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Seeking a credit card with a bad credit score or no credit score can be a draining experience, especially if you have been trying to convince lenders to offer you an opportunity with no luck.
Luckily, many credit cards can help you build or improve your credit. These include secured and unsecured cards. The Secured Cards help you build up your credit at the cost of a security deposit (usually refundable, ranges from $200-$500). Unsecured Cards do not charge you a security deposit after opening a bank account.
The Credit One Bank Platinum Visa for Rebuilding Credit can be a fantastic deal at first: It’s an unsecured credit card (implying no upfront security deposit is required). It also earns you cash back on select purchases. Moreover, you also have access to bank account statements, giving you a broader insight into how well you are using your account.
A caveat to all these perks is to read the fine print section before applying. Credit One cards can be notorious for their baffling terms and conditions (often crammed with unexpected rates and fees that are not guaranteed until you prequalify). In fact, the Credit One Bank® Platinum Visa® for Rebuilding Credit may have the foremost bureaucratic procedure of all.
If you’re focused on improving your credit score, there are a number of low-cost options that earn rewards and don’t even require any credit history, like secured credit cards or student cards. Since it charges you an Annual Fee ($75 in the first year of Account Opening, then onwards the regular Annual Fee of $99 is applicable), moreover, it also charges you a Foreign Transaction Fee of $1 or 3% of the Balance Transfer Amount (whichever is higher is applicable).
However, if you do not want to traffic jam your money in the form of security deposits, the Credit One Bank Platinum Visa Card may be worth it to ease up the process of your Credit Building. Similarly, it may be of great use in the process of rebuilding your credit.
What’s Ahead
- Key Highlight
- Pros & Cons
- Rates & Fees
- Why might you go for a Credit One Bank Platinum Visa Credit Card?
- Why might you want to go for some other Card?
- Credit One Bank Platinum Visa Credit Card Vs. Discover It Secured.
- Verdict
- Frequently Asked Questions
Key Highlight
- No Sign-up Bonus is offered
- An Introductory Annual Fee of $75 is charged within the first year of Account Opening. Then onwards, an Annual Fee of $99 is charged.
- Ability to earn a cashback reward of 1% on eligible purchases made at gas stations, grocery stores, mobile purchases, internet, cable, and TV Services.
- Pretty much everyone can apply for this card since there is no credit history required. Even with bad credit or no credit, you can still apply for this card.
- Since it is an unsecured credit card, you are not required to deposit any money for Security Deposit.
- Cash Advance of $5 or 8% of the Cash Advance Amount is chargeable.
- Foreign Transaction Fee of $1 or 3% of the Foreign Transaction you make is Applicable. (The higher rate Is charged).
- On delayed payments made by you, you are charged a Late Payment Fee of $39.
- No Intro APR is Applicable.
- The Regular APR of 23.99% is applicable on purchases made by you.
- Option to choose Payment Due Date.
Pros & Cons of Credit One Bank Platinum Visa Card for Rebuilding Credit
Pros✔
- Lack of Security Deposit Required.
- Ease of building or rebuilding your credit score.
- Ability to earn Cashback on your everyday purchases.
- Automated Increment in Credit Line.
- Additional Perks
Cons❌
- Lack of Introductory APR.
- Lower Cashback Reward Rate.
- Lack of Clarity in Terms & Conditions for new applicants.
- Higher Maintenance Cost
Full Review
Here are the full review of Credit One Bank Platinum Visa for Rebuilding Credit.
Rates & Fees
| Types | Rates ($) |
|---|---|
| Joining Fees | None |
| Annual Fees | In the first year of Account Opening, you are charged an Annual Fee of $75; then, you are charged an Annual Fee of $99. |
| Balance Transfer Fees | None |
| Foreign Transaction Fees | $1 or 3% of the Foreign Transaction you make (whichever is higher is charged). |
| Introductory APR | None |
| Regular APR | A regular APR of 23.99% is applicable on all purchases and Balance Transfers made by you. |
Why might you go for a Credit One Bank Platinum Visa Credit Card?
# 1. Lack of Security Deposits Required
Most of the cards designed for building or rebuilding your credit score usually require you to deposit a certain amount (usually $200 or higher) since most of these cards are secured cards. Credit One Bank Platinum Visa Card stands out since it is an unsecured Credit Card, which means that you can still access the credit line without depositing money for Security Deposits.
#2. Ease of building or rebuilding your credit
Acquisition of a credit card with a bad or no credit score can be a stressful and draining for many people. This is where Credit Rebuilding Cards come into play. These cards assist you in building credit scores. Since it is a Credit Rebuilding Card, it is feasible for people with bad credit or even no credit.
