A rare credit-building rewards card, but the annual fee could get in the way.

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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 if you're trying to improve your credit score — but only if you can afford the $95 annual fee.

On This Page

Credit One Bank® Platinum X5 Visa overview

The Credit One Bank® Platinum X5 Visa credit card is a step up from other Credit One credit building cards since it offers 5 percent cash back rewards categories and 1 percent back on everything else.

However, it carries the same finicky prequalification process. Rather than applying directly for the Platinum X5 Visa card, you submit a preapproval form that covers all Credit One Platinum cards. Credit One will gauge your creditworthiness and offer you a selection of cards for which you're eligible. This can be frustrating since you may not be approved for the card you want, removing some agency over a decision related to your finances.

The Platinum X5 Visa isn’t a bad option if you qualify and you want an unsecured credit card for average credit, but its unwelcome annual fee may limit the card’s value in the long run. 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 analysis
Rates and fees
- Annual fee: $95
- Regular APR: 28.99%* 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-building features
- Access to monthly credit report
Expert Appraisal: Weak
See our expert analysis
Other cardholder perks
- Credit One More Rewards
- Visa Offers + Perks
Expert Appraisal: Typical
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.
You’ll get basic Visa benefits like roadside assistance and fraud protection.

Cons

The application process is complicated and doesn’t let you apply for the card you want directly.
The $95 annual fee eats into your initial $500 minimum credit limit.
You'll find higher annual spending caps on rotating bonus category cards.

How to build credit with the Credit One Bank Platinum X5 Visa

There's no special trick to building credit with this card compared to other types of credit building cards. However, there are a few things you'll want to do to keep your finances on the straight and narrow while using this card.

Don't get caught up on the rewards. You should think of the cash back on this card as a fun little extra rather than a major reward generator. Your primary purpose in using the card should be to build credit, so don't overspend in pursuit of cash back.
Mind the annual fee. The card's annual fee will immediately eat into your total credit limit. If you can, try to pay this off as soon as possible before you start using the card. Otherwise, you might tip your credit utilization ratio above 30 percent, which might put a dent in your credit score.
Don't carry a balance. While this is standard advice for all credit cards, the high interest rate on this card can snowball quickly and make it difficult to reliably pay off your balance on time. It's best to set your account to auto pay for the full amount of your statement balance each month.

Why you might want the Credit One Bank Platinum X5 Visa

The Credit One Bank offers an attractive set of rewards and perks for a credit card for fair credit.

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 in those categories, your rate reverts to 1 percent.

This generous rate covers a terrific mix of everyday spending categories and 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 from a pure rewards standpoint. While a $5,000 annual spending limit is impressive for a card designed for people with fair credit, it is 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.

Bankrate Insight

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 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.

The limited-time More Rewards merchant offers can provide extra cash back rewards, while Visa Offers + Perks 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 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 like rates and fees and credit-building features.

Rates and fees: High interest can impact your 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 and 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: Few additional features

Despite being marketed as a credit-building card, the Platinum X5 Visa offers little in the way of additional perks to help you build credit. It features a mobile app and the ability to check your credit score for free, but these are standard features on nearly all credit cards.

The card also offers a “credit protection” program, but 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 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). A low starting credit limit doesn't offer much spending power and could make it challenging to maintain a low credit utilization ratio, which may harm your credit. Plus, Credit One can cancel your account if you’re 20 percent over the limit.

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.

We tried it: Here's what our experts say

Even with only a fair credit score, you can do much better than the Platinum X5 card, says Bankrate editor Nouri Zarrugh. When he was looking to build his limited credit history, he had luck getting approved for a couple of no-annual-fee co-branded cards, including store cards.

Based on this experience, he cautions credit-builders not to assume they can't get approved for low-cost unsecured cards. As long as you seek out preapproval opportunities and keep your expectations in check, you should be able to find a decent card to help you move from fair to good credit, without drowning in fees.

His advice: Hold off on pricey rewards cards until you've established at least a good credit score. That will give you more options in the long run — cards that will not only offer solid rewards rates and more value for their fee, but also higher starting limits, reasonable APRs and sign-up bonuses.

When I was looking for my first credit card, I got a lot of mail offers for cards like the Platinum X5 — high-fee cards with lots of restrictions, sent from companies I'd never heard of. I almost applied, too, thinking I had to start somewhere.

But I ended up trying for a no-annual-fee store card first. I didn't want to pay fees just to get my credit score established. Though the store card had limited flexibility with where you could earn rewards, it helped me save money while I built my score and set me up for long-term credit success. I learned the value of being patient and not letting a high rewards rate blind me to unreasonable fees.
— Nouri Zarrugh, Senior Editor, Credit Cards

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.

