Credit One Bank Platinum Rewards Visa with No Annual Fee: 2% cash back but only on select purchases

0
84
credit-one-bank-platinum-rewards-visa-with-no-annual-fee:-2%-cash-back-but-only-on-select-purchases

Why we like this card: This card doesn’t charge an annual fee and offers a decent cash back rate despite some limitations.

Pros

  • Can earn only 2% back on select purchases
  • No annual fee

Cons

  • No welcome bonus
  • Foreign transaction fee
  • No 0% intro APR on purchases and balance transfers
  • Can only redeem rewards for a statement credit

Credit One Bank Platinum Rewards Visa with No Annual Fee: Overview

APR

  • Intro: N/A
  • Purchase: 29.24% variable APR
  • Balance transfer: N/A
  • Cash advance: 29.24% variable APR, plus either $10 or 5% of the amount of each Cash Advance, whichever is greater
  • Penalty fees: up to $39 for late and returned payments

Annual fee: $0

Foreign transaction fee: either $1 or 3% of each purchase in U.S. dollars, whichever is greater

The Credit One Bank Platinum Rewards Visa with No Annual Fee Card is a cash back card that should be straightforward but is anything but. While cardholders get a 2% flat cash back rate on eligible purchases, they only receive that rewards rate for spending in select categories and on select purchases. 

There’s also limited flexibility when it comes to redeeming your rewards: You can only redeem your cash back as an automatic statement credit, so if you want to redeem rewards for travel or direct deposit, this isn’t the card for you.

Lastly, you’ll have to pay a high-interest rate if you opt to revolve your balance from month to month. Since the card has no 0% intro APR period on purchases or balance transfers, you’ll pay a 29.94% APR on purchases, which could mean footing a pricy credit card bill. 

Credit One Bank Platinum Rewards Visa with No Annual Fee: Rewards 

Cardholders receive 2% cash back on purchases made in select categories, plus an extra 10% in rewards from the nation’s top retailers, though the specific retailers are not disclosed. 

You’ll get 2% back on gasoline, grocery stores, mobile phone service, internet, cable and satellite TV service. You should note that not all spending in the categories qualifies for 2% back. 

For example, cardholders won’t earn rewards on purchases made at warehouse superstores like Costco and discount supercenters like Walmart. So if you want a flat cash back card that allows you to earn rewards on most purchases, there are better options.

Does Credit One Bank Platinum Rewards Visa with No Annual Fee offer a new customer bonus?

The Credit One Bank Platinum Rewards Visa with No Annual Fee doesn’t currently provide a new customer bonus.

How to redeem Credit One Bank Platinum Rewards Visa with No Annual Fee rewards

While many cash back cards offer cardholders multiple ways to redeem cash back, Credit One Platinum Rewards No Annual Fee cardholders can only get a statement credit when they redeem their rewards. 

Receive a statement credit

You won’t have to lift a finger to redeem your rewards: Statement credits are automatically applied to monthly statements with at least one net eligible purchase. 

Additional benefits

  • Free credit score access. You can get a free monthly educational credit score when registering for online account access with Credit One.
  • $0 fraud liability. If you discover a fraudulent charge on your bill and alert Visa, you could be covered by Visa’s Zero Liability Policy, which requires issuers to replace the funds within five business days of notification if there’s an authorized transaction on your card. 

Is the Credit One Bank Platinum Rewards Visa with No Annual Fee right for you?

Cardholders who want a decent 2% cash back rate but don’t necessarily have the best credit might consider the Credit One Bank Platinum Rewards Visa with No Annual Fee. However, you could be eligible for no-annual-fee cards with better rewards and more redemption options if you have average credit. 

Additionally, this card is not the best choice for frequent international travelers because of the foreign transaction fee. 

Credit cards similar to Credit One Bank Platinum Rewards Visa with No Annual Fee

Cardholders who want a flat cash-back card that earns rewards on most of their purchases should look into the Citi Double Cash Card and the Wells Fargo Active Cash® Card. Both cards provide 2% unlimited cash back on eligible purchases with almost no limitations. 

However, there are some key differences between the two cards.

Citi® Double Cash Card vs. Credit One Bank Platinum Rewards Visa with No Annual Fee

With the Citi® Double Cash Card, you get 1% back when you make a purchase and 1% back when you make at least the minimum payment on your bill. 

Unlike the Credit One Bank Platinum Rewards with No Annual Fee, you can use your rewards in various ways. When you want to redeem your ThankYou points with the Citi Double Cash, you can opt to use your points to receive a statement credit, direct deposit, check, gift cards, travel, or shop at Amazon.com. 

Wells Fargo Active Cash® Card vs. Credit One Bank Platinum Rewards Visa with No Annual Fee

For cardholders who want to score a welcome bonus on their flat cash back card, the Wells Fargo Active Cash provides a $200 cash rewards bonus when they spend at least $500 within the first three months. 

You’ll also get unlimited 2% cash rewards on eligible purchases and can redeem those rewards for cash, direct deposit, gift cards, or purchases. In other words, you’ll get more generous rewards and redemption methods with the Active Cash than with the Credit One Platinum with No Annual Fee.

Frequently asked questions

Is Credit One Bank Platinum a good credit card?

If you’re looking for a $0 annual fee card that offers 2% on select purchases, the Credit One Bank Platinum No Fee Card could be a good credit card for you, but there are other no-annual-fee cards with fewer rewards restrictions and more redemption options.

What is the max credit limit for Credit One platinum card?

Credit One Bank doesn’t disclose a maximum credit limit for the Credit One Platinum No Annual Fee card, but there is a minimum credit limit of $300.


Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying.