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Credit One Bank® Platinum Rewards Visa with No Annual Fee review

A no annual fee 2% cashback card with limited earning potential.

  • Get this card if you have strong credit but want to prequalify before applying.
  • Get something else if you want 2% cashback without limiting categories.
  • Apply with an excellent credit score of 740 or greater.
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Up to 2%

Cash back

$0

Annual fee

23.99%

Purchase APR (variable)

740

Recommended credit score

Details

Annual fee$0
Welcome OfferN/A
Rewards2% cash back rewards on eligible gas, groceries, mobile phone, internet, cable and satellite TV services
Purchase APR23.99% variable
Balance transfer APRN/A
Recommended minimum credit score740
IssuerVisa

Review by


Steven Dashiell is a writer at Finder specializing in all things credit cards. With more than 300 articles under his belt, he aims to help readers embrace credit cards and maximize their rewards. Steve is studying to become a Certified Educator in Personal Finance, and is a frequent face on Finder’s YouTube channel, offering the latest in credit card hacks and advice. His expertise has been featured on numerous outlets, including U.S. News & World Report, Time, CBS, Fox Business, Lifehacker, Martha Stewart Living and more.

Expert review

As the name suggests, the Credit One Bank® Platinum Rewards Visa with No Annual Fee credit card is the no annual fee version of the Credit One Bank® Platinum Rewards Visa. Unlike its bigger brother, it requires no annual fee for use. In exchange, it earns 2% cash back on eligible gas, grocery, mobile phone service, internet, cable and satellite TV services, and 2% back on everything else. The card can also earn up to 10% back at participating retailers and comes with a 23.99% variable APR.

The major difference you’ll find between the two Platinum Rewards Visa cards is the rewards structure. Instead of the capped 5% back found on the annual fee version of the Platinum Rewards, this card offers an unlimited 2% back on the same categories. The question then becomes whether you think paying the annual fee is worth it to push to earn up to the $5,000 cap, or whether you’d play it safe and casual with no annual fee.

Unfortunately, this card is lacking compared to other leading flat-rate cashback cards on the market. It only earns 2% back on select categories, unlike cards such as the Citi® Double Cash Card which can earn 2% back on all purchases. This is unexpected – the Credit One Bank® Platinum Rewards Visa with No Annual Fee has stricter credit score requirements than even the Citi® Double Cash Card.

If you have the excellent credit required for the Credit One Bank® Platinum Rewards Visa with No Annual Fee, you’ll be better off choosing one of the stronger cash back cards on the market.

How to apply for the Credit One Bank® Platinum Rewards Visa with No Annual Fee

You can only apply for the Credit One Bank® Platinum Rewards Visa with No Annual Fee if you first prequalify. You can check if you prequalify online using the following steps.

  1. Click Apply now.
  2. Fill out the requested information, including your name, address, email address, Social Security Number, date of birth, phone number and income, and click See card offers.
  3. You’ll be taken to a page with your prequalification offers. If the Credit One Bank® Platinum Rewards Visa with No Annual Fee is on this page, you can click Apply and begin the process to submit your application.

Credit One Bank® Platinum Rewards Visa with No Annual Fee benefits

  • Earn cash back. You’ll earn 2% cash back on eligible groceries, gas, mobile phone, internet, cable and satellite TV services, and 2% back on everything else. Superstores such as Target or Walmart aren’t included in the groceries category. You can also earn up to 10% back on eligible purchases at participating retailers.
  • No annual fee. You won’t pay an annual fee to use this card.

Credit One Bank® Platinum Rewards Visa with No Annual Fee drawbacks

  • Limited 2% back categories. Unfortunately, your 2% back is limited to just a few categories. Other 2% cards on the market are open to all purchases.
  • No signup bonus. This card lacks a welcome offer, which is fairly rare on a cashback credit card.
  • Strict credit requirement. Unlike most of Credit One’s other offerings, this card is only available to applicants with excellent credit. Whether you’re looking for a credit-building card with rewards or an unlimited cashback card for good credit, you’ll likely find better options on the market.

Compare cashback credit cards

Name Product Welcome offer Rewards Annual fee Filter values
Blue Cash Preferred® Card from American Express
Up to $350: 20% back on Amazon.com purchases in the first 6 months for up to $200 back, plus $150 statement credit after you spend $3,000 in the first 6 months
6% on select US streaming services, 3% on transit and US gas stations, 6% at US supermarkets on up to $6,000 annually, then 1% after that and on all other purchases (redeem as statement credit)
$0 intro annual fee for the first year ($95 thereafter)
Earn up to $350. In your first 6 months, you can earn a $150 statement credit when you spend $3,000, and earn 20% back on Amazon purchases made with your card, up to $200 total. Having 6 months to earn a welcome offer is a rare benefit as most cards give you only 3. Terms apply, see rates & fees
Blue Cash Everyday® Card from American Express
Up to $250: 20% back on Amazon.com purchases in the first 6 months for up to $150 back, plus $100 statement credit after spending $2,000 within the first 6 months
3% at US supermarkets on up to $6,000 per year (then 1%), 2% at US gas stations and select US department stores and 1% on all other purchases (redeem as statement credit)
$0
Earn up to $250. You'll get 20% back on Amazon.com purchases in the first six months for up to $150 back, and $100 after you spend $2,000 in the first six months. This is a higher-than-average welcome offer for a card with no annual fee. Terms apply, see rates & fees
Citi Custom Cash℠ Card
$200 cash back after spending $750 in the first 3 months. Fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back
5% cash back on purchases in your top eligible spend category each billing cycle on up to the first $500 spent, then 1% cash back thereafter and on all other purchases
$0
A new cashback card that automatically awards 5% to your highest eligible spending category each billing cycle, on up to $500 (then 1%).
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Credit One Bank® Platinum Rewards Visa with No Annual Fee customer reviews and complaints

Credit One Bank is accredited with the Better Business Bureau and has an A- rating as of July 2021. There is, however, a warning on the BBB site noting a pattern of complaints from consumers through their site regarding billing/collection issues and calling on consumers to report any instances.

The provider currently sports a 1.5 out of 5 rating on Trustpilot, with customer complaints including poor customer service and unusual account charges

Bottom line

The Credit One Bank® Platinum Rewards Visa with No Annual Fee offers decent cashback with no annual fee. If you have the excellent credit recommended for this card, however, there are stronger cashback card options out there.

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