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A rare credit-building rewards card, but the annual fee could get in the way.
Garrett Yarbrough Garrett Yarbrough
Written by
Nouri Zarrugh Nouri Zarrugh
Edited by
/ 10 min
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict,this post may contain references to products from our partners. Here's an explanation for andhow we rate our cards.The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.
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Snapshot
3.8
Bankrate rating
Rating: 3.8 stars out of 5
Bottom line
This card offers cardholders with fair credit the rare opportunity to earn up to 5 percent cash back rewards on the first $5,000 of eligible gas, grocery and internet purchases each year (then 1 percent). Beyond that, it’s a solid choice for people trying to improve their credit scores — but only if they can afford the $95 annual fee.
Best for high rewards in select categories
-
Cost of membership
Rating: 4 stars out of 5
4 / 5
Ease of building credit
APR
Rating: 2 stars out of 5
2 / 5
Features
Rating: 3.8 stars out of 5
3.8 / 5
Fair to Good(580–740)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Recommended Credit
N/A
Intro offer
Intro offer is not available for this Credit One Bank credit card.
1% - 5%
Rewards Rate
Get 5% cash back rewards on the first $5,000 of eligible gas, grocery, internet, cable, satellite TV, and mobile phone service purchases each year, and then 1% thereafter. 1% cash back rewards on all other purchases. Terms Apply.
Annual fee
Regular APR
On This Page
On This Page
- Current offer details
- Credit One Bank Platinum X5 Visa pros and cons
- Reasons to get this card
- Reasons to skip this card
- Credit One Bank Platinum X5 Visa vs. other credit building cards
- Is this card worth getting?
- Rating methodology
- Frequently asked questions
Credit One Bank® Platinum X5 Visa overview
The Credit One Bank® Platinum X5 Visa credit card may seem like a big step up from other Credit One cards since it offers impressive 5 percent cash back rewards categories and 1 percent back on everything else.However, it carries the same finicky prequalification process as its Credit One siblings.
Rather than applying directly for the Platinum X5 Visa card, you must submit a preapproval form that covers all Credit One Platinum cards. Credit One will then gauge your creditworthiness and determine which cards you’re eligible for. This can be frustrating since you may not be approved for the card you want, taking away some agency over a decision related to your finances. The unwelcome annual fee of the Platinum X5 Visa card may also limit the card’s value in the long run.
The Platinum X5 Visa may be better than other Credit One cards, and it isn’t a bad option if you want an unsecured credit card for people with average credit. At the same time, you may have better options. Knowing your goals beforehand may help you find a card from another issuer that offers you better overall value while you build credit.
Rewards
- 5 percent cash back rewards on eligible gas, grocery, mobile phone service, internet service and cable and satellite TV service purchases (up to $5,000 in purchases per year, then 1 percent).
- 1 percent cash back rewards on all other purchases. Terms Apply.
Expert Appraisal: Good
See our expert analysisRates and fees
- Annual fee: $95
- Regular APR: 29.74 percent variable
- Possible credit limit increase fee
- Foreign transaction fee: 3 percent (or $1, whichever is greater)
- Late fee: Up to $39
- Returned payment fee: Up to $39
Expert Appraisal: Weak
See our expert analysisCredit-building features
- Access to monthly credit report
Expert Appraisal: Weak
See our expert analysisOther cardholder perks
- Credit One More Rewards
- Visa Offers + Perks
Expert Appraisal: Good
See our expert analysis
Credit One Bank Platinum X5 Visa pros and cons
Pros
This is one of the few cards for fair or average credit to offer a high cash back rate.
Cardholders get basic Visa benefits like roadside assistance and fraud protection.
Cons
The application process can be complicated.
The $95 annual fee eats into your $500 minimum credit limit.
You'll find higher annual spending caps on rotating bonus category cards.
Why you might want the Credit One Bank Platinum X5 Visa
Considering it’s available with only fair credit, the Credit One Bank offers an attractive set of reward perks for cardholders.
Rewards rate: Generous cash back for a credit-building card
The Credit One Platinum X5 Visa card earns 1 percent cash back rewards on all purchases and 5 percent cash back rewards on your first $5,000 in annual spending on eligible gas, grocery, internet service, cellphone service, cable and satellite TV service purchases. After you meet this spending cap, your rate reverts to 1 percent.
That’s a generous rate and covers a terrific mix of everyday spending categories. In fact, it’s one of the highest rewards rates you can get in these categories on a card available with only fair credit. Most competing cards only offer a flat 1 to 1.5 percent back.
That said, the card’s bonus category spending limit is disappointing. While a $5,000 annual spending limit impressive for a card designed for people with fair credit, it will likely be less lucrative than the limit on most 5 percent rotating cash back category cards (typically $1,500 per quarter or $6,000 per year). Maximizing your rewards may also be unrealistic if you start with the minimum credit limit of $500. If you pay your bill monthly, you may only have $500 in purchasing power each billing cycle, which could mean missing out on potential cash back.
Also, although it’s a Visa card, eligible purchases for this card are defined by each merchant’s “Standard Industrial Classification Code” instead of Visa’s typical merchant category codes (MCCs). That means your Platinum X5 Visa might not earn rewards at the same places your other Visa cards do.
Cardholder perks: More opportunities for cash back
The Platinum X5 Visa's perks aim to put even more cash back in your pocket. The Credit One More Rewards and Visa Offers + Perks programs allow you to save money with select online shopping retailers by linking your credit card to these online portals.
