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.
The card’s most prominent benefits include potential credit limit increases, two card-linked rewards programs and a “Credit Protection Program” of questionable value.
Credit limit increases
Credit One will regularly review your account for responsible card use to determine if you qualify for a credit line increase. This may allow you to access a higher credit limit which can make building credit easier. Credit utilization is an important factor in determining your credit score. You may be able to keep your utilization lower with a higher available credit limit.
If you were to opt for a secured credit card, sometimes the only way to increase your limit is with a higher deposit.
Credit One More Cash Back Rewards and Visa Offers + Perks
Credit One Bank Visa cards offer access to two programs that 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 original earnings for eligible purchases. These programs work similarly to Amex Offers or Chase Offers. Issuer-run rewards programs like these that come on some of the best credit cards available.
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.
Select Visa Traditional perks
As a basic Visa Traditional credit card, your Credit One Bank Platinum Visa for Rebuilding Credit comes with zero fraud liability. This can give you one less thing to worry about if you lose your card, if someone makes an unauthorized purchase with it or if someone steals it.
Credit Protection Program
The optional Credit Protection Program outlined in the card’s prequalification terms is designed to prevent your credit score from dropping for up to six months. This program will cover your card’s minimum payment in the event you lose your job or become disabled.
You’ll have to wait at least 30 days after enrolling, however, to activate your protection – and you’ll still accrue interest on your account (which will be frozen while you receive benefits).
Combined with this card’s rates and fees, the mounting interest you would accrue by carrying a balance on your card could lead to a more costly cycle. 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 overlimit, Credit One’s protection plan could end up costing more than other debt management options.