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Credit One Bank Platinum Visa Review

Platinum Visa For Rebuilding Credit from Credit OneĀ® Bank ā€” all information about the credit card.

By Hanna Volkava
Updated June 07, 2024
Advertiser Disclosure Our Methodology

Good Choose for Retired person

Platinum Visa For Rebuilding Credit Credit One Bank
Apply now
Our Rating:
1.45 out of 5
scorer
Recommended credit score
No Credit History to Fair (0-669)
  • Rewards Rate:
    • 1% Cash Back rewards on gas and groceries as well as your monthly mobile phone, internet, cable, and satellite TV services.
  • Intro Offer:
    • No current offer.
  • Annual Fee:
    $75 for the first year
    $99 annually
  • Purchase Intro APR:
    None
  • Regular APR:
    29.74% Variable
  • Balance Transfer APR:
    None
Show more

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Credit OneĀ® Bank Platinum Visa For Rebuilding Credit Rewards Calculator

How do you record your expenses?
Enter your monthly spendings on:
1%
Gas
$
1%
Supermarkets
$
1%
Internet, Cable and Phone Services
$
Calculate
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All benefits

  • Cash back
    • 1% On gas and groceries as well as your monthly mobile phone, internet, cable, and satellite TV services.

Rate and fee information

  • Purchase Intro APR
    • None
  • Purchase APR
    • 29.74% Variable
  • Intro Balance Transfer APR
    • None
  • Balance Transfers APR
    • None
  • APR for Cash Advances
    • 29.74% Variable
  • How to Avoid Paying Interest
    • If your Account has a Grace Period, your due date is at least 24 days after the close of each billing cycle and interest will not be charged on Purchases if your entire balance is paid by the Payment Due Date each month. For Accounts with no Grace Period, interest is charged on Purchases from the posting date.

Fees

  • Annual Fee
    • $75 for the first year
      $99 annually
  • Fees for Cash Advances
    • 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
  • Return Payment
    • Up to $39
  • Late Payment
    • Up to $39
View all Rates & Fees

Pros & Cons

Pros:
  • Cash Back Rewards
  • Chance to get a higher credit limit
  • Reports to three major credit bureaus
  • Check if you prequalify online without affecting your credit score
  • No security deposit
Cons:
  • No guaranteed grace period
  • Potentially high annual fee
  • Foreign transaction fee
  • Low credit limit
  • Balance transfers are not available

Features

Platinum
Visa
  • Cashback
  • Payment Flexibility
  • Fraud Protection
  • Rewards
  • Free Credit Score
  • Purchase Protection
  • Poor Credit
  • Fair Credit
  • Good Credit

About the issuer

Credit OneĀ® Bank
Credit OneĀ® Bank has several card types depending on your needs.
Manage your Account & Pay your Bill
You can usually pay your bill online on your

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Credit One BankĀ® Platinum VisaĀ® for Rebuilding Credit Review

Letā€™s discuss the pros and cons of the Credit One BankĀ® Platinum VisaĀ® for Rebuilding Credit designed for people with little or no credit history.

The Credit One BankĀ® Platinum VisaĀ® for Rebuilding Credit is designed for people with a low credit score who want to earn rewards. Credit cards for bad credit usually donā€™t offer rewards-earning opportunities, but this card is an exception. The 1% cashback reward on eligible purchases is available in the form of a statement credit, which may help cardholders offset some of its annual fee.