Credit One Bank® Platinum X5 Visa Signature®

Bankrate Score

Rating: 3.8 stars out of 5 3.8

See Rates & Fees

Apply now

on Credit One Bank's secure site

Annual fee

$95

Intro offer

N/A

Rewards rate

1% - 5%

Recommended Credit Score

Fair to Good (580 – 740)

Capital One QuicksilverOne Cash Rewards Credit Card

Bankrate Score

Rating: 4 stars out of 5 4.0

See Rates & Fees

Apply now

on Capital One's secure site

Annual fee

$39

Intro offer

N/A

Rewards rate

1.5% - 5%

Recommended Credit Score

Fair to Good (580 – 740)

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

Bankrate Score

Rating: 3.8 stars out of 5 3.8

See Rates & Fees

Apply now

on Credit One Bank's secure site

Annual fee

$0

Intro offer

N/A

Rewards rate

1%

Recommended Credit Score

Good to Excellent (670 – 850)

Is the Credit One Bank Platinum X5 Visa right for me?

The Credit One Bank Platinum X5 isn’t the top pick on the market for credit building or rewards, but it can still offer some value if:

You have fair credit and can't yet qualify for superior options.
You want to earn some extra rewards on your purchases while you build your credit.

Alternative picks

Capital One Platinum Credit Card

Best for no annual fee

Upgrade Cash Rewards Visa®

Best for long-term financing

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

What cardholders think

Image of Credit One Bank® Platinum X5 Visa Signature®

Credit One Bank® Platinum X5 Visa Signature®

3.9

39 ratings

70% of customers recommend this card

Score breakdown

5 stars 44%

4 stars 26%

3 stars 18%

2 stars 5%

1 star 8%

Score by category

Overall 3.9 / 5

Extra perks 3.4 / 5

Privacy and security 4.3 / 5

Customer service 4.3 / 5

Online portal or mobile app 4.1 / 5

In May 2024, Bankrate collaborated with third-party SliceMR to survey 6160 cardholders nationwide. Bankrate and Slice MR collected, averaged and presented website analytics and cardholder responses to six questions on a 5-point scale. Responses are based on individual cardholder’s product details, and therefore cannot be verified for accuracy. Users received an incentive for their feedback. User ratings are unedited and have not been reviewed or approved by credit card issuers, nor do these ratings reflect Bankrate’s own reviews of these cards.

Community Reviews

Explore Credit One Bank® Platinum X5 Visa Signature® reviews from certified cardholders.

Search for reviews containing

Sort by Most Recent Highest Rating Lowest Rating

Anonymous Cardholder

May 31, 2024

Is this card a part of your everyday life, why or why not?

Yes because I get cash back on things I buy like travel groceries.

Score by category

Extra perks 5 / 5

Online portal or mobile app 5 / 5

Customer service 5 / 5

Privacy and security 5 / 5

Anonymous Cardholder

May 31, 2024

Why would you or would you not recommend this card to a friend?

I would because it is easy to use. Customer service has been great and never had a problem. Online is super easy to use. Very happy with the card

Score by category

Extra perks 5 / 5

Online portal or mobile app 5 / 5

Customer service 5 / 5

Privacy and security 5 / 5

Anonymous Cardholder

May 31, 2024

Is this card a part of your everyday life, why or why not?

Yes, it is easy access

Score by category

Extra perks 4 / 5

Online portal or mobile app 5 / 5

Customer service 5 / 5

Privacy and security 4 / 5

Anonymous Cardholder

May 31, 2024

Tell us about an experience you had because of the benefits earned from the card

I am able to buy things I need with this card. The apr is fair, the minimum amount due each month is also fair. The points earned by using the card are helpful as well.

Score by category

Online portal or mobile app 5 / 5

Customer service 5 / 5

Privacy and security 5 / 5

Anonymous Cardholder

May 31, 2024

What made you choose this card?

I was accepted

Score by category

Extra perks 3 / 5

Customer service 5 / 5

Privacy and security 3 / 5

Anonymous Cardholder

May 31, 2024

Is this card a part of your everyday life, why or why not?

Yes it helps for evertday of my neds

Score by category

Extra perks 5 / 5

Online portal or mobile app 5 / 5

Customer service 5 / 5

Privacy and security 5 / 5

Anonymous Cardholder

May 31, 2024

Why would you or would you not recommend this card to a friend?

I would recommend this card to anyone, because it offers cash back on purchases.

