Rewards Plan
Sign up Bonus
Credit Rating
0% Intro
Annual Fee
APR
- Cash Back Rewards
- Larger credit limit over time
- Penalty Fees
- Annual Fee
Rewards Plan
Sign up Bonus
0% Intro
PROS
- Cash Back Rewards
- Larger credit limit over time
CONS
- Penalty Fees
- Annual Fee
APR
29.74% Variable
Annual Fee
$75 - $99
Balance Transfer Fee
None
Credit Requirements
Poor – Average
The Credit One Bank® Platinum Visa® for Rebuilding Credit is a card that is best utilized when someone is looking to build or rebuild their credit, while still being offered some type of rewards options for the card holder.
This card is available to those with a bad, poor or fair credit rating. The card’s limit is variable depending on your income and credit history. However, you can obtain an initial credit line of $300 to $3,000.
Credit One also automatically reviews accounts for opportunities to increase the credit line. You can also choose your payment due date to fit your financial habits. In addition to these benefits, you can also earn 1% cash back on eligible purchases.
- Cash Back Rewards
- Zero-liability Protection
- Free Online Credit Score Tracking
- Earn a Larger Credit Limit Over Time
- Traveler Protection Options
- Choose Your Payment Due Date
- Annual Fee
- High Variable APR
In This Review..
Benefits
- Cash Back Rewards
With the Credit One Bank Platinum Visa with Cash Back Rewards credit card, card holders can earn 1% cash back rewards on eligible gas, grocery purchases and mobile phone, internet, cable and satellite TV services, which automatically get added to the card holders balance every month.
While this isn’t a great reward, it’s still a nice little give back for card holders, especially since most credit cards that help rebuild/ build credit don’t offer any type of rewards program at all.
- Zero-liability Protection
Having zero-liability protection with the Credit One Bank Platinum Visa with Cash Back Rewards is a great benefit, as any unauthorized charges will not be held against the card holder.
Because the Credit One Bank Platinum Visa with Cash Back Rewards is structured to help people rejuvenate their credit score, having this fail-safe in order to protect the account holder is fantastic.
- Free Online Credit Score Tracking
The Credit One Bank Platinum Visa with Cash Back Rewards also offers free credit score tracking, so anyone with an account can watch their credit score grow over time.
This is helpful for people because many major credit card companies will charge or require a hard inquiry on the person’s credit score, so the account holder will either pay extra or take a hit on their credit just to see where they stand.
Also, it will allow the person to understand what they need to do better in order to continually improve their credit score so that they can open additional lines of credit, ask for a credit line increase, or both.
- Earn a Larger Credit Limit Over Time
Since the Credit One Bank Platinum Visa with Cash Back Rewards is designed to help rebuild poor credit, the limit for most accounts that open is initially $300.
While this isn’t much, it is something that can grow over time as the credit card company determines that you are more worthy of a larger spending limit.
The spending limit starting low is also helpful to keep people from maxing out their cards as they work towards better credit down the road.
- Traveler Protection Options
The Credit One Bank Platinum Visa with Cash Back Rewards also has many different travel protection options, which is a good perk for anyone who travels often.
With travel perks like 24/7 roadside assistance, extended warranty protection for rental cars, and a rental car collision damage waiver, the Credit One Bank Platinum Visa with Cash Back Rewards gives account holders far more overall coverage than that of many credit cards to date.
It's extremely impressive since this card isn’t designed to be a rewards credit card first and foremost.
- Choose Your Payment Due Date
The ability to set your own payment date is something that not many credit cards offer to their account holders.
This can help anyone who is looking to ensure that they will have the money readily available to pay their credit card payment as soon as it arrives, and not risk a late payment while trying to build up their credit score.
Drawbacks
- Annual Fee
Based on your creditworthiness, the card charges $75 – $99 as an annual fee.
- High Variable APR
The variable APR is also rather high, ranging anywhere from 29.74% Variable.
While this is higher than other cards, the main purpose of the Credit One Bank Platinum Visa with Cash Back Rewards is to help build or rebuild the account holders credit.
Because of this, the variable APR is rather generous while still being high.
Is the Credit One Card Right for You?
If you’re just starting to build your credit score, or looking to rebuild your credit score, then the Credit One Bank Platinum Visa with Cash Back Rewards is a great option while still gaining some type of rewards along the way.
However, if you have better credit, you should certainly consider all available options to make sure you are able to find the right card for you.
Compare The Alternatives
There are more cards to build credit with – here are some good alternatives to the Credit One card:
|
|
| |
|---|---|---|---|
OpenSky® Secured Visa® Credit Card | First Progress Platinum | Milestone® Mastercard® | |
Annual Fee | $35 | $29
| $175 the first year; $49 thereafter |
Foreign Transaction Fee | 3%
| 3%
| 1% of each transaction in U.S. dollars
|
Purchase APR | 25.64% (variable) | 25.24% Variable
| 35.90%
|
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