Credit Score Requirements: Good to Excellent (670 - 850)
Terms and Conditions Apply
OUR RATING: 2.65
Why We Love the Credit One Bank® Platinum Visa® with No Annual Fee
Credit One Bank® Platinum Visa® with No Annual Fee is a great starter card for individuals with fair-to-good credit. The best rewards credit cards obviously come with higher credit score requirements, but few rewards options exist for those with less than stellar credit.
However, this no-fee Platinum Rewards card earns 2% cash back on spending in popular categories like gas, groceries, phone, internet, cable, and satellite TV services. Cardholders can also earn 10% more cash back at select retailers.
Highlights of the Credit One Bank® Platinum Visa® with No Annual Fee
Earns 2% cash back on eligible purchases
Earns 10% more on purchases from select merchants
Free online access to Experian credit score each month
Choice of monthly payment due date
Individuals covered under the Military Lending Act may get a different offer
No annual fee
Automatic rewards statement credits
Who The Credit One Bank® Platinum Visa® with No Annual Fee Is Best For
Credit One Bank® Platinum Visa® with No Annual Fee is geared towards individuals with fair-to-good credit (a FICO score between 580-739). While it’s one of the few credit cards that offers decent cash back rates without strict credit requirements, it’s also a great way to build credit in order to qualify for rewards cards from Credit One or other card issuers. It also comes with free monthly credit score access, so you can track your progress and make monthly payments.
This version of the Platinum credit card comes with no annual fee – so there’s no upfront cost that dips into the value of rewards earned. While this card doesn’t offer a ton of extra perks, what it does, it does well.
The Full Breakdown of the Credit One Bank® Platinum Visa® with No Annual Fee
Credit One Bank® Platinum Visa® with No Annual Fee is a cash back credit card – but there’s more to this Credit One rewards card than meets the eye.
Annual Fees
As its name suggests, Credit One Bank® Platinum Visa® with No Annual Fee has zero annual fees. Understandably, it would be hard to justify paying a fee to carry a card with such few benefits.
Intro APR Offer
It’s rare to find a starter credit card that features an introductory 0% APR offer, and that’s the case with Credit One Bank® Platinum Visa® with No Annual Fee too. There are currently no intro APR offers for purchases or balance transfers available with this card.
Ongoing APR
Credit One Bank® Platinum Visa® with No Annual Fee carries a variable 23.99% APR, which is higher than average.
Welcome Bonus
A welcome bonus is notably missing from the Credit One Bank® Platinum Visa® with No Annual Fee. It’s rare, however, to find a starter credit card that offers one.
Credit Score Requirements
Although they don’t publish credit score requirements, to qualify for Credit One Bank® Platinum Visa® with No Annual Fee, you may need a credit score between 670-850 (which is considered good-to-excellent credit).
Credit One lets you prequalify to see which cards you’re eligible for, which only requires a soft credit pull. The prequalification process won’t negatively impact your credit score. If you don’t like the options presented, you can try another card issuer or work to boost your credit score by paying off your full balance each month (which will also help you avoid costly late fees).
Point Conversion/ Redemption
Rewards credit cards often come with several redemption options to provide cardholders with more flexibility for rewards earned. Cash back rewards earned with Credit One Bank® Platinum Visa® with No Annual Fee have one redemption option: All cash back rewards earned are redeemed automatically for statement credits. You’ll receive an automatic statement credit for every month that has at least one qualifying purchase.
Note: While statement credits can reduce your card balance, they don’t qualify as payments. If a balance exists after the statement credit, you’ll still need to make at least your minimum monthly payment to avoid a late fee.
Member Perks
Most starter credit cards aren’t packed with extra benefits, and that’s certainly the case with this Credit One card. The biggest benefits of the Credit One Bank® Platinum Visa® with No Annual Fee include:
Free Credit Score
Cardholders get free monthly access to their Experian credit score.
Choose Your Own Due Date
When it comes to paying your monthly Credit One bill, you’re in control. Change your payment due date to one that works better for you. Be aware, however, that some limitations apply.
Zero Fraud Liability
You’re protected against unauthorized charges if your card is ever lost or stolen.
Automatic Account Reviews
Credit One automatically reviews credit card accounts which can lead to credit line increases
Foreign Transaction Fees
Credit One Bank® Platinum Visa® with No Annual Fee may be a good card for improving your credit, but it’s not ideal to use when traveling internationally. The card charges a foreign transaction fee of either $1 or 3% (whichever is greater) on all purchases outside the US.
Reward Expiration
Because there’s only one redemption option (and it occurs automatically), there’s no expiration on cash back rewards earned with your Credit One card.
Customer Service/Ease of Access
Credit One provides 24/7 customer support through an automated phone line. You can also reach the card issuer by mail, but there is no option to send secure messages or emails through your online account.
Customers can also download Credit One’s mobile app (available for iOS and Android) to access their account, set up payment reminders, alerts, and make payments.
How The Credit One Bank® Platinum Visa® with No Annual Fee Compares to Others
Credit One Bank® Platinum Visa® with No Annual Fee, but it may not be right for everyone. Here’s a look at how it compares to other credit cards:
Credit One Bank® Platinum Visa® with No Annual Fee vs. Credit One Bank® Platinum Rewards Visa®
Credit One actually offers two versions of its Platinum Visa card. Qualification is based on a credit check during the application process, so you won't know which one you’ll receive until you go through a credit check.
The cards are very similar in terms of the benefits and perks included. There are two primary differences between the two card options: the rewards structure and the annual fee.
Credit One Bank® Platinum Rewards Visa® earns 5% cash back on the first $5,000 of eligible gas, grocery, internet, cable, satellite TV, and mobile phone service purchases annually (then 1% after that). All other eligible purchases earn 1% cash back. With the potential to earn more cash back also comes a $95 annual fee. Outside of those two differences, the cards are essentially the same.
Credit One Bank® Platinum Visa® with No Annual Fee vs. Citi Double Cash Back Card
If you have excellent credit, you’re probably better off opting for top cash back cards like Citi Double Cash®. Like Credit One Bank® Platinum Visa® with No Annual Fee, Citi Double Cash carries no annual fee. It also comes with a unique cash back structure where cardholders earn unlimited 1% cash back on all purchases – plus another 1% back when they pay them off.
The Citi Double Cash Card also features an introductory 0% APR offer on balance transfers for 18 months. Intro offers are a great way to move existing credit card debt and pay it down over time without annoying interest fees.
Is This Credit Card Worth It?
Like any credit card, Credit One Bank® Platinum Visa® with No Annual Fee has benefits and drawbacks to consider.
Pros
No annual fee
Decent cash back rate in popular spending categories
Cons
Higher-than-average ongoing APR
Foreign transaction fees
You won’t know which Platinum Card you'll receive until you prequalify.
Rewards are only redeemable as automatic statement credits
Few extra card benefits
Our Final Take on the Credit One Bank® Platinum Visa® with No Annual Fee
Make no mistake: Credit One Bank® Platinum Visa® with No Annual Fee doesn’t offer as many perks as most rewards credit cards – and no travel benefits at all. But if you’re looking for a card with no annual fee that still earns rewards and can help you build your credit, this Credit One credit card could be an excellent choice for you.
Before making a decision, compare Credit One Bank® Platinum Visa® with No Annual Fee to other credit card offers.
