The Smart Investor has collected card information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.
The Credit One Bank Platinum Visa with Cash Back Rewards credit card is a card that is best utilized when someone is looking to build or rebuild their credit, while still being offered some type of rewards options for the card holder.
The Credit One Bank Platinum Visa with Cash Back Rewards credit card itself isn’t like other credit cards, as it is best only used for emergencies since it designed to help those with poor credit already.
Credit One Bank Platinum Card
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Here’s a summary of the main pros & cons (click to see explanation or scroll down):
Credit One Bank Platinum - Benefits
With the Credit One Bank Platinum Visa with Cash Back Rewards credit card, card holders can earn 1% cash back on all eligible purchases, which automatically get added to the card holders balance every month.
While this isn’t a great reward, it’s still a nice little give back for card holders, especially since most credit cards that help rebuild/ build credit don’t offer any type of rewards program at all.
Since the Credit One Bank Platinum Visa with Cash Back Rewards is designed to help rebuild poor credit, the limit for most accounts that open is initially $300.
While this isn’t much, it is something that can grow over time as the credit card company determines that you are more worthy of a larger spending limit.
The spending limit starting low is also helpful to keep people from maxing out their cards as they work towards better credit down the road.
Having zero-liability protection with the Credit One Bank Platinum Visa with Cash Back Rewards is a great benefit, as any unauthorized charges will not be held against the card holder.
Because the Credit One Bank Platinum Visa with Cash Back Rewards is structured to help people rejuvenate their credit score, having this fail-safe in order to protect the account holder is fantastic
The Credit One Bank Platinum Visa with Cash Back Rewards also has many different travel protection options, which is a good perk for anyone who travels often.
With travel perks like 24/7 roadside assistance, extended warranty protection for rental cars, and a rental car collision damage waiver, the Credit One Bank Platinum Visa with Cash Back Rewards gives account holders far more overall coverage than that of many credit cards to date.
It’s extremely impressive since this card isn’t designed to be a rewards credit card first and foremost.
The Credit One Bank Platinum Visa with Cash Back Rewards also offers free credit score tracking, so anyone with an account can watch their credit score grow over time.
This is helpful for people because many major credit card companies will charge or require a hard inquiry on the person’s credit score, so the account holder will either pay extra or take a hit on their credit just to see where they stand.
Also, it will allow the person to understand what they need to do better in order to continually improve their credit score so that they can open additional lines of credit, ask for a credit line increase, or both.
The ability to set your own payment date is something that not many credit cards offer to their account holders.
This can help anyone who is looking to ensure that they will have the money readily available to pay their credit card payment as soon as it arrives, and not risk a late payment while trying to build up their credit score.
Credit One Bank Platinum - Drawbacks
The Credit One Bank Platinum Visa with Cash Back Rewards only offers initial credit limits from $300 to $500, depending on your initial credit score when applying for the credit card.
While this intial limit can grow with the account as time passes, the initial usage can be more of a burden than that of a higher credit card limit. The Credit One Bank Platinum Visa with Cash Back Rewards also doesn’t offer any type of sign up bonus or intro APR.
The Credit One Bank Platinum Visa with Cash Back Rewards charges up to $39 late payment fee and a $35 returned payment fee.
There is also an annual fee associated with the Credit One Bank Platinum Visa with Cash Back Rewards, and it could range anywhere between $0-$99.
The variable APR is also rather high, ranging anywhere from 19.49% – 25.49%.
While this is higher than other cards, the main purpose of the Credit One Bank Platinum Visa with Cash Back Rewards is to help build or rebuild the account holders credit.
Because of this, the variable APR is rather generous while still being high.
Alternatives to Credit One Bank Platinum Visa with Cash Back Rewards
There are several other secured credit card options that will help you establish credit history and fix your credit score. Let’s take a look at a few alternative options:
The Discover It Secured Credit Card is a great card for any new card holder who is looking to open a line of credit. This card, much liked the Credit One Bank Platinum Visa with Cash Back Rewards, is designed to help card holders build or rebuild their credit score.
The Discover It Secured Credit Card earns 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically, and Earn unlimited 1% cash back on all other purchases. The biggest difference between these two cards is the APR.
The Discover It Secured Credit Card has a set APR of 22.99%, compared to the 19.49% – 25.49% of the Credit One Bank Platinum Visa. The Discover It Secured Card also has no annual fee associated to keeping the account open.
The Discover it Secured card’s benefits include a $0 annual fee.
The Capital One Platinum credit card is an ideal option for those with average credit who need to take some time to build credit before they can qualify for a better rewards credit card.
The Capital One Platinum card has no annual fee and no foreign transaction fees which make it ideal for using freely anytime, anywhere. It’s also doesn’t have a balance transfer fee so it’s ideal for those with fair credit and trying to build higher to reach eligibility for other credit card alternatives someday.
However, the high interest rate can be a major drawback if you have an existing balance or don’t have the financial means to pay your balance in full every month.
The AvantCard Credit Card is a great starting place for anyone who is looking to build a line of credit, or has limited credit options due to past credit encounters.
Despite the fact that the Avant Card has limited bonus options and perks when compared to other credit cards, it does give a lot of love for people who are looking for a card that can help boost their credit score quickly, especially when it comes to people who are applying for a first credit card.
While for some AvantCard Credit Card holders the annual fee may be $29, the company does state that this is subject to change based on market testing.
Is the Credit One Bank Platinum Visa with Cash Back Rewards Right for You?
If you’re just starting to build your credit score, or looking to rebuild your credit score, then the Credit One Bank Platinum Visa with Cash Back Rewards is a great option while still gaining some type of rewards along the way.
However, if you have better credit, you should certainly consider all available options to make sure you are able to find the right card for you.