Credit One Bank Platinum X5 Visa – How to Apply
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This credit card is perfect for those who want many benefits and enjoy all related advantages.
The Credit One Bank Platinum X5 Visa is a good choice if you want to build your credit and earn rewards on everyday purchases. You can earn up to 5% cash back in certain categories, which makes it stand out.
However, there are some fees and limits to consider. Keep reading to find out how the card works, its main benefits, what to watch out for, and how to apply!
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Easy cashback Easy applicationHow does the Credit One Bank Platinum X5 Visa work?
The Credit One Bank Platinum X5 Visa works like most credit cards, offering a line of credit that you can use for everyday purchases. After you’re approved, you get a credit limit, typically starting at $500, and you’re billed monthly for anything you buy with the card.
To avoid interest and fees, you’ll need to make at least the minimum payment each month. The card also lets you access your credit score regularly, which can be helpful for monitoring your progress in building credit.
Instead of applying directly for the Platinum X5 Visa, you start by submitting a prequalification form. This form helps Credit One figure out which card you qualify for. If approved, they’ll offer you a specific card based on your credit profile.
Keep in mind that this process can sometimes be frustrating since you don’t know upfront which card you’ll be approved for.
Main benefits of the credit one bank platinum x5 visa
First, it offers cash back on purchases, which is a great perk for a credit-building card. You can earn up to 5% cash back on certain categories, including groceries, gas, internet, and cellphone bills.
This is a pretty high rewards rate compared to many other cards designed for people with fair credit. After you reach the $5,000 limit in these categories, the rate drops to 1%, but that’s still a decent return on everyday spending.
In addition to the cash back rewards, the Platinum X5 Visa gives you some standard Visa perks. These include things like roadside assistance, fraud protection, and the ability to replace your card if it’s lost or stolen. It’s not a huge list of extra perks, but it’s useful for everyday situations.
Also, the Platinum X5 Visa card has programs that can help you earn even more rewards. The “More Rewards” program gives you cash back at certain online retailers, and Visa Offers + Perks gives you discounts on select products. So, you could potentially earn additional savings, especially if you shop online a lot.
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Cons of the Credit One Bank Platinum X5 Visa
The biggest downside of the Platinum X5 Visa is the $95 annual fee. That’s a lot for a credit-building card, especially since you’ll need to earn back that fee with rewards. The card also starts with a low credit limit, usually $500, which limits how much you can spend and can be frustrating if you want to maximize your rewards.
The application process is another downside. You can’t just apply for the Platinum X5 Visa directly. Instead, you need to go through a prequalification process, and there’s no guarantee you’ll be approved for the card you want. Finally, the card has a high APR of 29.24%, which means if you carry a balance, it can quickly become expensive.
APR and Fees
The Credit One Platinum X5 Visa has a high APR of 29.24% (variable). This means if you don’t pay off your balance in full each month, interest will build up fast.
There are also a few fees to watch out for, including a $95 annual fee, late payment fees up to $39, and a 3% foreign transaction fee on purchases made outside the U.S. or with international merchants. If you don’t pay your bill on time or use the card abroad, these fees can add up quickly.
Also, if a payment is returned, you’ll be charged a fee of up to $39. While the card offers rewards, these fees can eat into the value of those rewards if you’re not careful about managing your spending and payments.
How to apply for the Credit One Bank Platinum X5 Visa
Instead of applying directly for the card, you first submit a prequalification form on the Credit One website. This form asks for some basic information, including your income and credit history. Based on the information you provide, Credit One will assess your creditworthiness and decide which of their cards you qualify for.
If you’re eligible for the Platinum X5 Visa, Credit One will send you an offer. From there, you can review the terms and conditions, including the annual fee, APR, and rewards structure, before accepting the offer.
If you accept, you’ll receive the card, and it will come with a credit limit, usually starting at $500. Once you have the card, you can start using it for purchases and begin earning cash back rewards.
It’s important to note that the prequalification process doesn’t guarantee approval. Even if you’re prequalified, Credit One will still review your credit history and other factors before making a final decision. So, if you don’t qualify for the Platinum X5 Visa, you might still be approved for a different Credit One card.
