While this card is an appealing starter card, its high interest rate, lack of perks and standard credit-building features might give you pause.
APR: High interest rate
This card has a well-above-average APR — with no zero-interest APR offers. For those who tend to carry a balance on their credit card, this rate may make it harder if you are trying to decrease your debt or build positive credit card habits.
Instead, you may opt for another cash back credit card for fair/average credit where you have the chance to qualify for a lower APR, such as the Upgrade Cash Rewards Visa®.
Perks: Lackluster benefits
Like the other Credit One Bank Visa credit cards, this no-annual-fee card does not offer a sign-up bonus. And, despite the higher-quality rewards rate, you won't enjoy any significant perks carrying this card.
While you can take advantage of Credit One More Rewards to earn additional cash back and discounts with select online retailers, this card's benefits are bare bones.
As a Visa card, you can access “Visa Traditional credit card” benefits. However, there aren’t any standout perks other than 24/7 pay-per-use roadside dispatch and auto rental collision damage insurance, which could help out in a pinch on the road.
Additionally, all Credit One Platinum cards offer optional insurance that covers you in case you become involuntarily unemployed or disabled if you’re eligible. If you opt in, you'll have to pay 96 cents per $100 of your balance each month as a program fee. Then, your minimum payment will be waived for up to six months in case you are involuntarily unemployed or disabled. This coverage also provides up to a $10,000 balance payoff in the event of death as well.
However, you’ll have to wait 30 days for this coverage to go into effect, and your account will be frozen (except to accrue interest) once the policy is activated. Because of these stipulations and the slippery slope into extra costs like compound interest, you might want to opt out of this protection in favor of another debt management plan.
Credit-building: Standard features
This card has two basic features aimed at credit building: a free monthly credit score report (enrollment required) and regular account reviews for credit line increases.
These features can be helpful for anyone keeping track of their credit and working to build their credit score. But competitor cards offer more substantial benefits. For instance, the Capital One QuicksSilverOne Cash Rewards Credit Card offers access to CreditWise, where you can check your credit report anytime, receive alerts when there are changes to your credit report and use its simulation tool to better understand how potential financial choices may impact your score.