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Credit One Bank® Platinum Visa® for Rebuilding Credit Review
Although there is an annual fee for most cardholders, Credit One Bank® Platinum Visa® for Rebuilding Credit is one of the few unsecured credit cards for bad credit to offer what premium cards have — namely, a rewards program. According to the Credit One website, cardholders will receive 1% cash back rewards on eligible gas, grocery purchases and mobile phone service, internet, cable and satellite TV services, terms apply. The reward comes in the form of a statement credit, which can help to make the annual fee more affordable. This is a great perk for people wanting to minimize the expense of credit card ownership.
What we like about the Credit One Bank® Platinum Visa® for Rebuilding Credit
- The card reports to the three main credit bureaus, helping you rebuild your credit faster than ever
- You can track your credit journey online by checking out free Experian credit reports
- You get to participate in a cashback reward program that gives cardholders 1% back on eligible gas, grocery purchases and mobile phone service, internet, cable and satellite TV services, terms apply
- You’ll enjoy zero fraud liability, which is great if your card gets stolen
- There are regular reviews for credit line increases
Things to consider
- There are different fee structures for this card, and you won’t know where you stand until you are approved
- The annual fee is applied immediately to your credit line, limiting the amount you can charge
- The initial credit line is only $300
- There is a hefty cash advance fee at all approved card levels
- Some cardholders will have no grace period on purchases made with the card, meaning that their purchases will immediately start accruing interest
Credit One Bank® Platinum Visa® for Rebuilding Credit details
The Credit One Bank® Platinum Visa® for Rebuilding Credit gives people with bad credit access to small credit lines — in this case, only $300. If your credit is poor but you want to rebuild credit, you may have to settle for the annual fee and interest rate that goes along with this unsecured card.
It’s important that you read the fine print once you are approved for this card to know what your annual fee is. It will be taken from the credit limit immediately before you make purchases, so it could be easy to go over the credit limit. You’ll also increase your credit utilization ratio, which you want to ideally keep lower than 30%. The key to building credit with this card is to pay down the balance consistently right after making purchases.
In addition to the annual fee, the Credit One Bank® Platinum Visa® for Rebuilding Credit charges either either $5 or 8% of the amount of each transaction, whichever is greater on cash advances. However you look at this, the cash advance fees are high. The late fee and returned payment fees are both up to $39. You’ll also pay a 3% or $1 fee for each purchase on any foreign transactions.
How does it compare to other credit cards for rebuilding credit?
Most unsecured cards for rebuilding credit are vehicles to earning back trust with lenders. Milestone® Gold Mastercard® and Indigo® Platinum Mastercard® give cardholders some of the perks that come with the Mastercard network, but little else. Credit One Bank® Platinum Visa® for Rebuilding Credit has comparable fees and APR rates, but it also lets cardholders earn cash back rewards in the form of a statement credit.
|Card||Ongoing Purchase APR||Annual Fee||Intro Bonus||Credit Needed||Key features|
|Credit One Bank® Platinum Visa® for Rebuilding Credit||23.99% Variable||$75 for the first year. After that, $99 annually ($8.25 per month)||N/A||Poor|
|Milestone® Gold Mastercard®||24.90%||$35-$99||No cash advance fee for the first year||Poor|
|Indigo® Platinum Mastercard®||24.90%||$0-$99||None||Poor|
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