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The Credit One Bank Platinum X5 Visa is a good option if you’re looking to earn cashback on everyday purchases, especially if you have fair credit. With the chance to earn 5% cashback on things like gas, groceries, and phone bills, it can help you get rewards for things you already buy.
But like any credit card, it comes with some fees and limits. Keep reading to learn how it works, what benefits it offers, and if it’s a good fit for you!
Credit One Bank Platinum X5 Visa
No annual fee 3% foreign transaction feeHow does the Credit One Bank Platinum X5 Visa work?
The Credit One Bank Platinum X5 Visa is a regular credit card, but with some perks. Once approved, you’ll get a credit limit, usually starting at $500, and you can use it for things like gas, groceries, or online shopping. At the end of the month, you’ll get a bill, and you’ll need to make at least the minimum payment by the due date.
To avoid extra charges, it’s best to pay your bill in full each month. If you carry a balance, interest charges will apply. The card also gives you access to your credit score, which can help you track your credit progress.
One thing to keep in mind is that you first have to fill out a prequalification form. This helps Credit One figure out which card is a good fit for you based on your credit profile. It doesn’t mean automatic approval, but it gives you a clearer idea of your options.
Main Benefits for the Credit One Bank Platinum X5 Visa
The Credit One Platinum X5 Visa stands out because of its cashback rewards. You can earn 5% cashback on select categories, like gas, groceries, and phone bills.
This is a higher cashback rate than many other cards, which usually offer only 1% or 1.5%. However, there’s a catch: you can only earn the 5% on the first $5,000 spent in those categories each year. After that, the rate drops to 1%.
Even with this limit, it’s still a solid deal, especially if you spend a lot in these categories. Plus, you’ll earn 1% cashback on all other purchases, so you’re always getting something back. The card also includes Visa perks, like roadside assistance, which is handy in emergencies.
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Cons for the Credit One Bank Platinum X5 Visa
Despite its benefits, there are a few downsides to the Credit One Platinum X5 Visa. First, it comes with a $95 annual fee, which means you’ll need to earn enough cashback to cover it. If your spending doesn’t match the card’s 5% categories, this fee could be hard to justify.
Another issue is the $500 initial credit limit. While this might work for smaller purchases, it could feel limiting if you tend to make bigger buys. Also, the APR is 29.24%, which is pretty high. If you don’t pay off your balance in full, you’ll end up paying a lot of interest.
Finally, the prequalification process can be frustrating since you don’t know which card you’ll be approved for upfront. Even if you’re prequalified, you might not get the card you want.
APR and Fees
The Credit One Platinum X5 Visa has a high APR of 29.24% (variable). This can quickly become an issue if you carry a balance from month to month. To avoid paying interest, it’s best to pay off your balance in full each month.
In addition to the APR, there’s the $95 annual fee, which you need to factor into your decision. If you’re not earning enough cashback to cover this fee, it could make the card less worthwhile.
Other fees to be aware of include late payment fees (up to $39) and a 3% foreign transaction fee for purchases made outside the U.S. These fees can add up quickly, so it’s important to keep track of your payments and where you use the card.
How to apply for the Credit One Bank Platinum X5 Visa
Applying for the Credit One Platinum X5 Visa begins with filling out a prequalification form on their website. This helps Credit One figure out which card you’re most likely to qualify for based on your credit history.
But even if you’re prequalified, there’s no guarantee that you’ll be approved for this specific card. Credit One will still review your full credit profile before making a final decision.
If you’re approved, you’ll receive an offer that outlines the card’s benefits, fees, and your credit limit. If you accept, you’ll get your card in the mail and can start using it to earn cashback.
One thing to remember is that the prequalification process doesn’t guarantee that you’ll get the Platinum X5 Visa card. If you’re not approved for it, you might still be eligible for another Credit One card. So, it’s a good idea to check your credit beforehand and see if this card is a good fit for your needs.