As a Credit Rebuilding Card, Credit One Bank Platinum Visa Card helps you build up your credit in case of no credit. Similarly, in the case of bad credit, it helps you rebuild your credit score.
Responsible usage of the card can be yielding you some extra perks. Paying off your debts and dues punctually fast tracks the process of building or rebuilding your credit score, which makes you more creditworthy.
# 3. Ability to earn Cashback Rewards on your everyday purchases.
Using Credit One’s Platinum Visa Card on purchasing gas, groceries, cell phone services, internet, cable, and television, you get a cashback reward of 1%. Even though 1% Cashback is mediocre at its best, the Cashback is good because it targets people with bad or no credit.
# 4. Automatic Increment in Credit Line.
The minimum credit line limit for a new cardholder is $300 (irrespective of what credit line you were qualified for). And as you responsibly use your card by making timely payments on purchases made by you, your credit line will increase automatically.
# 5. Choose Your Payment Due Date
Credit One offers you the flexibility to choose a payment due date that work for you. You will be always an option to change the payment due date.
# 6. Additional Perks.
Credit One Bank Platinum Visa Card for Rebuilding Credit offers you several attractive perks that make shopping fun for its user. These include the following:
A. Digital Wallet: Credit One Wallet is a Digital Wallet of Credit Bank. It can be used to make cashless purchases. Moreover, it is compatible with ApplePay, SamsungPay, GooglePay.
B. Choose Your Due Date: Suppose that you don’t like your bill’s due date and want to change it; you can do it easily. All you need to do is contact Credit One after your initial billing period and ask for the date to be changed. Your new due date must be at least six days before or after the original date assigned to you.
C. Free Access to Credit Score: As you are approved for a Credit One Credit Card, you are offered free access to Experian ScoreX Credit Score. You are required to register online for account access. Knowing your credit score can be greatly helpful for you if you are working to build or rebuild your credit.
D. Visa Exclusive Shopping Discounts: As a Visa Cardholder, you can get a lucrative range of discounts on various purchases made by you. These include Airlines, Hotels, Electronics, Fashion Apparels, etc.
E. Zero Fraud Protection covers you in case of Unauthorized or Fraudulent Transactions made on your card. You are not held liable for such transactions.
Why might you want to go for some other Card?
#1.Higher Maintenance Cost.
Credit One Bank Platinum Visa Card is not one of the best credit cards if you are looking for a low maintenance cost card. This card charges you an Annual Fee of $75 within the first year of Account Opening. The next year onwards, it charges you an Annual Fee of $99. Similarly, it charges you a Foreign Transaction Fee of $1 or 3%, whichever is higher is chargeable.
There are several credit cards like the Discover It Secured Card.
# 2. Lack of Introductory APR
Like many other cards in the same segment, Credit One Platinum Visa Card does not offer you an introductory APR. Intro APR offers you relief from the hefty interest rates. For instance, Discover It Secured Card offers you an introductory APR of 10.99% for the first 6 months. After that, you are charged the Regular APR of 22.99%.
On the other hand, Credit One Platinum Visa Card does not offer you an introductory APR. Instead, it charges you the Regular APR of 23.99%, which is comparable to other cards.
# 3. Lower Cashback Reward Rate.
Credit One Bank Platinum Visa Card offers you a Cashback Reward of 1% on purchases made at certain merchants on your everyday purchases.
On the other hand, Discover It Secured Card offers you an introductory Cashback Reward of 2% on expenses made (up to $1,000 within each quarter). After that, an unlimited 1% cashback is applicable.
# 4. Lack of Clarity in Terms & Conditions for new applicants.
You can prequalify for this card, which can give you an idea of the terms of account operation. Nothing is final unless you are formally approved. Other Credit Card Issuers.
Offer you more transparency about the pros and cons of owning that specific card, making it easy for you to evaluate all the available options.
Credit One Bank Platinum Visa Credit Card Vs. Discover It Secured.
| Fees & Rates | Credit One Bank Platinum Visa Credit Card | Discover It Secured |
|---|---|---|
| Welcome Bonus/Sign-up Bonus | None | Introductory Cashback Reward of 2% on purchases made worth $1,000. After that, an unlimited 1% cashback is applicable. |
| Cashback Rewards | 1% Cashback on everyday purchases made with certain merchants. These purchases include Gas, Grocery, Mobile Services, Dine-in, Cable, Internet, etc. | 2% Cashback on purchases made worth $1,000 (within each quarter); after that, an unlimited 1% cashback is applicable. |
| Intro APR | None | Introductory APR of 10.99% is applicable on Balance Transfers for the first 6 months of Account Opening. |
| Regular APR | 23.99% | 22.99% |
| Balance Transfer Fee | None | 3% introductory Balance Transfer Fee, then Balance Transfer Fee of 5% is applicable. |
| Annual Fee | In the first year of Account Opening, you are charged an Annual Fee of $75, and then onwards, you are charged an Annual Fee of $99. | None |
| Foreign Transaction Fee | $1 or 3% of each Foreign Transaction made by you (whichever is higher is applicable). | None |
READ MORE : Capital One Secured Credit Card Review- Best Credit Credit for Credit Building.
