Credit One Platinum Visa Review 2019

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What makes the Credit One Bank® Platinum Visa® For Rebuilding Credit unique is that you can get cash back while rebuilding your credit. In this review we will show you how you can use this card to establish or rebuild your credit without needing a deposit.

credit-one-platinum-visa

On Credit One Bank, N.A.'s Secure Website

Credit One Bank® Platinum Visa®

4.0

Annual Fee
$0 - $99

APR 
19.49 - 25.49% Variable

Credit Needed 
Damaged/Poor/Bad

EFFECTIVENESS

Adds account to your credit reports

FEES

Only A Small Annual Fee

EASE OF USE

Apply in less than 5 minutes

SUPPORT

Responds pretty quickly

    Credit Knocks Overall Star Rating:     

  • Credit building tool
  • No Application Fees
  • Rewards Program
  • Reports to all 3 major credit bureaus
  • Access To Free Experian credit score
  • $0 - $99.00 Annual Fee 
  • High APR

SUMMARY: 

The Credit One Bank® Platinum Visa® For Rebuilding Credit is a great tool to have when looking to re-build your credit.

You don't need to put down a security deposit because it is an unsecured card for bad credit, there aren't any processing fees, and you get automated credit limit increase reviews; however, the card will do a hard credit pull if you decide to apply.

I created this review so that you can understand how their card works, its benefits and short comings.

On Credit One Bank, N.A.'s Secure Website


What's The Credit One Platinum Visa® Card?

The Credit One Platinum Visa®Credit Card was created by Credit One  Bank mainly to help people rebuild their credit.

There is a "soft" pull on your credit report to find out if you are pre-qualified, and then a hard pull if you decide to apply for the card.

You get to see if you will be approved before you apply without it affecting your credit score.

This card will report to all three major credit card bureaus which in turn will help you build your credit history. 

Since this card is unsecured, it also means that there isn't any type of security deposit required to get approved for this card.

Who Is Credit One Bank?

Credit One Bank® is a technology and data-driven financial services company based in Las Vegas, Nevada.

Serving millions of card members nationwide, Credit One Bank is committed to providing credit card products that offer more value through cash back rewards and free online monthly credit score tracking.

Credit One Bank is dedicated to being a leader in the credit card lending industry by providing card members with value and excellent customer service. 

What Makes Them Different?

What stands out most about the Credit One Platinum Card is that it focuses on helping people with bad or poor credit re-build their credit profile.

You don't have to even pull your credit to see if you qualify for the card.

To top it all off, you get to be in a position where you can automatically qualify for a credit limit increase.

Paying Your Annual Fee

Once the card has been activated, your annual fee will be deducted from your available credit.

You need to make sure you pay it immediately so that your card doesn't report a balance.

If you plan to let the small fee report, be sure to make the minimum payment if one is required. 

Credit One Platinum Visa® Card Basics

Below are some of the basic features of the Green Dot Secured Credit Card credit card:

  • Card type: Unsecured
  • Interest rate: 19.49 - 25.49% Variable
  • Annual fee: $0 - $99
  • Rewards: 1% Cash back on eligible purchases 
  • Security deposit: None
  • Foreign transaction fee: 3% or $1.00, whichever is greater
  • Credit reporting: Reports payment history to all three credit bureaus.
  • Cash advance fee: $5.00/8% or $10.00/3%, whichever is greater
  • Cash advance APR: 25.49% Variable
  • Late payment fee: Up to $39.00
  • Returned payment fee: Up to $39.00
  • Over The Credit Limit: None

In my opinion, paying a small annual fee to rebuild your credit is 100% worth it; just be sure to make on-time payments.

On Credit One Bank, N.A.'s Secure Website

Credit One Bank® Platinum Visa® Features

The Credit One Platinum Card is packed with several features that make it one of the best unsecured credit cards for rebuilding credit.

