Credit One Platinum Visa For Rebuilding Credit

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Last updated on March 11th, 2021

Credit One Platinum Visa For Rebuilding Credit

Ideal for Boosting Your Credit

Credit One Platinum Visa For Rebuilding Credit
  • Regular Purchase APR 17.99% to 23.99% variable based on creditworthiness and the Prime Rate
  • Cash Advance APR 17.99% to 23.99% variable based on creditworthiness and the Prime Rate
  • Annual Fee $0 to $95 for the first year. After that, $0 to $99
  • Credit Needed Good , Fair , Poor
  • Processing Network Visa
Best Benefits
  • Earn 1% back on eligible everyday purchases
  • Receive credit line increases with responsible use
  • Set your own payment date
  • Receive Visa cardholder protections
Rates & Fees
  • Regular Purchase APR: 17.99% to 23.99% variable based on creditworthiness and the Prime Rate
  • Cash Advance APR: 17.99% to 23.99% variable based on creditworthiness and the Prime Rate
  • Cash Advance Transaction Fee: Either $5 or 8% of the amount of each Cash Advance, whichever is greater, or $10 or 3% of each Cash Advance, whichever is greater or $10 or 5% of each Cash Advance, whichever is greater
  • Annual Fee: $0 to $95 for the first year. After that, $0 to $99
  • Foreign Transaction Fee: Either $1 or 3% of each purchase in U.S. dollars, whichever is greater
  • Late Payment Penalty Fee: Up to $39
  • Return Payment Penalty Fee: Up to $39
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At a Glance

The Credit One Platinum Visa For Rebuilding Credit is a credit rebuilder credit card from Credit One Bank. The card earns 1% back on purchases in eligible categories, which include gas, groceries, and phone, cable, and internet services. The card has a variable annual fee of $0 to $99, depending on the creditworthiness of the applicant.

Ideal for Those Who:

  • Are looking to rebuild their credit
  • Have been turned down by other lenders
  • Want to earn a flat-rate 1% cash back on every purchase
  • Plan to practice responsible credit usage

Credit One Platinum Visa For Rebuilding Credit Review

Rebuilding credit takes time and patience – and the correct tools. There are 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 Platinum Card falls into the latter category 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, the Credit One Platinum seems to pop up everywhere these days.

Earn Cash Back on Everyday Purchases

The Platinum Card from Credit One earns a flat-rate 1% cash back on eligible purchases. Credit One 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

Cash back rewards with the Platinum Card are automatically applied as a statement credit each billing period, which while taking the worry out of how to redeem rewards, doesn’t allow for other methods of redemption, such as a cash back check, or towards a rewards program, as with variety when it comes to redeeming rewards is frustrating.

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, but ideally, you should aim for 10% utilization or lower. 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 number to spend against. Credit One understands this and occasionally provides Platinum cardholders with credit limit increases. The bank regularly reviews and analyzes accounts, meaning holders who use their credit responsibly can hope for a limit boost in time.

Annual Fees Vary Based on Creditworthiness

Credit One credit card offers differ depending on the creditworthiness of the applicant, and the Platinum Visa Card is the one most susceptible to this variance. Depending on the credit score of the individual, the annual fee for the card can be as high as $99 per year or as low as no annual fee at all.

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
  • Foreign transaction fee of either $1 or 3% of the transaction cost in US dollars (whichever is greater)
  • Credit One mobile app: The bank’s mobile app makes it easy to view transactions, make payments, and more

Other Things to Consider

Building credit also requires making on-time payments. Credit One allows cardholders to choose their payment due date. This allows holders to select a time that works with their schedule, so they never have to worry about missing their payment deadline.

Should You Apply for the Platinum Visa For Rebuilding Credit from Credit One?

Rebuilding your credit isn’t easy. It takes time, but 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 and Discover, offers unsecured credit cards for those looking to rebuild their credit, but without the extortionate annual fee or “membership fees” charged by some cards.

The Credit One Platinum Visa offers cardholders the opportunity to earn 1% back 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 each year. To match the $99 annual fee, a cardholder would have to make $10,000 in purchases, which is likely improbable.

Related Article: What Are the Easiest Credit Cards for Bad Credit to Get?

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