Full Review of Credit One Platinum Premier Visa
High rewards rate on select purchases
Available to applicants with average credit
Limited reward redemption options
Few card benefits
- Rewards Rate: The Credit One Platinum Premier Visa offers 5% cash back on the first $5,000 spent on eligible gas, grocery, internet, cable, satellite television, and mobile phone service purchases. After that cap is reached, and for all other purchases, you’ll earn 1% cash back. Rewards cards for people with average credit typically offer 1% to 1.5% cash back, so the ability to earn more than that—even on just the first $5,000 spent for certain purchases—is a nice benefit.
- Card Availability: Many rewards credit cards require applicants to have good to excellent credit. But this card is available to those with average credit, which Credit One Bank defines as having some established credit history with limited payment issues.
- Limited Redemption Options: The Platinum Premier Visa card has one redemption option. Cash back is awarded automatically as a statement credit as long as you made at least one qualifying purchase during the statement period. If you’d prefer to get rewards in another way, such as gift cards or travel, you’ll need to apply for another credit card. The QuicksilverOne card from Capital One offers unlimited 1.5% cash back on every purchase. You can redeem rewards for statement credits, paper checks, and gift cards, or as cash back to cover recent purchases.
- Costly Fees: Before applying for this card, you should be aware of some costly fees:
- Annual fee: It has a $95 annual fee, which is deducted from your available credit. For example, if you’re approved for a $500 credit line, the annual fee would reduce your initial credit line to $405, limiting your spending power.
- Foreign transaction fee: There is a foreign transaction fee whenever you use this card outside of the United States. You’ll pay $1 or 3% of the transaction, whichever is greater.
- Cash advance fee: If you use your card to take out a cash advance, you’ll pay either $10 or 5% of the transaction, whichever is greater. If you took out a $200 cash advance, you’d pay $10 in fees.
- Penalty fees: If a payment is late or returned to you, you’ll pay up to $39.
Fees cut into a card’s value. If you’re looking for a lower-cost option appropriate for average credit, consider the Petal card. It has no fees whatsoever—no annual fees, foreign transaction fees, or late fees—and you can earn up to 1.5% cash back on every purchase.
- Few Card Benefits: While credit cards for people with average credit tend to be fairly basic, the Credit One Platinum Premier Visa has only standard benefits like zero liability protection and access to your credit score. Another card offering more robust benefits for people with average credit is the Platinum credit card from Capital One. It has no annual fee or foreign transaction fees, and benefits like collision damage waiver protection for car rentals, travel accident insurance, and extended warranty protection.
This Card is Best For
Seeks to maximize cash back earnings across spending categories
Motivated to create positive credit history
If you’ve struggled to get approved for a rewards card because your credit is only average and not good to excellent, the Credit One Platinum Premier Visa may be a solid option. You’ll earn 5% cash back on the first $5,000 you spend on eligible gas, grocery, internet, cable, satellite television, and mobile phone service purchases. On all other purchases, you’ll earn 1% cash back.
You don’t have to activate spending categories to earn the higher rewards rate like with other cards, making it a good choice if you want a simple, easy-to-use card.
Rewards Earning Details
With this card, you’ll earn:
- 5% cash back on the first $5,000 spent on eligible gas, grocery, internet, cable, satellite TV, and mobile phone service purchases. Once you reach the $5,000 threshold, you’ll earn 1% cash back on those purchases.
- 1% cash back on all other purchases.
Credit One Bank does partner with select retailers to offer special deals. When you shop at a partner retailer, you can earn up to 10% cash back.
Rewards Redemption Details
This card has one redemption option: If you make at least one qualifying purchase, your cash back rewards will be automatically redeemed as an account credit on your next statement. The statement credit will reduce your card balance but doesn’t count as a payment. You’re still required to make at least the minimum payment by the due date.
How to Maximize Your Rewards
To earn the maximum amount of rewards, use the Credit One Platinum Premier Visa to pay for all eligible gas, groceries, internet, cable, satellite TV, and mobile phone service purchases. You’ll earn 5% cash back on the first $5,000 spent and then 1% cash back on those purchases over that threshold.
For perspective on how spending can add up, consider what the U.S. Bureau of Labor Statistics says the average consumer spends in these categories each year:
- $1,188 on cell phone services
- $1,030 on audio visual equipment and services
- $2,109 on gas
- $4,464 on groceries
If you spent these average amounts, you’d charge $8,791 per year to this card. You’d earn 5% cash back on the first $5,000 spent, for $250 in rewards. On the remaining $3,791, you’d earn 1% cash back, for an additional $37.91. In total, you’d get $287.91 in cash back rewards, more than enough to justify its $95 annual fee.
The Credit One Platinum Premier Visa offers only basic benefits:
- Zero liability protection
- Mobile app access
- Online Experian credit score access
As a cardholder, you may need to contact a credit card issuer when you have issues with your account. Whether your card is stolen or you need to dispute a transaction, customer service is important. That’s why you should know that Credit One Bank’s reputation for customer satisfaction is lackluster.
According to J.D. Power’s 2019 Credit Card Satisfaction Study, Credit One Bank ranked last out of 11 national card issuers in terms of customer satisfaction. The national average score on a 1,000-point scale was 806, but Credit One Bank scored well below that at 728.
Credit One Bank’s customer service team has limited availability. While it does have an automated line available 24 hours a day, seven days a week, you can only reach a live representative via the phone during certain hours:
- Monday through Friday: 5 a.m. to 9 p.m. PT
- Saturday and Sunday: 6:30 a.m. to 5 p.m. PT
You can contact customer support by calling 877-825-3242.
This card has standard security features typical of any credit card, including zero liability protection, fraud alerts, and credit score access.
If you have average credit and are looking for a no-frills rewards card, the Credit One Platinum Premier Visa allows you to earn up to 5% cash back on up to $5,000 spent in select categories. However, other benefits are sparse, it has some costly fees, including a $95 annual fee, and Credit One Bank has a poor ranking for customer service.
The QuicksilverOne from Capital One is an alternative option for both earning rewards and getting access to valuable benefits that the Credit One Platinum Premier Visa lacks. It has a $39 annual fee but doesn’t charge foreign transaction fees, and you’ll earn unlimited 1.5% cash back on every purchase and have more redemption options. Plus, the card offers benefits like secondary auto rental collision damage waiver coverage, travel accident insurance, and extended warranty protection.