*Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer. This site may be compensated through a credit card issuer partnership.
This article was last updated Jul 02, 2018. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.
The information related to the Credit One Bank® Unsecured Platinum Visa® has been collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication.
Who the card is best for
The Credit One Bank® Unsecured Platinum Visa® is an option for people with excellent/good credit who want to build credit while earning cash back. However, it’s not the most affordable option out there. You’ll have to contend with a $0-$99 annual fee, and you won’t know your exact annual fee until you apply for the card. And that fee will be subtracted from your available credit limit right away, which will limit your access to credit.
A better alternative to improve a poor credit score would be a no-fee secured credit card, which we’ll cover in detail later in this post. There are plenty of secured cards that don’t have any fees and give you the same opportunity to improve your credit score.
Where this card stands out in its category
There is a rewards program where you can earn 1% on eligible purchases, terms apply. This is a nice added perk since many cards for bad credit don’t come with rewards programs. There are also several other benefits, like access to your free credit score and shopping discounts that make this card stand out among competitors.
Where this card falls short in its category
This card has an annual fee of $0-$99, and you won’t know your fee until after you apply. Also, any annual fee you incur will be deducted from your initial available credit limit. So, if you receive a $300 credit limit but a $75 annual fee, your initial available credit will only be $225.
Additional card benefits
The Credit One Bank® Unsecured Platinum Visa® offers several additional benefits:
- Free credit score tracker: You can view your Experian ScoreX Credit Score for free and monitor your progress.
- Select insurances: You receive travel accident and auto rental collision insurance at no additional cost when you use your card to pay for eligible travel or rentals.
- Shopping discounts: With Visa Credit Card Offers + Perks, you can receive discounts at select merchants when you use your card.
How to use the card most effectively
To gain the most value from the Credit One Bank® Unsecured Platinum Visa®, be sure to use the card for all eligible purchases where you earn cash back. This allows you to maximize your rewards — but don’t let that lead you to overspend since your main goal with this card is to improve your credit.
The best way to raise your credit score is to make sure you pay your statement on time and in full each month. Another way to help your credit score is to maintain a utilization rate under 30%. The utilization rate is the amount of your total credit limit you use. For example, if you have two cards with a total credit limit of $1,000, you would never want to carry a statement balance totalling $300 or more across the two cards.
This card offers 1% on eligible purchases, terms apply. The exact rewards rate you receive depends on your creditworthiness, and will be disclosed after you submit a pre-qualification request and you qualify for a credit card offer.
Per Credit One’s terms and conditions, you can qualify for:
- 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
An alternative to the Credit One Bank® Unsecured Platinum Visa® is a secured card like the Discover it® Secured. Secured cards are a great way to build credit. They require a security deposit that becomes your line of credit, and when you make on-time payments they will report them to the major credit bureaus. The Discover it® Secured has a minimum $200 security deposit, but it’s refundable if you transition to an unsecured card or pay your balance in full and close your account.
The Discover it® Secured provides a better cashback program than the Credit One Bank® Unsecured Platinum Visa® and also has a $0 annual fee. That’s compared with the $0-$99 annual fee and cashback program of the Credit One Bank® Unsecured Platinum Visa®, which are based on your creditworthiness. People looking to build credit can do so with either card, but if you want more perks and less fees, the Discover it® Secured is a better choice.
Here’s a breakdown of the key features of each card:
|Credit One Bank® Unsecured Platinum Visa®||Discover it® Secured|
|Minimum Security Deposit||N/A||$200|
|Regular Purchase APR||19.49% -25.49% Variable||24.49% 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.|
|Sign-Up Bonus||No bonus||Discover will automatically match ALL the cash back you earn at the end of your first year.|
|Foreign Transaction Fee||Either $1 or 3% of each purchase in U.S. dollars, whichever is greater.||None|
The Credit One Bank® Unsecured Platinum Visa® can be a good choice for people with less-than-perfect credit looking to improve their credit score while benefiting from a cashback program — just be aware of the range of annual fees.