Do my Credit One Platinum rewards expire?

The Credit One Platinum Rewards Visa offers big benefits when used for everyday purchases. With this card, you earn 5% cash back rewards on the first $5,000 of eligible gas, grocery, internet, cable, satellite TV, and mobile phone service purchases each year then 1% thereafter. For all other purchases you make with this card, you’ll earn unlimited 1% cash back rewards. Furthermore, you have the chance to earn even more rewards - 10% cash back rewards from participating merchants and exclusive shopping discounts. 

What does this mean for me? 

Given that this card has no limit to the amount of cash back you can earn, it is important to be aware of whether your rewards expire. Fortunately, you don't have to worry about your rewards expiring because your cash back rewards are automatically applied as a statement credit to your Credit One account every month. The statement credit will help reduce your balance, but you will still be required to pay the minimum amount due each month. 

How do I get the most out of this card? 

The Credit One Platinum Rewards Visa is marketed for those with fair to good credit scores; it allows responsible cardholders to strategically maximize their rewards and build or rebuild their credit score. If your goal is to improve your credit score over time, limit your charges so that you can pay off your balance in full each month. This way, you can avoid paying a late payment fee of up to $39 and a high variable APR of 23.99%. 

While the initial credit limit is $300 minus the $95 annual fee, you can increase your credit limit with consistent good behavior. The amount of available credit you use compared to the credit limit - also known as your credit utilization ratio - places a lot of weight on your credit score. As long as you keep your usage the same with the increased credit limit, you can shrink your utilization ratio, and thus further improve your credit score. 

Also, don’t forget to take advantage of the 10% cash back regards from participating retailers as well as the shopping discounts exclusive to Visa cardholders. 

Bottom line 

The Credit One Platinum Rewards Visa is a credit-building card made simple. Cardholders do not have to worry about their cash back rewards expiring as it automatically applies to their account every month in the form of a statement credit. For those with fair to good credit whose options are often limited, the Platinum Rewards Visa can be a great choice.