Credit One Bank Platinum Rewards Visa® with No Annual Fee
- Best for: Fair-credit cardholders who pay in full and want cash back on gas, groceries, and mobile phone, internet, and TV bills with no annual fee
- What Sets It Apart: Cash back with no annual fee or deposit, on a card meant for fair credit
- Rewards: 1% cash back on gas, groceries, internet, cable, satellite TV, and mobile phone service, with no cap; nothing on other purchases; Walmart, Target, and warehouse club purchases excluded
- Features: $300 minimum credit line with automatic reviews for an increase; free credit score and credit report; prequalification with no effect on your score; zero fraud liability
- Annual Fee: $0
- Security Deposit: $0
- APR: 29.99% variable
- Cost: Balance transfer fee of $10 or 5%, whichever is greater; no foreign transaction fee; cash advance fee of $10 or 5%; late fee up to $39
- Credit Needed: Average to excellent
- Pros: No annual fee; prequalifying shows your card and fee before you apply; cash back that doesn’t expire in good standing; free credit score
- Cons: High interest rate; nothing back outside its categories; no rewards at Walmart, Target, or warehouse clubs; no word on which credit bureaus it reports to
Get the Credit One Bank Platinum Rewards Visa® with No Annual Fee if your credit is fair and Credit One prequalifies you for this no-fee version. It pays 1% cash back on gas, groceries, and mobile phone, internet, and TV bills. Pay in full each month, since its interest rate is 29.99%.
Credit One recommends it for average to excellent credit, and its Platinum Rewards Visa pays the same 1% back for a $39 annual fee. Credit One’s Platinum X5 pays 5% in the same categories, on up to $5,000 a year, for a $95 fee, and its Platinum Visa for Rebuilding Credit is the card for damaged credit.
Key Features
- $0 annual fee and no security deposit
- 1% cash back on gas, groceries, internet, cable, satellite TV, and mobile phone service, with no cap
- 29.99% variable interest rate
- $300 minimum credit line, reviewed automatically for increases, which you can also ask for
- No foreign transaction fee
Pros
- Rewards with no annual fee on a card for fair credit
- Prequalifying shows the card and fee you’re offered without affecting your credit score
- Cash back that doesn’t expire while your account is in good standing
- Free credit score and credit report in your online account
Cons
- 29.99% interest on any balance you carry, while the National Credit Union Administration caps federal credit union card rates at 18%
- Nothing back on purchases outside its categories
- Purchases at Walmart, Target, and warehouse clubs earn nothing
- Credit One doesn’t say which credit bureaus it reports to
People with fair credit who pay in full each month and are offered this no-fee version get the same 1% back as the $39 version, without the fee. At 1%, that version needs $3,900 a year in those categories just to earn back its fee, so anyone offered it should pick Capital One’s QuicksilverOne, which pays 1.5% on every purchase for the same $39.
Learn more about the Credit One Bank Platinum Rewards Visa® with No Annual Fee or see how it compares to the best credit cards for bad credit.
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