The Credit One Bank® Platinum Visa® for Rebuilding Credit is unique among cards for rebuilding your credit. First, it’s an unsecured card for bad credit which means you don’t have to pay a security deposit.
Additionally, it has a cashback rewards program where you can earn 1% cash back on eligible gas and grocery purchases, as well as on your monthly mobile phone, internet, cable, and satellite TV services. There are even special offers that allow you to earn up to 10% cash back on other purchases.
The downsides of this card are its high APR and annual fee.
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If you’re rebuilding your credit and don’t want to pay a security deposit, the Credit One Bank® Platinum Visa® for Rebuilding Credit is a great option. However, it’s important to note that this card has a high APR and annual fee.
The high approval odds, rewards program, and no-deposit requirement ranks the Credit One Bank® Platinum Visa® for Rebuilding Credit among our best credit cards for bad credit as well as our best gas cards for bad credit.
With the Credit One Bank® Platinum Visa® for Rebuilding Credit, you can earn 1% cash back for eligible cash and grocery purchases as well as your monthly bills for your mobile phone, internet, cable and satellite TV. The More Rewards program also gives you access to special offers where you can earn up to 10% back on your purchases.
Credit One Bank® Platinum Visa® Important Details
Basic Card Details
- APR: 23.99% (variable)
- Annual fee: $75 for the first year, $99 after that
- Credit card issuer: Credit One Bank
- Initial credit limit: $300
- Security deposit: $0
- Rewards rate: 1%
- Free monthly Experian credit score
- Up to 10% cash back through More Rewards special offers
- Pick your payment due date
- Zero fraud liability
- Receive regular account reviews for credit line increases
Credit One Bank® Platinum Visa® Feature Breakdown
Here’s a look at some key features of the Credit One Bank® Platinum Visa® for Rebuilding Credit.
- Annual fee: $75 for the first year, $99 after that
- Cash advance fee: $5 or 8% of the amount (whichever is greater)
- Foreign transaction fee: $1 or 3% of the amount (whichever is greater)
- Late payment fee: Up to $39
- Returned payment fee: Up to $39
- Authorized user card fee: $19 annually
The fees for this card are rather high, especially the annual fee of $99 after the first year. It might be worth paying a security deposit for a secured card, many of which offer lower fees and will return your security deposit after you upgrade or cancel your card.
- Regular APR: 23.99% (variable)
- Cash advance APR: 23.99%
- Minimum interest charge: $1.00
The Credit One Bank® Platinum Visa® APR is rather high. If you plan to carry a balance, this may not be the right card for you, as you can easily accrue interest at this rate. However, if you plan to pay your credit card bill in full every month, this APR shouldn’t dissuade you from considering the Credit One Bank® Platinum Visa® for Rebuilding Credit.
It’s rare for credit cards aimed at credit builders or rebuilders to offer rewards programs. This card has a cash back rewards program that can help offset some living costs. However, not all purchases are eligible for cash back. Here’s how they work:
- 1% cash back on eligible gas and groceries as well as your monthly mobile phone, internet, cable, and satellite TV services
- 10% cash back rewards from some of the nation’s top retailers through offers in the More Rewards program
Rewards earned will be added to your account as statement credit.
The Credit One Bank® Platinum Visa® offers a minimum initial credit limit of $300.
However, your payment history will be regularly assessed for credit limit increases. If you want a higher credit limit, make sure you’re making on-time monthly payments, so you quickly qualify for a higher limit.
Because this card is for credit rebuilding, even borrowers with bad credit histories or limited credit histories can qualify. Additionally, you can see if you pre-qualify for the card before applying in order to avoid getting a hard inquiry on your credit report.
Hard inquiries are best to avoid, especially if you’re repairing your credit, as they take points off your credit score.
As the name implies, the Credit One Bank® Platinum Visa® for Rebuilding Credit is geared toward borrowers with less-than-perfect credit history who are ready to repair their credit scores.
This card has some features to help you monitor your credit building progress:
- You can track your online Experian credit score and view a summary of your credit report each month
- You can customize your account notifications.
- You can choose your payment due date.
- You can manage your account and pay your bill through a mobile app.
Additionally, Credit One reports to credit bureaus, which will help keep your credit report up to date.
Should You Get the Credit One Bank® Platinum Visa®?
We don’t highly recommend the Credit One Bank® Platinum Visa®, as the annual fee is quite expensive, and you would need to earn rewards of $1,000 minimum to make up for the cost of the card on a yearly basis.
However, if you need a credit card fast and don’t have the funds to pay a security deposit, the Credit One Bank® Platinum Visa® is a decent choice of unsecured credit card.
Who is this card for?
- People with bad credit: This card is available to people with bad credit, so if you have limited options you may want to consider this card. As mentioned, credit cards available to borrowers with negative credit histories often require security deposits and lack rewards programs. So the Credit One Bank® Platinum Visa® is a good option for bad-credit borrowers.
- People who don’t want to pay a security deposit: This is an unsecured card, so no security deposit is required. If you can’t or don’t want to pay a security deposit and have bad credit, then this card is an option for you. However, you’ll need a minimum of $79 to open the card in order to pay your first annual fee.
Let’s see how this card compares to similar cards on the market.
Credit One Bank® Platinum Visa® vs. Credit One Bank® Platinum X5 Visa®
Credit One Bank offers several credit cards. Both these cards have high interest rates and annual fees. However, the Credit One Bank® Platinum X5 Visa® is a better option if you have fair to excellent credit because the cashback rewards are greater.
You can earn:
- 5% cash back on eligible gas and groceries as well as your monthly mobile phone, internet, cable, and satellite TV services.
- 1% cash back on all other purchases.
However, you may have a harder time qualifying for this card than the Credit One Bank® Platinum Visa®. Both allow you to see if you pre-qualify, so check your odds with the X5 Visa before pulling the trigger on an application.
Credit One Bank® Platinum Visa® vs. USAA Rewards Visa®
If you’re looking for a rewards credit card and are a member of USAA, consider the USAA Rewards Visa®.
If you aren’t currently a USAA member, you and your spouse are eligible to join the USAA if you’re currently serving or have served in the US military. Children of a USAA member may also be eligible to apply.
The big advantage of the USAA Rewards card is its lack of fees, including no annual fee and no foreign transaction fees. Additionally, you can earn 2x points on gas and dining out and 1x points on all other qualifying purchases. However, you must have good credit to get this card.
Credit One Bank® Platinum Visa® vs. Capital One Journey Student Credit Card
If you’re a student trying to build your credit history, the Journey Student card may be a good rewards card option for you. There is no annual fee and no foreign transaction fees. Through the rewards program, you can earn 1% cash back on all of your purchases. If you pay on time, you can increase that rate to 1.25%. However, it’s important to note that the Journey Student card has a higher APR of 26.99% (variable) if you plan to carry a balance.