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Credit One Bank® Platinum Visa® review: A mediocre, confusing unsecured card

 /  10 min
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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for and how we rate our cards. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

Snapshot

2.3

Bankrate rating
Info
Rating: 2.3 stars out of 5

Bottom line

This unsecured card comes with unimpressive rewards and complex terms, making this a mediocre choice for people with fair credit. Better options exist for building credit and earning rewards.
  • Cost of membership
    Rating: 1 stars out of 5
    1 / 5
    Ease of building credit
    Rating: 3 stars out of 5
    3 / 5
    APR
    Rating: 1 stars out of 5
    1 / 5
    Features
    Rating: 3.8 stars out of 5
    3.8 / 5
Fair to Good (580 – 740)
Info
Recommended Credit

N/A

Intro offer

Info

1%

Rewards Rate

Info

$39

Annual fee

29.74% Variable

Regular APR

Credit One Bank Platinum Visa overview

The Credit One Platinum Visa card offers unimpressive rewards and “hidden” terms you can’t see until you qualify. Should you qualify, Credit One reviews your application and selects terms according to your creditworthiness. This makes it a potentially risky credit building option compared to other cards on the market. Read the terms and conditions carefully to avoid hidden fees

If you have fair credit or better, consider different unsecured or secured cards, many of which offer better rewards, terms, or other benefits you may find helpful.

  • Credit Card Cash Back

    Rewards

    • 1 percent cash back on eligible gas, grocery, mobile phone, internet, cable and satellite TV services

    Expert Appraisal: Unimpressive
    See our expert analysis

  • Credit Card Search

    Rates and fees

    • Annual fee: $39
    • Foreign transaction fee: 3 percent or $1, whichever is greater
    • Cash advance fee: 8 percent or $5, whichever is greater
    • Penalty fee: $39 for late or returned payments
    • Regular APR: 29.74 percent variable 

    Expert Appraisal: Unimpressive
    See our expert analysis

  • Congrats

    Other cardholder perks

    • More Cash Back Rewards program
    • Free credit score
    • Optional credit protection
    • Experian IdentityWorks
    • Visa traditional benefits

    Expert Appraisal: Good
    See our expert analysis

Credit One Bank Platinum Visa pros and cons

Pros

  • Checkmark

    The card earns an automatic 1 percent in eligible categories with no minimums for reward redemption.

  • Checkmark

    You’ll get decent Visa benefits and protections with this card.

  • Checkmark

    The More Cash Back Rewards Program can earn up to 10 percent back at some retailers.

Cons

  • Your starting credit limit could be as low as $300, which makes keeping credit utilization low difficult.

  • Non-eligible categories don’t earn any rewards, which limits the card’s potential reward value.

  • Specific card terms aren’t defined until you prequalify.

Why you might want a different card for fair credit

Credit One cards can be very confusing with their card terms, and you won’t know your actual rates and fees unless you prequalify. You may want to find clearer, better rewards and terms with other cards.

Rewards: Mediocre rates that don’t cover all purchases

The Credit One Bank Platinum Visa earns unlimited 1 percent cash back as a statement credit on eligible gas, grocery, phone, internet, cable and satellite TV services. These are mediocre rates compared to similar cards and purchases outside those categories don’t earn any rewards. 

Credit One Visa cards also use the merchant’s Standard Industrial Classification Code instead of Visa’s merchant category codes to determine which purchases are eligible for rewards. This makes knowing whether you’ll earn cash back for your purchases more confusing. For instance, wholesale clubs and superstores like Walmart and Target don’t earn grocery rewards. If you aren’t sure, you’ll want to check to make sure you don’t miss out on rewards.

Rates and fees: Complex and expensive

The Credit One Bank Platinum Visa is not a low-fee or easy-to-understand card. You can pay significantly higher fees after applying if you haven’t read the fine print, which you won’t know until you prequalify. It’s important to note that once you find out the terms, you aren’t obligated to continue your application if they aren’t favorable. However, even Credit One’s best terms are generally poor compared to other cards. The Platinum Visa has an expensive ongoing 29.74 percent variable APR which could easily lead to significant compound interest if you start adding on late fees.

There are also no welcome bonuses or intro APR offers for purchases or balance transfers, so you’ll get no initial value from this card. The annual fee is $39, and the card terms also state that your annual fee diminishes your credit limit, which means if you qualify for the minimum $300 credit line, your card will max out at $261 until you are eligible for a higher credit line, which could take some time. Most unsecured or secured cards offer more favorable terms if you have fair credit.

