Credit One Bank Platinum X5 Visa

Credit One Bank Platinum X5 Visa gives you rewards even if you don’t have a perfect credit score.

Are you looking for ways to get better credit scores over the next few months? A credit building card is always a good ally when it comes to that. That’s why we must present to you Credit One Bank’s new asset: Platinum X5 Visa, a card for those with fair scores who want to improve their financial lives and get rewards while shopping. 

This is one of those rare credit cards for people who don’t have a perfect FICO score that also gives cashback. If it sounds like a dream come true, then you’ll have to check out everything about it, as well as learn about its fees and interest rates. 

There are also some tricks for the application moment, but don’t worry! We cover all that and more in this detailed review of the Credit One Bank Platinum X5 Visa. Find out how to apply, main benefits, fees and interest rates, as well as rules and regulations for its rewards program. 

How does Credit One Bank Platinum X5 Visa work?

Firstly, this is a standard credit building card, but it isn’t aimed at anyone who has extremely bad credit. Actually, it’s a building tool for people with fair scores or better, since it will actually help them get a bit better. This is important since the better the score, the better options of loans and insurance you’ll have. 

But it doesn’t mean people with bad credit shouldn’t apply through Credit One’s pre-qualification page. We’ll explain a bit more about that further below, in the topic “How to apply”. 

There’s way more to this card than just credit building. Actually, Credit One Bank Platinum X5 Visa has one of the best rewards programs around for its credit card class. Other than that, it’s a flexible and easy to use card that you’ll likely enjoy using. 

Thanks to the Credit One Bank app, you also have the chance to keep your finances in check and avoid overspending. The initial limit also helps to avoid problems for your credit score while buying. 

Main benefits for Credit One Bank Platinum X5 Visa

You’ll earn cashback by using Credit One Bank Platinum X5 Visa, which is in itself a great benefit already. But there’s a bit more to this credit card that might make you want to sign up right away. Check out every advantage for it below before we get into more details about the rewards programs: 

• No limits to your cashback rewards; 
• Automatic cashback applied to your account; 
• Free access to your Experian credit score;
• Zero Fraud Liability clause to protect you from fraud and purchases made when you weren’t aware; 
• Earn extra cashback by shopping at selected stores;
• Check if you pre-apply without a hard check on your credit score. 

As you can see, the main draws for this credit card are the reward programs. But it can also be quite a decent daily use card if you use it wisely. Just be aware that there are also some fees and interest rates you should be careful with. We’ll mention those a bit further into the article. 

Understand the reward programs for this credit card

As soon as you start using the Platinum X5 Visa card you’ll get access to 5% cashback on selected stores, that include groceries, gas, cell phone and internet services, satellite TV and much more. Unlike similar cards, the rewards are quite easy to get, just by making your everyday purchases you should be able to get an interesting amount. 

After the first $5.000 spent in a year your cashback will drop to 1%. But don’t worry, there is no limit to how much cashback you can earn. You’ll keep the 1% rewards on all purchases no matter how much you spend over the year and the promotional percentage is reset after twelve months. 

However, there’s a catch that might make it harder to earn as much as possible in rewards: 

• Purchases of groceries, gas and internet services made in wholesale clubs, superstores, drugstores, bakeries and confection stores get 1% cashback, instead of 5%. 

If you want to earn as much as possible in cashback, make sure to double check where you plan to buy from now on. 

APRs and fees 

While Credit One Bank Platinum X5 Visa is a great rewards card and helps you build credit, it won’t be the right choice for anyone that wants to spend less. The fees and interest rates that apply here make it quite expensive to hold a balance or miss a payment date. Check them out below: 

• 24,24% variable APR; 
• $95 annual fee;
• 3% foreign transaction fee;
• $10 or 5% cash advance fee;
• $39 late payment fee;
• Up to $39 returned payment fee. 

While these are turn-offs, many fees and rates are avoidable as long as you keep paying on time. Holding a balance is probably not a good idea, so if you’re looking for a card with that purpose it might be time to check something else. 

Other than that, all you have to do is buy a lot in cash back categories and avoid missing payments. Mostly, the cashback should offset the annual fee and other fees that could apply to your new credit card.

Should you get this credit card?

The answer depends a lot on your spending habits. Someone who doesn’t use their credit card much and just wants to keep it around for emergencies certainly shouldn’t look for Credit One Bank Platinum X5 Visa.

But it is the card for you if you’re a fan of planned spending and are looking for a robust reward program for fair credit scorers. If you’d like to do that while building your credit score this is even better, since it reports to all three reporting bureaus. 

People who have problems keeping track of their spending and tend to forget payment dates should rethink. The fees and interest rates for balances and late payments might be a lot more problematic and with high costs than any rewards.