Content of the material
- Platinum Rewards Visa
- Our thoughts
- What is the best American Express credit card?
- Rewards Redemption Details
- Security Features
- Best Friends® Credit Card
- Our thoughts
- At a Glance
- Fine Print
- Why get the Credit One Bank American Express Card?
- Rates and fees
- Customer Experience
- Redeeming Points Rewards
- Discover it Secured Credit Card
- Oops! Something went wrong
Platinum Rewards Visa
The Platinum Rewards Visa with Cash Back Rewards comes with an annual fee of $95, but also a good cashback rewards program that can easily make up for the annual fee. You earn 5% cashback rewards on the first $5,000 of eligible purchases on gas, grocery, and internet, cable, satellite TV and mobile phone services each year, then 1% thereafter. If you spend at least $5,000 on groceries in a year, that’s $250 in cash back before you hit the earnings cap. The card also comes with a higher minimum credit line of $500, making it a good way to go for someone with average credit.
By the way, if you have Excellent/Good credit and you love the idea of grocery rewards, you should check out the Blue Cash Preferred® Card from American Express. It offers a better cashback rate on U.S. supermarket purchases.
Rewards: 5% cashback rewards on the first $5,000 of eligible purchases on gas, grocery, and internet, cable, satellite TV and mobile phone services each year, then 1% thereafter
Minimum credit line: $500
APR: 23.99% Variable
Annual fee: $95
What is the best American Express credit card?
This largely depends on the individual. Each card has different benefits suited to different lifestyles. If you eat out a lot, go for the classic Gold. If you’re a frequent traveler, the perks of the Platinum are huge. There’s an Amex for points and cash back, too, of course. Evaluate your spending patterns and then there is surely an Amex card out there for you!
Rewards Redemption Details
The Credit One Bank American Express card has only one redemption option. Your cash back is automatically issued as a statement credit on each statement with at least one purchase.
These statement credits reduce your balance but don’t count as payments, so you’re still required to make the minimum required payment by your statement due date.
This card offers security features you expect from a credit card, including:
- Zero liability protection
- Online access to your Experian credit report
- Fraud alerts
- Mobile app access
Best Friends® Credit Card
For animal lovers, the Best Friends® Credit Card offers rewards on pet purchases, plus a little something extra for your furry friends — a donation of 1% of eligible purchases to the Best Friends Animal Society. With a fairly low annual fee of , this card could be a decent option for a pet owner trying to improve their credit score.
Minimum credit line: $300
At a Glance
- Get 5% cash-back rewards on the first $5,000 of eligible gas, grocery, internet, cable, satellite TV, and mobile phone service purchases each year, and then 1% thereafter. Plus 1% cash-back rewards on all other purchases. See Rates & Fees
- Annual fee of $95 billed upon account opening.
- Those with average credit may qualify.
- Flexibility to set your own due date.
- Free monthly access to your Experian credit score.
- APR on purchases: 23.99% Variable
- Annual Fee: $95
- Cash Advance: $10.00/5%, whichever is greater (see terms)
- Foreign Purchase Transaction: 3% or $1.00, whichever is greater
Why get the Credit One Bank American Express Card?
- You want to earn cash back without tracking spending or enrolling in bonus categories.
- You want to build credit without putting down a security deposit.
- You can’t qualify for a card with a higher cash back rate or no annual fee.
- You’re looking for a card with benefits like purchase and return protection.
Rates and fees
The American Express Credit One card’s $39 annual fee seems to be a common price point among cards for average credit, but options with no annual fee are also easy to find with that credit level.
Plus, the low 1 percent cash back rate could make it hard to make up the annual fee. You’d have to spend $325 a month, which could be particularly hard considering the minimum credit line is $500. Not to mention, these factors could slow your credit-building until you can increase your credit limit.
The ongoing APR is 23.99 percent variable, which means you should avoid accruing interest, or it could easily eat up the lion’s share of your cash back. There are also no intro APR periods to keep the APR at bay.
On the whole, the Credit One American Express card doesn’t nickel-and-dime you with fees the way several other Credit One cards may. Just make sure to read your card agreement carefully. Depending on your choices, you could face a 3 percent foreign transaction fee (or $1, whichever is greater), $19 fee for each authorized user or an optional “Credit Protection Program” fee (monthly 96 cents per $100 of your balance).
Credit One Bank scored quite poorly in J.D. Power’s 2021 credit card customer satisfaction survey, finishing last among 11 national card issuers. Credit One has a variety of customer service phone numbers, as well as a mobile app you can use to manage your account.
One nice service-related feature is that you can decide your payment due date. After you get your initial bill, just call customer service to choose a different due date that is at least six days before or after the originally assigned date. Also, cardholders have complimentary access to their Experian ScoreX credit score, a good feature for tracking progress as you look to strengthen your credit.
It can take up to 60 days to get access to your credit score through Experian ScoreX.
Redeeming Points Rewards
The Credit One Bank American Express® Card is no fuss, but if you want to use your rewards for something else (or just hold cold hard cash in your hand), look for another card. There are no other redemption options beyond the automatic statement credit. You can’t request a check or buy gift cards like you can with many other rewards cards.
Discover it Secured Credit Card
See Rates & Fees, Terms Apply
Apply now on Discover’s secure site
Intro offerCashback Match™
Recommended creditNo Credit History
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