Credit One Platinum Visa Card Review Is it Really Worth it ?

For the people having average credit can be challenging to find a rewards card offering more than 1% cashback. Cardholders can earn up to 5% with the Credit One Platinum Premier Visa card on the first $5,000 spent on selected purchases, and the other 1% unlimited cashback is offered on everything else. However, they will pay an annual fee. Go ahead to know much about Credit One Platinum Visa Card Review.

ProsCons
It offers high rewards on selected purchases.Limited options for reward redemption.
The applicants with average credit are eligible for this card.The rate of fee is high.

Pros Explained

  • Rewards Rate: On spending, the first $5,000 The Credit One Platinum Premier Visa offers a cashback of 5% on grocery, cable, eligible gas, internet, mobile phone service, and satellite television purchases. After that, you will earn a cashback of 1% on all the other purchases. It offers typically a cashback of 1% to 1.5% for the people having an average credit in form of Rewards cards to earn more with it, on spending just $5,000 on certain purchases.
  • Card Availability: The eligibility criteria for most of the rewards credit cards is to have a good to excellent credit. However, the people with average credit can have this card, which is defined as having an established credit history with limited payment issues by Credit One Bank.

Cons Explained

  • Limited Redemption Options: The Platinum Premier Visa Card offers only one redemption option. Make at least one qualifying purchase to get a cashback reward automatically. You will need to apply for another credit card if you would prefer to get rewards in some other way like gift cards or travel. On every purchase, The QuicksilverOne card by Capital One offers unlimited cashback of 1.5%. You can redeem rewards for statement credits, gift cards, and paper checks or cover recent purchases as a cashback.
  • Costly Fees: You should know about some costly fees before applying for this card.
  • Annual fee: An amount of $95 is deducted from your available credit as an annual fee. For instance, if you are approved for a credit line of $500, limiting your spending power the annual fee would reduce your initial credit line to $405.
  • Foreign transaction fee: You will have to pay a transaction fee of $1 or 3% whichever is greater as a foreign transaction fee if you will use this card outside of the United States.
  • Cash advance fee: The cash advance fee is either $10 or 5% of the transaction whichever is greater. You will pay $10 in fees if you will take out a cash advance of $200.
  • Penalty fees: You will have to pay up to $39 if you will make a late payment.

If you are looking for a card appropriate for average credit with low cost, then you may go with Petal card, as it has no annual fees, foreign transaction fees, or late fees and on every purchase, you can earn up to 1.5% cashback.

  • Few Card Benefits: While credit cards for individuals with average credit will in general be genuinely essential, the Credit One Platinum Premier Visa has just standard advantages like zero liability protection insurance and admittance to your credit score. Another card offering more advantages that are vigorous for individuals with average credit is the Platinum credit card from Capital One. It does not charge you an annual fee or foreign transaction fees and advantages like crash harm waiver assurance for vehicle rentals, travel accident insurance, and extended warranty protection. 

This Card is Best For

As your credit is just average and not good to excellent if you have attempted to be approved for a rewards card, the Credit One Platinum Premier Visa might be a strong alternative. On spending the first $5,000, you will earn a cashback of 5% on qualified gas, basic food items, web, link, satellite TV, and cell phone administration purchases. After that, you’ll earn 1% cashback, on every other purchase.

You don’t need to initiate spending classifications to procure the higher rewards rate like with different cards, settling on it a decent decision on the off chance that you need a basic, simple to-utilize card.

Highlights

  • For qualified applicants, there is no annual fee. Terms and conditions apply.
  • On grocery purchases and eligible gas as well as the internet, satellite TV services, mobile phone, and cable, you will get a cashback of 2%. Terms and conditions apply.
  • For added convenience select your monthly payment due date. Terms and conditions apply.
  • With free online access to your Experian credit score monitor your credit. Terms and conditions apply.
  • With $0 Fraud Liability, enjoy peace of mind.
  • By using the Credit One Bank mob app manage your account online.
  • You may get a different offer if you are a covered Borrower under the Military Lending Act.

Other Rates And Fees

  • The Cash Advance variable APR is 23.99$
  • The Cash Advance fee is 8% or $5 whichever is greater
  • The minimum interest charge is of $1
  • The Foreign Transaction Fee in US dollars is 3% or $1 whichever is greater
  • The late or returned payment fee is up to $39
  • $19 per year is the Authorized user card fee
  • The Credit Protection is $.96 per $100 of new balance (optional)

Rewards Earning Details

On having this card you will earn: 

  • On spending the first $5,000, you will earn a cashback of 5% on qualified gas, basic food items, web, link, satellite TV, and cell phone administration purchases. After that, you’ll earn 1% cashback, on every other purchase.
  • On all other purchases, you will get a 1% cashback. 

To offer special deals Credit One Bank collaborates with select retailers. You can earn up to 10% cashback when you shop at a partner retailer.

Rewards Redemption Details

One redemption option is available for this card: Automatically your cashback rewards will be redeemed on your next statement as an account credit if you will make at least one qualifying purchase. The statement credit will diminish your card balance yet doesn’t consider as a payment. By the due date, you’re still needed to make at least the minimum payment.

Why get the Credit One Bank Visa?

  • If you are having bad to fair credit.
  • If you don’t want to pay a security deposit or can’t afford it.
  • To build your credit if you are willing to invest in an annual fee.
  • In the best categories available for you if you want to earn cashback rewards.

How to use the Credit One Bank Visa:

  • To increase your chances for a higher credit limit and to avoid high-interest charges make your payments on time.
  • For making purchases use this card within your rewards program to maximize cashback.
  • To keep an eye on your credit-building progress take advantage of your monthly credit report.

Our Verdict 

To sum up, in the selected categories on spending $5,000, you can earn a cashback of up to 5% with the Credit One Platinum Premier Visa, if you have average credit and are searching for a no-frills rewards card. Nevertheless, the other advantages are meager, it has some exorbitant charges, including a $95 annual fee, and for customer service, the Credit One Bank has a poor ranking.

The QuicksilverOne from Capital One is an elective choice for both earning rewards and gaining access to significant advantages that the Credit One Platinum Premier Visa needs. It has an annual fee of $39 yet doesn’t charge a foreign transaction fee, and on every purchase, you’ll procure unlimited 1.5% cashback and have more options of redemption. Additionally, the card offers benefits like travel accident insurance, secondary auto rental collision damage waiver coverage, and extended warranty protection.

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