[Disclosure: Cards from our partners are reviewed below.]
Anyone who’s struggled with debt in the past is pretty limited on their choices for credit cards. Until they can build their credit back up, a secured card is typically the only way to go. The same is true for anyone that doesn’t have an established credit history. There is, however, a different option, and it’s the Credit One Bank Platinum Visa. This card is one of the only unsecured credit cards available to those with less-than-ideal credit or no credit at all.
In this Credit One review, we will look at specifics of the card and see if it might be the right fit for anyone looking to improve their credit score and get into a bigger and better product. We will also walk you through a couple of alternatives.
What Are the Credit One Bank Credit Card Offer Details?
To protect issuers, many credit cards meant for people with bad credit come secured. That means they require the cardholder to pay a deposit, which is used as the credit line. Since the Credit One cards are all unsecured, they don’t require this upfront payment. (Not sure where your credit stands? You can view two of your credit scores for free on Credit.com.)
Here’s what the Credit One Bank Platinum Visa offers to customers. Be sure to read the card agreement for full details.
Credit One Bank® Unsecured Platinum Visa®
- See if you Pre-Qualify without harming your credit score
- This unsecured card requires no deposit and can help build your credit
- Track your progress with free online access to your Experian credit score, terms apply
- Build your credit history—we report to the credit bureaus monthly
- Accounts are automatically reviewed for credit line increase opportunities
- Enjoy the flexibility to choose your payment due date, terms apply
- Receive 1% cash back rewards on eligible purchases, terms apply
- No need to fret—you’re covered by $0 Fraud Liability
Card Details +
Card Highlights: With this card, you will earn 1% cash back on eligible purchases.
Rewards Details: If you’re applying for this card, you most likely have a lower credit score than you would like. Because of that, you don’t need anything else harming your score. That’s why you can get pre-approved by Credit One without having the inquiry affect your credit score. You are also allowed to choose the best payment date for your situation.
Annual Fee: $0 - $99
APR: 19.99% - 25.99% Variable
Things You Need to Know
If you are wondering why there is a range for the annual fee, it’s because the amount you are charged depends on your credit score. During each subsequent year, the annual fee will be broken down into 12 equal monthly payments.
Something else that Credit One is not very clear on is how their grace periods work. Their terms state the following:
If your Account has a Grace Period, your due date is at least 24 days after the close of each billing cycle and Interest will not be charged on any Purchases if your entire balance is paid by the Payment Due Date each month. For Accounts with no grace period, Interest is charged on Purchases from the posting date.
This language makes it unclear as to whether a cardholder will receive any kind of grace period or if interest will start accruing as soon as the statement closes.
Our Picks for Alternatives to the Credit One Bank Credit Card
Overall, this is a fairly good credit card for anyone with less-than-ideal credit. It has an average APR and actually gives you the chance to earn cash back on the purchases that you make. However, some people might be a little turned off by the lack of transparency around the annual fees and grace period. With that in mind, here are two alternative cards to consider.
Card Highlights: Most credit cards meant for people with bad credit will only give you a credit limit equal to the deposit you put down on your account. However, with this card you could get a $200 credit line for as little as a $49 deposit.
Rewards Details: In an effort to help build your credit, Capital One will report information to all three credit bureaus. You will also receive a higher credit line after you make your first five consecutive on-time payments. No additional deposit will be required.
Annual Fee: $0
APR: 26.99% (Variable)
Discover it® Secured
- No Annual Fee, earn cash back, and build your credit with responsible use.
- It’s a real credit card. You can build a credit history with the three major credit bureaus. Generally, debit and prepaid cards can't help you build a credit history.
- Establish your credit line by providing a refundable security deposit from $200-$2500 after being approved. Bank information must be provided when submitting your deposit.
- Automatic reviews starting at 8 months to see if we can transition you to an unsecured line of credit and return your deposit.
- 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically. Plus, earn unlimited 1% cash back on all other purchases.
- Get 100% U.S. based customer service & get your free Credit Scorecard with your FICO® Credit Score
- We automatically match all the cash back you’ve earned at the end of your first year.
- Receive FREE Social Security number alerts-Discover will monitor thousands of risky websites when you sign up.
Card Details +
Card Highlights: As with the Credit One Bank credit card, you will receive cash back for the purchases that you make.
Rewards Details: You will receive 2% cash back at gas stations and restaurants, up to a combined $1,000 each quarter. Any other purchases that you make will earn 1% back. As an added bonus, Discover will report your score to all three credit bureaus.
Annual Fee: $0
APR: 24.99% Variable on purchases & balance transfers
At publishing time, the Credit One Bank Platinum Visa, Capital One Secured MasterCard and Discover it® Secured are offered through Credit.com product pages, and Credit.com is compensated if our users apply and ultimately sign up for these cards. However, these relationships do not result in any preferential editorial treatment.
Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.