The Credit score One Platinum Premier Visa shouldn’t be certainly one of our high rated money again bank cards. You’ll be able to assessment our checklist of one of the best money again bank cards for what we predict are higher choices.
Full Assessment of Credit score One Platinum Premier Visa
desk of contents
- Execs Defined
- Cons Defined
- Who This Card Is Greatest For
- Rewards Incomes Particulars
- Rewards Redemption Particulars
- Find out how to Maximize Your Rewards
- Commonplace Advantages
- Cardholder Expertise
- Safety Options
- Remaining Verdict
Execs
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Excessive rewards price on choose purchases
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Obtainable to candidates with common credit score
Cons
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Restricted reward redemption choices
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Pricey charges
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Few card advantages
Execs Defined
- Rewards Fee: The Credit score One Platinum Premier Visa provides 5% money again on the primary $5,000 spent on eligible fuel, grocery, web, cable, satellite tv for pc tv, and cell phone service purchases. After that cap is reached, and for all different purchases, you’ll earn 1% money again. Rewards playing cards for folks with common credit score could be minimal, so the flexibility to earn greater than 1%—even on simply the primary $5,000 spent for sure purchases—is a pleasant profit.
- Card Availability: Many rewards bank cards require candidates to have good to glorious credit score. However this card is out there to these with common credit score, which Credit score One Financial institution defines as having some established credit score historical past with restricted fee points.
Cons Defined
- Restricted Redemption Choices: The Platinum Premier Visa card has one redemption choice. Money again is awarded robotically as an announcement credit score so long as you made no less than one qualifying buy through the assertion interval. If you happen to’d desire to get rewards in one other approach, comparable to present playing cards or journey, you’ll want to use for one more bank card. The QuicksilverOne card from Capital One provides limitless 1.5% money again on each buy. You’ll be able to redeem rewards for assertion credit, paper checks, and present playing cards, or as money again to cowl latest purchases.
- Pricey Charges: Earlier than making use of for this card, you have to be conscious of some pricey charges:
- Annual payment: It has a $95 annual payment, which is deducted out of your obtainable credit score. For instance, if you happen to’re authorized for a $500 credit score line, the annual payment would cut back your preliminary credit score line to $405, limiting your spending energy.
- Overseas transaction payment: There’s a overseas transaction payment everytime you use this card exterior of the USA. You’ll pay $1 or 3% of every buy in U.S. {dollars}, whichever is bigger.
- Money advance payment: If you happen to use your card to take out a money advance, you’ll pay both $10 or 5% of the quantity of every Money Advance, whichever is bigger. If you happen to took out a $200 money advance, you’d pay $10 in charges.
- Penalty charges: If a fee is late or returned to you, you’ll pay as much as $39.
Charges lower right into a card’s worth. If you happen to’re on the lookout for a lower-cost choice acceptable for common credit score, contemplate the Petal card. It has no charges in anyway—no annual charges, overseas transaction charges, or late charges—and you’ll earn as much as 1.5% money again on each buy.
- Few Card Advantages: Whereas bank cards for folks with common credit score are usually pretty fundamental, the Credit score One Platinum Premier Visa has solely customary advantages like zero legal responsibility safety and entry to your credit score rating. One other card providing extra sturdy advantages for folks with common credit score is the Platinum bank card from Capital One. It has no annual payment or overseas transaction charges and provides extra options comparable to Capital One's Eno and ATM location providers.
Who This Card Is Greatest For
If you happen to’ve struggled to get authorized for a rewards card as a result of your credit score is simply common and never good to glorious, the Credit score One Platinum Premier Visa could also be a strong choice. You’ll earn 5% money again on the primary $5,000 you spend on eligible fuel, grocery, web, cable, satellite tv for pc tv, and cell phone service purchases. On all different purchases, you’ll earn 1% money again.
You don’t should activate spending classes to earn the upper rewards price like with different playing cards, making it a sensible choice if you would like a easy, easy-to-use card.
Rewards Incomes Particulars
With this card, you’ll earn:
- 5% money again on the primary $5,000 spent on eligible fuel, grocery, web, cable, satellite tv for pc TV, and cell phone service purchases. When you attain the $5,000 threshold, you’ll earn 1% money again on these purchases.
- 1% money again on all different purchases
Credit score One Financial institution does companion with choose retailers to supply particular offers. If you store at a companion retailer, you possibly can earn as much as 10% money again.
