Credit One Bank^® Platinum X5 Visa^® Review

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. The Credit One Bank^® Platinum X5 Visa^® is available to those with good credit and offers the chance to earn up to 5% cash back on purchases up to $5,000.

But, despite the rewards rate, this card might not be worth it because of its cost. You’ll be responsible for paying a $95 annual fee, which will cut into your rewards earnings. Plus, the Credit One Bank^® Platinum X5 Visa^® card doesn’t offer an interest-free period on purchases. If you don’t pay your balance in full each month, you’ll be subject to high interest charges. Depending on your credit score it’s likely that you’ll get more value by choosing another rewards credit card.

• Annual fee: $95
• Sign-up bonus: None
• Rewards: 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.
• Regular purchase APR: 29.74% Variable
• Cash advance fee: $10.00/5%, whichever is greater (see terms)
• Other benefits: Contactless payment, Zero fraud liability, Free online access to your credit score and Choose your payment due date.
• Credit needed: Good

• 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.

  5% cash back is high, especially for a credit card geared towards those with good credit, but there are rewards cards available that don’t have a cap on how much you can earn at the highest rate.

• 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.

  Want to keep up with your credit score? Sign up for LendingTree Spring to get your free credit score.

• Accessible if you have less than excellent credit

  It’s very common for credit cards with the best rewards and benefits to require applicants to have an excellent credit score (a FICO® Score of 800 to 850). But, the Credit One Bank^® Platinum X5 Visa^® lets you earn a high cash back rate even if you have good credit or a FICO® score of 670 to 739.

  While there are many types of scoring systems used, FICO® is the most used among lenders. It ranges from a low of 300 to a high of 850. The factors that affect your FICO® score are:

  • Payment history (35%)
  • Credit utilization ratio (30%)
  • Length of credit history (15%)
  • New credit (10%)
  • Credit mix (10%)

• 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 because there are other cash back credit cards that charge no annual fee.

• High interest rate

  According to a recent LendingTree study, the average APR is about 24.71%. The Credit One Bank^® Platinum X5 Visa^® surpasses this with a 29.74% variable APR. You’re likely to rack up some expensive interest charges from this card if you carry a balance from month to month.

  This card also offers no intro APR on purchases or balance transfers. Some credit cards come with 0% intro APRs, waiving the interest on balance transfers and purchases for anywhere from six to 21 months. If you’re planning to use your card to finance a large purchase, you’ll want to choose a more affordable option with a long 0% intro APR period.

  → See our top picks for the best 0% APR credit cards

• 5% cash back rate is capped

  While 5% cash back might seem high, there’s a cap on how much you can earn at that rate. After spending $5,000 on eligible purchases in a year, your earning rate drops to 1%.

  If you max out that spending cap, that’s $250 cash back — fairly decent earnings. However, if you plan to spend more than $5,000 on your credit card, there are credit cards that offer flat-rate rewards with no cap.

  For example, the Capital One Venture Rewards Credit Card allows you to earn 2 Miles per dollar on every purchase, every day; 5 Miles per dollar on hotels and rental cars booked through Capital One Travel. The Wells Fargo Active Cash^® Card allows you to earn unlimited 2% cash rewards on purchases.

  There are also cards that offer bonus categories with elevated rewards and no cap. For example, the Capital One Savor Cash Rewards Credit Card allows you to earn unlimited 4% cash back on dining, entertainment, and popular streaming services, 3% at grocery stores (excluding superstores like Walmart® and Target®) and 1% on all other purchases.

• 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 few months of card membership, this card does not. A credit card sign-up bonus is one of the best ways you can get value out of your card shortly after signing up.

  Many credit cards make the sign-up bonus fairly easy to earn. For example, the Wells Fargo Active Cash^® Card lets you earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.

  → See our top picks for the best credit card sign-up bonuses

Credit One Bank^® Platinum X5 Visa^® vs. Capital One Venture Rewards Credit Card

The Capital One Venture Rewards Credit Card is our top choice for a credit card for good credit. Similar to the Credit One Bank^® Platinum X5 Visa^®, it charges a $95 annual fee, but it’s worth it in this case because this card is packed with valuable benefits (see rates & fees).

There’s a generous sign-up bonus and solid rewards rate with valuable redemption options. You’ll earn Venture miles which can be used to book travel through Capital One Travel or can be redeemed as a statement credit towards other travel purchases. You can also transfer miles to one of Capital One’s travel partners for more value.

Travel benefits with this card include a TSA PreCheck® or Global Entry credit, travel accident insurance and an auto rental collision damage waiver. This card is a much better overall value than the Credit One Bank^® Platinum X5 Visa^® if you’re comfortable paying an annual fee (see rates & fees).

Credit One Bank^® Platinum X5 Visa^® vs. Wells Fargo Active Cash^® Card

The Wells Fargo Active Cash^® Card is a better cash back credit card because there’s a $0 annual fee, easy-to-earn sign-up bonus and 2% flat-rate cash back on every purchase.

You’ll get a 0% intro APR for 15 months from account opening on purchases and 0% intro APR for 15 months from account opening on qualifying balance transfers. Then, a 20.24%, 25.24%, or 29.99% Variable APR applies.

There’s no cap to how much cash back you can earn at the 2% rate and there’s no rewards categories to keep track of. The Wells Fargo Active Cash^® Card is an easy card to manage and is a much more affordable option to the Credit One Bank^® Platinum X5 Visa^®.

Credit One Bank^® Platinum X5 Visa^® vs. Capital One Savor Cash Rewards Credit Card

If you like the idea of being able to earn accelerated rewards on different spending categories, the Capital One Savor Cash Rewards Credit Card is a great option. You’ll earn unlimited 4% cash back on dining, entertainment, and popular streaming services, 3% at grocery stores (excluding superstores like Walmart® and Target®) and 1% on all other purchases.

The Capital One Savor Cash Rewards Credit Card also comes with a $95 annual fee. But, with no cap on spending categories, you’ll be able to make up for the fee if you take advantage of rewards. This card also comes with the chance to earn a one-time $300 cash bonus once you spend $3,000 on purchases within 3 months from account opening.

The Credit One Bank^® Platinum X5 Visa^® offers a solid cash back rate on popular spending categories. But, 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. Plus, there’s a $95 annual fee, which reduces your net cash back to $155 in this scenario.

This card also comes with a high APR and no intro APR period, which can cost you a significant amount if you carry a balance on your card. If you’re looking for a cash back card for good credit that’s more affordable and has no cap on its cash back program, there are plenty of better options available.