Credit One Bank Platinum Visa Review: Rebuild Credit and Get Cash Back

Rebuild your credit with this Credit One Bank credit card.

Credit One Bank currently serves over 7 million U.S. customers and is one of the fastest-growing credit card issuers in the U.S. The bank provides three types of credit cards. If you’re looking for credit cards to rebuild credit, Credit One Bank offers the Credit One Platinum Visa credit card, which is designed specifically for those looking to improve their credit score.  

Find out how this credit card can help you rebuild credit and boost your credit score.

Credit One Platinum Visa Credit Card Review

This card is a good choice for individuals looking to polish up a tarnished credit score and who might not be approved by other major credit card companies. Although the card might come with higher interest rates, Credit One believes in giving individuals help when it comes to rebuilding their credit.

Credit One Bank might also increase your credit limit in the future if your overall credit performance improves. Furthermore, if you remain in good standing, your overall credit score will likely improve as well as you show you can prudently manage your bills.  

To see if you pre-qualify for the Credit One Bank Platinum Visa credit card, visit the bank’s website.

Credit One Platinum Visa Benefits and Rewards

As a cardholder, you can earn 1 percent cash back on charges for eligible necessities, such as gas, groceries, cable, internet, mobile phone and satellite TV.  The Credit One Platinum Visa for Rebuilding Credit charges an annual fee ranging from $0 to $75 for the first year, and $0 to $99 after that.

Additional benefits that come with this Credit One Bank credit card include:

  • Free online tracking of your credit score
  • Customizable automatic account alerts
  • Zero fraud liability
  • EMV chip technology
  • 24/7 account monitoring
  • Account access through the bank’s mobile app
  • Apple Pay
  • Customizable card designs
  • Travel accident and car rental collision insurance
  • Optional credit protection

Check Out: The 10 Best Credit Cards for Bad Credit

Rates and Fees

The Credit One Bank Platinum Visa credit card comes with the following fees depending on your qualification and eligibility:

  • 17.24% to 25.24% APR for purchases
  • 19.15% to 26.15% APR for cash advances
  • $5 or 10 percent cash advance fee for each cash advance, whichever is greater; or $10 or 3 percent of each cash advance, whichever is greater
  • $1 or 3 percent foreign transaction fee, whichever is greater
  • Up to $37 late payment penalty
  • Up to $35 returned payment penalty
  • $19 annually for authorized user participation
  • $0 to $75 annual fee for the first year; $0 to $99 after the first year
  • Credit card protection program: The monthly fee for this optional program is $0.96 per $100 of your new balance. 

Pros

  • Designed for individuals with poor credit and those who are looking to rebuild credit
  • Potential for increased credit limit with good overall credit performance
  • 1 percent cash back on eligible purchases

Cons

  • Annual fees might be up to $99 a year and are charged to your account the day it is opened
  • Annual percentage rate charged for purchases and cash advances is potentially high
  • For additional authorized credit card users, there is an additional $19 per year fee
  • High APR and additional fees for cash advances

Is the Credit One Platinum Visa Credit Card Right for You?

This Credit One credit card could help you rebuild your credit score. Your available credit limit will increase if you consistently pay your bill on time. For individuals looking to rebuild their credit, this credit card might be a bit costly in terms of fees, but it is available to even those who have poor credit.

Note that this card can carry a relatively high APR of between 17.24 percent and 25.24 percent for purchases and 19.15 percent to 26.15 percent for cash advances. Because of these high fees, if you do not think you’ll be able to pay off your balance every month, this credit card might not be right for you.

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