Credit One Bank® Platinum Visa® Card Review

The Credit One Bank® Platinum Visa® card earns a 3.5 out of 5 in our scoring model for credit cards available to consumers with fair credit scores. It's a passable choice for fair to good credit holders seeking 1% cash back on select categories. However, its limited rewards structure and $39 annual fee mean it falls short of a top credit card option. With lower rewards than competitors, like the Capital One QuicksilverOne Cash Rewards, this card offers minimal value for those seeking more substantial rewards.

The Credit One Platinum offers 1% cash back on gas, groceries, mobile phone bills, internet and cable or satellite TV. Most cash back cards offer 1% cash back on all categories, so Credit One Platinum's cash back options are relatively limited in comparison.

While the rewards aren't as good, they are easy to redeem, as it automatically applies to your statement. The 'More Rewards' program can add a boost to your cash back, too. It lets cardholders earn extra cash back with select merchants, so it's worth checking in regularly to see what offers are available.

The Credit One Platinum offers relatively minimal perks for a cash back credit card. We highlight the major ones below:

• Zero Fraud Liability: Protects you from unauthorized purchases, ensuring you're not held responsible for fraudulent charges.
• Free Credit Score Access: Monitor your credit health with free online access to your credit score.
• Customizable payment due date: Adjust your payment due date to fit your schedule, giving you flexibility in managing your finances each month.

The Credit One receives mixed reviews in terms of customer satisfaction. With an issuer satisfaction rating of 2.0 out of 5, there’s room for improvement. Users on forums like myFICO and Credit Karma express concerns about high fees, unresponsive customer service and steep interest rates. However, many appreciate its credit-building potential and 1% cash back on gas and groceries.

The Credit One Platinum card’s fees and interest rates are higher than many cash back cards, but they are not out of the norm for an unsecured credit card for consumers with fair credit histories.

• Annual Fee: $39
• APR: 29.74%
• Foreign Transaction Fee: Either $1 or 3% of each purchase in U.S. dollars, whichever is greater
• Cash Advance Fee: Either $5 or 8% of the amount of each cash advance, whichever is greater
• Late Payment Fee: Up to $39
• Returned Payment Fee: Up to $39

The Credit One Platinum card targets those with fair to good credit scores ranging from 580 to 740, making it accessible to a broad range of consumers. This makes it a potentially advantageous opportunity to build your credit history and bump up your score. It holds its ground among similar cards in a Credit One Bank lineup designed for various credit profiles and spending habits.

Current cardholders may have the option to upgrade between the Credit One Platinum X5, Platinum Rewards or Credit One Amex cards and the Platinum Visa®, as long as their account is in good standing. You can apply for a card upgrade by calling Credit One Bank's customer service at 1-877-825-3242. You may be surprised at the upgrades that are available to you.

To help you make an informed decision, we have compared the Credit One Bank® Platinum Visa® with other cash back cards that build your credit.

For most consumers, the Credit One Platinum usually isn't worthwhile. Its straightforward 1% cash back rewards may appeal to some consumers, but its annual fee and limited perks hurt its case. You can find better credit cards for fair credit scores, like the QuicksilverOne card. Sometimes, you may be able to access one card from one issuer over another, so consider the Credit One Platinum as a secondary option if you're looking for opportunities to build your credit history.

We evaluated the Credit One Bank® Platinum Visa® using our Cash Back Score model, which reviewed 78 cards. Our scoring considered:

• Effective Reward Rate (50%): Measures the value of cash back or points earned per dollar spent.
• Intro Purchase (10%): Assesses the value of the introductory 0% APR offer on purchases.
• Regular APR (10%): Evaluates the long-term cost of carrying a balance with the card.
• Balance Transfer Offer (10%): Rates the value of the card's balance transfer terms.
• Annual Fee (5%), Recommended Credit (5%), Issuer Satisfaction (5%) and Penalties (5%): These factors assess the card's cost, accessibility, customer service quality and the fairness of fees and penalties.