Credit One Platinum X5 Visa Credit Card Review

Most entry-level bank cards are boring and bare-bones. In the event that they earn rewards in any respect, the speed is normally low, like a flat 1% on all purchases.

The Credit score One Platinum X5 Visa bank card is perhaps an entry degree bank card, nevertheless it’s hardly boring. Although designed for candidates with truthful credit score, it earns a strong fee of return on eligible purchases and has some notable extra advantages. As somebody who has various (in all probability too many) of my very own, I’m impressed with the Platinum X5 card.

Now, is Platinum X5 the all time bank card for newcomers? No. It has some notable drawbacks. Chief amongst them is the $95 annual charge, which many rivals waive. However if you happen to spend sufficient to offset it by way of earned rewards, that annual charge might not matter. See if the Credit score One Platinum X5 Visa Credit score Card is best for you.

What Is the Credit score One Platinum X5 Visa Credit score Card?

The Credit score One Platinum X5 Visa bank card is a cash-back bank card for individuals with common to good credit score scores. Candidates with FICO scores within the 620 to 660 vary might qualify for this card. That’s decrease than the 680 to 700 minimal FICO scores that many different cash-back playing cards require. 

The Platinum X5 card pays 5% money again on as much as $5,000 in eligible purchases every year in three classes:

• Fuel station purchases
• Grocery retailer purchases
• Eligible web, cable and satellite tv for pc TV, and cell phone purchases

All different eligible purchases earn 1% money again. As a cardholder, you’ll have alternatives to earn much more money again — as much as 10% with choose companions. These presents are hit and miss, although.

What Units the Credit score One Platinum X5 Visa Credit score Card Aside?

They’re not its solely promoting factors, however three issues actually set the Credit score One Platinum X5 Visa Credit score Card aside.

• Open to Candidates With Honest Credit score. The Platinum X5 card is likely one of the few premium cash-back bank cards that’s open to candidates with truthful credit score. In case your credit score rating is within the 620 to 680 vary, this could possibly be the very best cash-back card you qualify for. You’re much less prone to qualify with a credit score rating beneath 620.
• 5% Money Again on Spending in Three Well-liked Classes. The Platinum X5 card pays 5% money again on as much as $5,000 in annual purchases in three well-liked spending classes: eligible gasoline station purchases, eligible grocery retailer purchases, and sure eligible telecommunications purchases.
• Free Credit score Rating and Credit score-Constructing Instruments. Your Platinum X5 card comes with a free month-to-month credit score rating and credit-building instruments. With it, it’s simple to maintain tabs in your progress towards higher credit score.

Key Options of the Credit score One Platinum X5 Visa Credit score Card

These are crucial options of the Credit score One Platinum X5 Visa Credit score Card and why they matter.

Incomes Rewards With the Platinum X5 Card

The common rewards program right here has two tiers:

• 5% money again on eligible gasoline station, grocery retailer, and telecommunications purchases
• 1% money again on every part else

However there’s some (kind of) nice print.

• “Telecommunications purchases” means eligible web, cable and satellite tv for pc TV, and cell phone purchases.
• The 5% cash-back tier applies solely to the primary $5,000 in mixed annual purchases every year.
• Because of the $5,000 spending restrict, you may’t earn greater than $250 per yr in rewards within the 5% tier.
• When you hit the $5,000 spending restrict, you earn 1% money again on purchases that in any other case would have certified for five% money again till the restrict resets firstly of the subsequent yr.

And the method for redeeming cash-back rewards is easy. Truly, it’s computerized. On any assertion with not less than one eligible buy, you obtain an announcement credit score equal to your rewards steadiness for that assertion cycle. So that you don’t should do something — even push a redeem button — to get what’s yours.

Particular Money-Again Alternatives (As much as 10% Again)

You’ll be able to earn much more than 5% money again on eligible purchases — perhaps. First, you could discover a Credit score One accomplice give you need to benefit from. When you do, your earnings accrue routinely identical to they do with the common rewards program. And probably the most engaging presents pay as much as 10% money again. 

However they are often hit and miss, so don’t maintain your breath. You’re finest off specializing in the common rewards program and periodically checking the Credit score One app to see if any of your go-to retailers occur to offer bonus rewards. Should you had been planning to make purchases with them anyway, pounce.

Free Credit score Rating

You’ll be able to view your free credit score rating in your Credit score One dashboard. It updates month-to-month. Use it to maintain tabs on the way you’re managing your out there credit score and spot potential points (like missed funds or uncomfortably excessive credit score utilization) earlier than they trigger critical issues.

Contactless Cost

The Credit score One Platinum X5 Visa Credit score Card is absolutely contactless. You need to use it at any retailer with tap-to-pay performance.

You can even load your Platinum X5 card into your Google Pay, Apple Pay, or Samsung Pay account. That’s a pleasant perk if you happen to choose to pay for stuff together with your telephone and recurrently patronize retailers that settle for these cost strategies.

Different Card Advantages

Different notable advantages of the Platinum X Visa card embody:

• The pliability to set your personal cost due date
• A cell app the place you may examine balances, make or schedule funds, and extra
• Customizable in-app and SMS notifications
• Zero fraud legal responsibility for unauthorized purchases
• See if you happen to’re eligible to use and prequalify in minutes with no onerous credit score pull

Vital Charges

An important charge of the Platinum X5 card is the $95 annual charge.

