Credit One Bank® Platinum X5 Visa® Review

With a 3.7 fair credit score, the Credit One Bank® Platinum X5 Visa® is a decent pick for those looking for higher cash back rates on everyday spending. The card pays a hefty 5% cash back on gas, groceries and services like phone and internet for the first $5,000 spent on the bonus categories annually, then 1% on everything else.

However, the card’s $95 annual fee and spending cap limit your cash back rate to 3% or less. It’s a respectable rate, especially for fair cards, but it could still be a bit of a letdown from the 5% advertised. The $5,000 annual cap applies to all bonus categories, and the $95 annual fee eats into your cash back savings.

Among other Credit One Platinum cards, the X5 Visa® delivers higher rewards but at a higher annual fee. If you’re looking into other high-yielding bonus rewards cards and have a good or better credit score, consider the Blue Cash Preferred® Card From American Express, giving you a higher cash back rate on similar categories but with a more generous annual spending cap structure.

Its reward structure isn’t as lucrative for broader purchases. To make the most of your X5 cash back, focus on one or two regular expenses that qualify for the 5% bonus — like gas or groceries — and aim to hit the $5,000 cap with those purchases.

However, keep in mind that rewards are pretty easy to redeem, either as a simple statement credit or gift card.

• 5% cash back: Eligible gas, grocery, internet, cable, satellite TV and mobile phone service purchases for the first $5,000 yearly, 1% afterward.
• 1% cash back: All other purchases
• Up to 10% cash back: Via the More Rewards Program

Existing Credit One Bank users can join the More Rewards Program, which provides extra cash back opportunities with select merchants. Offers change, so it’s smart to check in regularly to maximize what you get back.

The Credit One Platinum X5’s fees and interest rates may be higher than those of many cash back cards, but they’re fairly typical for an unsecured card designed for those with fair credit scores.

• Annual Fee: $95
• APR for Purchases: 29.24% variable
• Foreign Transaction Fee: None
• Late Payment Fee: Up to $39
• Returned Payment Fee: Up to $39

Getting the Credit One Platinum X5 in your hands is moderately accessible, typically requiring a credit score between 580 and 740. Since it’s an unsecured card, you won’t need to pay a security deposit.

Existing Credit One Bank cardholders must undergo a credit check to assess their account standing to be eligible for upgrades. Provided that everything is in place, simply call customer service at 1-877-825-3242 to learn your upgrade options.

User feedback on the Credit One Platinum X5 Visa® from Reddit points to some mixed experiences. While the card’s rewards make it easier to rebuild credit, some users often mention that its $95 annual fee and high APR can eat into any cash-back gains if you’re not careful.

Add to that some gripes about customer service and transparency around the fee structure, and this card might require a bit more effort to manage than expected. So, if you’re considering it, make sure the rewards stack up for your spending habits and financial goals.

Our evaluation of the Credit One Bank® Platinum X5 Visa® card considered 19 cash back cards, focusing on key features like:

• 30%: Minimum deposit requirement, unsecured cards score highest.
• 15%: Annual fees rating
• 15%: Penalties & fees rating
• 15%: Regular APR rating
• 10%: Issuer satisfaction rating
• 5%: Introductory purchase APR rating
• 5%: Recommended credit rating
• 5%: Effective reward rate rating

The Platinum X5 Visa's $95 annual fee isn't quite worth it if you're building credit. You can get good cash back rewards at a lower annual fee and find no-annual-fee cards for fair credit that are more appropriate for credit builders. Those high cash back rates are tempting, but we'd recommend cards with lower fees, especially if you carry a balance.

For rates and fees of the Blue Cash Preferred® Card From American Express, please click here.