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Credit One Platinum Rewards Visa with No Annual Fee Card Review

Written by Dayana Yochim
Edited by Carolyn Kimball
Fact-checked by Andrea Coombes

March 12, 2024

Why trust us? Investor.com has no financial relationship with any of the credit card providers whose products we analyze and review. Our opinions are based solely on data and our own extensive independent research — that means unbiased guidance for consumers. Rewards cards in our cashback credit card calculator are listed in descending order according to how much money they pay out annually based on the inputs.

Credit One’s 2% rewards rate on gas, groceries and cell/’net/cable bills comes thisclose to making you forget about the card’s limitations, the biggest of which is earning 0% cash back on purchases outside of the bonus categories.

First, the good news: This no-annual-fee version of the Credit One Platinum Visa pays double the cash back rate to 2% on a select lineup of shopping categories —gas, groceries, and mobile, internet and cable services. All the rewards cash you earn is automatically applied as a statement credit each month, which is convenient for hands-off card management.

But purchases that don’t fall under the designated rewards categories? You’ll earn 0% cash back on those. Plus, Credit One charges a high APY on unpaid balances, fees for foreign transactions, and there’s no welcome mat of sign-up bonuses or low promotional APRs on balance transfers/new purchases. The biggest head-scratcher, in my opinion, is that these terms come on a card that Credit One clearly states is aimed at consumers with "average to excellent credit."

Based on my research into the landscape of 2% cash back credit cards, the Credit One Platinum Rewards Visa deserves nothing more than a temporary parking spot in your wallet until you can qualify for a more mainstream card with better overall terms.

The basics: Earn 2% cash back rewards on eligible purchases of gas, grocery, and internet, cable, satellite TV and mobile phone services. Automatically get up to 10% More Cash Back Rewards from participating merchants. Free online access to your Experian credit score. (Enrollment required.)

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dining Dining

theater_comedy Entertainment

local_gas_station Gas

shopping_cart Groceries

monetization_on Other

local_pharmacy Pharmacy

card_travel Travel

local_shipping Amazon

storefront Costco

construction Home Improvement

shopping_bag Online Shopping

smart_display Streaming

local_taxi Transit

power Utilities

kitchen Whole Foods

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Calculate Cash Back

Credit One Platinum Rewards Visa (No Annual Fee)

Cashback Per Year

$...

Annual Fee

Welcome Bonus

N/A

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Want to compare more cards? Use our full calculator.

Credit One Platinum Rewards Visa (No Annual Fee) pros and cons

thumb_up_off_alt Pros

2% cashback on gas, groceries, phone, internet, cable and satellite TV bills
Up to 10% rewards rate from participating retailers
No annual fee
Automated monthly cash back redemption
Offers prequalification option

thumb_down_off_alt Cons

0% cash back on non-bonus spending categories
Requires "average" to "excellent" credit for approval
No sign-up bonus or intro 0% APR
Potentially low $300 starting credit limit
3% foreign transaction fee
Fee-heavy card terms

Credit One Platinum Rewards Visa (No Annual Fee) cashback rewards spending categories

The following table shows the cashback rewards rate per $1 spent in the six most common spending categories. The “Bonus Rate” refers to the amount you can earn in excess of the card’s standard rewards rate.

Some cashback cards limit the spending amount eligible for the bonus rate (aka the “Spend Cap”). Once you hit that cap (e.g., $1,500 spending in a particular category during a defined time period), the rewards rate on future purchases in that category reverts to the lower “Default Rate.”

Category	Default Rate	Bonus Rate	Bonus Spend Cap	Bonus Spend Period (Months)
Gas	2.00%	-	-	-
Travel	0.000	-	-	-
Dining	0.000	-	-	-
Entertainment	0.000	-	-	-
Pharmacy	0.000	-	-	-
Groceries	2.00%	-	-	-
Other Purchases	0.000	-	-	-

Note: In addition to the rewards categories in the table above, the no-annual-fee Credit One Platinum Rewards Visa also offers 2% cashback on internet, cable and satellite TV, and mobile phone services.

What we like

The unlimited 2% rewards rate on major budget line items like gas and groceries is quite decent, among starter/credit building cashback credit cards.

Even better, Credit One Platinum Rewards Visa’s 2% cashback rate also applies to cell phone, streaming services, internet and satellite TV payments — categories you don’t always see on rewards cards.