Credit One BankĀ® Platinum VisaĀ®: pros and cons

Pros: Cons:
Cash Back Rewards. This card offers 1% cashback on all eligible purchases ā€” something you donā€™t see very often in cards designed for people with poor credit. No guaranteed grace period. Most credit cards guarantee a grace period, but Credit One BankĀ® is not one of them. You will know whether you qualify for a grace period or not only after youā€™ve applied and been accepted, which means you might end up with a card that charges interest on your purchases as you make them.
Chance to get a higher credit limit. Credit One BankĀ® will routinely review your account and raise your limit if you have been making your payments on time. Potentially high annual fee. With this credit card, you will get to know your fees only after your application gets approved. Depending on your creditworthiness, the annual fee can be as high as $95 for the first year, reducing your credit line by almost a third even before you make the first purchase. After the first year, the annual fee can go up to $99.
Reports to three major credit bureaus. Credit One BankĀ® reports to all three major credit bureaus ā€” Equifax, Experian, and TransUnion. This can help you restore your credit score if you pay bills on time, keep your credit utilization below 30%, and donā€™t carry a balance. Foreign transaction fee. This card charges either $1 or 3% on every foreign purchase, whichever is greater.
Check if you prequalify online without affecting your credit score. If you want to rebuild credit, you should carefully apply for a new card because every application results in a hard inquiry on your credit report, which can temporarily lower your score by five points or less. Thankfully, the Credit One BankĀ® Platinum VisaĀ® for Rebuilding Credit lets you determine your chances of approval before applying. Low credit limit. The initial credit limit is capped at $300, which is a tad on the lower side.
No security deposit. Unlike many credit cards designed for people with a low credit score, this one doesnā€™t require you to make a security deposit.

Rewards system in a nutshell

The Credit One BankĀ® Platinum VisaĀ® for Rebuilding Credit offers 1% cashback on all eligible purchases. It defines ā€œeligible purchasesā€ as those that fit into any of the below-mentioned merchant code categories:

  • Groceries
  • Gas
  • Internet services
  • Mobile phone services
  • Cable and satellite services

Credit One BankĀ® automatically applies cash back rewards at the end of the statement period.

Who can benefit from getting the Credit One BankĀ® Platinum VisaĀ® Credit Card?

If you have poor credit and want a reward card for building credit, the Credit One BankĀ® Platinum VisaĀ® Credit Card could make sense for you. You earn 1% cash back on all eligible purchases. In addition, while the initial credit line is set at a modest $300, the issuer will routinely review your account and increase your credit if you demonstrate responsible financial behavior.

Are there any other benefits?

The Credit One BankĀ® Platinum VisaĀ® for Rebuilding Credit offers some nice perks separating from other cards. These include:

  • $0 fraud liability ā€“ If your credit card is stolen, lost, or used without your permission, you wonā€™t be held responsible for those charges.
  • Free Experian credit report ā€“ Credit One BankĀ® provides you access to Experian credit reports for free, making it easier to monitor your credit journey.
  • Select your payment due date ā€“ You can select a payment date that fits your schedule.
  • Add authorized users ā€“ You can add an authorized user to your credit card to help them build their credit history. The authorized user must be 15 years of age or older, and the annual fee for each user is $19.
  • Customize account alerts ā€“ With the Credit One BankĀ® Platinum VisaĀ® for Rebuilding Credit, you can select the notifications that are most important for you and receive them via email or text. Changing the notifications settings is easy and can be done via the website or the mobile banking app.
  • Digital banking tools ā€“ You can use the mobile banking app to pay bills, manage your account, view recent transactions, and update your settings on the go. You can also enjoy contactless payments with this credit card since it works with Google Pay, Apple Pay, and Samsung Pay.
  • Pick your design for the credit card ā€“ You can express your style by picking a credit card design you like for a fee.

Conclusion

The Credit One BankĀ® Platinum VisaĀ® for Rebuilding Credit is a good choice for those looking for a credit card that helps them build credit and at the same time offers rewards-earning opportunities. You earn 1% cash back on all eligible purchases, and Credit One BankĀ® will regularly monitor your account for credit line increase opportunities so that you can get the credit you deserve.

FAQ

What is the customer service phone number for Credit One BankĀ® Platinum VisaĀ® Credit Card?

If you are in the US, you can reach customer service assistants 24/7 at the following number: 1-877-825-3242. If you are outside the US, dial 1-702-405-2042.

How to check my application status for Credit One BankĀ® Platinum VisaĀ® Credit Card?

You can check your application status online. Simply enter your last name and social security number into Credit Oneā€™s application status webpage. Alternatively, you can call Credit One at 1-800-752-5493 (5 a.m. - 9 p.m. Mon - Fri, 6:30 a.m. - 5 p.m. Sat & Sun / All Times Pacific) to check if your credit card is approved.
Hanna VolkavaHanna Volkava

Financial and product expert

hv@myfin.us
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