Credit One Bank® Platinum Visa Credit Card Review

Previously known as the Credit One Bank Cash Rewards Credit Card, the Credit One Bank® Platinum Visa Credit Card is a cash back credit card issued by Credit One Bank, a Las Vegas-based institution with more than 6 million credit card customers nationwide.

This card is designed for people with fair to good credit. The annual fee is a flat $39 (it used to range between $0 and $99, depending on creditworthiness) and all purchases earn 1% cash rewards.

Credit One Platinum Visa is notable for its relatively laid-back qualification standards. This card is available to people with average to good credit, meaning it’s appropriate for applicants who’ve been denied access to more generous, exclusive credit cards.

However, it has some notable omissions: there’s no sign-up bonus, introductory APR promotion, or balance transfer functionality. Here’s what to expect from this entry-level cash back product.

What Sets the Credit One Platinum Visa Card Apart

The Credit One Platinum Visa card has three key selling points that might make it appropriate for you:

• Up to 10% Cash Back on Eligible Purchases. Though most purchases on the Credit One Platinum Visa card earn a flat 1% back, purchases with select Credit One retail partners can earn up to 10% back. That’s a very favorable return for an entry-level cash-back credit card.
• Automatic Rewards Redemption. Credit One automatically redeems earned rewards to your account each month with no action required on your end. It’s nice not to have to log into your account regularly to get what’s yours.
• Relaxed Underwriting. This card is designed for people with fair to good credit. People with seriously impaired credit won’t qualify, but you shouldn’t worry about a sub-740 FICO score (which would rule out many premium rewards credit cards).

These selling points are consistent with Credit One’s own take on the ideal types of users for this card. As you can see, the Credit One Platinum Visa card is a great fit if you need an everyday credit card that earns a flat cash-back rate on most purchases and you have average credit, which might rule out more generous cards with higher underwriting standards (for now).

Key Features of the Credit One Platinum Visa Credit Card

These are the most important features of the Credit One Platinum Visa card. Note the flat cash-back rate, the automatic rewards redemption process, the customizable card face, the credit-building tools, and the Visa-backed benefits.

Earning Cash Back Rewards

The Credit One Bank Platinum Visa card earns 1% cash back on all purchases.

However, you can earn up to 10% bonus cash back automatically from some of the country’s top retailers. There’s no need to activate these offers manually, as is the case with many cash-back cards. You’ll automatically earn bonus cash when you spend at eligible partners.

Redeeming Cash Back Rewards

Cash back is automatically applied to your account via statement credit at the end of each month. You don’t need to actively redeem your cash back, and can’t directly exchange it for goods or services.

Customizable Card Face

You can choose from 23 unique card face designs for your card. Some designs may carry a one-time fee, so be sure to ask before you apply.

Free FICO Score Each Month

Every month, you receive an updated FICO score with your account statement (also visible in your online account dashboard). There’s no fee associated with this service.

Important Fees

The Credit One Bank Platinum Visa card’s annual fee is a flat $39, regardless of your creditworthiness.

The cash advance fee is either the greater of 8% of the transferred amount or $5, or the greater of 3% of the transferred amount or $10, depending on your creditworthiness. Late payments cost up to $37, while returned payments cost up to $35. There is no foreign transaction fee. It costs up to $19 per year to add an authorized user.

Additional Card Benefits

This card has some useful Visa-backed benefits, including travel accident insurance and complimentary collision and damage insurance on rental cars charged in full with the card.

It also has fairly standard credit card perks offered directly by Credit One, such as flexible payment due dates, customizable account alerts, credit line increases when eligible, and $0 fraud liability (which is required by law). See below for more details.

Credit Required

This card requires fair to good credit. Minor to moderate credit history blemishes are unlikely to disqualify your application, but serious issues (such as recent bankruptcies or foreclosures) are not acceptable.

Advantages of the Credit One Platinum Visa Credit Card

The top advantages of the Credit One Platinum Visa card include no annual fee for applicants with good credit, automatic cash-back redemption, and relatively laid-back underwriting standards.

• Earn Up to 10% Cash Back. This is a fantastic rate of return for an entry-level credit card, though most purchases do earn at the standard 1% cash-back rate.
• Cash Back Is Automatically Credited to Your Account. Cash back earned with this card is automatically credited to your account at the end of each month. If you earn $10 during the billing cycle, your statement balance is reduced by $10. That’s a simple, elegant way to redeem cash back without having to think about it at all, and a great advantage over cash back cards with complex rewards programs, such as Blue Cash Everyday from American Express (a Membership Rewards card).
• No Penalty APR. This card doesn’t charge penalty interest, which is great news for cardholders who occasionally miss payments due to liquidity issues. Some cash back cards charge penalty interest at rates as high as 30%, significantly adding to the cost of carried balances.
• Free Credit Score Each Month. Credit One Bank includes a free FICO score with your monthly statement, and allows you to view your updated score in your online account dashboard. If you’re in the process of rebuilding your credit, this is a valuable service that can illuminate the implications of your spending and credit utilization.
• Relatively Laid Back Qualification Standards. This card’s qualification standards are fairly laid back, at least by the standards of the unsecured cash back credit card category. Applicants with good credit stand decent chances of securing approval, which is great news for those seeking their first true rewards credit card.

Disadvantages of the Credit One Platinum Visa Credit Card

The downsides of the Credit One Platinum Visa card include its annual fee, no sign-up bonus, and the relatively low cash-back rate.

• Has an Annual Fee. Credit One Platinum Visa has a $39 annual fee. That’s a problem if you’re looking for a truly annual-fee-free cash-back credit card, such as Chase Freedom Flex or Chase Freedom Unlimited.
• No Sign-up Bonus. This card has no sign-up bonus. This is a significant drawback relative to many competing cash back cards. Some popular alternatives, such as the Capital One Quicksilver Cash Rewards Card, carry sign-up bonuses of $100 or better when new cardholders spend $500 or more within the first 3 months their accounts are open.
• Cash Back Earnings Are Mediocre. The Credit One Platinum Visa’s cash back programs aren’t the most generous around. Your return on spending here is capped at 1%. By contrast, some fellow cash back cards, including Citi Double Cash Card, earn up to 2% cash back on all spending.
• No Balance Transfers. You’re not allowed to make balance transfers with this card. If you’re struggling with existing high-interest credit card balances and see a cash back card that lets you start from scratch at 0% interest for 6 months, 12 months, or even longer, you need to look to a competitor such as Chase Freedom.
• Has a 3% Foreign Transaction Fee. This card has a 3% foreign transaction fee (or $1 for small transactions). That’s a bummer for frequent overseas travelers.
• Cash Advances Can Be Very Expensive. This card’s cash advances can cost as much as 8% of the advanced amount. That’s far more expensive than most competing cards, whose cash advance fees top out at 5% of the advanced amount.

How the Credit One Bank Platinum Visa Credit Card Stacks Up

The Credit One Bank Platinum Visa has a lot in common with another entry-level credit card for folks with average to good credit. 

Like the Capital One® QuicksilverOne® Cash Rewards Credit Card, it’s an unsecured credit card that earns cash back at a flat rate. The two products have some important differences though, so see how they stack up before making a decision about where to apply.

Final Word

As cash back credit cards go, the Credit One Bank Platinum Visa Credit Card is a bit outside the box. Its cash back program is multifaceted, it lacks common cash back trappings such as sign-up bonuses and introductory APR promotions, and it’s specifically designed for people with imperfect credit. If you’ve struggled to find the right cash back card for your needs, and you worry that your credit is not good enough to qualify you for a top-tier product, this card is worth a closer look.