The “More Cash Back Program” features a rotating cast of merchants with which you can earn — you guessed it — more cash back. Purchases using your Credit One card are eligible for occasional discounts and cashback rewards rate of up to 10%.

Rewards are automatically credited back to your account, taking that “to do” off your list. The cashback you rack up the previous month will reduce your account balance. Just be sure to make at least the minimum payment due; the credit doesn’t affect that amount.

The prequalification option allows you to see your chances of being approved without impacting your credit score.

Comes with free membership to Experian IdentityWorks credit monitoring program and access your free monthly Experian credit score (sign-up required).

Prefer a different due date? Cardmembers are allowed to choose a payment due date six days before or after your original one. As long as your account is current, you can change up your due date once every six months.

Comes with Visa Zero Liability protection against ne’er-do-wells who do bad things in your name. And that’s it. At least it’s something, amirite?

What we don't like

Pays 0% cash back (as in nada, nil, zilch) on purchases outside of the specified rewards categories. For comparison, almost every other cash back card on the planet pays a minimum of 1% on non-bonus category purchases.

Better cards available if you have decent credit. The Credit One Platinum Rewards Visa states upfront that it's aimed at consumers who have "average to "excellent credit." Yet the terms offered are well below average compared to other 2% cash back credit cards I've researched. The competition offers 2% back on all purchases, not just ones in certain spending categories like Credit One. My advice: Shop around before settling.

Low starting credit limit. Credit One Platinum Rewards Visa minimum credit limit is $300. The amount you're approved for is based on your credit history, but be careful about bumping up against the charging ceiling. Maxing out available credit is something that makes anyone checking out your credit score nervous. Best to stay well below the limit — using 30% or less of the amount you've been granted — until you’re granted a credit line increase.

Lacks a welcome bonus or 0% introductory APR on balance transfers and/or purchases, this is the definition of a bare-bones cashback credit card.

Brace yourself for a higher-than-average variable interest rate if you carry a balance. This is Credit One covering it's butt on customers it deems may be a bigger credit risk.

Step gingerly around the card’s transaction and penalty fees, including the 3% foreign transaction fee, 5% (or $10, whichever is greater) cash advance fee and up to $39 for a late or returned payment.

Adding an authorized user could cost you up to $19 a year. Credit One says this “fee may apply,” which in our experience means “expect to pony up for that, mmmkay?”

Other fees that Credit One “may impose” (see page 131 of the 600-page downloadable PDF of cardholder agreements) include ones for requesting a credit limit increase and $25 for a replacement card, which is just mean.

Grocery purchases at superstores, warehouse stores, drugstores and convenience stores don’t qualify for the “grocery” 2% cashback rate, as with many other rewards programs.

In theory, the optional Credit Protection Program is comforting if the primary cardholder is involuntarily unemployed or disabled. But it costs $0.96 for each $100 (or part of $100) of your balance whether you use it or not. It also takes a month to kick in and locks your card so you can’t make new purchases. Better option: Establishing an emergency fund that can cover minimum payments for six months, which is all the Credit Potection Plan pays for anyway.

The card requires “average-excellent” credit, which Credit One describes as having an above-average credit score and limited payment issues in the recent past. If you’re offered a different Credit One card after you apply, carefully examine the terms (note annual fees, lower rewards rates, stingier terms) before accepting.

The bottom line

Is the Credit One Platinum Rewards Visa (No Annual Fee) the best rewards card for your wallet? The answer depends entirely on your spending patterns. Let the numbers speak for themselves: Use the investor.com Cashback Credit Card Calculator to see which credit card pays back the highest rewards based on how much you spend each month.

Credit One Platinum Rewards Visa (No Annual Fee) fine print

Check out the Credit One Platinum Visa with No Annual Fee terms and conditions. For extra credit, download the PDF of cardholder agreements and scroll to page 128 for the deep dive.

Does the Credit One Platinum Rewards Visa (No Annual Fee) charge an annual fee?

No, there is no annual fee for the Credit One Platinum Rewards Visa (No Annual Fee).

tips_and_updates Trivia time!

How common are annual fees? Roughly 17% of the consumer cash back cards we review charge an annual fee. They range from $39 to $99, with an average annual fee of $67.

Does the Credit One Platinum Rewards Visa (No Annual Fee) offer a welcome bonus?

No, the Credit One Platinum Rewards Visa (No Annual Fee) card does not currently offer a welcome bonus.

tips_and_updates Fun fact

More than half (55%) of the consumer cash back credit cards we track in the investor.com database offer a welcome bonus, ranging from $30 up to $300. The average sign-up bonus for new cardholders is $197, with the median being $200.

