Credit One Bank Platinum X5 Visa – How to apply

By Raquel Oliveira • 03/19/2025

Credit One Bank Platinum X5 Visa Wide acceptance due to its Visa status

Credit One Bank Platinum X5 Visa is the credit card for those looking for an easy way to accumulate cash rewards and benefits. 

With five cashback structures in selected categories, this card is ideal for those who regularly spend on gasoline, supermarkets, streaming services and phone bills.

With significant returns on every purchase in these categories, the Credit One Bank Platinum X5 Visa is a great option for maximizing your daily benefits.

Credit One Bank Platinum with monitoring tools and an effective rewards system, this card is a good option for those who want to improve their credit score and gain financial benefits at the same time. 

How does the Credit One Bank Platinum X5 Visa credit card work? 

The Credit One Bank Platinum X5 Visa operates like any standard Visa credit card, offering users a set credit limit upon approval, which determines the maximum amount they can spend using the card.

If a balance is carried over from one month to the next, interest is applied at an APR of twenty-eight point ninety-nine percent, making it important to pay off balances in full to avoid accumulating costly interest charges.

Cardholders benefit from free monthly access to their credit score, enabling them to track financial progress and understand how actions like on-time payments and low balances affect their overall credit rating.

Additionally, the card’s Visa network ensures global acceptance, making it a convenient option for online shopping, travel bookings, and everyday purchases, whether in-store or digital.

Main Benefits of the Credit One Bank Platinum X5 Visa

• Five percent cashback on eligible purchases in select spending categories like gas, groceries, and bills, making frequent expenses more rewarding for everyday users.
• Free monthly credit score access, helping cardholders track financial progress, manage their accounts, and make informed decisions to improve or maintain their credit history.
• Wide acceptance due to its Visa status, ensuring purchases can be made globally for both online and in-person transactions, increasing overall convenience.

Who Should Apply for the Credit One Bank Platinum X5 Visa?

This card is best suited for individuals who spend frequently in eligible cashback categories like groceries, gas, and utility bills, ensuring they maximize rewards and offset the annual fee.

It is also a useful option for those looking to monitor their credit score regularly, as free monthly access to credit reports helps track financial progress and maintain responsible spending habits.

However, users who carry a balance may find this card expensive, as the high APR makes interest accumulation costly. For those seeking a low-interest or no-annual-fee option, other cards may be better alternatives.

Additionally, frequent travelers may not find this card ideal due to the foreign transaction fee, making it less cost-effective for purchases made outside the United States.

Cons of Credit One Bank Platinum X5 Visa

• Foreign transaction fee: The Credit One Bank Platinum X5 Visa charges a foreign transaction fee of 4.5%, which is higher than many competing cards.
• Low initial credit limit: This card typically comes with a low initial credit limit, often starting at $200 or slightly higher.
• Annual fee: While this card offers rewards, it also charges an annual fee of up to $95, depending on the account type.
• Interest rates: The card’s APR can be quite high, with rates reaching up to 28.99%, depending on your creditworthiness.

APR and Fees

Understanding the costs associated with this card is crucial, as the APR and fees can significantly impact financial management if balances are carried over.

• APR is set at twenty-eight point ninety-nine percent, which is higher than many comparable credit cards, making it less suitable for users who do not pay their balance in full.
• Annual fee of ninety-five dollars, charged automatically upon account opening, meaning users must spend enough on cashback categories to offset this cost.
• Late payment fees of up to thirty-nine dollars, along with a returned payment fee of the same amount, can add to expenses if payments are missed or declined.
• Foreign transaction fee of three percent on international purchases, making this card a less attractive choice for frequent travelers who spend money abroad.

How to Apply

The application process for this credit card is quick and straightforward, with potential applicants first undergoing a prequalification check before submitting a formal request.

• If approved, the card is mailed within seven to ten business days, and users can activate it online before beginning to use it for purchases and cashback rewards.
• Visit the Credit One Bank website to check prequalification, which allows the bank to assess credit history without impacting the applicant’s score.
• If prequalified, proceed with the application by submitting personal details, including full name, address, social security number, and income information.
• Submit the form and wait for a credit review decision, which is typically provided within a few minutes, though some applications may take longer for approval.

Final Considerations

This card is a decent choice for cashback rewards, particularly for individuals who frequently spend in eligible categories and pay their balance in full each month to avoid interest charges.

While it offers some valuable benefits, such as free credit score access and Visa acceptance, the high APR and annual fee can diminish its overall value, making it less appealing for certain users.

Before applying, evaluate your spending habits to determine if the cashback benefits outweigh the costs. If maximizing rewards while maintaining financial responsibility aligns with your goals, this card can be a suitable addition to your wallet.