An annual charge is rare within the entry-level cash-back bank card area of interest. Should you’re a light-weight spender who gained’t earn rewards quick sufficient to offset it, assume twice about whether or not the Credit score One Platinum X5 is the precise card for you.

Different necessary charges embody:

• A international transaction charge of $1 or 3% of the transaction worth, whichever is larger
• A money advance charge of $10 or 5% of the advance, whichever is larger
• Late and returned cost charges as much as $39

Credit score Required

The Platinum X5 card is designed for individuals with truthful to good credit score. Credit score One doesn’t disclose an absolute minimal credit score rating for brand new candidates. But when your FICO rating is not less than 620, you will have an opportunity at getting authorised right here.

Benefits of the Credit score One Platinum X5 Visa Credit score Card

The Credit score One Platinum X5 Visa Credit score Card’s high benefits embody its beneficiant cash-back program and unusually unfastened underwriting requirements.

• 5% Money Again on Eligible Fuel, Grocery, and Telecom Purchases. You’ll be able to earn as much as $250 in bonus money every year on eligible gasoline station, grocery, and telecom purchases. Even after subtracting the annual charge, that’s $155 in assured bonus cash-back earnings alone if you happen to hit the $5,000 spending cap.
• As much as 10% Extra Money Again With Choose Retailers. You’ll be able to earn as much as 10% money again on purchases with choose Credit score One retail companions. These presents come and go, so it’s finest to not financial institution on them, however they might nonetheless up your web cash-back haul.
• Open to Candidates With Honest Credit score. The Platinum X5 Card is uncommon amongst premium cash-back playing cards for accepting candidates with truthful credit score — right down to about 620 on the FICO scale. In case your credit score isn’t but the place you’d prefer it to be, that’s little question welcome information.
• Free Month-to-month Credit score Rating With Your Account. You’ll be able to view your FICO credit score rating in your Platinum X5 card account, refreshed month-to-month. There’s no must pay for credit score monitoring or choose right into a spammy free credit score monitoring service.
• Helpful Cellular App. Credit score One’s cell app is healthier than the typical bank card issuer’s. Should you choose to handle your cash out of your smartphone, that’s a giant promoting level.
• Contactless Cost and Compatibility With Main App-Primarily based Cost Strategies. The Platinum X5 card is suitable with Google Pay, Apple Pay, and Samsung Pay. Meaning you may pay together with your telephone at retailers that settle for these cost strategies. Or you need to use the X5 card’s full contactless performance.

Disadvantages of the Credit score One Platinum X5 Visa Credit score Card

The Platinum X5 card’s downsides embody its atypical annual charge and lack of introductory perks.

• $95 Annual Charge. The Platinum X5 card’s $95 annual charge is unquestionably the elephant within the room. Most entry-level cash-back bank cards don’t cost annual charges. Those who do, just like the Blue Money Most well-liked card from American Specific, have stricter underwriting requirements and extra beneficiant cash-back applications — in Blue Money Most well-liked’s case, a 3% tier with no spending restrict.
• No Signal-Up Bonus. The Platinum X5 card doesn’t have a sign-up bonus. It’s not the one one, however sufficient do this it is a notable disadvantage, particularly in mild of the annual charge.
• No 0% APR Intro Promotion. The Platinum X5 card additionally has no 0% APR intro promotion. Once more, this isn’t a common cash-back card function, however a few of the finest cash-back playing cards available on the market do have such promos. Some stretch so long as 18 months and apply to each purchases and steadiness transfers.
• 5% Rewards Fee Capped at $5,000 Per Yr. The Platinum X5 card’s 5% rewards tier has a $5,000 annual spending cap. Meaning your 5% cash-back haul is capped at $250 every year, or $155 web after the annual charge. Blue Money Most well-liked’s 6% cash-back tier and the Chase Freedom Flex card’s rotating 5% classes each have $6,000 annual caps.
• 3% Overseas Transaction Charge (Or $1 for Smaller Transactions). The Platinum X5 card has a 3% international transaction charge on purchases made outdoors the US, together with on-line purchases from non-U.S. distributors. Worse, there’s a flat $1 charge for smaller worldwide transactions (below roughly $30).

Is the Credit score One Platinum X5 Visa Credit score Card Legit?

Sure, the Credit score One Platinum X5 is legit. Credit score One is a good bank card issuer with an extended observe document of serving clients with less-than-perfect credit score. It’s not a fly-by-night firm that can take your cash and run.

The truth is, Credit score One Platinum X5 isn’t solely legit, it’s a uncommon deal. Most bank cards with these types of advantages and rewards aren’t out there to people with truthful credit score. 

How the Credit score One Platinum X5 Visa Credit score Card Stacks Up

Once I first heard in regards to the Credit score One Platinum X5 card’s rewards program, my first thought was that it’s quite a bit just like the Chase Freedom Flex Credit score Card. 

The comparability isn’t good, however the headline 5% cash-back fee is a giant similarity. See how the main points of those two playing cards’ rewards applications stack up and what else they’ve in frequent (or don’t).

Different Alternate options to Take into account

Should you’re not bought on the Credit score One Platinum X5 card or the Chase Freedom Flex card, take into account these alternate options as a substitute.