Credit One Bank® Unsecured Platinum Visa® review
Credit One Bank® Unsecured Platinum Visa®: Details and benefits
The Credit One Bank® Unsecured Platinum Visa® credit card allows you to begin building your credit without the deposit required for a secured credit card.
Card members can earn 1 percent cash back rewards on eligible purchases. Upon submitting your pre-qualification request and having your application confirmed, Credit One will let you know which of its cash back rewards programs you qualify for based on your creditworthiness.
Fees for this card can run high. The annual fee can range from $0 to $75 the first year and $0 to $99 thereafter, and may be billed annually or over 12 equal portions throughout the year. You should budget for your annual fee over time, even if it’s only billed once per year, as you don’t want to unexpectedly go over your credit limit or miss a payment due to the annual fee.
If you carry a balance, you could be charged a variable APR ranging from 19.99 to 25.99 percent, based on creditworthiness. Additional fees, like foreign transaction fees, late payment fees, authorized user card fees and cash advance fees, among others, also apply.
Credit limits start at $300, and your account will be automatically reviewed regularly for credit line increase opportunities.
Is the Credit One Bank Unsecured Platinum Visa worth it for you?
This card is best for those looking to improve their credit score and establish a credit history without having to submit a deposit on a secured card or become an authorized user on someone else’s account.
For those looking for a new card but nervous about the hard pull on your credit, the ability to see if you prequalify for this card is a big benefit. You don’t have to risk lowering your score by applying for a credit card for which you won’t be approved.
If you’re unable to pay your balances in full each month, though, this is probably not the best choice. The card’s 19.99 – 25.99 percent variable APR is very high, even if you qualify for the lower rate. Make sure you read the terms and conditions carefully, because this card has many fees and costs that could cancel out any rewards you earn.
Other benefits do add to the Credit One Unsecured Platinum card’s appeal though, like account notifications, zero fraud liability, automatic review for credit line increases and the option to choose your payment due date.
Get the most value from the Credit One Unsecured Platinum Visa card
You can get the most value from this card by using it for all purchases in your assigned rewards program categories. Potential cash back rewards programs include:
- 1 percent cash back rewards on eligible gas, groceries, mobile phone service, internet service, cable and satellite TV service
- 1 percent cash back rewards on eligible gas, groceries, dining, mobile phone service, internet service, cable and TV service
- 1.1 percent cash back rewards on eligible dining and 1 percent cash back rewards on other eligible purchases
- 1 percent cash back rewards on eligible purchases
Since this card is intended to help you build your credit, you can also gain value from it by paying your bills in full and on time each month. Credit One Bank reports your account information to all major credit bureaus monthly, so keeping your account in good standing can help you gain long-term value from the card in terms of creditworthiness.
How to redeem rewards
You’ll receive your cash back rewards as an automatic statement credit on each statement with at least one eligible purchase. Your account must remain in good standing in order to qualify for rewards.