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Credit One Bank Platinum Visa for Rebuilding Credit Review

Credit One Bank Platinum Visa for Rebuilding Credit Review

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This article was last updated Jul 18, 2018, but some terms and conditions may have changed or are no longer available. For the most accurate and up to date information please consult the terms and conditions found on the issuer website.

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  • 1% on eligible purchases, terms apply

  • 20.24% - 26.24% Variable

Highlights
  • See if you Pre-Qualify without harming your credit score
  • Track your progress with free online access to your Experian credit score, terms apply 
  • Looking to rebuild credit? We report to the major credit bureaus monthly 
  • Accounts are automatically reviewed for credit line increase opportunities 
  • Make paying your bill easier with the ability to choose your payment due date, terms apply  
  • Stay in-the-know with customizable account alerts via email and text 
  • Receive 1% cash back rewards on eligible purchases, terms apply
  • Enjoy peace of mind with $0 Fraud Liability

See additional details for Credit One Bank® Platinum Visa® for Rebuilding Credit

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Who the card is best for

We wouldn’t recommend this card in most cases. The Credit One Bank® Platinum Visa® for Rebuilding Credit has unclear terms that aren’t disclosed until after you apply, so you may be better off with a card that clearly informs you of annual fees, rewards rates and grace periods.

If you want to build or improve credit, a great alternative can be a secured card. While they require a security deposit, you can typically receive it back if you pay your balance in full and close your account or transition to an unsecured card. Secured cards often have no or low annual fees and can provide you more benefits than the Credit One Bank® Platinum Visa® for Rebuilding Credit.

And, if you have good or excellent credit, we rounded up the top credit cards from our partners here.

If you’re still curious what the Credit One Bank® Platinum Visa® for Rebuilding Credit offers, read on to learn more.

Where this card stands out in its category

There’s not much to write home about. The Credit One Bank® Platinum Visa® for Rebuilding Credit doesn’t have any benefits that make it noteworthy compared to other cards for bad/poor/fair credit. While you can earn 1% on eligible purchases, terms apply, you won’t know your rewards rate until after you submit a pre-qualification request.

And, while there are shopping discounts available through the Visa Offers + Perks program, they’re not unique to the Credit One Bank® Platinum Visa® for Rebuilding Credit since most Visa cards can benefit from those offers.

Where this card falls short in its category

The terms are not clearly disclosed prior to applying. Credit One does not clearly list the exact terms you receive with the Credit One Bank® Platinum Visa® for Rebuilding Credit before you apply. For example, the annual fee is $0-$99, depending on credit worthiness. That’s a wide range and you may not be able to take the risk of getting hit with the highest fee.

Your initial credit limit is reduced by the annual fee you receive. Not only is the annual fee unknown until after you apply, but the fee is deducted from your initial available credit limit. Therefore, if you receive a $300 credit limit and a $75 annual fee, your initial credit limit will be reduced to $225.

Additional card benefits

The Credit One Bank® Platinum Visa® for Rebuilding Credit offers several additional benefits:

  • Select insurances: When you use your card to pay for eligible travel or car rentals, you receive travel accident and auto rental collision insurance at no additional cost.
  • Shopping discounts: The Visa Offers + Perks program provides discounts at select merchants like food and clothing stores, when you use your card.

How to use it most effectively

Review your cardmember agreement prior to making your first purchase. In the fine print, Credit One states that not all accounts have grace periods. This means that if you open a card and don’t receive a grace period, interest will be charged on purchases beginning on the date they post to your account — unlike most cards that provide a grace period of 21 to 25 days from the close of your billing cycle where you won’t be charged interest. So, if you happen to receive a card without a grace period, keep spending to a minimum and pay it off quickly, since the interest rate is high at 20.24% - 26.24% Variable APR.

Keep spending to a minimum. An important factor of your credit score is amounts owed — aka utilization, the total amount of credit you use compared to your available credit limit. It’s generally recommended to keep a utilization below 30%, so, for example, try not to spend more than $300 on a card with a $1,000 credit limit. Keeping a low utilization rate is helpful for both your credit score and your wallet; you may be less likely to fall into debt if you minimize spending.

Rewards breakdown

Credit One offers a cash back program where you can earn 1% on eligible purchases, terms apply. However, per Credit One’s terms and conditions, you won’t know the exact reward rate you receive until you submit a pre-qualification request.

The cash back options you may qualify for include:

  • 1% cashback rewards on eligible gas, groceries, mobile phone service, internet service, and cable & satellite TV service; or
  • 1% cashback rewards on eligible gas, groceries, dining purchases, mobile phone service, internet service, and cable & satellite TV services; or
  • 1.1% cashback rewards on eligible dining purchases and 1% cash back rewards on other eligible purchases; or
  • 1% cashback rewards on eligible purchases.

Compare it with the Discover it® Secured

A great alternative to the Credit One Bank® Platinum Visa® for Rebuilding Credit is a secured card like the Discover it® Secured.

Secured cards are a great way to build credit and are nearly identical to unsecured (or regular) credit cards. The main difference is that secured cards require a security deposit which becomes your line of credit. For the Discover it® Secured, the minimum security deposit is $200.

Compared to the Credit One Bank® Platinum Visa® for Rebuilding Credit’s $0-$99 annual fee that is unknown until after you apply, there is a $0 annual fee for the Discover it® Secured. If you’re able to put money aside for a security deposit, the Discover it® Secured is well worth it — you receive a more straightforward cashback program with 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically. 1% unlimited cash back on all other purchases. And, there’s a wide range of benefits, including no foreign transaction fees and a new cardmember offer where Discover will automatically match all the cash back you earn at the end of your first year.

Here’s a breakdown of the key features of each card:

Credit One Bank® Platinum Visa® for Rebuilding Credit Discover it® Secured
Annual Fee $0-$99 $0
Regular Purchase APR 20.24% - 26.24% Variable 25.24% Variable
Rewards 1% on eligible purchases, terms apply 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically. 1% unlimited cash back on all other purchases.
Foreign Transaction Fee Either $1 or 3% of each purchase in U.S. dollars, whichever is greater. None

Bottom line

The Credit One Bank® Platinum Visa® for Rebuilding Credit is a just-OK card for building credit if you have bad/poor/fair credit. However, we recommend checking out secured cards that clearly state the annual fee prior to applying.


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  • Earn 1% cash back on all purchases

  • Earn 25% bonus on cash back you earn each month you pay on time

  • Higher credit line after 5 on-time monthly payments

Highlights
  • Earn 1% cash back on all your purchases. Pay on time to boost your cash back to a total of 1.25% for that month
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See additional details for Journey® Student Rewards from Capital One®

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