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Credit One Bank Unsecured Platinum Visa Review

*Editorial Note: This content is not provided or commissioned by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

This article was last updated Jul 02, 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.

Credit One Bank® Unsecured Platinum Visa®

 

Rated 4/5 stars by our editorial team

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Your Rating:

4.0/5.0 from 10 Offer Ratings
Over the Past 60 Days!

  • 1% on eligible purchases, terms apply

  • Build Credit When Used Responsibly

  • 19.74% - 25.74% Variable

Highlights
  • Enjoy peace of mind with $0 Fraud Liability  
  • See if you Pre-Qualify in less than 60 seconds 
  • Receive 1% cash back rewards on eligible purchases, terms apply
  • Automatic reviews for credit line increases give you opportunities to get even more credit 
  • Choose your monthly payment due date for added convenience, terms apply 
  • View updates to your Experian credit score with free online access, terms apply 
  • Access your account on-the-go with the Credit One Bank mobile app 
  • Never miss an account update with customizable text and email alerts

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

More Info

Who the card is best for

The Credit One Bank® Unsecured Platinum Visa® is an option for people with bad/poor/fair 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.

Rewards breakdown

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
Annual Fee $0-$99 $0
Minimum Security Deposit N/A $200
Regular Purchase APR 19.74% - 25.74% Variable 24.74% Variable
Rewards 1% on eligible purchases, terms apply 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, automatically. 1% on everything else*
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

Bottom Line

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.


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Capital One Spark Classic Business Review

Capital One® Spark® Classic for Business

 

Rated 3.5/5 stars by our editorial team

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Your Rating:

3.2/5.0 from 16 Offer Ratings
Over the Past 60 Days!

  • Earn 1% cash back on all purchases

  • No foreign transaction fees & complimentary fraud coverage

  • 24.74% (Variable)

Highlights
  • Enjoy no annual fee
  • Earn 1% cash back on every purchase, every day
  • Build business credit with responsible use
  • Fraud coverage if your card is ever lost or stolen
  • No foreign transaction fees
  • Enjoy business benefits including Year-End Summaries, employee cards at no extra cost and experienced small business customer service

See additional details for Capital One® Spark® Classic for Business

More Info

Who the card is best for Business owners with less than perfect credit may see the most value from this card. If you have average/fair/limited credit, you may qualify for the Capital One® Spark® Classic for Business. This card also has a $0 annual fee, so you can save money compared with some other business cards that have […]

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