Credit One Bank® Platinum Rewards Visa® With No Annual Fee Credit Card Review

The Credit One Bank® Platinum Rewards Visa® with No Annual Fee card is a tough sell. While its 2% cash back rate is higher than most flat-rate cash back cards, it only applies to selected purchases and has certain restrictions. Although the Platinum Rewards Visa® can help build credit, its high APR without an intro offer and complicated and limited rewards system could reduce your earnings. Overall, you may be better off with other cards that offer unlimited cash back on all purchases.

The Credit One Bank® Platinum Rewards Visa® with No Annual Fee card is a decent option for consumers looking for an accessible cash back card for building credit. Cardholders earn 2% cash back on gas and eligible grocery purchases, which is lower than other cash back cards on our list. In addition, purchases from big chains such as Walmart, Target and Costco, as well as from convenience and drugstores, won't earn you cash back.

Cardholders also have the potential to earn up to 10% cash back at participating stores. Unfortunately, this list and its offers are only available to existing cardholders enrolled in the program. Also, the card's high regular APR of 29.74% variable can be a significant drawback for those who carry a balance, potentially wiping away the value of any rewards earned.

>> More: Best Cash Back Credit Cards

Credit One Bank® Platinum Rewards Visa® cardholders can earn 2% in eligible gas, groceries, mobile phone, internet and cable TV. While there aren’t any caps, purchases outside these eligible categories don’t earn cash back.

For example, grocery purchases at stores selling other items, such as convenience stores and drugstores, don’t earn rewards. Similarly, purchases made at super stores and discount stores (such as Walmart or Target) don’t earn cash back. The rewards you earn are automatically credited to your statement.

Cardholders also have the opportunity to earn up to 10% cash back on purchases at participating stores and merchants. The bank boasts thousands of partner merchants, but the list and offers are only available to existing accounts.

The Credit One Bank® Platinum Rewards Visa® with No Annual Fee card offers spenders and credit builders key benefits. Here's a closer look at what makes this card appealing:

Cash Back Rewards: Cardholders get 2% cash back on eligible gas, grocery and selected purchases, which can add up over time, especially if these are your frequent spending categories.

Credit Building: With responsible use, this card can be a stepping stone to building or improving your credit score, thanks to its accessibility and reporting to major credit bureaus. Credit One Bank regularly reviews accounts for potential credit limit increases.

While the Credit One Bank® Platinum Rewards Visa® with No Annual Fee card has its perks, it's important to consider a few potential drawbacks before applying.

Category-Specific Rewards: The 2% cash back does not apply to grocery purchases from warehouse clubs (Costco, Sam’s Clubs), discount stores (Walmart, Target), drugstores, convenience stores and smaller stores are not eligible. The Wells Fargo Active Cash card and the Citi Double Cash card give the same cash back rate without any restrictions.

High Regular APR: This card's regular APR is 29.74% variable, which can make carrying a balance costly. This rate is notably higher than many other similar cards, which could negate any rewards earned if not paid in full monthly.

We've compared the Credit One Bank® Platinum Rewards Visa® with No Annual Fee card with other cash back cards to help you choose the best one for your needs.

Credit One Bank Platinum X5 Visa® vs. Credit One Bank® Platinum Rewards Visa® with No Annual Fee

The Platinum X5 Visa® card offers a higher 5% cash back rate on certain purchases and a $95 annual fee, which may appeal to high spenders despite the cost. Conversely, the no-annual-fee Platinum Rewards Visa® is more accessible for credit builders. Choose the Platinum X5 Visa® for higher rewards if you can offset the fee or the Platinum Rewards Visa® for simpler, fee-free credit building.

Wells Fargo Active Cash Card vs. Credit One Bank® Platinum Rewards Visa® with No Annual Fee

The Wells Fargo Active Cash card offers a lower APR range and unlimited 2% cash rewards on all purchases, contrasting with Credit One's higher APR and 2% cash back category-specific rewards. While Credit One may benefit those who want to build credit while earning cash back, Wells Fargo's card is more rewarding and versatile for everyday spending.

The Credit One Bank® Platinum Rewards Visa® with No Annual Fee card is not for everyone. While it gives 2% cash back on eligible purchases and up to 10% cash back via the More Progam, cash back earnings come with conditions. It also does not have a welcome bonus or an introductory offer for purchases and balance transfers, which other 2% and 1.5% cash back cards have.

If you're working on building credit, this card could be a good fit. However, better cards for building credit or cash back are available even for someone with a not-so-stellar credit.

Our evaluation of the Credit One Bank® Platinum Rewards Visa® with No Annual Fee card included a comparison against 48 other cards. We focused on key features that impact a cardholder's experience and financial health. Here's how we weighted those features, from most to least significant in our scoring system:

• Effective Reward Rate (50%): A perfect rating represents a highly rewarding program offering substantial cash back on various purchases.
• Regular APR (10%): A high score indicates a low APR, reducing the cost of carrying a balance.
• Foreign Transaction (5%): A perfect score means no fees on international transactions.
• Issuer Satisfaction (5%): This reflects customer satisfaction with the card issuer, where a higher score signifies excellent service.
• Penalties (5%): A perfect score indicates minimal fees and penalties for late payments or other infractions.