How much cashback can I earn with the Credit One Platinum Rewards Visa (No Annual Fee)?

The average American that spends $1000 per month will earn $81.36 in cash back per year using the Credit One Platinum Rewards Visa (No Annual Fee). For comparison, the average annual rewards payout from the cashback credit cards in the investor.com database is $191.26, and $180 is the median.

These calculations are based on average consumer spending data from the Bureau of Labor Statistics (BLS) and the reward payout rates from the providers we track. Of course, you’re so much more than an average data point (aka “consumer unit,” in BLS parlance). The amount you can earn in cashback rewards using the Credit One Platinum Rewards Visa (No Annual Fee) depends entirely on your unique spending habits.

Find out exactly how much you’ll rake in with the Credit One Platinum Rewards Visa (No Annual Fee) by tailoring the spending inputs in the calculator above.

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Methodology

The results of the investor.com Credit Card Rewards Calculator are based on the monthly spending amounts you enter and the annual dollar value of the rewards each credit card program pays per $1 spent. Credit card companies often express this payout amount as a percentage (e.g., 1.5% of every dollar spent) or on a points basis (e.g. ,1.5 points for every dollar spent). We converted all of them to a dollar amount (“Cash Back Per Year”) to make comparing offers easier.

To calculate the amount of cash back you could earn per year, we factored in:

Spend category inputs: The default dollar values for each “Spend Category” in the Best Cashback Credit Cards tool — gas, groceries, travel, restaurant, entertainment, pharmacy, other — are based on average American spending data from the Consumer Expenditure Surveys from the U.S. Bureau of Labor Statistics. We also include additional spend categories (such as streaming services, online shopping, utilities, transit, Amazon and more) to help you see which rewards cards are most closely aligned with your actual spending patterns. We encourage you to customize the monthly spend inputs for the most accurate results.
Tiered rewards rates: If a rewards credit card pays higher cashback rates on certain spending categories (also called “Bonus Rewards”), that difference is reflected in the total “Cash Back Per Year” tally.
Rewards spending caps: Some cards impose category- or time-based limits (monthly, quarterly, annually) that affect the amount of rewards you can earn. For example, a card may pay 3% cash back on groceries on up to $1,000 of spending each quarter, then revert to the base/default rewards rate until the following quarter. We accounted for bonus spending caps and timeframe in the calculations.
Default rewards rates: Purchases that exceed a spending cap are usually subject to a lower default rewards rate (e.g., 1% or 1.5%). We mathed that out too.
Annual fees: If a rewards card charges an annual fee, we deducted that amount from the “Cash Back Per Year” total to provide a true accounting of a card’s annual rewards payout.

What’s not included in the “Cash Back Per Year” total is the cash value of any sign-up/introductory bonus. We highlight any Welcome Bonus separately. While sign-up bonuses can be the most lucrative part of getting a new cashback rewards credit card, not everyone will want or be able to do what it takes to earn the extra cash. (It usually requires spending a certain amount in a specified time period after the card is activated.)

About the Editorial Team

Dayana Yochim

Dayana Yochim has been writing (articles, books, podcasts, stirring speeches) about personal finance and investing for more than two decades, focusing on bringing clarity and the occasional comedic aside to what is often a murky, humorless topic. She’s written for NerdWallet, The Motley Fool, HerMoney.com, Woman’s Day, Forbes, Newsweek and others, and been a guest expert on "Today," "Good Morning America," CNN, NPR and wherever they’ll hand her a mic.

Carolyn Kimball

Carolyn Kimball is Managing Editor for Reink Media Group and the lead editor for content on investor.com. Carolyn has more than 20 years of writing and editing experience at major media outlets including NerdWallet, the Los Angeles Times and the San Jose Mercury News. She specializes in coverage of personal financial products and services, wielding her editing skills to clarify complex (some might say befuddling) topics to help consumers make informed decisions about their money.

Andrea Coombes

Andrea Coombes has 20+ years of experience helping people reach their financial goals. Her personal finance articles have appeared in the Wall Street Journal, USA Today, MarketWatch, Forbes, and other publications, and she's shared her expertise on CBS, NPR, "Marketplace," and more. She's been a financial coach and certified consumer credit counselor, and is working on becoming a Certified Financial Planner. She knows that owning pets isn't necessarily the best financial decision; her dog and two cats would argue this point.