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Credit One Bank Platinum Rewards Visa with No Annual Fee review

While a good flat-rate cash back card on the surface, the card terms can make the benefits of this card a bit murky. Written by Credit Card Reviews Writer Bankrate expert Garrett Yarbrough strives to make navigating credit cards and credit building smooth sailing for his readers. After regularly featuring his credit card, Oct. 31, 2022 Edited by Senior Editor, Credit Card Product News Emily Sherman is a senior editor for CreditCards.com and Bankrate Credit Cards, specializing in product news and recommendations. She has worked as a writer and editor in the Oct. 31, 2022

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Snapshot

3.0 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. star icon star icon star icon star icon star icon star icon star icon star icon star icon star icon Bottom line On the surface, this is a great card for those credit starters or credit builders 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 range of bonus categories and visa benefits give it an advantage. on Credit One Bank's secure site

Best for boosted rewards on select categories

Credit One Bank® Platinum Rewards Visa with No Annual Fee

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. Annual fee Intro offer Intro offer is not available to this Credit One Bank credit card Regular APR 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.

Credit One Bank Platinum Rewards Visa with No Annual Fee Overview

Although the Credit One Bank Platinum Rewards Visa with No Annual Fee trims the overall cost and doubles its sibling cash back rate on everyday spending categories, it's just as difficult to digest the card's terms. As we've said in the *, you won't actually know which Platinum card and rates you'll receive until you . These are decent reward offerings while you , but you'll probably find a more valuable from another issuer.

What are the advantages and disadvantages

Pros

One of Credit One’s highest unlimited cash back rate on day-to-day bonus categories No annual fee Don’t need a high credit score to qualify

Cons

High 26.99 percent ongoing variable APR Benefits are bare bones compared to many competing cards Rewards are only available as automatic statement credits

A deeper look at the current card offer

Quick highlights

Rewards rate: 2 percent cash back on eligible gas, grocery, cellphone, internet and cable/satellite TV purchases Welcome offer: N/A Annual fee: $0 Purchase intro APR: N/A Balance transfer intro APR: N/A Regular APR: 26.99 percent variable

Current welcome bonus

Like the other Credit One Bank credit cards, this variant of the Credit One Platinum Visa does not offer a sign-up bonus.

Rewards rate

The Credit One Platinum No Annual Fee 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. The catch is, you won't know which of the Credit One Platinum cards and reward structures you're eligible for until Credit One Bank reviews your application and picks one according to your creditworthiness. According to the purely "informational" card terms from Credit One, you could receive either 1 percent cash back, 2 percent cash back or 5 percent cash back (up to $5,000 per year, then 1 percent) on the eligible bonus category purchases.

How you earn

If you do qualify for the Platinum card with No Annual Fee, you'll earn unlimited 2 percent cash back on eligible purchases in key everyday categories: gas and groceries, along with cellphone, internet, cable TV and satellite TV services. The bright side is that unlimited 2 percent cash back is hard to come by with fair credit, let alone on and other digital services. However, defining "eligible" takes a lot of effort, because Credit One Visa cards earn cash back based on the merchant's instead of Visa's normal (MCCs). This could mean your Credit One cards might not earn cash back at the same locations other normally would. You do get 10 percent cash back on some of the "nation's top retailers" according to Credit One so you have a chance to earn boosted rewards with bigger brands, but it's not specified which ones.

How to redeem

Unfortunately, you don't have any redemption choices-cash back is received in the form of automatic .

How much are points worth

is calculated as a percentage of each dollar, so your eligible purchases will earn 2 cents per dollar, 10 cents per dollar on boosted rewards.

Other cardholder perks

Despite the higher-quality rewards rate, you're still receiving the same bare-bones Credit One Bank Platinum Visa benefits. You can collect a bit more cash back on eligible online purchases and save money with two card-linked programs, but your mileage will vary with the sparse Visa card benefits.

Credit One More Rewards and Visa Offers Perks

By linking your card to Credit One's More Rewards program and the Visa Offers + Perks program, you can earn additional cash back and discounts while online shopping with select retailers. It operates similarly to . You can activate limited-time deals with More Rewards and earn up to an extra 10 percent cash back with a variety of merchants, while Visa + Perks extends percentage-off discounts instead.

Traditional Visa perks

As a Visa card, you also have access to . There aren't any standout perks other than 24/7 pay-per-use Roadside Dispatch and , both of which may help out in a pinch on the road.

Credit Protection Program

All Credit One Platinum cards offer optional insurance that covers you in case you become involuntarily unemployed or disabled if you're eligible. For 96 cents per $100 of your balance each month, your minimum payment will be waived for up to six months. 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 , you might want to opt out of this protection in favor of another plan.

