigo® Mastercard®* also offers an unsecured option for those rebuilding their credit. Similar to the Credit One Bank® Platinum X5 Visa®, there are no one-time or monthly fees applied. Depending on your credit, Indigo offers annual fees of $0-$99.  Of the two, only the Credit One Bank® Platinum X5 Visa® offers rewards.

Credit One Bank® Platinum X5 Visa® Visa vs. Milestone Mastercard® – $700 Credit Limit

The Milestone Mastercard® – $700 Credit Limit is another unsecured option for rebuilding credit. However, like the Indigo® Mastercard®*, this card doesn’t earn rewards.

Credit One Bank® Platinum X5 Visa® vs. Discover it® Secured Credit Card

With the Discover it® Secured Credit Card, you earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases. Gas and restaurant purchases after the cap and all other purchases earn 1% cash back. Discover will also match all the cash-back rewards you earn at the end of your first year as a cardholder.

While the initial out of pocket cost for a secured card is higher, Discover it® Secured Credit Card could earn you more rewards overall. Plus, the security deposit is refundable. If you choose to close the account and pay in full, you will get your deposit back.

If you have fair credit, are trying to further build your credit profile and looking for an unsecured card, the potential rewards on the Credit One Bank® Platinum X5 Visa® might justify the cost of the annual fee.

Consider if you typically have expenses in the categories that offer increased rewards with this card. If not, look to a card that more closely aligns with your spending patterns.

Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors, including:

• Annual fees
• Welcome bonus offers
• Ongoing earning rates
• Value of individual points or miles
• Included travel or merchant credits
• Additional cardholder benefits

Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors came together to provide a star rating for each individual card.

Read more: How Forbes Advisor Rates Credit Cards