Cashback Reward Rate
Credit One Bank Platinum Visa Card offers you a Cashback Reward of 1% on your everyday purchases made with certain merchants (including Gas, Groceries, Cable, Internet, Restaurants, etc.).
On the other hand, Discover It Secured Card offers you an introductory Cashback Reward of 2% on expenses made (up to $1,000 within each quarter); after that, an unlimited 1% cashback is applicable.
Sign-up Bonus
Credit One Bank Platinum Visa Card does not offer you a Sign-up bonus. On the other hand, Discover It Secured Card offers you a sign-up bonus in the form of 2% cashback on expenses made ($1,000 within each quarter). Once you reach the threshold of expending $1,000, the unlimited 1% Cashback Reward is Applicable.
Annual Fee
Discover It Secured Card does not charge you any Annual Fee. On the other hand, Credit One Bank Platinum Visa Card charges you an Annual Fee of $75 on the first year of Account Opening, then onwards, an Annual Fee of $99 is charged.
Foreign Transaction Fee
Discover It does not charge you any Foreign Transaction Fee. On the other hand, OpenSky does charge you a Foreign Transaction Fee of $1 or 3% on each Foreign Transaction made by you.
Balance Transfer Fee
Credit One Bank Platinum Visa Card does not charge you any Balance Transfer Fee. On the other hand, Discover It charges you a Balance Transfer Fee of 3%.
Introductory APR
Discover It Secured Card offers you an Introductory APR of 10.99% for the first 6 months of Account Opening. On the other hand, Credit One Bank Platinum Card does not offer you an Introductory APR.
Regular APR
Discover It charges you the Regular APR of 22.99%.On the other hand, Credit One Bank Platinum Visa Card charges you a Regular APR of 23.99%.
Verdict:
Credit One Bank Platinum Visa for Rebuilding Credit 2021 Review
Credit One Bank Platinum Visa Card is indeed a good card that helps you build your credit. Using it responsibly increases your credit score, thereby making you more creditworthy for the lenders. Moreover, since it is an unsecured card, it does not require you to deposit any penny for Security Deposit.
It also offers you several handy features that enhance your shopping experience, including a Credit One Digital Wallet (which is compatible with ApplePay, SamsungPay, GooglePay). In addition to it, it also offers you the leverage of choosing the date to pay your dues. Moreover, you can keep a check on your credit score and monthly statements. Plus, you also get Visa Perks like Zero Fraud Liability, Visa Shopping Discounts,
There are several disadvantages to consider before going for this card. These disadvantages mainly include No Introductory APR, Relatively Higher Regular APR and Lower Cashback Rewards. Credit One Bank Platinum Visa Card offers you a Relatively Lower Cashback Reward of 1%. Moreover, you are not offered any Introductory APR. Instead, you are charged the Regular APR of 23.99%, which is relatively higher than Discover It, which charges you the Regular APR of 22.99%.
Credit One Bank Platinum Visa Card is not a low-maintenance credit card. It charges you a Foreign Transaction Fee of 3% on all your Foreign Transactions made by you. Moreover, you are charged an Annual Fee of $75 on the first year of Account Opening, and then onwards, you are charged an Annual Fee of $99.
If you are looking for a low-maintenance credit card that offers you a Cashback Reward on all purchases made by you, then Discover It Secured Card is one of the best cards to go for. Moreover, it also offers you an introductory APR of 10.99% for the first 6 months of Account Opening. Moreover, Discover It does not charge you any Foreign Transaction Fee.
READ MORE : OpenSky Secured Visa Credit Card 2021 Reviews, No Credit Checking Required
Frequently Asked Questions
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What is the credit score required for approval for Credit One Bank Platinum Visa Card Visa Credit Card?
No Credit Score is required for approval for Credit One Bank Platinum Visa Card. Whether you have a bad credit score of 500 or whether you have no credit history, you can still be able to qualify for it.
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How much is the security deposit on the Credit One Bank Platinum Visa Card Card? And do we get our security deposit back?
The Security Fee of Credit One Bank Platinum Visa Card Card ranges from $200 (the lowest limit of security amount to be deposited) to $3,000 (the highest limit of security amount to be deposited). You get your security deposit refunded when you close your account in good standing.
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