Credit Cards » Credit Card Reviews » Credit One Bank Platinum Visa with Cash Back Rewards: 2023 Review
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Credit One Bank Platinum Visa with Cash Back Rewards: 2023 Review

If you’re just starting to build your credit score, or looking to rebuild your credit score, you may consider Credit One Platinum Visa
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: November 1, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

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Credit One Bank® Platinum Visa® for Rebuilding Credit

Credit One Bank® Platinum Visa® for Rebuilding Credit

Rewards Plan

1%

Sign up Bonus

None

Credit Rating

Poor – Average

0% Intro

None

Annual Fee

$75 – $99

APR

28.49% Variable
Credit One Bank® Platinum Visa® for Rebuilding Credit

Credit One Bank® Platinum Visa® for Rebuilding Credit

Rewards Plan

1%

Sign up Bonus

None

0% Intro

None

PROS

CONS

APR

28.49% 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

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. 

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. 

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. 

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. 

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.

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

Based on your creditworthiness, the card charges $75 – $99 as an annual fee.

The variable APR is also rather high, ranging anywhere from 28.49% 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 Elite Mastercard® Secured Credit Card

milestone card art

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%

FAQ

Review Secured Credit Cards

Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.

Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

Credit Card Reviews Methodology

In order to determine the best possible credit cards, we look at things like fees, interest rates and rewards. We do this with companies that are associated with us as partners as well as other offerings. From there, we make a decision about what the best card is related to different categories and needs. We focus on interest rate cost & fees, especially the cost of carrying a balance, rewards – cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely usability – cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting. We also consider customer reviews.

We look at cards related to good or excellent credit ratings that will then provide a range of different benefits and improvements for someone who has these scores. We also look at low fees when it comes to those who have lower credit scores.