Credit One Bank® Platinum Visa® for Rebuilding Credit review: An expensive way to rebuild credit
A decent option for credit-builders but a secured card might be a better fit
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Snapshot
2.3
Bottom line
Though this card can get the job done if you’re trying to rebuild your credit, it’s an expensive option that offers few advantages over a secured card.
Regular APR
29.49%* Variable
Annual fee
$75 for the first year. After that, $99 annually ($8.25 per month)
Bankrate Score
Cost of membership
Ease of building credit
APR
Features
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Credit One Bank® Platinum Visa® for Rebuilding Credit Overview*
It can be difficult to find the right credit card when you have bad credit, especially if you want to earn rewards, avoid annual fees and find a manageable APR. If you want to avoid a security deposit, it can be even harder since secured credit cards are the most common type of card available to people with poor credit.
But a handful of unsecured credit cards like the Credit One Bank® Platinum Visa® for Rebuilding Credit is available if you prefer no upfront costs. It's an unsecured credit card (meaning no security deposit) that also earns cash back on everyday purchases.
However, this card’s APR is very high, and its annual fee is as high as many premium rewards cards’ annual fees. Plus, your initial spending limit will only be $300 to $500. If you’re focused on improving your credit score, the Credit One Platinum could be a short-term solution, but a secured card can be a more sustainable, less costly choice for achieving a better credit score.
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Rewards
- Earn 1 percent cash back rewards on eligible gas, grocery purchases and mobile phone service, internet, cable and satellite TV services (Terms apply)
Expert Appraisal: Exceptional
See our expert analysis -
Rates and fees
- Annual fee: $75 the first year, then $99 ($8.25 per month)
- Regular APR: 29.49%* Variable
Expert Appraisal: Unimpressive
See our expert analysis -
Credit-building features
- Accounts reviewed regularly for credit line increase
- Free credit score tracking and credit score report
Expert Appraisal: Typical
See our expert analysis -
Other cardholder perks
- More Rewards program offers additional cash back when shopping at select merchants
- Free membership in Experian IdentityWorksSM
- Zero fraud liability if your card is lost or stolen
- Pick Your Payment Due Date
Expert Appraisal: Typical
See our expert analysis
Credit One Platinum pros and cons
Pros
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Earns cash back in common spending categories, so it’s a solid card for your everyday purchases
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Potential access to an unsecured credit limit without making a deposit
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Includes possible credit limit increases to promote good account standing
Cons
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High annual fee that increases in the second year even if you pay on time
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Access to larger credit limits with a secured card if you can make a deposit that’s greater than the maximum credit limit on this card
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Limited cash back compared to similar cards
Why you might want the Credit One Platinum card
This card is a plus if you want to earn rewards while rebuilding your credit. Although you can only redeem rewards for a statement credit, this can help you stay on top of your balance and avoid accruing large interest charges.
Rewards and redemption: Statement credit can help manage budget
It shouldn't be too difficult to rack up cash back rewards because the Credit One Bank Platinum Visa for Rebuilding Credit earns unlimited 1 percent cash back on popular spending categories, like gas and groceries. But it also includes categories not typically offered in other cash back programs, such as internet and cable services.
Your cash back rewards are automatically added to your account as a statement credit on each billing cycle’s statement, so you won’t need to worry about redemption. While more flexibility would be great, having rewards automatically applied to your balance is a low-hassle benefit if you are managing debt and working toward a more positive payment history.
Perks: Earn extra cash back
Credit One Bank Visa cards feature two programs you can use to earn extra cash back and discounts. By linking your card and shopping with participating retailers, Credit One’s More Rewards and Visa Offers + Perks stack extra rewards or discounts on top of your ongoing earnings for eligible purchases.
More Rewards provides deals that offer up to 10 percent bonus cash back, while Visa Offers + Perks is tailored toward online shopping, apparel and dining discounts with select businesses. Earning extra cash back may not be your primary focus as you rebuild credit, but you can enjoy issuer-run rewards programs on this card as you work to improve your credit.
Another nice perk is you can select a new payment due date that is at least six days before or after the original assigned date by calling customer service. You can only change your due date once in a six-month period, but it allows some flexibility if you need it.