Credit protection: Too pricey to be worth it

Credit One offers an optional added-cost credit protection program that waives your minimum payment, annual fee or late payment fees for six months if you become involuntarily unemployed or disabled. Benefits can be initiated for a qualifying event occurring after the first 30 days of enrollment. Once activated, this feature costs 96 cents per $100 of your balance each month after you enroll. While active, you can’t use your account for any reason. 

This feature is overly complicated and can be very pricey. Many other debt management options are a much less expensive way to handle these financial situations, particularly in an event longer than six months.

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Bankrate Insights

While we are using the listed earning rates for the Credit One Bank Platinum Visa, Credit One’s terms state that you may be eligible for different and possibly lesser reward plans, depending on your creditworthiness. 

Why you might want the Credit One Bank Platinum Visa

The Credit One Bank Platinum Visa offers a few useful perks that can give fair credit cardholders additional value.

Perks: Card-linked programs and Visa benefits add some value

The Credit One Bank Platinum Visa gives you some added perks that can add some value to the card. The top feature is the More Rewards card-linked rewards program, which can help you earn extra cash back, discounts or other rewards at participating retailers. To gain access to these offers, you’ll need to link your card and activate the limited-time offers. These offers can earn up to 10 percent cash back on top of your regular rewards. You’ll also have access to the Visa Offers and Perks program, which offers discounts on dining and other retailers.

These features are in addition to traditional Visa credit card benefits, such as 24/7 pay-per-use Roadside Dispatch service, auto rental collision insurance, emergency card replacement and cash dispersal, zero fraud liability, and lost or stolen card reporting. While these benefits are common with Visa cards, its helpful to have these in case of emergency.

How the Credit One Bank Platinum Visa compares to other cards for fair credit

Compared to other cards for fair credit, the Credit One Bank Platinum Visa is complex and potentially expensive for minimal rewards. Consider a secured credit card, which could be less costly in the long run despite the upfront deposit. 

Image of Credit One Bank® Platinum Visa®
Bankrate Score
See Rates & Fees , Terms Apply
Apply now Lock
on Credit One Bank's secure site

Annual fee

$39

Intro offer

N/A

Rewards rate

1%
Info

Recommended Credit Score

Fair to Good (580 – 740)
Info
Image of Discover it® Secured Credit Card
Bankrate Score
See Rates & Fees , Terms Apply
Apply now Lock
on Discover's secure site

Annual fee

$0

Intro offer

Cashback Match™
Info

Rewards rate

1% - 2%
Info

Recommended Credit Score

No Credit History
Info
Image of Mission Lane Visa® Credit Card

Mission Lane Visa® Credit Card

Annual fee

$0 - $59

Intro offer

N/A

Rewards rate

N/A

Recommended Credit Score

Bad to Fair (300 – 670)
Info

Who is the Credit One Bank Platinum Visa right for?

The Credit One Platinum Visa may be a good choice for people with fair credit who want to earn rewards and possibly get extra incentives when shopping online.

Bankrate’s Take — Is the Credit One Bank Platinum Visa worth it?

An unsecured card may be appealing if you’re building credit, but the Credit One Bank Platinum Visa card offers mediocre rewards and complicated terms filled with potential extra fees. Even if it’s one of the only cards for average credit available to you, consider more rewarding starter cards which are likely a better option.

How we rated this card

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150+
cards rated
Congrats
50+
rewards programs valued
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1800
data points analyzed
Credit Card Reviews
40+
perks evaluated

We rate credit cards using a proprietary card scoring system that ranks each card’s estimated average rewards rate, estimated annual earnings, welcome bonus value, APR, fees, perks and more against those of other cards in its primary category.

Each card feature is assigned a weighting based on how important it is to people looking for a card in a given category. These features are then scored based on how they rank relative to the features on other cards in the category. Based on these calculations, each card receives an overall rating of 1-5 stars (with 5 being the highest possible score and 1 being the lowest). 

We analyzed over 150 of the most popular rewards and cash back cards to determine where each stacked up based on their value, cost, benefits and more. Here are some of the key factors that influenced this card’s overall score and how the score influenced our review:

Frequently asked questions

* 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.