Credit One Bank® Platinum Rewards Visa® Review

The Credit One Platinum Rewards with No Annual Fee is an option if you have good to excellent credit. It’s the only unsecured cash back card in the Credit One line of cards that offers 2% cash back on everyday bonus categories including gas, groceries and internet among others.

The Platinum Rewards Visa® with its $95 annual fee offers 5% cash back on select categories, which could be a win if you’re spending heavily in those areas. But if you’re not chasing high rewards and just want to save on fees while still earning on everyday purchases, the no-fee version keeps costs low and affordable.

This no-annual-fee card is a good fit for credit-builders aiming to minimize expenses. However, while the perks are practical, they may feel limited for those seeking more robust earning potential. The steep 28.99% APR and foreign transaction fees limit its utility for balance carriers or international use — functional but not groundbreaking.

The Credit One Platinum Rewards rewards structure makes it a practical choice for those who prefer a no-annual-fee card with rewards on everyday expenses. It scores a 1.9 in effective reward and ranks 32nd among cash back cards — highlighting its limitations compared to more robust options available to discerning spenders.

• 2% cash back on gas and groceries
• 2% cash back on mobile phone, internet, cable, and satellite TV services

With no promotional bonuses or co-branded perks, the card's non-expiring rewards are best redeemed as cash back for maximum value. Current Credit One Bank users can also access the More Rewards Program, unlocking bonus cash back with select merchants. Since offers vary, keeping track of regular updates is a must to optimize your rewards.

Comparing the Credit One Bank® Platinum X5 Visa® with no annual fee to the Platinum Rewards with no annual fee highlights a clear trade-off: while the X5 offers higher cash back rates on select categories, the Platinum Rewards card provides a more consistent but less lucrative reward rate. This distinction makes the X5 a better fit for targeted spenders, whereas the Platinum Rewards appeals to those seeking steady, straightforward earnings.

The card’s penalty fees don’t really make that much of a dent, but the high regular APR significantly limits its value for those carrying a balance. It’s better suited for disciplined cardholders who can reliably pay off their statement in full each month, as the rewards won’t offset the steep cost of accruing interest.

While the absence of an annual fee and penalty APR is notable, the high regular APR of 28.99% is less appealing, earning a low rating of 2 among similar cards. If you’re carrying a balance, you’re better off with a more competitive card like Citi® Diamond Preferred® Card, which offers a 0% introductory APR on balance transfers for 21 months, followed by a variable APR of 17.49% to 28.24%.

• Regular APR: 28.99% variable
• Annual Fee: $0
• Cash Advance Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
• Foreign Transaction Fee: Either $1 or 3% of each purchase in U.S. dollars, whichever is greater
• Late Payment Fee: Up to $39
• Returned Payment Fee: Up to $39

The Credit One Platinum Rewards card targets users with good to excellent credit (670 to 850), suggesting that it’s not the most accessible option for those with less-than-stellar scores. Feedback from users is split — some value its credit-building capabilities, while others point to high fees and subpar customer service as drawbacks. If you’re eyeing this card, weigh its rewards and potential costs against your financial needs.

Upgrading to the Credit One Bank Platinum Visa with no annual fee might seem like a practical move, but the benefits often fall short of expectations according to multiple testimonials. With limited perks, a steep APR, and lingering foreign transaction fees, it’s hard to justify the effort. For a more rewarding no-fee experience, consider switching to alternatives like Discover or Capital One.

Customer satisfaction with the Credit One Platinum Rewards card is skewed negatively, reflected in its low issuer satisfaction rating of 2, ranking it 57th among similar cards. The card serves its purpose, but its limitations make it a short-term fix rather than a long-term solution.

While the 2% cash back on everyday spending and no annual fee are notable perks, complaints about high fees and lackluster customer service dominate discussions. Many users see it as a stepping stone for building credit, but forum feedback suggests most are eager to move on to more rewarding options once their credit improves.

We compare the Credit One Platinum Rewards with other cash back cards to help you decide if it’s right for you.

Our evaluation of the Credit One Bank Platinum Rewards Visa With No Annual Fee card was part of a review of 71 cards. We considered several factors:

• Effective Reward Rate (25%): High reward potential across spending categories.
• Annual Fee (20%): No annual fee maximizes value.
• Penalties (15%): Low penalty rates and fees.
• Gas Rewards Rate (10%): Rewards on gas expenditures.
• Issuer Satisfaction (10%): Customer satisfaction with the issuer.
• Recommended Credit (10%): Accessibility based on credit score.
• Foreign Transaction (5%): Costs for international use.
• Regular APR (5%): Ongoing interest rate.

For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.