Credit One Bank Platinum Rewards Visa review

Who is the Credit One Bank^® Platinum Rewards Visa for?

The Credit One Bank^® Platinum Rewards Visa is a solid card to improve your credit score while receiving cash back offerings. All purchases with this card will provide the card owner with 1% cash back. However, the intriguing aspect of this card is the beginning of the year benefits. Your first $5,000 of purchases per calendar year will reward the owner with 5% cash back, which is the equivalent of $250.

This card also offers a series of benefits other than the cash back rewards. With this card, you receive free access to your credit score, protection against unauthorized charges, and easy mobile access.

The Credit One Bank Platinum Rewards Visa does not offer the largest rewards and benefits selections; however, the 5% cash back offer at the beginning of each year makes this card beneficial to all users. Although the cash back is beneficial, be wary of the $95 annual fee that accompanies it. We recommend this card for anyone who wants a simple cash back rewards system and is willing to pay a small fee to acquire it.

Cash Back

The most intriguing aspect of this credit card is the increased cash back rate on the first $5,000 of purchases per year. 5% cash back is monumental and can be a very simple way to easily pay off part of your credit card balance due at the beginning of the year. Reliable credit card payments will then lower your APR due to better creditworthiness, making this situation a win-win.

After the first $5,000 of payments, you will still be rewarded 1% back on all purchases. Although this isn't the same as the 5% cash back, you will still be making money on all of your daily purchases.

There is also no cap to the amount of cash back you can earn. Credit One Bank will not limit your cash back earnings by placing a maximum amount of cash back earnings. Instead, you can earn as much cash back as you want.

This rewards system is very simple, as you do not have to worry about what categories may be offering greater cash back rewards. All you need to know is that you will be receiving the same cash back rate, regardless of the purchase.

Other Benefits

You will receive free access to check your credit score on Experian when you sign up for this credit card. Experian allows you to monitor your credit health and track your credit progress every month. As mentioned before, this card can be a good card for people trying to improve their credit scores, so having access to your credit score every month will allow you to see what improvements are being made.

Another benefit of this card is that your APR will not be increased for a late or missed payment. You do not have to worry about paying extra interest on future purchases because you are not able to reach your minimum balance that month. 

Credit One Bank also provides many technological functions that will ease the management of your account. You will be able to receive transaction notifications, payment reminders, and fraud alerts by text or email. This will allow you to fully monitor your account whenever and wherever you may be. 

You can also receive your credit card statements online instead of in the mail. This paperless document system will protect the environment while keeping all of your documents and statements secure online.

With this credit card, you will also receive zero fraud liability. This protects you against any unauthorized charges, meaning you will not be charged any amount of money for purchases that you did not make. This card also comes with EMV chip technology, which can help against counterfeiting.

The Credit One Bank mobile app also provides you with easy access to all of your account information. Check your progress on your bills, and see when your payments are due all at the push of a button.

You can also choose which date to pay your bill on. Depending on your payday, you can customize the time of the month you will pay your bill. Thus, if you don’t receive your paycheck until the last day of the month, then you might want to make your due date the beginning of the next month in order to ensure that you will be able to make all of your payments on time.

You also have the ability to get a second card for a family member. If you really love the cash back options you get with your card, or if you want to get a second card to maximize your cash back on your first $5,000 of purchases on that card, then you are able to get a second card for that account. However, a small fee may apply if you choose to add a second member, but this can still be a helpful option for some families.

Lastly, if you are someone who cares about how your card looks, you will have the opportunity to design your card for a sleeker look. Although this doesn’t give you any added benefits, you can walk around with the credit card look that you desire. This feature also comes at a small fee.

Downfalls

After the initial $5,000 are spent, 1% cash back on all other purchases does provide you with the greatest rewards. Other rewards and cash back cards will provide you with greater benefits throughout the year and not just on your first few purchases.

This card is also accompanied by a 3% foreign transaction fee. Thus, this card is not great for international travels, as you will be charged a lofty amount for any transaction made abroad. We recommend that you pair this card with another travel credit card that voids this fee and gives you greater travel benefits.

Also, this card does not provide an introductory grace period for interest on payments or balance transfers. Many other credit cards will provide 0% APR for 6 months to 2 years in order to save you money on your newest transactions. However, this card does not provide this option meaning that you will be paying interest on all of your purchases.

Annual Fee

The largest downfall of this cash back credit card is its annual fee. Credit One Bank charges you $95 every year to use this credit card. However, the 5% cash back on your first $5,000 of purchases will save you $250 per year, offsetting this annual cost. However, for a card with not the greatest cash back rates and only a few added benefits, this annual cost can be a hassle for any potential cardholder.

Conclusion

Overall, the Credit One Bank Platinum Rewards Visa offers a very generous 5% cash back for your first $5,000 of purchases and then mediocre cash back rewards after that. This card can be a good intermediate purchase to increase your credit score before you move onto cards with greater rewards systems. Also, annual fees and foreign transaction fees lower the rewards you earn with this card, but this card can still provide plenty of cash back for those who want a simplistic cash back structure.