Credit One Bank® Platinum Rewards Visa® with No Annual Fee review: Starter cash back card for people with good credit
While a good flat-rate cash back card on the surface, the card terms can make the benefits of this card a bit murky.
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Snapshot
3.8
Bottom line
On the surface, this is a great card for people with good credit who are looking for a flat-rate cash back card. However, the lack of clarity when it comes to the card terms and even if you qualify for the card makes it less than ideal. Still, the bonus categories and Visa benefits give it an advantage.
Best for boosted rewards on select categories
Intro offer
N/A
Rewards Rate
2%
Annual fee
$0
Regular APR
29.24%* Variable
4.4
Cardholder rating
Online tools
Customer service
Information safe
Extra perks
3.8
Bankrate score
Cost of membership
Ease of building credit
APR
Features
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Credit One Bank Platinum Rewards Visa with No Annual Fee Overview
As with the Credit One Bank® Platinum Visa® for Rebuilding Credit card review, you don't apply for a specific card through Credit One. Instead, it allows you to prequalify for card offers through a soft credit inquiry, which won't negatively impact your credit score.
Credit One will inform you of card offers and rates if qualified. If preapproved for a card, you can apply for the card. However, if you don't qualify for the Credit One Platinum No Annual Fee card, Credit One may send offers for one of its other credit cards. Like other card issuers, Credit One performs a hard credit inquiry to determine your eligibility and interest rates. Approval for a card isn't guaranteed even if you were preapproved.
These are decent reward offerings while you build credit, but you’ll probably find a more valuable card for average credit from another issuer.
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Rewards
2 percent cash back on eligible gas, grocery, cellphone, internet and cable/satellite TV purchases
Expert Appraisal: Good
See our expert analysis -
Rates and fees
- Annual fee: $0
- Regular APR: 29.24%* Variable
- Foreign transaction fee: Either $1 or 3% (whichever is greater)
- Cash advance fee: Either $10 or 5% of the amount of each cash advance (whichever is greater)
- Late payment fee: Up to $39
- Returned payment fee: Up to $39
Expert Appraisal: Typical
See our expert analysis -
Credit-building features
- Free online access to credit score report
- Regular account reviews for potential credit line increases
Expert Appraisal: Typical
See our expert analysis -
Other cardholder perks
- Credit Card Protection Program
- Visa Traditional benefits
Expert Appraisal: Typical
See our expert analysis
Credit One Platinum Visa pros and cons
Pros
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Since there's no annual fee, all your cash back will go straight to earnings.
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The card has one of Credit One’s highest unlimited cash back rates on day-to-day bonus categories.
Cons
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It has a relatively high APR, so it's not ideal if you tend to carry a balance or have credit card debt.
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The benefits are bare bones compared to many competing cards.
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Rewards are only available as automatic statement credits.
Why you might want the Platinum Rewards Visa
This card has a terrific rewards rate in a variety of everyday bonus categories, so your earnings can easily offset your balance. Plus, with no annual fee, there's no added cost to carrying the card, an attractive feature for credit-builders who want to keep costs low.
Rewards rate: Earn while building credit
The Platinum Rewards Visa card stands out from its siblings by offering unlimited 2 percent cash back (instead of 1 percent) on the same bonus categories for day-to-day purchases.
If you qualify for the Platinum Rewards Visa, you’ll earn boosted rates on eligible purchases in several practical categories: gas, groceries, cellphone, internet, cable TV and satellite TV services. Unlimited 2 percent cash back is hard to come by with cards in this class, let alone on cellphone payments and other digital services.
However, defining “eligible” takes a lot of effort. Contact the issuer to determine whether your Credit One Visa card earns cash back based on the merchant’s “Standard Industrial Classification Code” (SIC) or Visa’s merchant category codes (MCCs). If using SIC, your Credit One card might not earn cash back at the same locations other Visa credit cards normally would. Also, according to Credit One, you get 10 percent cash back at some of the “nation’s top retailers,” so you can earn boosted rewards with bigger brands, but it’s not specified which ones.
Also, you don’t have any redemption choices — the only way you can receive cash back is through automatic statement credits. However, if you are new to rewards cards and building credit, then this streamlined feature might fit your needs.
Rates and fees: No annual fee to worry about
This card doesn’t carry an annual fee, so you don't have to offset a cost every year by earning enough cash back rewards. A no-annual-fee card that offers a high rewards rate on popular categories like gas and groceries is rare and great for anyone looking for a low-cost cash back credit card.
However, the card does come with a host of other fees, such as a credit limit request fee, foreign transaction fee and an annual authorized user fee. But as long as you don't incur additional costs, most cardholders should be able to enjoy this card without much risk.
Why you might want a different credit-building card
While this card is an appealing starter card, its high interest rate, lack of perks and standard credit-building features might give you pause.
APR: High interest rate
This card has a well-above-average APR — with no zero-interest APR offers. For those who tend to carry a balance on their credit card, this rate may make it harder if you are trying to decrease your debt or build positive credit card habits.
