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The Credit One Bank® Platinum Rewards Visa with no annual fee stands out. With so many cards on the market offering 2% cash back on all spending areas, it’s hard to see why anyone would choose a card that earns 2% with just a few purchases. And the card has an above-average APR, so the balance on the card would be a poor choice.

With the no-annual-fee Credit One Bank® Platinum Rewards Visa, you’ll earn unlimited 2% cash back rewards on eligible gas and groceries purchases, as well as cell phone, internet, cable and satellite TV service. Credit One also offers “More Cash Rewards,” which can automatically generate up to 10% cash back on spending at participating retailers, although Credit One doesn’t publish a catalog to help you find these generous participants. You should also be aware that purchases from discount stores like Target and Walmart, warehouse clubs like Costco and Sam’s Club, and stores that sell groceries but aren’t classified as grocery stores (such as convenience stores or drugstores) are not eligible for a refund.

It’s also worth noting that potential applicants who are unsure of their eligibility for the card can submit some basic information and Credit One will perform a gentle credit check to determine if they are pre-qualified without scoring your credit have any effect. However, there are other issuers that also offer prequalification tests. And the ability to earn “more cash rewards” isn’t enough to make this card stand out from other cashback cards.

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At first glance

  • $0 annual fee
  • This card does not offer a welcome bonus.
  • Earn 2% cash back on eligible gas and grocery purchases, as well as cell phone, internet, cable and satellite TV service
  • Up to 10% cash back from eligible More Cash Rewards merchants
  • 23.99% variable APR
  • Check Your Eligibility Before Applying.

Remuneration

Earn rewards

The card gives you 2% cash back rewards on eligible gas and grocery purchases and mobile, internet, cable and satellite TV services, and 10% cash back at participating More Rewards merchants. There will be no incentives for other expenses.

Redeem rewards

Every month, rewards are automatically credited to your account as a statement.

Reward Potential

Forbes Advisor uses data from various government agencies to determine basic income and average spending for different categories. Because this card is aimed at people with good to excellent credit ratings, we calculated the reward potential based on the median annual income of a household with an average U.S. income of $100,172 and standard spending of $52,820. Assuming 50% of spending is charged to this card, the total annual spend on the card is $26,410.

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Of that, we estimate that our sample households spent a total of $10,912 on groceries, gas, and phone/internet bills. This will give you a total of $218.24 in cash back.

More card benefits

  • As a Visa card, the Credit One Bank® Platinum Rewards Visa offers the following benefits with no annual fee:
  • ID Navigator Identity Theft Protection: Sign up for this free service from Norton LifeLock and get credit monitoring and support if your identity is at risk.
  • Cardholder Reference Service: If you have any questions about your account, you can contact a Visa representative 24/7.
  • Lost or Stolen Card Assistance: You can report your lost or stolen card 24 hours a day, 7 days a week. If necessary, Visa will work with you and your card issuing bank to suspend your lost account, reissue a new card, and/or arrange for emergency redemption.
  • No Liability: Your liability for unauthorized transactions is $0.

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Interest expense

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  • Regular APR: 23.99% variable
  • Purchase introductory APR: Not applicable
  • Introduction to Balance Transfer APR: N/A

Cost

  • Annual fee: $0
  • Balance transfer fee: see terms and conditions
  • Cash Advance: $10/5%, whichever is higher (see conditions)
  • Transaction fee for foreign purchases: 3% or $1.00, whichever is greater.

How the cards are stacked

No annual fee for Credit One Bank® Platinum Rewards Visa compared to Credit One Bank® Platinum X5 Visa®
If your spending habits are more diverse than your everyday categories with the no-annual-fee Credit One Bank® Platinum Rewards Visa Rewards, you may want to consider its sister card, the Credit One Bank® Platinum X5 Visa®. This card gives you an annual 5% cash back bonus on the first $5,000 and 1% thereafter on eligible gas, grocery, internet, cable, satellite and cell phone service purchases. Earn 1% on all other purchases.

The annual fee is $95, but will be offset by spending a total of $1,900 a year on these classes of cards. All your spending is rewarded, not just a few fields.

No annual fee for Credit One Bank® Platinum Rewards Visa compared to Wells Fargo Active Cash℠ Card

It’s not hard to see why the Wells Fargo Active Cash℠ Card is so hard to beat. It earns an unlimited 2% cash back on purchases, putting it on par with the other best flat rate cash back cards on the market. Even more appealing, the card has an introductory APR of 0% for 15 months, starting with account opening purchases and qualifying balance transfers, followed by variable APRs ranging from 15.24% to 25.24%. Balance transfers made within 120 days are eligible for the introductory rate and 3% fee, followed by up to 5% fee with a $5 minimum. A welcome bonus of $200 in cash bonuses is also nice after spending $1,000 in the first 3 months.

Is this card right for you?

While the Credit One Bank® Platinum Rewards Visa with no annual fee might be suitable for someone looking for a rewards card with no annual fee, you can do better. Look for another no-annual-fee card that offers better rewards overall. Check out Forbes Advisor’s list of the best no annual fee credit cards to help you get started.

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