If you have average or good credit and are looking to earn a high cash back rate on everyday purchases (like groceries and gas), the Credit One Bank® Platinum X5 Visa® is a solid option. But if you plan to carry a balance from month to month or don’t want to pay an annual fee, there are better options available.
If you have anything less than excellent credit, it can be difficult to find a rewards card that offers a high cash back rate in popular spending categories. But with the Credit One Bank® Platinum X5 Visa® – which Credit One Bank describes as being available to those with average to excellent credit – you can earn 5% cash back rewards on the first $5,000 of eligible gas, grocery, 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.
Just know that you will be responsible for paying an annual fee with this card – which will cut into your rewards earnings. Plus, the card doesn’t offer an interest-free period on purchases, so if you don’t pay your balance in full each month, you’ll be subject to high interest charges.
We highlight the pros and cons of the Credit One Bank® Platinum X5 Visa® and compare it to similar cash back cards to help you decide which card is right for you.
Intro Purchase APR
N/A
Regular Purchase APR
28.24% Variable
Intro BT APR
N/A
Regular BT APR
N/A
Annual Fee
$95
Cash Advance Fee
$10.00 or 5%, whichever is greater (see terms)
Foreign Transaction Fee
Either 3% or $1.00, whichever is greater
Balance Transfer Fee
N/A
High cash back rate on everyday purchases
With the Credit One Bank® Platinum X5 Visa®, you’ll earn 5% cash back rewards on the first $5,000 of eligible gas, grocery, 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.
You’ll also automatically get up to 10% more cash back from a variety of retailers nationwide.
Helps build your credit history
Credit One Bank reports your account and payment activity monthly to the three major consumer credit bureaus — Equifax, Experian and TransUnion. As long as you keep your utilization low and pay your bill on time every month, using the Credit One Bank® Platinum X5 Visa® can help you build positive credit history.
Accessible if you have good credit
It’s very common for credit cards with the best rewards and benefits to require applicants to have an excellent credit score. But what sets the Credit One Bank® Platinum X5 Visa® apart is that it lets you earn a high cash back rate even if you have average or good credit.
Charges an annual fee
The Credit One Bank® Platinum X5 Visa® charges a $95 annual fee. This means you’ll have to spend more than $1,900 in categories that earn the highest cash back rate to cover the annual fee every year.
It may be hard to justify paying $95 a year when there are other cash back credit cards that charge no annual fee.
Foreign transaction fees
If traveling abroad, you’ll want to leave the Credit One Bank® Platinum X5 Visa® at home — it charges foreign transaction fees of either 3% or $1.00, whichever is greater.
High interest rate
With a high 28.24% variable APR on purchases, you’re likely to rack up some expensive interest charges from this card if you carry a balance from month to month.
5% cash back rate is capped
After spending $5,000 in a year on purchases eligible for 5% cash back, your earning rate drops to 1%. If you max out that spending cap, that’s $250 cash back at the elevated rate.
Doesn't offer a sign-up bonus
While many cash back credit cards let you earn an influx of rewards after meeting a certain spend threshold in the first three months of card membership, this card does not.
If you have good but not exceptional credit and are looking for a cash back card with no annual fee, you may want to consider the Capital One SavorOne Cash Rewards for Good Credit.
The $0-annual-fee card lets you earn 3% Cash Back on dining and entertainment; 3% Cash Back on popular streaming services; 3% Cash Back at grocery stores; 1% Cash Back on all other purchases. Earn 8% cash back on Capital One Entertainment purchases.
There’s no limit to how much cash back you can earn, and your rewards don’t expire for the life of your account. You also won’t need to worry about foreign transaction fees when traveling abroad, since this card has none.
Still, similar to the Credit One Bank® Platinum X5 Visa®, the Capital One SavorOne Cash Rewards for Good Credit comes with a high APR of 29.99% (variable). So it’s best to avoid carrying a balance month over month.
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| Credit One Bank® Platinum X5 Visa® | Capital One SavorOne Cash Rewards for Good Credit | Discover it® Cash Back | Capital One Quicksilver Cash Rewards for Good Credit |
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Apply Now on Credit One Bank's secure site
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Apply Now on Capital One's secure site
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Apply Now on Discover's secure site
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Apply Now on Capital One's secure site
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| Annual Fee | |||
| $95 | $0 | $0 | $0 |
| Welcome Offer | |||
| None | N/A | Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300. | N/A |
| Rewards Rate | |||
| Earn 5% cash back rewards on the first $5,000 of eligible gas, grocery, 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 | 3% Cash Back on dining and entertainment; 3% Cash Back on popular streaming services; 3% Cash Back at grocery stores; 1% Cash Back on all other purchases. Earn 8% cash back on Capital One Entertainment purchases | 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases - automatically | 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply) |
| Intro Purchase APR | |||
| N/A | N/A | 0% Intro APR for 15 months | N/A |
| Regular APR | |||
| 28.24% Variable | 29.99% (Variable) | 16.49% - 27.49% Variable APR | 29.99% (Variable) |
| Intro Balance Transfer APR | |||
| N/A | N/A | 0% Intro APR for 15 months | N/A |
| Regular Balance Transfer APR | |||
| N/A | 29.99% (Variable) | 16.49% - 27.49% Variable APR | 29.99% (Variable) |
| Recommended Credit | |||
| Good | Good | Excellent/Good | Good |
| Card Details | |||
| Credit One Bank® Platinum X5 Visa® | Capital One SavorOne Cash Rewards for Good Credit | Discover it® Cash Back | Capital One Quicksilver Cash Rewards for Good Credit |
The Credit One Bank® Platinum X5 Visa® offers a solid cash back rate on popular spending categories, such as gas and groceries. Unfortunately, there’s a $5,000 annual spending cap on purchases eligible for the 5% rate, after which you’ll earn just 1% back on all purchases. If you max that out, that’s $250 in cash back at the elevated rate. Plus, there’s a $95 annual fee, which effectively reduces your net cash back to $155 in this scenario.
If you’re looking for a cash back card aimed at people with lower credit scores that has a $0 annual fee and no cap on the cash back program, you may prefer the Capital One SavorOne Cash Rewards for Good Credit instead.
For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
