Credit One Bank Platinum Visa for Rebuilding Credit Review
The Credit One Bank Platinum Visa Card for Rebuilding Credit may be a good option for you if you have a low credit scores and are looking to rebuild your credit while earning cash back rewards on your purchases.
The Credit One Platinum Visa Card for Rebuilding Credit offers unlimited 1% cash back rewards on eligible gas, grocery, mobile phone service, internet service, cable and satellite TV purchases. You can redeem these rewards as a statement credit on your monthly credit card bill.
This card helps people with bad credit scores rebuild their credit. You can see if you pre-qualify for this card by filling out a form on the Credit One Bank website without affecting your credit scores.
Card Details to Know Up Front
- Bonus, Fee or FeatureHas or Not
- Has Annual Fee
- Has Balance Transfer Offer
- Has APR Offer
- Cash Back Rewards
- Travel Rewards
Credit One Bank Platinum Visa for Rebuilding Credit at a Glance
With the Credit One Bank Platinum Visa Card for Rebuilding Credit, people with bad credit scores have a chance to improve them. They also get 1% cash back on eligible purchases and have access to a rewards program.
- Credit One Bank® Platinum Visa® for Rebuilding Credit
Best credit card for prequalifying with bad credit
- Limited-PoorCredit Needed
- $0–$99*Annual Fee
- NoneRewards Rate
- 1xRewards Rate on Groceries
- 1xRewards Rate on Gas
Pros & Cons Explained
Looking over the pros and cons of the Credit One Platinum Visa Card for Rebuilding Credit will help you decide if getting it is worth it or not.
- Unlimited Cash Back RewardsYou can earn unlimited 1% cash back rewards on eligible gas, grocery, mobile phone service, internet service, cable and satellite TV purchases.
- Monthly Credit Score AccessWith this card, you get free monthly access to your Experian Credit scores and report summary. Terms apply.
- Zero Fraud LiabilityIn case your card is lost or stolen, or there’s any unauthorized use, you’ll have zero liability.
- High APRThis card has a variable APR of 23.99%, which is very high compared to the average APR.
- Annual FeeWith this card, you’ll pay an annual fee of $75 for the first year. After that, it’s $99 every year. While many cards have higher fees, some competing cards don’t have annual fees at all.
- High International Transaction FeeFor international transactions, you’ll be charged 3% of the total amount, or $1, whichever is greater.
The Credit One Platinum Visa Card for Rebuilding Credit is not listed as one of the Best Cash Back Credit Cards of 2022 by MoneyGeek. You can check out the full list to learn more about other cards that are recommended for this category.
Bonuses & Rewards Explained
Learning more about the rewards structure of the Credit One Platinum Visa Card for Rebuilding Credit can help you understand the reward potential of this card.
Credit One More Rewards Program
With this program, you can earn up to 10% cash back rewards by shopping with participating merchants.
Visa Offers + Perks Program
The Visa Offers + Perks program offers great discounts on dining and online shopping with select businesses.
Unlimited Cash Back Rewards
You get unlimited 1% cash back rewards by spending money on eligible bonus category purchases.
Other Features Explained
Looking over other features offered by the Credit One Platinum Visa Card for Rebuilding Credit can help you make a decision about the card.
- Card FeatureDescription
- Credit Protection ProgramIn case of job loss or disability, this program prevents your credit score from dropping by covering your card’s minimum payment.
- Account AlertsYou get 24/7 alerts through text, email and phone, which helps keep your account secure from fraudulent activity.
- No Security DepositUnlike other credit-building cards, this card does not require a security deposit.
"This credit card reviews your credit frequently and increases the credit limit if you’ve been responsibly using the card. You can use this to build your credit, as the name of the card suggests." - Alene Laney, Credit Card Journalist
Understanding the Fine Print
The fine print of the Credit One Platinum Visa Card for Rebuilding Credit will give you an overview of the fees associated with it, such as its APR, annual fee, late payment fee, cash advance fee and foreign transaction fee.
- Card FeatureAmount or Rate
- Annual Fee$0–$99*
- Cash Back Rewards
- Rewards RateNone
- Airline Benefits
With a variable regular APR of 23.99%, you can accrue a lot of interest with this card if you don’t pay off your balance each month. Also, this card may not offer a grace period for making the minimum payment.
This card has a yearly fee of $75 for the first year. After that, you’ll pay $99 annually, which means that you will have to spend $9,900 in a year just to offset the annual fee with cash back rewards.
Late Payment Fee
If you don’t make your minimum monthly payment before the due date, you can incur a late payment fee of up to $39. This makes it more important to pay off your balance in full before the due date.
Cash Advance Fee
The cash advance fee of this card is 8% of the amount, or $5, whichever is greater.
Foreign Transaction Fee
You’ll pay a foreign transaction fee of 3% of the total amount if you use this card while traveling internationally. If you are a frequent traveler, this card may prove to be expensive.
The best resource for the above information is the credit card agreement database maintained by the Consumer Financial Protection Bureau. You can also check out your credit card issuer’s website, mobile app and your latest billing statement for more credible information.
Who Should & Shouldn’t Consider Credit One Bank Platinum Visa for Rebuilding Credit?
Other Considerations for Credit One Bank Platinum Visa for Rebuilding Credit
If the Credit One Platinum Visa Card for Rebuilding Credit is your first-ever card and you haven’t used cards before, your requirements would be different from someone using credit cards for a long time.
Things to Consider if This Will Be Your First or Only Credit Card
Due to the high variable regular APR of 23.99%, carrying a balance on this card is not recommended. You should pay off your balance in full before the due date to avoid accruing significant interest.
This card offers an initial minimum credit limit of only $300. Credit One automatically reviews your credit limit every few months and may increase it without any charges.
With this card, you would have to make eligible gas, grocery, mobile phone service, internet service, cable and satellite TV purchases to get a 1% cash back reward.
Things to Consider if This Will Be an Additional Card in Your Wallet
This card has an annual fee and a low cash back reward rate. You should compare its rewards with other cards in your wallet to see if the rewards and credit-building features are worth paying the annual fee.
You should strictly use this card to make eligible bonus category purchases and avoid carrying a balance due to its high variable APR.
MoneyGeek’s methodology includes collecting credit card information, standardizing data points, analyzing potential cardholder profiles, considering annual and introductory bonuses, establishing the card values and reviewing data monthly to reprocess rankings.
How Credit One Bank Platinum Visa for Rebuilding Credit Compares to Other Cards
While the Credit One Platinum Visa Card for Rebuilding Credit offers an opportunity for people with bad credit scores to rebuild their credit, many other cards are available that are much better than this one in terms of cash back rewards rate.
In-Depth Credit Card Comparisons:
- Credit One Bank Platinum Visa for Rebuilding Credit vs Milestone Unsecured Mastercard
- Credit One Bank Platinum Visa for Rebuilding Credit vs Credit One Bank Platinum Visa
Quick Comparison of Credit One Bank Platinum Visa for Rebuilding Credit
Credit One Bank Platinum Visa for Rebuilding Credit
- Purchase APR: 23.99%
- Annual fee: $75 for first year, then $99
- International transactions fee: 3%
- Cash back rate: 1%
- Best for: People with bad credit scores looking to rebuild their credit
Capital One Quicksilver Rewards
- Purchase APR: 20.49%
- Annual fee: $0
- International transactions fee: $0
- Cash back rate: 1.5%
- Best for: International travelers and people looking for straightforward cash back reward rates
Other Helpful Decision-Making Q&As
The following frequently asked questions about the Credit One Platinum Visa Card for Rebuilding Credit may prove to be helpful in making a decision.
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