Opinions on the CreditOne Bank Platinum Rewards Visa?

[Anonymous]

My credit score recently went up 32 points (recovered pretty quick from my app spree), and I pre-qual for all sorts of fun new cards now. One of them I am looking at is the CreditOne Platinum Rewards Visa, but I want to hear the opinions of the myFICO community on this card before I proceed.

The rewards structure on this card looks rather generous, but I see few people recommending it or looking at it. I'm worried I'm missing some big *GOTCHA* on this card. I know the interest rate is insane, but I pay balances in full every month, so this is irrelevant.

I am in the market for a good grocery store card, and this looks very compelling. I was looking at the American Express Blue Cash Preferred card, but the fact that is card also has 5% on gas, phone, and internet service seems to me like a better value overall. What are the thoughts of the amazing myFICO community?

5% Cash Back Rewards on the First $5,000 of Eligible Purchases Each Year*

Get big rewards on purchases you make every day! Earn 5% cash back rewards on the first $5,000 of eligible gas, grocery, internet, cable, satellite TV, and mobile phone service purchases each year, then 1% thereafter.

Unlimited 1% Cash Back Rewards On All Other Purchases*

For all other purchases you make with this card, you'll earn unlimited 1% cash back rewards. Every purchase, every day, with no limits on how much you can earn!

More Rewards

Get up to 10% More Cash Back Rewards from participating merchants! No offers to activate or points to redeem and offers include some of the nation's top retailers.*

Annual Fee: $95*

[kerplunk]

You're already in with top tier lenders; I wouldn't go with Credit One.

Here's the math:

Credit One Platinum Rewards

$5000 * 5% = $250

$250 - $95 fee = $155 cash back

Citi Double Cash

$5000 * 2% = $100 cash back

American Express Blue Cash Preferred

$5,000 * 6% = $300

$300 - 95 fee = $205 cash back

AmEx BCP also has a $300 SUB for a total of $505 cash back in the first year.

Personally, I would garden until next year at least. Three cards opened this year is plenty.

[Anonymous]

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@kerplunk wrote:

You're already in with top tier lenders; I wouldn't go with Credit One.

Here's the math:

Credit One Platinum Rewards

$5000 * 5% = $250

$250 - $95 fee = $155 cash back

Citi Double Cash

$5000 * 2% = $100 cash back

American Express Blue Cash Preferred

$5,000 * 6% = $300

$300 - 95 fee = $205 cash back

AmEx BCP also has a $300 SUB for a total of $505 cash back in the first year.

Personally, I would garden until next year at least. Three cards opened this year is plenty.

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Is there an inherent issue with Credit One as a lender?

[Shaw83]

They're low tier lender that prey's on low credit people. And I hear they have a lot of fees. My wife had a credit one card and I had her close it because of all the fees. 

[K-in-Boston]

Not all Credit One cards are created equally.  They have made inroads into offering more traditional products with rewards, grace periods, and in some cases even no fees.  

Certainly their name is synonymous with "fee harvester card," but those cards can serve a purpose for some applicants and there are certainly far more egregious fee harvester issuers.

[Anonymous]

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@kerplunk wrote:

You're already in with top tier lenders; I wouldn't go with Credit One.

Here's the math:

Credit One Platinum Rewards

$5000 * 5% = $250

$250 - $95 fee = $155 cash back

Citi Double Cash

$5000 * 2% = $100 cash back

American Express Blue Cash Preferred

$5,000 * 6% = $300

$300 - 95 fee = $205 cash back

AmEx BCP also has a $300 SUB for a total of $505 cash back in the first year.

Personally, I would garden until next year at least. Three cards opened this year is plenty.

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I think you are right. I'll probably stay in the garden and just do SP CLI's until 07/22/2021. I will do a product change on my Cash Magnet to the Blue Cash Everyday or Blue Cash Preferred when I'm eligible, depending on whether my spending patterns at the time make the annual fee a worthwhile proposition or not. I'll then apply for the US Bank Altitude Go for dining and food delivery, unless a better option pops up in a year.

I get impatient, and want all of the cards yesterday, but I've probably poked the bear enough for now, and I worry it will turn around and bite me if I don't back off.

[kerplunk]

Good plan. I would definitely garden, but next year you may want to think about a Chase credit card if they are one of the banks you'd like to have a relationship with since you are under 5/24.

[CreditCrusader]

For a building card, the rewards are pretty darn good. The 5% categories are solid...and if your spend is high enough, that $95 AF is a distant memory soon enough.

Nevertheless, I have to agree with the others. You have some pretty great cards in your wallet. The Credit One Platinum Rewards card probably isn't for you.

[Tomatoshadow2]

Yes, do whatever you can to never do anything with Credit One.

[Remedios]

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@Tomatoshadow2 wrote:

Yes, do whatever you can to never do anything with Credit One.

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Why?