MoneyGeek’s Take

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.

Last Updated: 4/23/2022

Advertising & Editorial Disclosure

Reviewed By

Alene Laney

Quality Verified

Advertising & Editorial Disclosure

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 Feature
Has or Not
Has Annual Fee
Has Balance Transfer Offer
Has APR Offer
Cash Back Rewards
Travel Rewards
Hotel Benefits
Airline Benefits
Has Rewarding Welcome Offer
Has Foreign Transaction Fee
Credit Needed
Limited-Poor

Click to see this card’s rates, fees and how they compare to other cards in our dataset.

OUR REVIEW AT A GLANCE

Credit Card Details at a Glance
Pros & Cons Explained
Bonuses & Rewards Explained
Our Verdict: Is This Card for You?

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
Wide-ranging cash back rewards on gas, groceries, etc.
Potential credit line increases as your credit score rises
Lower annual fee ( $39 or $75*) and fixed APR for military members
Easy to see if you prequalify
Free online access to Experian credit score
Zero fraud liability protection for lost or stolen cards

Cons
Annual fee can be high, as can the interest rate
Includes foreign transaction and late fees
3% or $1 foreign transaction fee
Late fee of up to $39
1% cash back on eligible gas, grocery and service purchases/subscriptions for satellite TV, mobile phone, cable and internet
Disclaimer: Credit card offers are constantly changing. We work hard to stay updated with the latest information, but the offers listed on our site may no longer be available.
Terms, rates and fees apply
Compare this credit card with other top-rated credit cards from our partners.

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.

Pros

Benefits
Description
Unlimited Cash Back Rewards
You can earn unlimited 1% cash back rewards on eligible gas, grocery, mobile phone service, internet service, cable and satellite TV purchases.
Monthly Credit Score Access
With this card, you get free monthly access to your Experian Credit scores and report summary. Terms apply.
Zero Fraud Liability
In case your card is lost or stolen, or there’s any unauthorized use, you’ll have zero liability.

Cons

Drawbacks
Description
High APR
This card has a variable APR of 23.99%, which is very high compared to the average APR.
Annual Fee
With 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 Fee
For international transactions, you’ll be charged 3% of the total amount, or $1, whichever is greater.

LOOKING FOR THE BEST CREDIT CARDS OF 2022?

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 Feature
Description
Credit Protection Program
In case of job loss or disability, this program prevents your credit score from dropping by covering your card’s minimum payment.
Account Alerts
You get 24/7 alerts through text, email and phone, which helps keep your account secure from fraudulent activity.
No Security Deposit
Unlike other credit-building cards, this card does not require a security deposit.

MONEYGEEK EXPERT TIP

"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 Feature
Amount or Rate
APR
17.99%–23.99%
Annual Fee
$0–$99*
Cash Back Rewards
Rewards Rate
None
Airline Benefits
Rewards Rate on Groceries
1x
Rewards Rate on Gas
1x
Rewards Rate on Dining
0x
Rewards Rate on Entertainment
0x
Rewards Rate on Online Shopping
0x
Rewards Rate on TV, Phone, Internet Services
1x
Rewards Rate on Air Travel
0x
Rewards Rate at Hotels
0x
Balance Transfer Fee
Unspecified
Balance Transfer APR
23.99%
Late Fees
$39.00
Cash Advance Fee
8%
Cash Advance APR
23.99%
Foreign Transaction Fee
3%

Regular APR
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.
Annual Fee
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.

WHERE TO FIND THIS INFORMATION?

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.

WHY TRUST OUR REVIEWS

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:

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.

Still not sure about this card? Consider these options.

If you can’t arrive at a final decision regarding this card, you can check out other cards in the same category and compare their features to see if they would be a better fit for your requirements.

View All Credit Cards

Learn more about credit cards in general

sources

Credit One Bank. "See if You’re Pre-Qualified for a Credit Card." Accessed August 29, 2021.
Credit One Bank. "How to Earn a Credit Limit Increase." Accessed August 29, 2021.

*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity.
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