Score by category

Online portal or mobile app 4 / 5

Customer service 4 / 5

Privacy and security 4 / 5

Anonymous Cardholder

May 31, 2024

What made you choose this card?

The rewards of five times

Score by category

Extra perks 5 / 5

Online portal or mobile app 5 / 5

Customer service 5 / 5

Privacy and security 5 / 5

Anonymous Cardholder

May 31, 2024

What made you choose this card?

I need to build credit

Score by category

Extra perks 5 / 5

Online portal or mobile app 5 / 5

Customer service 5 / 5

Privacy and security 5 / 5

Anonymous Cardholder

May 31, 2024

Is this card a part of your everyday life, why or why not?

Yes very convenient

Score by category

Extra perks 4 / 5

Online portal or mobile app 4 / 5

Customer service 4 / 5

Privacy and security 4 / 5

Anonymous Cardholder

May 31, 2024

Is this card a part of your everyday life, why or why not?

No, I only use for shopping which I don't do every day

Score by category

Online portal or mobile app 5 / 5

Customer service 5 / 5

Privacy and security 5 / 5

Anonymous Cardholder

May 31, 2024

Tell us about an experience you had because of the benefits earned from the card

Airport benefits when traveling

Score by category

Extra perks 5 / 5

Online portal or mobile app 5 / 5

Customer service 5 / 5

Privacy and security 5 / 5

Anonymous Cardholder

May 31, 2024

Tell us about an experience you had because of the benefits earned from the card

I prefer to let my benefits accrue so that if I need them at a later date I can use them

Score by category

Online portal or mobile app 5 / 5

Customer service 5 / 5

Privacy and security 5 / 5

Anonymous Cardholder

May 31, 2024

Why would you or would you not recommend this card to a friend?

The card is reliable and easy to use

Score by category

Extra perks 4 / 5

Online portal or mobile app 5 / 5

Customer service 5 / 5

Privacy and security 4 / 5

Anonymous Cardholder

May 31, 2024

Why would you or would you not recommend this card to a friend?

Good card to have

Score by category

Extra perks 5 / 5

Online portal or mobile app 5 / 5

Customer service 5 / 5

Privacy and security 5 / 5

Anonymous Cardholder

May 31, 2024

What made you choose this card?

Because of its great customerservice.

Score by category

Extra perks 5 / 5

Online portal or mobile app 5 / 5

Customer service 5 / 5

Privacy and security 5 / 5

Anonymous Cardholder

May 31, 2024

Why would you or would you not recommend this card to a friend?

I’d recommend this card to a friend because of the rewards and the way it helps build your credit score.

Score by category

Extra perks 5 / 5

Online portal or mobile app 4 / 5

Customer service 5 / 5

Privacy and security 5 / 5

Anonymous Cardholder

May 31, 2024

Why would you or would you not recommend this card to a friend?

I have not had any issues with this card and I get reward points, I would recommend this card.

Score by category

Online portal or mobile app 3 / 5

Customer service 4 / 5

Privacy and security 4 / 5

Anonymous Cardholder

May 31, 2024

Why would you or would you not recommend this card to a friend?

Easy to use

Score by category

Extra perks 3 / 5

Online portal or mobile app 4 / 5

Customer service 4 / 5

Privacy and security 3 / 5

Anonymous Cardholder

May 31, 2024

Is this card a part of your everyday life, why or why not?

Yes. It's benefits me to use it daily

Score by category

Extra perks 4 / 5

Online portal or mobile app 4 / 5

Customer service 5 / 5

Privacy and security 4 / 5

Anonymous Cardholder

May 31, 2024

Why would you or would you not recommend this card to a friend?

Annual fee

Score by category

Extra perks 4 / 5

Online portal or mobile app 4 / 5

Customer service 4 / 5

Privacy and security 4 / 5

Anonymous Cardholder

May 31, 2024

Is this card a part of your everyday life, why or why not?

Yea I like the rewards

Score by category

Extra perks 4 / 5

Online portal or mobile app 4 / 5

Customer service 4 / 5

Privacy and security 4 / 5

Anonymous Cardholder

May 31, 2024

Is this card a part of your everyday life, why or why not?

Yes it is, I need to use it when I don’t have money

Score by category

Extra perks 5 / 5

Online portal or mobile app 4 / 5

Customer service 5 / 5

Privacy and security 5 / 5

Anonymous Cardholder

May 31, 2024

What made you choose this card?

It was offerd to me with perks.

Score by category

Extra perks 4 / 5

Online portal or mobile app 4 / 5

Customer service 4 / 5

Privacy and security 4 / 5

Anonymous Cardholder

May 31, 2024

What made you choose this card?

