| Last updated on October 3rd, 2023
Credit One Bank® Platinum Visa® for Rebuilding Credit
Credit One Bank® Platinum Visa® for Rebuilding Credit
Credit One Bank® Platinum Visa® for Rebuilding Credit
- 28.99% variable based on the Prime Rate Regular Purchase APR
- 28.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The Credit One Bank® Platinum Visa® for Rebuilding Credit is a credit rebuilder card from Credit One Bank. It earns 1% cash back rewards on eligible gas and grocery purchases, as well as on mobile phone service, internet, cable and satellite TV services purchases (terms apply). The card has a variable annual fee of $75 to $99, depending on the creditworthiness of the applicant.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- See if you Pre-Qualify without harming your credit score
- Earn 1% cash back rewards on eligible gas, grocery purchases and mobile phone service, internet, cable and satellite TV services, terms apply
- With $0 Fraud Liability, you won’t be responsible for unauthorized charges
- Automatic reviews for credit line increase opportunities
- Looking to rebuild credit? We report to the major credit bureaus monthly
- View your free online access to your Experian credit score, terms apply
- This unsecured card requires no deposit and can help build your credit
- Choose your monthly payment due date for added convenience, terms apply
- Never miss an account update with customizable text and email alerts
- Manage your account on-the-go with the Credit One Bank mobile app
- Show off your personality by selecting from a variety of card designs, a fee may apply
- Regular Purchase APR: 28.99% variable based on the Prime Rate
- Cash Advance APR: 28.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $5 or 8% of the amount of each Cash Advance, whichever is greater
- Annual Fee: $75 for the first year. After that, $99 annually (Billed at $8.25 per month)
- Foreign Transaction Fee: Either $1 or 3% of each purchase in U.S. dollars, whichever is greater
- Late Payment Penalty Fee: Up to $39 (terms apply)
- Return Payment Penalty Fee: Up to $39 (terms apply)
- You're looking to rebuild your credit with responsible use of a new credit card
- You have been turned down for a credit card by other lenders
- You want to earn a flat-rate 1% cash back rewards on every purchase
Credit One Bank® Platinum Visa® for Rebuilding Credit Review
Rebuilding credit takes time and patience – and the correct tools. There is a wide variety of credit cards available for those looking to boost their credit scores. These cards come in several forms – from secured cards to no-frills credit cards, to cards that offer basic rewards.
The Credit One Bank® Platinum Visa® for Rebuilding Credit falls into the latter group and is one of the most visible “credit building” cards available in the United States today. Whether it be pre-approval offers in the mail or advertisements on the TV, this card and its siblings seem to pop up everywhere these days.
Earn Cash Back Rewards on Everyday Purchases
The Credit One Bank® Platinum Visa® for Rebuilding Credit earns a flat-rate 1% cash back rewards on eligible purchases. Credit One Bank defines “eligible purchases” as any purchases that fit into the following merchant code categories:
- Gas
- Groceries
- Mobile phone services
- Internet services
- Cable and satellite services
How to Redeem Cash Back Rewards with the Credit One Bank® Platinum Visa® for Rebuilding Credit
Cash back rewards with this card from Credit One Bank® are automatically applied as a statement credit each billing period. This method takes the worry out of choosing how to redeem rewards. However, the disadvantage is not having the ability to redeem cash back rewards for gift cards, travel purchases, or donations.
If simplicity is what you are after, though, cash back rewards as a statement credit can help you lower your monthly statement on a regular basis.
Receive Credit Line Increases
Credit utilization accounts for 30% of a person’s credit score. Keeping your credit utilization below 30% is essential for boosting your score. Ideally, however, you should aim for a 10% utilization rate or lower. To put it in other terms, 30% utilization works out as using $300 of a $1,000 credit limit each month.
Keeping a low utilization rate is much more comfortable with a higher credit limit, as there is a more significant amount to spend against. Credit One Bank understands this and can occasionally provide Platinum cardholders with credit limit increases. The bank regularly reviews and analyzes accounts, meaning holders who use their credit responsibly can earn a limit boost in time.
Annual Fees Vary Based on Creditworthiness
Credit One Bank® credit cards differ depending on the creditworthiness of the applicant, and this Platinum Visa® Card is a prime example of this variance. Depending on the credit score of the individual applying for the card, the annual fee can be as high as $99 per year. However, if your credit is in decent standing, that annual fee may be lower when you apply and receive a decision.
Other Card Features
- Visa Zero Fraud Liability to protect against unauthorized charges
- Free online access to your Experian credit score each month
- Online pre-qualify option
- Credit One Bank’s dedicated customer service hotline
- Credit One Bank mobile app: The bank’s mobile app makes it easy to view transactions, make payments, and more
Other Things to Consider with the Credit One Bank® Platinum Visa® for Rebuilding Credit
Building credit also requires making on-time payments. To facilitate this responsibility, Credit One Bank allows cardholders to choose their payment due date. Selecting a time that works with cardholders’ own schedules – especially as it relates to paychecks – offers peace of mind so they don’t have to worry about missing their payment due date.
Should You Apply for the Credit One Bank® Platinum Visa® for Rebuilding Credit?
Rebuilding your credit isn’t easy, but it is achievable. At the same time, many credit card issuers offer predatory annual fees designed to milk those with low credit scores for everything they are worth. Secured cards provide a safe route to rebuilding credit, though many fall into the trap just mentioned. Notable exceptions include credit unions, secured cards, and cards from major issuers, like the Discover It Secured.
Credit One Bank, like Citi, Discover and other banks, offers unsecured credit cards for those looking to rebuild their credit. What sets them apart, though, is the lack of extortionate annual fees or “membership fees” charged by other card offers.
The Credit One Bank® Platinum Visa® for Rebuilding Credit offers cardholders the opportunity to earn 1% back in rewards on eligible purchases, which include gas, groceries, and phone, internet, and cable bills. This is a decent return rate for a “credit builder” card – but only for those who plan to make the most out of it.
Using the card to pay all utility bills, plus on gas and groceries, can earn a significant amount of cash back rewards each year.
Related Article: What Are the Easiest Credit Cards for Bad Credit to Get?
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