These merchant offers are for a limited time, but More Rewards deals can earn up to an extra 10 percent in cash back rewards. Visa Offers + Perks mainly provides product discounts. Just be sure to read the offer limitations carefully.
All Visa credit cards also carry perks based on your credit limit. The Credit One Platinum X5 Visa card qualifies as a Visa Traditional card, which will get you basic features like $0 liability on unauthorized purchases, emergency card replacement, emergency cash disbursem*nt and 24/7 pay-per-useroadside dispatch.
Why you might want a different credit-building card
While the Platinum X5 Visa offers a great rewards rate for a credit-building card, it falls short in other areas like rates and fees and credit-building features.
Rates and fees: High interest can impact balance
If you’re looking for a low-cost starter card, you might want to pass on the Platinum X5 Visa. The APR is well above the current average credit card interest rate. Plus, you’ll have to spend at least $1,900 per year (or $159 per month) in the card’s 5 percent cash back rewards categories just to offset the $95 annual fee with rewards.
Depending on your creditworthiness, you may also need to pay a fee to upgrade your credit limit. The card’s foreign transaction fee, late payment fee and returned payment fee could also snowball your balance given the high interest rate.
Credit-building features: Few to speak of
Despite being marketed as a credit-building card, the Platinum X5 Visa offers little in the way of additional perks designed to help cardholders build credit. While it offers a mobile app and the ability to check your credit score for free, these are standard features on nearly all credit cards on the market.
And while the card also offers a “credit protection” program, its cost may outweigh its benefits. By paying 0.96 cents per $100 of your standing balance on each monthly statement, Credit One will waive your minimum payment for up to six months if you experience involuntary unemployment or disability. Beneficiaries can also receive up to a $10,000 balance payoff in the event of death.
Along with the monthly fee for carrying a balance, drawbacks include having your account freeze (except to accrue interest) once you activate your protection and having to wait 30 days to see your policy take effect. Considering these setbacks and other major costs, like compound interest, opting for another debt management plan might be a better idea.
Credit limit: It may be small to start
The minimum initial credit limit with the Credit One Bank X5 Visa is just $500 (minus the $95 annual fee). A low starting credit limit doesn't offer a lot of spending power and could make it challenging to maintain a low credit utilization ratio. Plus, Credit One can cancel your account if you’re 20 percent over the limit. A high credit utilization ratio could potentially harm your credit score over time.
This small credit limit is also counterproductive to the reward potential of the card, giving you less wiggle room to spend on eligible categories depending on your financial situation.
How the Credit One Bank Platinum X5 Visa compares to other credit-building cards
The Credit One Platinum X5 Visa is a notable credit-building tool that — unlike many credit-building cards — offers cash back on purchases. The card’s interest rate is in line with the standard interest rate on cards for fair credit, but the $95 annual fee is higher than similar cards’ fees and the lack of additional credit-building features is a sore spot. Here’s how the card stacks up to similar cards on the market.
Bankrate Score
See Rates & Fees, Terms Apply
on Credit One Bank's secure site
Annual fee
$95
Intro offer
N/A
Rewards rate
1% - 5%
Get 5% cash back rewards on the first $5,000 of eligible gas, grocery, internet, cable, satellite TV, and mobile phone service purchases each year, and then 1% thereafter. 1% cash back rewards on all other purchases. Terms Apply.
Recommended Credit Score
Fair to Good(580–740)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Annual fee
$39
Intro offer
N/A
Rewards rate
1.5% - 5%
Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply Earn unlimited 1.5% cash back on every purchase, every day
Recommended Credit Score
Fair to Good(580–740)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Bankrate Score
See Rates & Fees, Terms Apply
on Credit One Bank's secure site
Annual fee
$0
Intro offer
N/A
Rewards rate
2%
2% cash back rewards on eligible gas and grocery purchases as well as mobile phone, internet, cable and satellite TV services. Terms apply.
Recommended Credit Score
Good to Excellent(670–850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Who is the Credit One Bank Platinum X5 Visa right for?
The Credit One Bank Platinum X5 isn’t the top pick on the market for credit building or rewards, but it can still suit a particular type of consumer.
Bankrate’s Take — Is the Credit One Platinum X5 Visa worth it?
The Credit One Bank Platinum X5 Visa credit card dangles an alluring cash back rewards rate on major expenses like groceries, gas and eligible digital services. But the annual fee and restrictive card terms mean it may not be worth the trouble if you’re focused on building credit.
While this card’s rewards rate may look fantastic, you can easily find well-rounded credit cards that won’t nickel and dime you as you build your credit score and work towards qualifying for a full-fledged rewards card.
How we rated this card
50+
cards rated
500+
data points analyzed
250+
fees tracked
40
perks evaluated
Our proprietary card rating system takes into account a mix of factors when scoring credit cards for students and people building credit, including each card’s cost, APR, credit-building tools and more.
We analyzed over 50 of the most popular cards designed for students and people with no credit history, bad credit or a fair credit score and scored each based on where its key features stood in relation to others in its category.
Here are some of the key factors that gave this card its score:
Frequently asked questions
Compare the best fair credit cards
Bankrate expert Garrett Yarbrough strives to make navigating credit cards and credit building smooth sailing for his readers. After regularly featuring his credit card, credit monitoring and identity theft analysis on NextAdvisor.com, he joined the CreditCards.com and Bankrate teams as a staff writer to develop product reviews and comprehensive credit card guides focused on cash back, credit scores and card offers.
* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.
Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.
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