How do I redeem Credit One Platinum rewards?

The Credit One Platinum Preferred card offers great rewards in the form of redeemable cash back on daily purchases. The low credit score requirement and free credit checks make it a great card for beginners or people who want to rebuild their credit. However, one of the biggest benefits that this card comes along with is its generous cash back program. 

What are the reward rates for this card?

The card offers 5% cash back for the first $5,000 spent on gas, groceries, cell phone services, internet, and cable or satellite TV service purchases per year, and 1% cash back on all other purchases. There is no limit on how much cash back you can earn. So if you are looking for a card to pay your utility and grocery bills with, this card is for you. Needless to say, this card certainly has the potential to help you accumulate hundreds of dollars in cash back. 

So how do you redeem that earned cash back?

One of the limitations of this card’s benefits is that the cash back rewards can only be redeemed as a statement of credit. Since you are constantly earning cash back through purchases, the bank automatically applies a statement credit at the end of the month with your earned rewards. While this might limit your intended usage of rewards, it does help keep the cash back system simple and easy-to-use. 

This hassle-free rewards program is especially beneficial for those that do not want to spend much time dealing with redemption headaches. Therefore, if you are a student looking to build credit while saving cash on daily purchases, this card might be for you.