Credit One Bank Platinum Visa For Rebuilding Credit Review

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A low credit score is the bane of any business owner. Poor credit makes it difficult to get a loan, mortgage, or, indeed, a credit card. Luckily, regarding this last point, there are cards designed to help out those with low credit scores. The Credit One Bank Platinum Visa for Rebuilding Credit is one such card.

While this card isn’t packed with extravagant rewards or benefits, it gives you the chance to bolster your all-important credit score. By crafting an unsecured card, Credit One Bank also offers something unique — most credit-building cards are secured and require a deposit.

Though this card is designed for personal use, utilizing a personal credit card for your business can be a great option. You’ll still be able to build up your credit score, and a card like this one from Credit One can help get you in the habit of paying off a credit card every month.

Read on for our full Credit One Bank Platinum Visa review.

Credit One Bank Platinum Visa At A Glance

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Eligibility

Because Credit One created this card for rebuilding credit, you’ll likely only need a poor credit score or better. That means your score should be around 500. If your score is higher than 500, you may want to look at cards aimed at those with fair credit.

If you have excellent credit & love travel rewards, consider the Black Card:

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Rewards & Fees

1% Cash Back

Credit One Bank has simplified the Platinum Visa rewards scheme and eliminated the multiple reward tiers. You’ll now earn 1% cash back on the following:

• Eligible gas and grocery purchases
• Monthly mobile phone, internet, cable, and satellite TV services

These rewards may not amount to much compared with other popular rewards cards, but considering that this is a credit card meant to help you rebuild your credit, it’s a decent rewards scheme. Some such cards offer no rewards or cash back at all.

Annual Fee

Credit One Bank’s unsecured Platinum Visa features an annual fee of $75 for the first year and $99 each subsequent year, billed at $8.25/month. Note that your annual fee cuts into your initial credit line. If you have a credit line of $300, you’ll only have $225 of credit available initially.

APR

Credit One Bank does carry a relatively high APR, so you might want to keep that in mind. However, the Platinum Visa’s APR still aligns with other credit-building cards. That means you may wind up with a high APR no matter which card you choose.

Other Fees

Other fees include a $19 annual charge for additional cards. Like the annual fee, this fee will reduce your available amount of credit.

If you’re traveling abroad, you’ll also have to pay either $1 or 3% per transaction (whichever is higher). There’s also a fee for cash advances — either $5 or 8% of each cash advance (whichever is higher) or $10 or 3% of each cash advance (whichever is higher).

Redeeming Rewards

Rewards for the Credit One Bank Platinum Visa are credited to your account automatically in the form of a statement credit. The credited amount you’ll receive is based on your eligible net purchases from the previous statement period.

Other Benefits

Preapproval Process

As an added bonus, those interested in this card can fill out a form to see if they’re preapproved. With a preapproval process, you’ll be able to find out if you qualify for the card without harming your credit score. This can be very important because a typical application draws a hard pull on your credit history, which may lower your credit score.

Credit Line Increases

While Credit One Bank might start you with a low credit line (your available credit could begin as low as $300), the company will perform automatic checks for credit line increase opportunities. This can be especially beneficial for users looking to improve their credit scores by consistently paying off their card’s balance. Do note, however, that a credit line increase may come with an additional fee.

Zero Liability Policy

You’ll also get access to Credit One Bank’s Zero Liability Policy. That means you won’t have to worry about unauthorized purchases made with your card. On top of that, the bank also provides EMV chip technology in its cards to protect against counterfeiting.

Other Convenient Features

After your first billing period, you’ll be able to change your payments’ due date. The only restriction is that it must be at least six days before or after the original assigned date, and you’ll only be able to change the date once every six months.

Live your life digitally? Credit One Bank provides customizable notifications for account alerts, including due dates for payments, posted confirmations, and notices about any posted activity. You’ll be able to receive those notifications via text or email. Credit One Bank cards also feature the option to connect with Apple Pay, Samsung Pay, and Google Pay so that you can use your phone with participating merchants.

Credit Report Summary

Finally, all Credit One Platinum Visa cardholders can track their online Experian credit score and view a credit report summary each month, all for free.

Is The Credit One Platinum Visa Right For You?

Is the Credit One Platinum Visa For Rebuilding Credit right for your business? You might want to apply for this card if:

• You have low credit and are looking to rebuild it
• You’d like a credit-building card that won’t require a security deposit
• You don’t need a high credit line

On the other hand, you might want to pass if:

• You have good credit or higher and can qualify for a credit card with better rewards

and lower fees

• You need a high credit line right away; the Credit One Bank Platinum Visa can have a credit line as low as $300 to start (and potentially lower depending on extra fees)

Compare Credit One Bank® Platinum Visa® at Credit.com

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