Credit One Bank Platinum X5 Visa – How to Apply

By Raquel Oliveira • 03/05/2025

 One Bank Platinum X5 offering five percent rewards on select purchases.

The Credit One Bank Platinum X5 Visa is an excellent credit card for those who want to earn significant rewards on their everyday spending, especially for purchases in popular categories like dining, groceries, and gas. 

With 5% cashback on the first $5,000 spent annually in select categories and 1% cashback on all other purchases, this card provides a flexible and rewarding way to manage your finances. Plus, with no annual fee.

The Credit One Bank Platinum X5 Visa is designed for individuals with average to good credit, offering them an opportunity to earn valuable rewards while building or improving their credit score. 

The high cashback rate in certain categories, combined with its reasonable APR and lack of an annual fee, makes this card an attractive choice for anyone looking for a simple, rewarding credit card.

How does Credit One Bank Platinum X5 Visa work?

The Credit One Bank Platinum X5 Visa is designed for those who want to maximize their cashback rewards. It offers 5% cashback on eligible purchases in select categories such as dining, groceries, and gas, up to $5,000 annually.

This cashback structure makes the card highly attractive for individuals who frequently spend in these essential categories. Since dining, groceries, and gas are everyday expenses for most people, the potential for significant savings throughout the year is substantial.

Beyond cashback, the Credit One Bank Platinum X5 Visa provides automatic monthly credit score tracking. This feature is particularly beneficial for users looking to monitor and improve their credit health.

Another essential aspect of this card is fraud protection, which safeguards users against unauthorized transactions. With secure account monitoring, cardholders can shop with confidence, knowing their financial information is protected.

Main benefits of the Credit One Bank Platinum X5 Visa

This card offers several notable advantages that enhance its value for consumers. Below are the key benefits that make this card stand out:

• 5% cashback on up to $5,000 annually in dining, groceries, and gas, allowing users to maximize rewards in everyday spending categories.
• 1% unlimited cashback on all other purchases, ensuring consistent earnings on every transaction.
• No annual fee, making it a cost-effective option compared to other rewards cards that charge yearly maintenance fees.
• Automatic credit score tracking, helping users monitor and improve their credit over time.
• Fraud protection, providing an extra layer of security to prevent unauthorized transactions.

These benefits make the Credit One Bank Platinum X5 Visa an excellent choice for those looking to earn cashback while maintaining financial security.

Cons of the Credit One Bank Platinum X5 Visa

Despite its impressive benefits, this credit card does have some drawbacks that potential applicants should consider:

• The 5% cashback rate is capped at $5,000 annually, after which it drops to 1% in the same categories. This limitation may reduce potential savings for heavy spenders.
• The APR is relatively high, ranging from 24.99% to 26.99% (variable), making it costly for users who carry a balance month to month.
• Approval for this card requires good to excellent credit, which means it may not be accessible for individuals with low credit scores or limited credit history.
• No introductory APR offer, meaning there are no initial low-interest benefits for balance transfers or purchases.

While these limitations may not be a concern for everyone, they are important to consider when choosing a cashback credit card.

APR and Fees for the Credit One Bank Platinum X5 Visa

This card offers competitive rewards, but potential cardholders should be aware of its fee structure. Below are the most important details:

• APR: Variable rates between 24.99% and 26.99%, which can be costly for users who carry a balance.
• Annual Fee: $0, making it a great option for those looking to avoid unnecessary costs.
• Late Payment Fees: Can be applied if payments are not made on time, so responsible card management is essential.
• Cash Advance Fees: Fees may apply when withdrawing cash from ATMs using this credit card.

Despite the high APR, the no annual fee feature helps balance the card’s affordability. To maximize benefits, users should aim to pay off balances in full each month to avoid high interest charges.

How to Apply

Applying for the Credit One Bank Platinum X5 Visa is a simple process that can be done online in just a few steps. Follow these instructions to complete your application:

1. Visit the official Credit One Bank website and navigate to the application section.
2. Fill out the online form, providing personal details such as your name, address, and financial information.
3. Submit your application and wait for a quick decision—most applicants receive a response within minutes.
4. If approved, receive your card and start earning cashback immediately on eligible purchases.

Since this card requires good to excellent credit, applicants should check their credit score in advance to determine eligibility. Those who qualify can take advantage of its cashback rewards and credit monitoring features right away.

Conclusion

This card is a great choice for earning cashback on essential purchases. It offers 5% cashback on dining, groceries, and gas, making it highly valuable for frequent spenders.

The card’s automatic credit score tracking helps users improve their financial health. Additionally, fraud protection ensures security against unauthorized charges. With no annual fee, this card combines affordability and rewards.

Despite its benefits, the APR is high, and the cashback cap limits earnings. It also requires good credit for approval, restricting access for some applicants looking to improve their score.

For users who pay their balance in full, this card maximizes rewards while avoiding high interest. If you manage spending wisely, the Credit One Bank Platinum X5 Visa can be a valuable financial tool.