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3. Credit One Bank® Platinum X5 Visa® review

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96

reviews

3.7

Rating: 3.7 out of 5.

Great for bonus cash back with some limits

Annual Fee: $95 (you may see different offers on Credit Karma)

This content is curated by Intuit Credit Karma’s Editorial team using data from members who were approved for this card or similar cards, or who self-matched this card or similar cards. Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse this content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Here’s the average credit limit of members who matched their Credit One Bank® Platinum X5 Visa® or similar cards.

% of members by credit limit range

The average credit limit for members who have matched with this card or similar cards is $788, with $300 being the most common.

Here’s the average credit score of members who matched their Credit One Bank® Platinum X5 Visa® or similar cards.

% of members by credit score range

The average credit score for members who have matched with this card or similar cards is 565, with 551 being the most common. Note this is just one of the deciding factors when it comes to getting approved.

Member stats

Updated daily

63.4%

Average credit utilization (or what percent of the card’s credit limit is being used) of members who matched with this card or similar cards.

44 years

Average age of members who matched this card or similar cards.

$73,089

Average annual income of members who matched this card or similar cards. Note: Income may be estimated for some members by Credit Karma and may differ from members’ actual incomes.

Pros and cons

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Potential to earn a high cash back rate

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Ability to prequalify

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Deals on entertainment, shopping, dining and travel

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Bonus categories limited to specific purchases

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Spending limits in bonus categories

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High annual fee

The Credit One Bank® Platinum X5 Visa® is a rewards card for people who want rewards in specific categories.

But you’ll have to ask yourself whether those rewards are worth the cost of the card’s annual fee — plus the cash you’ll have to spend to earn them.

Key features of the Credit One Bank® Platinum X5 Visa®

The annual fee could make you think twice

The Credit One Bank® Platinum X5 Visa® charges a rather pricey $95 annual fee (you might see different terms on Credit Karma).

If you want to get some rewards without paying such a hefty fee, it might be worth considering the Credit One Bank American Express® Card, which charges a more reasonable $39 annual fee (you might see different terms on Credit Karma). Plus you’ll still get 1% cash back on all your purchases.

Earn rewards in several bonus categories

The Credit One Bank® Platinum X5 Visa® features a 5% cash back bonus category for the eligible grocery (not including most warehouse and wholesale clubs), gas, internet, cellphone, cable and satellite TV purchases you make.

But the bonus category is capped at $5,000 in spending each year, which means your 5% cash back earnings won’t top $250. After that, you’ll get 1% cash back on all other purchases.

Interest charges outweigh any rewards you’ll earn

If you think you might carry a balance, the Credit One Bank® Platinum X5 Visa® could cost you more than you’ll earn from any rewards. It comes with a variable purchase APR of 28.99% (you might see different offers on Credit Karma), which is relatively high.

In general, we don’t recommend getting a rewards card unless you can pay off your balance in full each month. If you can’t, you’d be better off with a card that offers a low interest rate and doesn’t encourage you to spend more.

What else you need to know about the Credit One Bank® Platinum X5 Visa®

If you’re considering this card, here are a few more things to keep in mind.

• Ability to prequalify — Before you apply, you can check to see if you qualify without a hard check on your credit.
• Optional credit protection program — If you’re worried about making sure your bill gets paid in the event you lose your job or can’t pay for other qualifying reasons, you can sign up for the credit protection program for an additional cost.

Who is this card good for?

The Credit One Bank® Platinum X5 Visa® might be good for people who want to earn rewards in its specific bonus categories. While the categories come with a spending cap, they might match up with your spending and provide more value than other options.

But since the card comes with a high annual fee, the rewards may not be worth the cost of the card. Even if you max out your bonus categories, the 5% bonus rate will earn just $250 against the $95 annual fee (you might see different offers on Credit Karma). And if you think you might carry a balance, the high APR could cost you even more.

It may be a good idea to look around for other cards that might offer more potential value without the upfront cost.

Not sure this is the card for you? Consider these alternatives.

If the Credit One Bank® Platinum X5 Visa® doesn’t suit your fancy, take a look at one of these other credit cards.

• Petal® 1 Visa® Credit Card: Good for beginners who want to build credit with no annual fee.
• Petal® 2 Visa® Credit Card: Good for people who want to earn rewards while building credit.
• Chase Freedom Flex℠: Good for people who want to earn more cash back.