The Credit One Bank® Platinum Visa® is an OK credit-building card for those with Fair/Good credit. Its main selling point is that it’s unsecured, so you don’t have to send in upwards of $200 to secure your line of credit.
However, it will charge you an annual fee of $39. While this might seem like a small price to pay, you should know that there are other cards that cater to consumers with low credit scores that cost less and offer better rewards.
Intro Purchase APR
N/A
Regular Purchase APR
29.74% Variable
Intro BT APR
N/A
Regular BT APR
N/A
Annual Fee
$39
Cash Advance Fee
$5/8%, whichever is greater (see terms)
Foreign Transaction Fee
3% or $1.00, whichever is greater
Balance Transfer Fee
N/A
Doesn’t require a security deposit
A lot of credit cards for bad credit require a security deposit (usually $200) but this card is an unsecured one which means you don’t need to send in any money to begin using it.
On the other hand, secured credit cards often let you send in more money to give you access to a larger line of credit. The Credit One Bank® Platinum Visa®, in comparison, offers a low minimum $300 credit limit, though you can possibly increase it with good credit use over time.
Earns rewards, but with a catch
The Credit One Bank® Platinum Visa® lets you Earn 1% cash back rewards on eligible gas, grocery purchases and mobile phone service, internet, cable and satellite TV services, terms apply. Considering that many cards for consumers with low credit scores don’t have rewards programs, this is a nice added benefit that can compensate for some of the annual fee.
Note, there are more rewarding cards for building credit, like the Discover it® Secured Credit Card, which lets you earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.
Accepts applicants with Fair/Good credit
Perhaps the biggest reason to apply for the Credit One Bank® Platinum Visa® is that it accepts applicants with Fair/Good credit (generally, a FICO Score between 580 and 739). Credit cards are an ideal way to build credit, but it can be challenging to be approved for a card when your credit history has some blemishes. You’ll have an easier time being approved for the Credit One Bank® Platinum Visa®.
Automatic account reviews for credit line increases
Although you will start with a low credit limit, there’s the chance that it will increase over time. Credit One Bank conducts automatic reviews of your account and grants credit line increases if you establish a solid history of responsible use. This includes making payments on time and not going over your credit limit.
Charges an annual fee
The Credit One Bank® Platinum Visa®‘s $39 annual fee may seem like a fair trade for an unsecured credit card. However, there are many no-annual fee credit cards for people with fair or bad credit. While many of these are secured credit cards, it’s often a better value to make a $200 to $300 deposit up front, than to have to pay an annual fee each year.
Before you decide whether or not to apply, compare the fees (annual fee and other unavoidable fees) with the expected rewards you can earn. As the table below shows, the annual fee outweighs the estimated yearly rewards with the Credit One Bank® Platinum Visa®.
| Annual fee | Estimated first-year rewards* | |
|---|---|---|
| Credit One Bank® Platinum Visa® | $39** | $13 |
| Discover it® Secured Credit Card | $0 | $91 |
| Petal® 2 Cash Back, No Fees Visa® Credit Card | $0 | $54 |
| Capital One Platinum Credit Card | $0 | $0 |
Has a high APR
The Credit One Bank® Platinum Visa® charges a higher-than-average interest rate for carrying a balance. You’ll pay a 29.74% Variable APR on any remaining balance after your payment date.
There is a 24-day grace period, which means you won’t owe interest as long as you pay your balance by the due date. However, if you’re likely to carry a balance, you should avoid applying for this card, as the interest will be costly.
Not all purchases earn cash back
The Credit One Bank® Platinum Visa® limits its rewards to a few eligible categories, such as gas and groceries. While something is better than nothing, the rewards rate is far from the best. A number of secured credit cards and unsecured credit cards offer unlimited 1% or higher rewards on all purchases.
| Credit Cards | Our Ratings | Welcome Offer | Rewards Rate | Regular APR | |
|---|---|---|---|---|---|
Credit One Bank® Platinum Visa®
 Apply Now
on Credit One Bank's secure site Rates & Fees |
N/A | N/A | Earn 1% cash back rewards on eligible gas, grocery purchases and mobile phone service, internet, cable and satellite TV services, terms apply | 29.74% Variable |
Apply Now
on Credit One Bank's secure site Rates & Fees |
Capital One Platinum Credit Card
Apply Now
on Capital One's secure site Rates & Fees |
N/A | Non-rewards Card | 29.99% (Variable) |
Apply Now
on Capital One's secure site Rates & Fees |
|
Discover it® Secured Credit Card
Apply Now
on Discover's secure site Rates & Fees |
Discover will match all the cash back you’ve earned at the end of your first year. | Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases. | 28.24% Variable APR |
Apply Now
on Discover's secure site Rates & Fees |
|
OpenSky® Secured Visa® Credit Card
Apply Now
on Capital Bank, N.A.'s secure site |
N/A | Earn up to 10% cash back* on everyday purchases | 25.64% (variable) |
Apply Now
on Capital Bank, N.A.'s secure site |
The Capital One Platinum Credit Card is a no-annual-fee unsecured card that’s geared to those with Limited/Fair credit. There is no sign-up bonus or rewards, but that shouldn’t be a primary focus when you’re looking to build credit. You want a card that costs you as little as possible.
As long as you don’t carry a balance and make your payments on time, the Capital One Platinum Credit Card shouldn’t cost you anything. You can be automatically considered for a higher credit line in as little as six months, which can help boost your credit score if you’re keeping your credit utilization low.
The Discover it® Secured Credit Card is a secured card and requires a minimum $200 deposit. However, it doesn’t charge an annual fee and, unlike the Credit One Bank® Platinum Visa®, it offers rewards on every purchase.
The Discover it® Secured Credit Card also reports your activity to the credit bureaus. Discover begins monthly reviews of your account after seven months of card ownership to see if you can graduate to an unsecured credit card and have your deposit refunded.
The OpenSky® Secured Visa® Credit Card charges an annual fee and requires a security deposit. However, there’s no credit check, which might make it easier to be approved. Plus, your credit won’t take a minimal hit after the bank does a hard credit inquiry.
You can request a credit line increase anytime by sending in additional funds (up to $3,000) to secure it. Another notable feature of the OpenSky® Secured Visa® Credit Card is that you don’t need a checking account to have this card. On the downside, it offers a very meager rewards program that only applies to a handful of select vendors.
If you must have an unsecured credit card to build credit, the Credit One Bank® Platinum Visa® is a more affordable option with its $39 annual fee. The annual fee, while minimal, only adds to the cost of card ownership and the estimated rewards don’t make up for it.
If you can put down a security deposit, you can get a better card that offers the same credit-building benefits and comes with rewards. The Discover it® Secured Credit Card is a good starter card. Also, if you want a card that doesn’t check your credit score or requires a linked bank account, the OpenSky® Secured Visa® Credit Card is an option. It’s more expensive but offers workarounds to common accessibility issues.
