Table of Contents
The Credit One Platinum X5 Visa® is a decent rewards card for borrowers with average credit, as rewards in this credit score range are typically hard to find. However, the card has a high annual fee and limited benefits, so it isn’t a card for everyone.
Quick Review
The Credit One Platinum X5 Visa® presents borrowers with average-to-excellent credit with an opportunity to earn 1%–5% cashback rewards—with limits. You can earn 5% back on a variety of purchases (such as gas, grocery, and internet), but only up to $5,000 on spending in a year. Then your rewards rate goes down to 1%, which is what you’ll regularly earn on all other purchases.
While the 5% rewards category is fairly generous, the card doesn’t have a welcome bonus and comes with a high annual fee of $95, so the card may be more expensive than it’s worth. The APR is also high at 26.24% (variable), so carrying a balance can become costly when interest charges start stacking up.
Credit One Platinum X5 Visa® Important Details
Basic Card Details
- Annual fee: $95
- APR: 26.24% (variable)
- Rewards rate: 1%–5%
- Grace period: 24 days
Additional Information
- Flexible payment dates
- Mobile and online banking
- Free credit scores
- $0 fraud liability
- Balance transfers are not available
Credit One Platinum X5 Visa® Feature Breakdown
Let’s explore the important features—from fees to rewards—of the Credit One Platinum X5 Visa® to determine whether it’s the right choice for you.
Fees
- Annual fee: $95
- Cash advance fee: $10 or 5% (whichever is greater)
- Foreign transaction fee: 3%
- Late payment fee: Up to $39
Interest Rates
- Purchase APR: 26.24% (variable)
- Cash advance APR: 26.24% (variable)
Rewards
The Credit One Platinum X5 Visa® has a generous rewards program, although there is a limit on the rewards you can receive. It offers:
- 5% back on eligible purchases* up to $5,000 each year; then this rate becomes 1%
- 1% on everything else
*Eligible purchases are those made in the following categories:
- Gas
- Grocery
- Internet
- Cable
- Satellite TV
- Mobile phone service
To make the card worth it, you need to earn enough rewards to balance out the $95 annual fee. To break even on your fee, you need to spend at least $1,900 in the 5% category, or $9,500 in the 1% earning category.
This threshold is relatively easy to reach if you’re using this as your main credit card. However, there are other credit cards that offer similar rewards without an annual fee, or that boast a welcome bonus that helps make up the annual fee.
Welcome Bonus
The Credit One Platinum X5 Visa® doesn’t come with a welcome bonus. This is rare among rewards cards, especially those that charge an annual fee. If you have good or excellent credit, you may be better off considering a rewards card that offers a little extra upon signup.
Qualifying for the Card
Credit One advertises the Credit One Platinum X5 Visa® as available to borrowers with average to excellent credit. It’s not clear what the minimum credit score is to qualify, but it’s possible that borrowers with only fair credit scores may be able to qualify for the card.
Fortunately, you can first go through a pre-approval process before formally applying for the card. The pre-approval process won’t hurt your credit score, but will tell you whether you’re likely to be approved or not. If you aren’t likely to be approved, keep looking for other options, as submitting a formal application will dock points from your credit score.
Cash Advance
You can use the Credit One Platinum X5 Visa® to take out cash advances. For example, you can get funds from an ATM or pull out a money order with the card. However, high fees and an elevated APR make credit card cash advances very expensive. Unless it’s an emergency, avoid getting money from a cash advance.
Balance Transfers
The Credit One Platinum X5 Visa® doesn’t offer balance transfers. If you need to consolidate credit card debt by moving a balance from one card to another, you’ll need to find a different credit card.
Look for one with a 0% balance transfer APR period and a reasonable balance transfer fee.
Benefits
The Credit One Platinum X5 Visa® has a limited offering of benefits. Its extras include:
- Flexible payment dates
- Mobile and online banking
- $0 fraud liability
- Contactless payment option
- Free credit score
- Customizable notifications
Flexible due dates allow you to choose which day of the month your minimum payment is due. This can be a useful feature if you’re new to borrowing or have struggled to keep up with monthly payments before. We recommend setting your due date to match other bill due dates, or to fall directly after your payday.
Authorized Users
You can add authorized users to the Credit One Platinum X5 Visa® at no additional cost. An authorized user must be at least 15 years old.
You, as the primary cardholder, are solely responsible for paying the credit card bill each month. So add authorized users with caution and set clear boundaries with possible users.
Credit Reporting
An important part of keeping an updated credit score is borrowing with lenders that regularly report to the bureaus. Luckily, Credit One reports to major credit bureaus, so your credit card activities will be reflected in your credit report.
Customer Service
If you need to contact Credit One regarding this or another of their credit cards, you can call their customer service team at: (877) 825-3242
Should You Get the Credit One Platinum X5 Visa®?
FinanceJar verdict
You should consider the Credit One Platinum X5 Visa® if you have average credit and spend enough in the 5% cash back category to more than make up for the annual fee. The rewards program is fairly robust for cards in the average credit range, but if you have good or excellent credit, you can find better deals and more generous rewards.
Who is this card for?
- Average credit holders: Having fair or average credit disqualifies you from most credit cards, especially lucrative rewards cards. The Credit One Platinum X5 Visa® gives average-credit holders a chance to earn rewards on par with good-to-excellent credit rewards cards.
- Modest-spending rewards seekers: If you’re a high spender, especially in the 5% cashback categories, you’ll want to find a card that has a higher category cap or no cap at all. However, if you’re spending within the limit, you can take full advantage of the 5% cashback rewards on the Credit One Platinum X5 Visa®.
Comparable Cards
Take a look at how the Credit One Platinum X5 Visa® compares to similar cards on the market to decide whether it’s a good choice for you.
