Credit One Bank® Platinum X5 Visa® Signature review: Light rewards with heavy fees
A rare credit-building rewards card, but the annual fee could get in the way.
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Snapshot
3.8
Bottom line
Best for high rewards in select categories
on Credit One Bank's secure site
See Rates & FeesIntro offer
N/A
Rewards Rate
1% - 5%
Annual fee
$95
Regular APR
28.99%* Variable
4.0
Cardholder rating
Online tools
Customer service
Information safe
Extra perks
3.8
Bankrate score
Cost of membership
Ease of building credit
APR
Features
Reward Details
Card Details
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Credit One Bank® Platinum X5 Visa Signature overview
The Credit One Bank® Platinum X5 Visa Signature® is a step up from other Credit One credit building cards since it offers 5 percent cash back rewards categories and 1 percent back on everything else. Most of the other Credit One credit-building cards only offer 1 percent cash back rewards categories only.
However, this card has the same finicky prequalification process. Rather than applying directly for the Platinum X5 Visa card, you submit a preapproval form that covers all Credit One Platinum cards. Credit One will gauge your creditworthiness and offer you a selection of cards for which you're eligible. This can be frustrating since you may not be approved for the card you want, removing some agency over a decision related to your finances.
The Platinum X5 Visa isn’t a bad option if you qualify and you want an unsecured credit card for average credit that earns decent rewards, but its annual fee may limit the card’s value in the long run. Knowing your goals beforehand may help you find a card from another issuer that offers you better overall value while you build credit.
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Rewards
- 5 percent cash back rewards on eligible gas, grocery, mobile phone service, internet service and cable and satellite TV service purchases (up to $5,000 in purchases per year, then 1 percent).
- 1 percent cash back rewards on all other purchases. See Rates & Fees.
Expert Appraisal: Good
See our expert analysis -
Rates and fees
- Annual fee: $95
- Regular APR: 28.99%* Variable
- Possible credit limit increase fee
- Late fee: Up to $39
- Returned payment fee: Up to $39
Expert Appraisal: Weak
See our expert analysis -
Credit-building features
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Free online access to credit score
Expert Appraisal: Weak
See our expert analysis -
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Other cardholder perks
Credit One Bank Platinum X5 Visa Signature pros and cons
Pros
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This is one of the few cards for fair or average credit to offer a high cash back rate.
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You’ll get basic Visa benefits like roadside assistance and fraud protection.
Cons
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The application process is complicated and doesn’t let you apply for the card you want directly.
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The $95 annual fee eats into your initial $400 minimum credit limit.
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You'll find higher annual spending caps on rotating bonus category cards.
How to build credit with the Credit One Bank Platinum X5 Visa Signature
There's no special trick to building credit with this card compared to other types of credit building cards. However, there are a few things you'll want to do to keep your finances on the straight and narrow while using this card.
Don't get too fixated on earning rewards. You should think of the cash back on this card as a fun little extra rather than a major reward generator. Your main goal should be to build your credit, so avoid overspending just to get cash back.
Mind the annual fee. The card's annual fee will eat into your total credit limit. If possible, try to pay this off as soon as you can before using the card. Otherwise, you might tip your credit utilization ratio over 30 percent, which could negatively impact your credit score.
Don't carry a balance. While this is standard advice for all credit cards, the high interest rate on this card can snowball quickly and make it difficult to pay off your balance on time. It's best to set your account to autopay for the full amount of your statement balance each month.
Why you might want the Credit One Bank Platinum X5 Visa Signature
The Credit One Bank offers an attractive set of rewards and perks for a credit card for fair credit.
Rewards rate: Generous cash back for a credit-building card
The Credit One Platinum X5 Visa Signature card earns 1 percent cash back rewards on all purchases and 5 percent cash back rewards on your first $5,000 in annual spending on eligible gas, grocery, internet service, cellphone service, cable and satellite TV service purchases. After you meet this annual spending cap in those categories, your rate reverts to 1 percent.
This generous rate covers a terrific mix of everyday spending categories and is one of the highest rewards rates available in these categories on a card for fair credit. Other Credit One credit building cards, as well as competing cards, only offer a flat 1 to 1.5 percent back.
Although it’s a Visa card, eligible purchases for this card are defined by each merchant’s “Standard Industrial Classification Code” instead of Visa’s typical merchant category codes (MCCs). That means your Platinum X5 Visa Signature might not earn rewards at the same places your other Visa cards do.
Cardholder perks: More opportunities for cash back
The Credit One More Rewards and Visa Offers + Perks programs allow you to save money with select online shopping retailers by linking your credit card to these online portals.
The limited-time More Rewards merchant offers can provide extra cash back rewards, while Visa Offers + Perks provides product discounts. Just be sure to read the offer limitations carefully.
All Visa credit cards also carry perks based on your credit limit. The Credit One Platinum X5 Visa Signature card qualifies as a Visa Traditional card, which will get you basic features like $0 liability on unauthorized purchases, emergency card replacement, emergency cash disbursement and 24/7 pay-per-use roadside dispatch.
Why you might want a different credit-building card
While the Platinum X5 Visa offers a great rewards rate and perks for a credit-building card, it falls short in other areas like rates and fees and credit-building features.
Rates and fees: High interest can impact your balance
If you’re looking for a low-cost starter card, you might want to pass on the Platinum X5 Visa Signature. The APR is well above the current average credit card interest rate, and you’ll have to spend at least $1,900 per year (or $159 per month) in the card’s 5 percent cash back rewards categories just to offset the $95 annual fee with rewards.