Instead, you may opt for another cash back credit card for fair/average credit where you have the chance to qualify for a lower APR, such as the Upgrade Cash Rewards Visa®.
Perks: Lackluster benefits
Like the other Credit One Bank Visa credit cards, this no-annual-fee card does not offer a sign-up bonus. And, despite the higher-quality rewards rate, you won't enjoy any significant perks carrying this card.
While you can take advantage of Credit One More Rewards to earn additional cash back and discounts with select online retailers, this card's benefits are bare bones.
As a Visa card, you can access “Visa Traditional credit card” benefits. However, there aren’t any standout perks other than 24/7 pay-per-use roadside dispatch and auto rental collision damage insurance, which could help out in a pinch on the road.
Additionally, all Credit One Platinum cards offer optional insurance that covers you in case you become involuntarily unemployed or disabled if you’re eligible. If you opt in, you'll have to pay 96 cents per $100 of your balance each month as a program fee. Then, your minimum payment will be waived for up to six months in case you are involuntarily unemployed or disabled. This coverage also provides up to a $10,000 balance payoff in the event of death as well.
However, you’ll have to wait 30 days for this coverage to go into effect, and your account will be frozen (except to accrue interest) once the policy is activated. Because of these stipulations and the slippery slope into extra costs like compound interest, you might want to opt out of this protection in favor of another debt management plan.
Credit-building: Standard features
This card has two basic features aimed at credit building: a free monthly credit score report (enrollment required) and regular account reviews for credit line increases.
These features can be helpful for anyone keeping track of their credit and working to build their credit score. But competitor cards offer more substantial benefits. For instance, the Capital One QuicksSilverOne Cash Rewards Credit Card offers access to CreditWise, where you can check your credit report anytime, receive alerts when there are changes to your credit report and use its simulation tool to better understand how potential financial choices may impact your score.
How the Platinum Rewards Visa compares to other credit cards for fair/average credit
The Credit One Platinum Rewards Visa is a better value than the other Platinum Visa credit cards, but it’s missing the decent features of the Credit One American Express® Card. If you want to upgrade credit cards or you’re eligible for a student card, you’ll probably be able to find better benefits and credit-building features elsewhere.
Annual fee
Intro offer
Rewards rate
2% cash back rewards on eligible gas and grocery purchases as well as mobile phone, internet, cable and satellite TV services. Terms apply.
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Annual fee
Intro offer
Intro Offer: Unlimited Cashback Match for all new cardmembers – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! So you could turn $50 cash back into $100. Or turn $100 cash back into $200. There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
Rewards rate
Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Earn unlimited 1% cash back on all other purchases.
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Annual fee
Intro offer
Rewards rate
Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply. Earn unlimited 1.5% cash back on every purchase, every day.
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Best cards to pair with the Platinum Rewards Visa
A flat-rate cash back card could be a suitable supplement to the Platinum Rewards Visa. With a flat-rate card, you can earn in all purchases rather than relying on just bonus categories.
However, before applying for a new card, remember to focus on improving your credit score since you’ll enjoy much better rewards and rates from a credit card for good credit.
Who is the Credit One Platinum Rewards Visa right for?
This card is an ideal fit for anyone with fair or average credit working toward improving their credit score as well as those who would like a taste of a rewards card without worrying about an annual fee.
Bankrate’s Take — Is the Credit One Platinum Rewards Visa worth it?
The Credit One Bank Platinum Rewards Visa with No Annual Fee carries more favorable terms compared to the rest of the Credit One Platinum family, including double the unlimited cash back. Considering there’s no annual fee, this might be one of the best Credit One cards overall. However, you won’t know which Credit One credit card you can apply for until after you submit a preapproval application and undergo a soft credit check for all of its credit cards.
It’s a solid option if you’re already a Credit One customer, but a high ongoing APR, baffling card agreement and lackluster benefits mean you might want to ditch this card for a more valuable credit card for fair credit scores.
*The information about Credit One Bank® Platinum Visa® for Rebuilding Credit has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
How we rated this card
Our proprietary card rating system takes into account a mix of factors when scoring credit cards for students and people building credit, including each card’s cost, APR, credit-building tools and more.
We analyzed over 50 of the most popular cards designed for students and people with no credit history, bad credit or a fair credit score and scored each based on where its key features stood in relation to others in its category.
Here are some of the key factors that gave this card its score:
Frequently asked questions
What cardholders think
Credit One Bank® Platinum Rewards Visa® with No Annual Fee
In May 2024, Bankrate collaborated with third-party SliceMR to survey 6160 cardholders nationwide. Bankrate and Slice MR collected, averaged and presented website analytics and cardholder responses to six questions on a 5-point scale. Responses are based on individual cardholder’s product details, and therefore cannot be verified for accuracy. Users received an incentive for their feedback. User ratings are unedited and have not been reviewed or approved by credit card issuers, nor do these ratings reflect Bankrate’s own reviews of these cards.
Community Reviews
* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.
Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.