It had a nice look to it and they sent me lots of offers

Score by category

Extra perks 4 / 5

Online portal or mobile app 5 / 5

Customer service 5 / 5

Privacy and security 5 / 5

Anonymous Cardholder

May 31, 2024

What made you choose this card?

At the time it was the best card offer for me

Score by category

Online portal or mobile app 4 / 5

Customer service 2 / 5

Privacy and security 3 / 5

Anonymous Cardholder

May 31, 2024

Tell us about an experience you had because of the benefits earned from the card

I've had a good experience because the cash back percentages I receive are extremely generous.

Score by category

Extra perks 4 / 5

Online portal or mobile app 3 / 5

Customer service 5 / 5

Privacy and security 5 / 5

Anonymous Cardholder

May 31, 2024

Why would you or would you not recommend this card to a friend?

I think it's a good credit card and I would recommend

Score by category

Extra perks 3 / 5

Online portal or mobile app 4 / 5

Customer service 3 / 5

Privacy and security 4 / 5

Anonymous Cardholder

May 31, 2024

Why would you or would you not recommend this card to a friend?

I love this card. It’s so easy to use.

Score by category

Extra perks 5 / 5

Online portal or mobile app 5 / 5

Customer service 5 / 5

Privacy and security 5 / 5

Anonymous Cardholder

May 31, 2024

Is this card a part of your everyday life, why or why not?

Yes I use it for gas daily! For work and vacation

Score by category

Extra perks 5 / 5

Online portal or mobile app 5 / 5

Customer service 5 / 5

Privacy and security 5 / 5

Anonymous Cardholder

May 31, 2024

What made you choose this card?

It was literally the only one I could get at the time.

Score by category

Extra perks 2 / 5

Customer service 4 / 5

Privacy and security 2 / 5

Anonymous Cardholder

May 31, 2024

Why would you or would you not recommend this card to a friend?

The card os good for cash back

Score by category

Extra perks 3 / 5

Online portal or mobile app 3 / 5

Customer service 3 / 5

Privacy and security 3 / 5

Anonymous Cardholder

May 31, 2024

What made you choose this card?

because they are a good credit bank

Score by category

Extra perks 3 / 5

Online portal or mobile app 3 / 5

Customer service 3 / 5

Privacy and security 3 / 5

Anonymous Cardholder

May 31, 2024

What made you choose this card?

The features on the card

Score by category

Extra perks 3 / 5

Online portal or mobile app 5 / 5

Customer service 2 / 5

Privacy and security 4 / 5

Anonymous Cardholder

May 31, 2024

Is this card a part of your everyday life, why or why not?

It is not my major card, but I use it maybe once a month

Score by category

Extra perks 3 / 5

Online portal or mobile app 4 / 5

Customer service 2 / 5

Privacy and security 3 / 5

Anonymous Cardholder

May 31, 2024

What made you choose this card?

know the company

Score by category

Extra perks 2 / 5

Online portal or mobile app 2 / 5

Customer service 3 / 5

Privacy and security 3 / 5

Anonymous Cardholder

May 31, 2024

What made you choose this card?

I received an invitation in the mail and was pleased with what they were offering

Score by category

Extra perks 4 / 5

Online portal or mobile app 5 / 5

Customer service 4 / 5

Privacy and security 5 / 5

Anonymous Cardholder

May 31, 2024

Why would you or would you not recommend this card to a friend?

They have multiple cards targeted at different needs

Score by category

Extra perks 4 / 5

Online portal or mobile app 3 / 5

Customer service 4 / 5

Privacy and security 4 / 5

Anonymous Cardholder

May 31, 2024

Why would you or would you not recommend this card to a friend?

Rewards and Benefits: If the credit card offers high rewards on purchases my friend frequently makes or includes benefits like travel insurance, cash back, or points that suit their lifestyle, it could be a great financial tool for them. Interest Rates and Fees: If the card has competitive interest rates or low annual fees relative to the benefits it provides, it might be a cost-effective choice for my friend, especially if they pay off their balance in full each month. Credit Building: If my friend is looking to build or improve their credit score, a credit card that reports to the major credit bureaus and offers educational resources on credit building might be beneficial.

Score by category

Extra perks 5 / 5

Online portal or mobile app 5 / 5

Customer service 4 / 5

Privacy and security 5 / 5

Compare the best fair credit cards

Written by

Garrett Yarbrough

Writer, Credit cards

Read more from Garrett

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

* 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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Credit One Bank® Platinum X5 Visa® Review | Bankrate