Depending on your creditworthiness, you may also need to pay a fee to upgrade your credit limit. And given the high interest rate, the card’s late payment and returned payment fee could also snowball your balance.
Credit-building: Not many additional features
Despite being marketed as a credit-building card, the Platinum X5 Visa Signature offers little in the way of additional perks to help you build credit. It features a mobile app and the ability to check your credit score for free, but these are standard features on nearly all credit cards.
Credit One Bank also offers a “credit protection” program, but its cost may outweigh its benefits. By paying 0.96 cents per $100 of your standing balance on each monthly statement, Credit One will waive your minimum payment for up to six months if you experience involuntary unemployment or disability. Beneficiaries can also receive up to a $10,000 balance payoff in the event of death.
Along with the monthly fee for carrying a balance, drawbacks include having your account frozen (except to accrue interest) once you activate your protection and having to wait 30 days to see your policy take effect. Considering these setbacks and other major costs, like compound interest, opting for another debt management plan might be a better idea.
Credit limit: It may be small to start
The minimum initial credit limit with the Credit One Bank X5 Visa Signature is just $400 (minus the $95 annual fee). A low starting credit limit doesn't offer much spending power and could make it challenging to maintain a low credit utilization ratio, which may harm your credit score. Plus, Credit One can cancel your account if you’re 20 percent over the limit.
This small credit limit is also counterproductive to the reward potential of the card, giving you less wiggle room to spend on eligible categories depending on your financial situation.
We tried it: Here's what our experts say
Even with only a fair credit score, you can do much better than the Platinum X5 Signature card, says Bankrate editor Nouri Zarrugh. When he was looking to build his limited credit history, he had luck getting approved for a couple of no-annual-fee co-branded cards, including store cards.
Based on this experience, he cautions credit-builders not to assume they can't get approved for low-cost unsecured cards. As long as you seek out preapproval opportunities and keep your expectations in check, you should be able to find a decent card to help you transition from fair to good credit without drowning in fees.
His advice: Hold off on pricey rewards cards until you've established at least a good credit score. That will give you more options in the long run — cards that will not only offer solid rewards rates and more value for their fee, but also higher starting limits, reasonable APRs and sign-up bonuses.
Bankrate staff insights
When I was looking for my first credit card, I got a lot of mail offers for cards like the Platinum X5 — high-fee cards with lots of restrictions, sent from companies I'd never heard of. I almost applied, too, thinking I had to start somewhere.
But I ended up trying for a no-annual-fee store card first. I didn't want to pay fees just to get my credit score established. Though the store card had limited flexibility with where you could earn rewards, it helped me save money while I built my score and set me up for long-term credit success. I learned the value of being patient and not letting a high rewards rate blind me to unreasonable fees.
Nouri Zarrugh, Senior Editor, Credit Cards
How the Credit One Bank Platinum X5 Visa compares to other credit-building cards
The Credit One Platinum X5 Visa Signature is a notable credit-building tool that — unlike many credit-building cards — offers cash back on purchases. The card’s interest rate is in line with the standard interest rate on cards for fair credit, but the $95 annual fee is higher than similar cards’ fees and the lack of additional credit-building features is a sore spot. Here’s how the card stacks up to similar cards on the market.
Annual fee
Intro offer
Rewards rate
5% cash back rewards on the first $5,000 of eligible gas, grocery, internet, cable, satellite TV, and mobile phone service purchases each year, and then 1% thereafter. 1% cash back rewards on all other purchases, terms apply.
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Annual fee
Intro offer
Rewards rate
Earn unlimited 5% cash back on hotels, vacation rentals and rental cars booked through Capital One Travel. Earn unlimited 1.5% cash back on every purchase, every day.
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Annual fee
Intro offer
Rewards rate
Earn 1% cash back rewards on eligible gas and grocery purchases as well as mobile phone, internet, cable, and satellite TV services, terms apply.
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Is the Credit One Bank Platinum X5 Visa Signature right for me?
While the Credit One Bank Platinum X5 isn’t the top pick on the market for credit building or rewards, it can still offer some value if:
You have fair credit and can't yet qualify for superior options.
You want to earn extra rewards on your purchases while building your credit.
You don't mind having to spend $1,900 per year (or $159 per month) in the card’s cash back rewards categories just to offset the annual fee.
Alternative picks
If you don't spend enough to justify the annual fee (or prefer credit-building over rewards) or want better credit-building features, then a different option might be more suitable.
Frequently asked questions
How we rated this card
Our proprietary card rating system takes into account a mix of factors when scoring credit cards for students and people building credit, including each card’s cost, APR, credit-building tools and more.
We analyzed over 50 of the most popular cards designed for students and people with no credit history, bad credit or a fair credit score and scored each based on where its key features stood in relation to others in its category.
Here are some of the key factors that gave this card its score:
What cardholders think
Credit One Bank® Platinum X5 Visa Signature®
In May 2024 and March 2025, Bankrate collaborated with a third-party vendor to survey 8170 cardholders nationwide. Bankrate and our vendor collected, averaged and presented website analytics and cardholder responses to six questions on a 5-point scale. Responses are based on individual cardholder's product details, and therefore cannot be verified for accuracy. Users received an incentive for their feedback. User ratings are unedited and have not been reviewed or approved by credit card issuers, nor do these ratings reflect Bankrate's own reviews of these cards.
Community Reviews
* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.
Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.
