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Credit One Bank® Platinum X5 Visa® review: Light rewards with heavy fees

A solid credit-building card with the rare opportunity to earn rewards. 

 /  11 min
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Snapshot

3.8

Bankrate rating
Info
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 if they can afford the $95 annual fee.

Best for high rewards in select categories
Fair to Good (580 – 740)
Info
Recommended Credit

N/A

Intro offer

Info

1% - 5%

Rewards Rate

Info

Annual fee

Regular APR

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, the card’s prequalification terms show it carries the same finicky application 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. From there, Credit One will gauge your creditworthiness and tell you which cards you’re eligible for. This can be frustrating since it takes away some agency over a decision directly 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 or above. At the same time, you may have better options. Knowing your goals ahead of time may help you find a card from another issuer that offers you better overall value while you build credit.

  • Credit Card Search

    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 analysis

  • Credit Card Search

    Rates and fees

    • Annual fee: $95 
    • Regular APR: 29.24 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 analysis

  • Credit Fair

    Credit-building features

    • N/A

    Expert Appraisal: Weak
    See our expert analysis

  • Congrats

    Other 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

  • Checkmark

    This is one of the few cards for fair or average credit to offer 5 percent cash back.

  • Checkmark

    Cardholders get basic Visa benefits like roadside assistance and fraud protection.

Cons

  • The $95 annual fee eats into your $500 minimum credit limit.

  • You’ll only earn a top rate on your first $5,000 in yearly bonus category spending (less than the average rotating bonus category card’s rewards spending cap).

  • The application process is confusing.

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 intriguing set of reward perks for cardholders.

Rewards rate: Surprisingly 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 a formidable 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 back. 

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 in this category 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 rewards-eligible spending limit is impressive for a card designed for people with fair credit, it will likely be less lucrative than 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

There is also some fine print worth considering before you get excited about the Platinum X5 Visa card’s cash back rewards rate. To start, you may not qualify and get approved for the Platinum X5 Visa card specifically. Credit One brands its cards very similarly, and you may actually prequalify for a completely different card with a different rewards rate.

In addition, although it’s a Visa card, the Platinum X5 Visa card’s prequalification terms state that eligible purchases are defined by each merchant’s “Standard Industrial Classification Code” instead of Visa’s normal merchant category codes (MCCs). That means your Platinum X5 Visa might not earn rewards at the same places your other Visa cards do.

Other cardholder perks: More opportunities for cash back

The other two major perks on the Platinum X5 Visa 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, just like you would with Amex Offers or Shop Through Chase.

Both programs cycle participating merchant offers for a limited time, but More Rewards deals can earn up to an extra 10 percent in cash back rewards, while Visa Offers + Perks mainly provides product discounts. Just be sure to read the offer limitations carefully.

All Visa credit cards also carry a roster of 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 Disbursement and 24/7 pay-per-use Roadside 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. 

Rates and fees: A few too many for a credit-building card

If you’re looking for a low-cost starter card, you might want to pass on the Platinum X5 Visa. The 29.24 percent variable 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.

You may also need to pay a fee to upgrade your credit limit depending on your creditworthiness. A low starting credit limit could cause problems since it will make it harder to maintain low credit utilization and Credit One can cancel your account if you’re 20 percent over limit. The card’s 3 percent ($1 minimum) foreign transaction fee, up to $39 late payment fee and up to $39 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 common 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. 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 will be frozen (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). This credit limit doesn’t offer a lot of spending power month to month, and if the X5 Visa is your only credit card, you could easily wind up with a credit utilization ratio of greater than 30 percent, potentially harming 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. 

Image of Credit One Bank® Platinum X5 Visa®
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on Credit One Bank's secure site

Annual fee

$95

Intro offer

N/A

Rewards rate

1% - 5%
Info

Recommended Credit Score

Fair to Good (580 – 740)
Info
Image of Capital One QuicksilverOne Cash Rewards Credit Card
Bankrate Score
See Rates & Fees , Terms Apply
Apply now Lock
on Capital One's secure site

Annual fee

$39

Intro offer

N/A

Rewards rate

1.5% - 5%
Info

Recommended Credit Score

Fair to Good (580 – 740)
Info
Image of Credit One Bank® Platinum Rewards Visa® with No Annual Fee
Bankrate Score
See Rates & Fees , Terms Apply
Apply now Lock
on Credit One Bank's secure site

Annual fee

$0

Intro offer

N/A

Rewards rate

2%
Info

Recommended Credit Score

Good to Excellent (670 – 850)
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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 grocery, gas and eligible digital services. But the $95 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

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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

Written by
Garrett Yarbrough
Writer, 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.

Edited by Senior Editor, Credit Cards

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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.