How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Advertising Disclosure
LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).

Advertising Disclosure

LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).
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American Express Disclosure
Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

American Express Disclosure

Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

Credit One Bank® Platinum X5 Visa® Review

LendingTree's Review

How LendingTree Rates Credit Cards?

Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.
2.5
Credit One Bank<sup>®</sup> Platinum X5 Visa<sup>®</sup>
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
Cash Back
Automatically earn More Cash Back Rewards for using your Credit One Bank card at participating merchants, terms apply
Fraud Protection
With $0 Fraud Liability, you won’t be responsible for unauthorized charges
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It was not reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Our take: 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.

Who is the Credit One Bank® Platinum X5 Visa® best for?

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.

Pros and cons

Pros

  • Earn up to 5% cash back
  • Helps build your credit history
  • Accessible with good credit

Cons

  • Annual fee
  • Foreign transaction fee
  • High APR
  • Cap on 5% cash back rate
  • No sign-up bonus

Credit One Bank® Platinum X5 Visa® overview

    • 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
    • With $0 Fraud Liability, you won’t be responsible for unauthorized charges     
    • Free Online Credit Score and Credit Report summary, terms apply
    • Automatically earn More Cash Back Rewards for using your Credit One Bank card at participating merchants, terms apply 
    • If you are a Covered Borrower under the Military Lending Act, you may get a different offer
  • Recommended Credit
    Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion
  • 660 720
    Good
  • Free access to your credit score
  • Up to 10% more cash back from participating retailers
  • Ability to choose your payment due date

Intro Purchase APR

N/A

Regular Purchase APR

29.74% Variable

Intro BT APR

N/A

Regular BT APR

N/A

Annual Fee

$95

Cash Advance Fee

$10.00/5%, whichever is greater (see terms)

Foreign Transaction Fee

3% or $1.00, whichever is greater

Balance Transfer Fee

N/A

What we like about the Credit One Bank® Platinum X5 Visa®

  • 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.

What to watch out for with the Credit One Bank® Platinum X5 Visa®

  • 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 3% or $1.00, whichever is greater.

  • High interest rate

    With a high 29.74% 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.

Alternate cash back card

Compare it to the Capital One SavorOne Cash Rewards for Good Credit

| Disclosures
Capital One SavorOne Cash Rewards for Good Credit
Capital One SavorOne Cash Rewards for Good Credit
apply-now-icon Apply Now
on Capital One's secure site
Rates & Fees
N/A
30.74% (Variable)
$0
3% Cash Back on dining, entertainment, popular streaming services and at grocery
  • Earn unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®), plus 1% on all other purchases
  • Earn 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through 11/14/2024
  • Earn 8% cash back on Capital One Entertainment purchases
  • Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
  • No rotating categories or sign-ups needed to earn cash rewards
  • Cash back won't expire for the life of the account and there's no limit to how much you can earn
  • No foreign transaction fee
  • No annual fee
  • You're covered by $0 Fraud Liability for unauthorized charges
  • For Capital One products listed on this page, some of the 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
660 720
Good

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

 

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, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®); 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply); 8% Cash Back on Capital One Entertainment purchases; 1% Cash Back on all other 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 30.74% (variable). So it’s best to avoid carrying a balance month over month.

*To see rates & fees for Capital One SavorOne Cash Rewards for Good Credit, please click here.

Is the Credit One Bank® Platinum X5 Visa® right for you?

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.

*To see rates & fees for Capital One SavorOne Cash Rewards for Good Credit, please click here.
apply-now-icon Apply Now
on Credit One Bank's secure site
Rates & Fees
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