Rewards Redemption Particulars
This card has one redemption choice: If you happen to make no less than one qualifying buy, your money again rewards can be robotically redeemed as an account credit score in your subsequent assertion. The assertion credit score will cut back your card steadiness however doesn’t rely as a fee. You’re nonetheless required to make no less than the minimal fee by the due date.
Find out how to Maximize Your Rewards
To earn the utmost quantity of rewards, use the Credit score One Platinum Premier Visa to pay for all eligible fuel, groceries, web, cable, satellite tv for pc TV, and cell phone service purchases. You’ll earn 5% money again on the primary $5,000 spent after which 1% money again on these purchases over that threshold.
For perspective on how spending can add up, contemplate that the U.S. Bureau of Labor Statistics says the common client spent $2,148 on fuel and $5,259 on groceries in 2021.
If you happen to spent these common quantities, you’d cost $7,407 per yr to this card. You’d earn 5% money again on the primary $5,000 spent, for $250 in rewards. On the remaining $2,407, you’d earn 1% money again, for an extra $24.07. In whole, you’d get $274.07 in money again rewards, greater than sufficient to justify its $95 annual payment.
Commonplace Advantages
The Credit score One Platinum Premier Visa provides solely fundamental advantages:
- Zero legal responsibility safety
- Cell app entry
- On-line Experian credit score rating entry
Cardholder Expertise
As a cardholder, chances are you’ll must contact a bank card issuer when you’ve points along with your account. Whether or not your card is stolen or it is advisable dispute a transaction, customer support is vital. That’s why it’s best to know that Credit score One Financial institution’s repute for buyer satisfaction is lackluster.
Credit score One Financial institution ranked final out of 11 nationwide card issuers and scored under common by a big margin in J.D. Energy's 2022 U.S. Credit score Card Satisfaction Research.
Credit score One Financial institution’s customer support crew has restricted availability. Whereas it does have an automatic line obtainable 24 hours a day, seven days per week, you possibly can solely attain a reside consultant by way of the cellphone throughout sure hours:
- Monday via Friday: 5 a.m. to 9 p.m. PT
- Saturday and Sunday: 6:30 a.m. to five p.m. PT
You’ll be able to contact buyer help by calling 877-825-3242.
Safety Options
This card has customary security measures typical of any bank card, together with zero legal responsibility safety, fraud alerts, and credit score rating entry.
Remaining Verdict
You probably have common credit score and are on the lookout for a no-frills rewards card, the Credit score One Platinum Premier Visa lets you earn as much as 5% money again on as much as $5,000 spent in choose classes. Nevertheless, different advantages are sparse, it has some pricey charges, together with a $95 annual payment, and Credit score One Financial institution has a poor rating for customer support.
The QuicksilverOne from Capital One is an alternate choice for each incomes rewards and having access to invaluable advantages that the Credit score One Platinum Premier Visa lacks. It has a $39 annual payment however doesn’t cost overseas transaction charges, and also you’ll earn limitless 1.5% money again on each buy and have extra redemption choices.
Because the Credit score One Platinum card from Visa is out there to customers with common credit score, it may make it easier to construct a extra sturdy credit score historical past. You’ll construct higher credit score if you happen to repay your steadiness month-to-month, maintain your credit score utilization low (don't max out your card), and maintain the cardboard energetic for a number of years when you open the account, even if you happen to don't use it ceaselessly.
The beginning credit score restrict for the Credit score One Platinum card is $300. If you happen to qualify for this card, you’re going to get a credit score restrict of no less than that a lot. Candidates with a greater credit score historical past or greater incomes might qualify for the next restrict. As soon as your account is open, it will likely be reviewed often to see if you happen to qualify for the next credit score restrict.
As a result of this card is out there to customers with common credit score, it’s simpler to get authorized for than many cash-back or rewards bank cards. You probably have some credit score historical past and minimal compensation points—which means you’ve usually paid finally the minimal quantity due on all of your money owed—you’re eligible for approval, even when your credit score rating is on the decrease aspect.
Credit score One Financial institution states that they assessment accounts "often" to see in the event that they qualify for the next credit score restrict. For many banks, this occurs each six to 12 months. If you happen to suppose you qualify for the next credit score restrict than you at present have, for instance in case your earnings has elevated, you possibly can all the time contact the financial institution instantly and request the next restrict.