The main features of this card include: 

  • See if you Pre-Qualify without harming your credit score
  • Looking to rebuild credit? We report to the major credit bureaus monthly
  • Accounts are automatically reviewed for credit line increase opportunities
  • Receive 1% cash back rewards on eligible purchases, terms apply
  • Track your progress with free online access to your Experian credit score, terms apply

Credit One Platinum Visa®  Credit Cards help you to establish a solid payment history with the ability for an automated credit limit increase.

Requesting A Credit Limit Increase

One unique benefit about this card is that you don't have to request a credit limit increase. 

Credit One is going to automatically do a credit limit increase review for your account so you can easily get an increase without knowing it.

What makes credit limit increases so great is that they allow you to:

  • Decrease Your Credit Utilization
  • Increase Your Available Credit
  • Obtain New Credit Without Affecting Your Age Of Accounts

If you haven't received an increase after the first 6 months I would call in to request a review.

On Credit One Bank, N.A.'s Secure Website

Credit One Platinum Visa® Pros & Cons

PROS

CONS

Improves Payment History

May Improve Credit Score

Cash Back Rewards Program

Free Experian Credit Score

$0 - $99 Annual Fee

19.49 - 25.49% Variable APR

Hard Credit Pull To Apply

Alternatives To The Credit One Visa®

An unsecured credit card through Credit One Bank is a great option to get things started with rebuilding your credit profile.  

However, there are a few other options available for building or re-building your credit, and if you can, I would get them in addition to the Green Dot Card.

Credit Builder Loan Through Self Lender

While these loans have a small monthly fee attached to them,  they also pull your credit report for approval.

Just like with a Credit One card, Credit Builder Loans report to all 3 credit reporting agencies.

The major difference is that it is an installment loan and not a revolving loan, but once the loan is paid off, the funds will be sent back to you.

We wrote a detailed guide here and a review of Self Lender here.

Catalog / Merchandise Account Through Fingerhut

Another great alternative are Catalog/ Merchandise Accounts.

While these types of accounts require a credit pull, it is very easy to get an approval and to start building your credit profile.

These accounts will report to all 3 credit reporting agencies; however, you can only use the credit at the Catalog or Merchandise company that gives you the credit.

One of the best catalog accounts comes from Fingerhut, we wrote a detailed review here

Steps To Take After You're Approved

The real work starts once you have been approved for your Credit One Bank® Platinum Visa® Card.

Monitor Your Credit

One of the most overlooked areas of building credit, is monitoring your credit

This is truly your first line of defense when trying to build or rebuild your credit.

You should try to find a service that allows you to monitor all 3 of your reports.

Helpful Tip

If your application goes to "Pending" status it doesn't mean Declined. Usually, more information may be needed.

Make On Time Payments

Making on time payments sounds like a super simple thing to do; however, we all live in the real world where things almost never go as planned.

Be sure, no matter what, to make your payments on time because it is super important and is one of the largest factors in your credit score.

No matter what, avoid late payments.

Keep Credit Utilization Low

Another factor to consider is credit utilization, you really want to keep this under 3% of total credit if you can but try to never get it over 15%.

For example, if your Credit One /Platinum credit card has a $300 limit and you spend $60.

Spending $60 on a $300 card limit means you are utilizing is around 20% of your credit on that card and it is above the recommend credit utilization percentage, so be mindful of how much you spend.

On Credit One Bank, N.A.'s Secure Website

How Do I Close My Credit One Credit Card?

You can close your account at any time by contacting their Customer Service Department at the phone number listed on your billing statement or on the back of your credit card.

Is There A Fee For Closing My Account?

Outside of the fees associated with your remaining balance, there is no fee for closing your account.

I would recommend keeping the card active as long as you can, there really isn't a reason to cancel the card any time soon.

Taking Action On Your Credit

Hopefully, you found this Credit One Platinum Visa Review helpful because rebuilding your credit can be difficult and confusing.

There is no better time than now to get things started and the sooner you get your card setup, the faster it will hit your reports and start helping your credit.

Having the card in your wallet is going to feel great, but growing your credit is going to feel even better. 

Start rebuilding your credit today with a Credit One Bank® Platinum Visa® Credit Card Today.

On Credit One Bank, N.A.'s Secure Website

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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