Why you might want a different credit-rebuilding card
While this card has many advantages, you might want to consider some of its drawbacks, such as its annual fee and lack of credit-building perks. Along with its temptation to spend more for the sake of earning rewards, this card’s lack of credit-friendly perks can quickly spiral credit newcomers into debt.
Rates and fees: Annual fee might be too costly
Although it doesn’t require a security deposit, the Credit One Bank Platinum Visa for Rebuilding Credit is far from a low-cost card. The biggest potential cost to consider is the annual fee: $75 for the first year, then $99 per year after (billed at $8.25 per month). Considering the low initial credit line, that is a lot to pay for not much spending power.
Since the rewards rate is relatively low, the annual fee could make it hard to pocket any cash back. This sentiment is especially true in the second year. You’ll need to spend at least $825 per month (or $9,900 per year) in your bonus categories just to offset the $8.25 monthly fee with cash back rewards.
The card’s APR is also higher than the current average credit card interest rate, but this is common on cards for credit-building. Other common fees include late payment fees, foreign transaction fees, credit limit increase fees, returned payment fees and cash advance fees.
Credit-building: No standout features
Outside of features like account alerts, zero fraud liability and free monthly credit score access, the Credit One Bank Platinum Visa for Rebuilding Credit doesn’t carry many extra perks — even for building your credit.
Credit One will regularly review your account for responsible card use to determine if you qualify for a credit line increase. With a higher credit limit, you may be able to keep your credit utilization lower, an important factor in determining your credit score. However, opportunities for credit line increase are typical for cards of this type.
You might opt for Credit One's Credit Protection Program, designed to prevent your credit score from dropping for up to six months. This program will cover your card’s minimum payment if you lose your job or become disabled. You must wait at least 30 days after enrolling, however, to activate your protection. But combined with this card’s high rates and fees, the mounting interest you would accrue by carrying a balance on your card could lead to a costly cycle, even though your account is frozen. Although the program will cover your card’s minimum payment, you’re still on the hook for the rest of the balance.
Since your protection and account can be forcibly closed if you’re 60 days past due or 20 percent over the limit, Credit One’s protection plan could end up costing more than other debt management options.
How the Credit One Platinum card compares to other credit-building cards
Plenty of cards for people with no credit history are available that may be more straightforward and even easier to get, but you might need to put down a security deposit. Despite higher upfront costs, secured credit cards could be a better option, especially if you need a higher initial spending limit. These cards can come with fewer potential costs and often include more credit-building features.
Credit One Bank® Platinum Visa® for Rebuilding Credit
Annual fee
Intro offer
Rewards rate
Earn 1% cash back rewards on eligible gas, grocery purchases and mobile phone, internet, cable and satellite TV services. Terms apply.
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Annual fee
Intro offer
Intro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! There's no minimum spending or maximum rewards. Just a dollar-for-dollar match.
Rewards rate
Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Earn unlimited 1% cash back on all other purchases.
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Annual fee
Intro offer
Rewards rate
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Who is the Credit One Platinum card right for?
This card is ideal for credit-builders who want to earn rewards at the same time or who prefer to avoid a security deposit.
Bankrate’s Take — Is the Credit One Platinum card worth it?
The Credit One Bank Platinum Visa for Rebuilding Credit doesn’t carry the same refundable upfront cost as a secured credit card, but it does come with a costly annual fee that will be difficult to offset with its low cash back rate. The card may be a decent option if you have bad credit, but sometimes a secured card with a larger credit limit can be a more effective strategy as you work on improving your credit score.
Simply put, there are better credit cards available that accept applicants with a less-than-ideal credit history, and your pool of options deepens considerably if you have fair credit or are open to a secured card.
*The information about Credit One Bank® Platinum Visa® for Rebuilding Credit has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
Frequently asked questions
What cardholders think
Credit One Bank® Platinum Visa® for Rebuilding Credit
In May 2024, Bankrate collaborated with third-party SliceMR to survey 6160 cardholders nationwide. Bankrate and Slice MR collected, averaged and presented website analytics and cardholder responses to six questions on a 5-point scale. Responses are based on individual cardholder’s product details, and therefore cannot be verified for accuracy. Users received an incentive for their feedback. User ratings are unedited and have not been reviewed or approved by credit card issuers, nor do these ratings reflect Bankrate’s own reviews of these cards.
Community Reviews
* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.
Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.
