Do my Credit One Platinum Rewards Expire?

With Credit One, your cash back does not expire and can be used whenever you feel necessary. However, you can only use it as a statement credit that applies to your credit card payments at the end of the billing cycle. The statement credit will be posted 90days after you make the eligible purchase so you can not apply for your statement credit right away. Although, your credit does not expire you are more limited to what you can do with your cash back than other cash back credit cards.

This does provide you the flexibility that other cards do not. You can wait to use your cash back as a statement credit when you really need to. Also, the use of a statement credit will help you pay off your credit card payments which is perfect for anyone trying to rebuild their credit. Also, the statement credit does not substitute for the minimum balance payment so you do have to make your payments every money. However, by decreasing your overall credit card balance you can pay off your debt quicker and increase your credit score. 

The cash back automatically updates and is applied to your account to reduce your balance. Other credit cards have complicated steps for redemption but Credit One cash back is automatically applied. You do not get as much flexibility with Credit One rewards but if you need the statement credit monthly then this might be for you. 

Who is the Credit One Platinum Preferred Rewards Credit Card for?

The Credit One Platinum Preferred Rewards Credit Card is especially beneficial for anyone who needs to rebuild their credit to graduate to a different card with higher rewards rates. Cardholders also have the ability to track their credit score every month. This perfect for anyone who is trying to raise their credit score and make sure they’re on the right track. Cardholders get a 1% cash back on all eligible purchases allowing them to earn rewards while they are rebuilding their credit. 

The rewards rate is not as robust as some other credit cards but the credit score to apply for this card is much lower than other cards which makes it great for first-time cardholders. You can get cash back while you are working your way up to better credit cards. Many other similar cards to this one do not offer any rewards rate at all. If you want to earn cash back while you improve your credit score then this card might be for you. 

Takeaways

Your rewards never expire with Credit One but they can only be applied to your credit card payments in the form of a statement payment. This card makes the most sense for people who are trying to rebuild their credit. Cardholders get a modest cash back rate that compliments the credit rebuilding features of this card nicely. While this card does not provide as much flexibility with its rewards, it can still be useful to people who are trying to improve their credit.