Credit One Bank Platinum X5 Visa – How to Apply

By Raquel Oliveira • 03/07/2025

Credit One Bank Platinum X5 Visa offers Free monthly credit score access and Five percent cashback.

The Credit One Bank Platinum X5 Visa card is an excellent choice for individuals looking to earn cash back while building or rebuilding their credit. 

With 5% cash back on select categories like groceries, gas, and online purchases, this card rewards you for your everyday spending.

Whether you’re shopping at your local supermarket, filling up your gas tank, or buying from your favorite online store, the Credit One Bank Platinum X5 Visa allows you to earn more rewards where you spend most.

In addition to the 5% cash back, the Credit One Bank Platinum X5 Visa offers 1% cash back on all other purchases, which makes it a solid card for those who want to earn rewards consistently. 

How does Credit One Bank Platinum X5 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.

Cons of the Credit One Bank Platinum X5 Visa

Low initial credit limit, starting at five hundred dollars, which may not be sufficient for individuals looking for a higher spending capacity or more financial flexibility.

Annual fee of ninety-five dollars, reducing the overall value of cashback rewards for users who do not spend enough to justify this yearly cost.

High APR of twenty-eight point ninety-nine percent, making carrying a balance costly for users who do not pay their statement in full each month.

APR and Fees

The Credit One Bank Platinum X5 Visa offers a variable APR, which is typically on the higher side, ranging from 24.99% to 26.99%, depending on your creditworthiness. 

This means that if you carry a balance, you could face high interest charges, so it’s essential to pay off your balance each month to avoid paying extra in interest.

The card has no annual fee, which is a great benefit for those who want to earn cash back without the added cost. However, it does charge a 3% foreign transaction fee, which may not be ideal for international travelers.

How to Apply for the Credit One Bank Platinum X5 Visa

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.

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.

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. See more for this card!