Both the Credit One Bank Platinum Visa and the Credit One Bank Platinum offer valuable cash back rewards and credit-building tools, making them appealing for those seeking to enhance their financial toolkit. However, the Credit One Bank Platinum Rewards edges out its counterpart with a higher cash back rate of 2% on select categories and no annual fee, making it the superior choice for cost-conscious consumers. The Credit One Bank Platinum, has a lower credit score requirement, remains a viable option for those with fair credit looking to earn rewards while building credit.
Credit One Bank® Platinum Visa®
vs. Credit One Bank® Platinum Rewards Visa® With No Annual Fee
Updated: December 1, 2024
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Credit One Bank® Platinum Visa®
Credit One Bank® Platinum Rewards Visa® With No Annual Fee
On Issuer's Site
On Issuer's Site
Which Card Is Better for You?
You might prefer the Credit One Platinum Rewards if you're looking for robust cash back on everyday purchases without worrying about an annual fee. This card rewards you with 2% cash back on eligible gas, grocery and service provider purchases, making it a strong contender for those who have good to excellent credit and want to maximize their rewards.
You might prefer the Credit One Platinum if your credit score is in the fair to good range and you're seeking a card that offers cash back rewards. While it has a $39 annual fee, it provides 1% cash back on the same types of purchases as the no annual fee version, which could be a worthwhile trade-off for easier qualification.
Head-to-Head Comparison: Card Details and Features
Evaluating APRs, fees, credit requirements, rewards and additional features will illuminate which card aligns with your financial needs. This section breaks down these elements, offering a clear view of each card's offerings. For instance, if annual fees are a concern, the Platinum Rewards with its $0 fee may appeal more than the Platinum with its $39 fee.
Regular APR: Tie
Both the Credit One Platinum and the Credit One Platinum Rewards both offer a regular APR of 29.74% variable, making them equal in this aspect.
Annual Fee: Credit One Platinum Rewards
The Credit One Bank Platinum Rewards is better for avoiding annual fees, offering a $0 annual fee compared to the Credit One Platinum card's $39 annual fee.
Introductory 0% APRs: Tie
Neither the Credit One Platinum nor the Credit One Platinum Rewards offers introductory 0% APRs.
Rewards: Credit One Platinum Rewards
The Credit One Platinum Rewards card is better for rewards, offering 2% cash back on eligible gas and grocery purchases as well as on mobile phone, internet, cable and satellite TV services. Both cards offer cash back on the same categories, but the Platinum Rewards card doubles the cash back rate compared to the Credit One Platinum card.
Welcome Offers: Tie
Neither the Credit One Platinum nor the Credit One Platinum Rewards offers a welcome bonus, making this feature a tie between the two cards.
Recommended Credit Score: Credit One Platinum
The Credit One Platinum is better for individuals with lower credit scores, requiring a range of 580 to 740 (fair to good), compared to the Credit One Platinum Rewards' 670 to 850 (good to excellent) range.
Penalties and Fees: Credit One Platinum
When comparing penalties and fees, the Credit One Platinum may be more favorable due to its lower cash advance fee structure, despite both cards having similar late and foreign transaction fees.
Issuer Satisfaction: Tie
Since both cards are issued by Credit One Bank, they share the same issuer satisfaction score.
Other Features & Perks: Tie
Both the Credit One Platinum and Credit One Platinum Rewards offer valuable security and convenience features, including $0 fraud liability, free online credit score and credit report summaries, customizable account alerts and mobile app account management.
Rewards Comparison
The Credit One Platinum Rewards card outperforms its counterpart with a 2% cash back rate on key spending categories. This includes eligible gas and grocery purchases, as well as payments for mobile phone, internet, cable and satellite TV services.
In contrast, the Credit One Platinum card offers a lower rate of 1% cash back on the same categories. While both cards provide value, the Credit One Platinum Rewards card doubles the earning potential on everyday expenses, making it the better option for rewards.
Please see the following table for a detailed comparison of the bonus categories for each card.
Category | Credit One Platinum Rewards | Credit One Platinum |
|---|---|---|
Gas | 2% cash back | 1% cash back |
Groceries | 2% cash back | 1% cash back |
Mobile Phone Services | 2% cash back | 1% cash back |
Internet Services | 2% cash back | 1% cash back |
Cable and Satellite TV Services | 2% cash back | 1% cash back |
All Other Purchases | 1% cash back | 1% cash back |
Redeeming Rewards
Moving from earning to using your rewards, neither the Credit One Platinum Rewards nor the Credit One Platinum card specifies unique redemption or expiration policies. Typically, cash back can be redeemed for statement credits, gift cards or other similar options. It's important to review the terms for each card to understand any potential limitations or redemption thresholds.
Methodology
MoneyGeek assesses credit cards using a ranking process tailored to specific use cases, such as cash back or balance transfers. For the Credit One Platinum and Credit One Platinum Rewards, the highest scoring use case is cash back.
The most significant factors in determining these scores are the effective reward rate and the return on investment for offers.
FAQ: Credit One Platinum vs. Credit One Platinum Rewards
What are the annual fees for each card?
The Credit One Platinum has a $39 annual fee, while the Credit One Platinum Rewards may offer a card with no annual fee for qualified applicants.
How do the rewards programs compare between the two cards?
Credit One Platinum Rewards offers 2% cash back on select categories, which helps you maximize rewards. Credit One Platinum offers a lower cash back of 1% on the same categories.
What is the required credit score for each card?
Credit One Platinum is for those with 580 to 740 credit scores, and Credit One Platinum Rewards is for those with 670 to 850.
Do either of the cards offer introductory APR rates?
Neither card offers introductory APR rates. You can find other cards that have 0% introductory APR rates.
Are there foreign transaction fees for either card?
Both cards charge either $1 or 3% for foreign transactions. Consider cards without foreign transaction fees if you travel abroad.
About Doug Milnes, CFA
Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.
Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.