It isn’t easy to find a credit card that earns good rewards if you have a not-so-favorable credit score. One option you might want to consider is the Platinum Rewards Visa from Credit One Bank. In this Credit One Bank Platinum Rewards Visa review, I’ll list all of its details so you can decide if this is the right credit card for you.
The Credit One Bank Platinum Rewards Visa is a no-frills card that offers a 5% rebate on your first $5,000 purchase. After which, you can enjoy a 1% rebate on all purchases. National retailers can also offer up to 10% reward. More so, the card offers free monthly access to your Experian rating, which will help you evaluate your credit standing.
For a summary of its rates and fees, refer to the table below:
|Annual Percentage Rate of Cash Advances and Purchases||23.99%|
|Foreign Transaction Fee||$1 or 3%, whichever is higher|
|Cash Advance Fee||$10 or 5%, whichever is higher|
|Penalty Fees||Maximum of $39|
Read on to learn more about Credit One Bank Platinum Rewards Visa, including its features, as well as a few of its pros and cons.
About The Credit One Bank Platinum Rewards Visa
Based in Las Vegas, Nevada, Credit One Bank is a leading credit card company. It offers data-driven and technologically advanced services in the financial market. The company has more than 12 million card members, which continues to grow by the day. More so, their mobile app has over 17 million downloads.
While the bank has a plethora of credit cards, the subject of this review is the Credit One Bank Platinum Rewards Visa. It offers cashback rewards on all eligible purchases, which will range from 1% to 10%. Additionally, you can enjoy a full suite of other perks, such as access to your Experian credit score, as well as fraud protection.
Main Features of The Credit One Bank Platinum Rewards Visa
To start this review, let’s talk about some of the notable features you can expect in this credit card. By knowing these things, you will have more compelling reasons to submit your application now:
1. Up to 10% Rewards
The highlight of this card is its reward potential. This is a great option for people who would like to make the most out of their expenses. If you are spending, you might as well find a way for such to yield returns. Admittedly, however, the rewards are not as high as what you will find in other cards.
You can get up to a 10% reward with this card. The latter is through More Cash Back Rewards. However, the bank does not disclose much information about this promo. The only thing that they say is that you can get it from the top retailers in the country, such as Costco and Walmart.
The standard reward that you can get from this card is 5%. However, this is only for the first $5,000 that you will purchase annually. It also has limitations in terms of the provider. You can get the reward only from the following:
- Satellite TV,
- Mobile phone,
- Cable, and
- Internet services.
For purchases that are more than $5,000, you will get a reward of only 1%. From this, there will be no more limits. Keep on using your card to accumulate more rewards!
2. Fraud Protection
In many other credit cards, a common feature that you will find is vital for your peace of mind. If someone uses your card without your knowledge, you don’t have to pay for the charge. Report it immediately, and when you follow the process, you will have zero liability for the fraudulent activity.
3. Access Your Experian Credit Score
Tracking your credit standing is easy when you have this credit card. One of the perks that you can enjoy is free access to your Experian credit report. You can do this monthly, but you will need to register on Credit One Bank’s website. You will not only see your current credit score, but you can also monitor the changes over time.
4. Choose a Payment Due Date
Another good feature of this credit card is the flexibility in terms of payment schedules. You can request a change in your due date, but you must do so only after one billing period. Another limitation is that it can only be six days before or after the original due date. More so, you can request this change only once every six months.
5. Account Reviews for Increasing Credit Line
The bank does a periodic review of your account, which will let them determine if you are worthy of an increase in a credit line. They will determine so by looking at your spending patterns.
6. Credit Protection Program
Take note that this is one feature that does not naturally come with the card. Instead, you will apply for it. Once you qualify, you may not pay the minimum amount due for up to six months. This is when you become disabled or lose a job. It will serve as insurance.
7. Customizable Notifications
Download the mobile app and sign-up using your email address to stay updated. It will also enroll you in paperless billing. More so, you can choose what notifications to receive. This way, you will see only the crucial alerts instead of being bombarded with notifications that you did not sign up for.
8. EMV Chip
Like most modern credit cards, it already comes with an EMV chip. The latter is a state-of-the-art security feature, which minimizes the possibility of counterfeiting. Plus, it will let you pay with a tap on the terminal instead of swiping.
Again, what does the Credit One Bank Platinum Rewards Visa offer? With Credit One Platinum Rewards Visa, you can earn a 5% rebate on your first $5,000 purchase. Afterward, you can enjoy a 1% rebate for all your succeeding purchases. Other perks you can enjoy thru this card include up to 10% rewards and free access to Experian rating.
Credit One Bank Platinum Rewards Visa Rates and Fees
As you decide if the Credit One Bank Platinum Rewards Visa is a great option or if you should keep on exploring other choices, you must understand the rates and fees:
1. Annual Fee
The annual fee for the use of this credit card is $95. That means that you will be paying about $8 per month. While this might seem reasonable, it is quite expensive. If you consider the rewards and perks of using this card, paying such a high amount isn’t convincing. We have seen other credit cards that can offer more at the same annual fee.
2. Annual Percentage Rate of Cash Advances and Purchases
With an annual percentage rate of 23.99%, some users might not like how it comes with a huge interest rate. The longer the repayment period is, the crazier the interest gets. We suggest using other cards if you want a lower interest rate in balance transfers and purchases.
3. Foreign Transaction Fee
We do not recommend this card for people who often travel. It has a high foreign transaction charge. It is 3% of the total purchase or $1, depending on which one is higher. If you are a jet setter, you can explore many other cards with zero or low fees for your transactions abroad.
4. Cash Advance Fee
When the time comes that you are short of cash, you can withdraw using this credit card. However, you might want to think twice before doing so because of the high fees for a cash advance. It is 5% of the amount you will be getting or $10, depending on which is higher.
5. Penalty Fees
The card charges some penalties to its users, which can be as high as $39. These penalties are common when you have a late payment or when the bank returns the payment. Pay your balance due as soon as possible and see that the check has the necessary funding to avoid unnecessary fines.
Credit One Bank Platinum Rewards Visa Pros and Cons
Is this the right credit card for you? To help you answer this question, let’s look at some of the good and bad things you can expect:
Pros of Credit One Bank Platinum Rewards
Below are some of the benefits that can compel you to go with the Credit One Bank Platinum Rewards Visa:
- Easy approval even without a high credit score
- Offers an option for pre-qualification
- Will let you access your credit score for free
- Does not require any security deposit
- Comes with a zero fraud liability
Cons of Credit One Bank Platinum Rewards
Despite all the pros, the Credit One Bank Platinum Rewards Visa has several drawbacks, including the following:
- Has a high annual fee
- Low limit on the rewards that you can obtain
- Does not have any bonus for new users
- High-interest rates
Redeeming Rewards from Credit One Bank Platinum Rewards Visa
After accumulating rewards, your next concern is its redemption. With this card, you can redeem your rewards through statement credits. Meaning, you can enjoy deductions on your monthly statement using the rewards you accumulate. However, we did not like how there is no flexibility for redeeming the rewards in other ways, such as through cash or gift cards.
Conclusion – Credit One Bank Platinum Rewards Visa
With the Credit One Bank Platinum Rewards Visa, you will get a reward for your everyday expenses. Users can have as much as 10% cash reward from national retailers. However, the standard reward is 5% for the first $5,000 purchase and 1% afterward. The last reward tranche does not have any limit.
Aside from cash rewards, another notable feature is fraud protection, which means that you will not be liable for unauthorized charges. Plus, you will get free monthly access to your Experian credit score. Users can also have their statement date changed once every six months.