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Is the Credit One Bank® Platinum X5 Visa® the Right Card for You?

Is the Credit One Bank® Platinum X5 Visa® the Right Card for You?

If you’re making purchases with a credit card and aren’t using a rewards card, you’re losing out on free money. You could be earning valuable cash back, miles, or points on every purchase you make, even if you have less-than-perfect credit.

One option available is the Credit One Bank® Platinum X5 Visa®. But how can you decide if it’s the right card for you out of the hundreds out there? Here are seven factors to consider.

1. You spend a lot of money on gas, groceries, and internet service

With the Credit One Bank® Platinum X5 Visa®, you’ll earn 5% cash back rewards on the first $5,000 you spend on gas, groceries, internet, cable, satellite TV, and mobile phone service purchases each year, and then 1% thereafter. Plus 1% cash back rewards on all other purchases, terms apply.

To make this card worthwhile, you need to spend at least $5,000 per year on eligible purchases to earn 5% cash back rewards. If you spend less than that, the card may not offer you enough rewards to offset its annual fee.

Is the Credit One Bank® Platinum X5 Visa® the Right Card for You?

To show you how your rewards can add up, consider that the Bureau of Labor Statistics reported that the average consumer spends the following per year:

  • $7,923 on food
  • $2,109 on fuel

If you spent that much and used your Credit One Bank® Platinum X5 Visa® to pay for your purchases, you’d earn 5% cash back rewards on the first $5,000 spent, giving you $250 in cash back rewards. Then, you’d earn 1% cash back rewards on the remaining $5,032, giving you another $50.32 in cash back rewards. By using this credit card, you’d get $300.32 in cash back rewards.

2. You have less-than-stellar credit

With many rewards cards, you need excellent credit to qualify. But with the Credit One Bank® Platinum X5 Visa®, you can get approved with just Good credit. And, you can find out if you pre-qualify online, without harming your credit score.

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3. You shop at Credit One Bank® Platinum X5 Visa®’s participating merchants

If you shop at one of Credit One’s participating merchants, you can earn as much as 10% cash back rewards automatically when you use your card to pay for your purchases. Merchants are updated often, so it’s a good idea to check your account and review communications from the bank to take advantage of offers.

4. You don’t mind paying an annual fee

The annual fee for the Credit One Bank® Platinum X5 Visa® Credit Card is $95. While an annual fee isn’t an ideal, it may be worthwhile if you spend enough money with your card to earn enough cash back rewards to offset the fee.

To earn $100 in cash back rewards — more than enough to cover the highest-possible annual fee — you’d only have to spend at least $2,000 per year on groceries, gas, internet, satellite TV, or mobile phone service purchases to earn cash back rewards at the 5% rate.

5. You don’t need a large credit line

The Credit One Bank® Platinum X5 Visa® may be a good option for you if you don’t need a large credit line. Depending on your credit profile, you may be approved for a credit limit as low as $500. However, you can qualify for credit line increases over time.

6. You don’t intend to use this card outside of the United States

The card is only a good choice for domestic transactions. If you use the card outside of the United States — such as on a European vacation — you’ll have to pay costly foreign transaction fees. The Credit One Bank® Platinum X5 Visa® charges either $1 or 3% of each purchase, whichever is greater.

If you spent $1,000 overseas, that means you’d have to pay $30 in fees. Over the course of an entire vacation, foreign transaction fees can force you to pay hundreds of dollars in added costs.

Looking for another option? Consider the Chase Sapphire Preferred® Card. It does have an annual fee, but it doesn’t charge foreign transaction fees, and you can earn 3X points on dining and 2X points on all other travel purchases, plus more.

7. You don’t carry a balance

The Credit One Bank® Platinum X5 Visa® is best for cardholders who don’t carry a balance on their cards from month to month, because it has a very high APR. As of January 30, 2024, your APR on purchases can be as high as 29.74% variable, which is much higher than 17.85%, the average APR for all cards assessed interest.

With such a high APR, carrying a balance can lead you more into debt. And you could end up paying hundreds in costly interest charges.

Choosing the right credit card Depending on your credit, spending habits, and whether or not you carry a balance on your card, the Credit One Bank® Platinum X5 Visa® may be a good addition to your wallet. Before submitting your application, make sure you explore your options and look at other reward credit cards to find the right card for you.

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