Rates and fees

Since this card doesn't carry an annual fee, the 26.99 percent variable APR-with no offers-and the confusing card terms are a bit easier to swallow. Before you apply, make sure you thoroughly read the card agreement Credit One proposes. Otherwise, you might miss the $300 minimum credit limit, $49 credit limit request fee, 3 percent foreign transaction fee (or $1, whichever is greater) and the $19 annual authorized user fee. You should also double-check to make sure you specifically qualified for the Credit One Bank Platinum Rewards Visa with No Annual Fee. Other Credit One cards may come with additional exorbitant terms, such as no and a $9.95 "optional express payment service fee" since your payment might not be posted the same day-which could lead to an up to $39 late payment fee if you're not careful.

How the Credit One Platinum Rewards Visa with No Annual Fee compares to other cards for fair credit

The Credit One Platinum Rewards with No Annual Fee is a better value than the Platinum Visa credit cards, but it's missing the decent features from the Credit One American Express® Card. If you're looking to or you're eligible for a , you'll probably be able to find better benefits and credit-building features elsewhere.

Credit One Bank® Platinum Rewards Visa with No Annual Fee

star icon star icon star icon star icon star icon star icon star icon star icon star icon star icon Bankrate Score Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. on Credit One Bank's secure site Annual fee Intro offer Intro offer is not available to this Credit One Bank credit card 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 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.

Discover it® Student chrome

on Discover's secure site Annual fee Intro offer Intro Offer: Unlimited Cashback Match - 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 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. Plus, earn unlimited 1% cash back on all other purchases - automatically. Recommended credit 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.

Discover it® Secured Credit Card

on Discover's secure site Annual fee Intro offer Intro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! 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. Earn unlimited 1% cash back on all other purchases – automatically. Recommended credit 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.

Credit One Platinum Visa with No Annual Fee vs Discover it Student chrome

If you're a student, the easily beats out the Credit One Platinum with No Annual Fee. For one, you can apply without a credit history, making it automatically accessible to beginners. On top of offering 2 percent cash back on gas stations and restaurants with no annual fee, it also has an intro APR offer on purchases at a lower interest rate (0 percent APR for six months and then, 15.99 to 24.99 percent, variable). Adding in the welcome offer, where all your cash back earned in the first year is matched by Discover, you get far more on this card. The only drawbacks are the lack of categories where you earn 2 percent cash back in comparison to the Platinum with No Annual Fee and the $1,000 cap per quarter.

Credit One Platinum Visa with No Annual Fee vs Discover it Secured

Similar to the student version, the Discover it Secured offers 2 percent cash back on gas stations and restaurants as well as the Discover Cashback Match welcome bonus, all with no annual fee. However, this card does set you up to be considered-for free-for an unsecured card in seven months. If you do qualify and switch to an unsecured card, your deposit on the secured card will be returned. This is great for those looking to build their credit but are not in school. While it still has the same drawbacks as the student chrome-spending caps and lack of categories-it has a stronger long-term value than the Credit One Platinum with No Annual Fee and puts you in a better position for card upgrades.

Best cards to pair with the Credit One Platinum Rewards Visa with No Annual Fee

The can cover the remaining ground that your Credit One card's bonus categories don't. Plus, its monthly credit building review feature can get you automatically considered for a higher credit line starting at only six months if you practice . Before applying for a new card, remember to focus on , since you'll enjoy much better rewards and rates from a .

Bankrate s Take-Is the Credit One Platinum Rewards Visa with No Annual Fee 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 that there's no annual fee, this might be one of the best Credit One cards overall. It's a solid option if you're building up from average credit, but a high ongoing APR, baffling card agreement and lackluster benefits mean you might want to ditch this card for a more valuable option once your credit score allows it. *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.

Frequently Asked Questions

What is the credit limit

The initial credit line is $300 with a chance to increase it in the future based on your overall credit performance. Be aware this comes at a cost as Credit One has a credit line request fee of $49 and it’s unclear if there’s ever an automatic credit line check.

What credit score is required

It’s recommended that you have a good to excellent credit score (670 – 850 FICO Score). If you find you do not qualify for this card, you may be eligible for the Credit One Platinum Visa or Credit One Bank Platinum Visa for Rebuilding Credit. Unfortunately, you won’t find out until you prequalify. Still, there may be a chance to upgrade to the Platinum Visa with No Annual Fee.

Is it good for rebuilding credit

With the lack of an annual fee and limited credit line, there’s definitely an opportunity to learn good credit building habits. That being said, there’s a small margin for error when encountering the fees and high interest. If you prefer a card that gives you a little more leeway, you might want to look into the Credit One Platinum Visa for Rebuilding Credit.

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Written by Garrett Yarbrough Credit Card Reviews Writer Bankrate expert Garrett Yarbrough strives to make navigating credit cards and credit building smooth sailing for his readers. After regularly featuring his credit card, credit monitoring and identity theft analysis on NextAdvisor.com, he joined the CreditCards.com and Bankrate.com teams as a staff writer to develop product reviews and comprehensive credit card guides focused on cash back, credit scores and card offers. Edited by Senior Editor, Credit Card Product News

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Bankrate.com is an independent, advertising-supported comparison service. The offers that appear on this site are from companies from which Bankrate.com receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories. Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. Bankrate.com does not include the entire universe of available financial or credit offers.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. * 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.