The
Credit One Bank® Platinum Visa® is a decent unsecured credit card for people with fair credit that offers
1% cash back on eligible purchases and charges an annual fee of
$39. Although it does not require a security deposit, the Credit One Bank Credit Card is not cheap. For example, it charges interest at an annual rate of
29.74% (V), while the market average is
22.89%.
So, what does the Credit One Platinum Visa give cardholders in return? In terms of borrowing power, cardholders start with a credit limit of $300. But as little as $261 may be available to use right off the bat, as the card’s annual fee is
$39. When it comes to rewards, applicants will receive 1% cash back on eligible purchases.
Below, you can find all of the other information you’ll need to decide whether or not to apply for the Credit One Platinum Visa Card.
Credit One Bank Platinum Visa Review Highlights
Annual Fee: $39
The Credit One Platinum Visa’s annual fee is
$39. The average credit card charges
$22.29 per year.
Rewards: 1% cash back on eligible purchases
This rate applies to gas and groceries, as well as your monthly mobile phone, internet, cable, and satellite TV service purchases charged to the card.
Credit Limit: $300+
The Credit One Platinum Visa Card’s minimum credit limit of $300 and potentially high fees mean
the card is likely to provide very limited borrowing capabilities.
APR: 29.74% (V)
Because of the Credit One Platinum Visa Card’s high interest rate, carrying a balance from month to month with this card will be very expensive. The average APR among credit cards for people with fair credit is
26.41%.
Credit Score Needed: Fair credit
People with lower scores may get approved, but they will likely have to pay a higher annual fee.
Credit-Bureau Reporting: Monthly
This means using the card responsibly will help you improve your credit score. Always paying the bill by the due date and not maxing out your spending limit are particularly important.
You may be interested to know that this is not the only unsecured credit card people can get from Credit One Bank. There’s also the
Credit One Bank® Platinum Visa® for Rebuilding Credit and the
Credit One Bank® NASCAR® Credit Card. They have very similar terms, however, and none can compete with the
best secured credit cards if building credit at a low cost is your top priority.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.