Credit one platinum visa
Credit One Platinum Visa Reviews
As a card created for consumers with bad credit, the Credit One Platinum Visa offers the chance to earn cash back on purchases as well as the chance to pay no annual fee for using the card.
- Review Topic:
- Credit Cards,
- Personal Finance
About Credit One Platinum Visa
The Credit One Platinum Visa credit card is a deceptively generous credit card that was created for consumers with bad credit who are trying to rebuild their credit.
We like the phrase “deceptively generous” because, when you dig into the card’s terms and conditions, you’ll find little gems that make this card much better than other sites and users would lead you to believe.
However, to get to the point where we can say this card has a decent set of benefits, we’ll have to unpack some pretty important topics:
- What the card’s rates and fees are
- What the card’s benefits are
- What the card’s user and expert reviews are like
Exploring each one of these areas not only helps you learn new information you might not have gotten otherwise, but it also gives you a good sense of what you can expect with the Credit One Platinum card and how it compares to other cards.
Don’t underestimate comparison. As a consumer, you have the power to choose which cards in the bad-credit arena will be yours.
We take that power pretty seriously, which is why, over the next few minutes, we’ll give you the most accurate information we can about the Credit One Platinum credit card.
The Credit One Platinum Visa’s Rates and Fees
When a credit card company makes a new credit card, they have a certain type of consumer in mind.
When the Chase Sapphire Reserve came out at the end of 2016, Chase was after consumers with high income and good credit scores who travel frequently and want a card that exudes status as much as it does value.
On the other end of the spectrum are credit cards like the Credit One Platinum card, whose creators made the card with one particular consumer in mind: the person who has bad credit scores.
With those understood, it will be easier to understand the Platinum’s rates and fees.
The annual fee on the Credit One Platinum isn’t a set fee like it is on most cards. Credit One will determine what your annual fee is based on a variety factors.
Credit One doesn’t list those factors, but, based on our research of other cards, we believe the number is set based on your credit scores and payment history.
The first year you own the Platinum card, you’ll be charged an annual fee of between $0 and $75. The second year and every year after that, the fee will be between $0 and $99.
For some cardholders, they’ll make one yearly payment. But, for others, their yearly fee will be split up into monthly payments.
“For some Accounts, the Annual Membership Fee for the second and each further year will be divided into 12 equal portions and one portion will be billed each month of the applicable year,” Credit One’s terms and conditions said.
Pro tip: You won’t know what your annual fee will be or if you’ll monthly until you’re actually accepted for the card.
Late and Returned Payment Fees
If you pay your bill after the due date, you’ll be charge dup to $37, while any payments that end up being returned will incur a fee of up to $35.
Annual Percentage Rate (APR)
An annual percentage rate is what Credit One will apply to any purchases you make in the 24 days between when your billing cycle ends and your payment is due.
A Quick Explanation of Billing Cycles, Due Dates and Grace Periods
Sound confusing? Your billing cycle is usually a 30-day period of time that starts the day you get your credit card. Once that cycle is over, Credit One figures out how much you spent and what your minimum payment will be.
They then send you a bill that shows what your balance was the day the billing cycle ended and what your minimum payment is – usually 3% of your balance.
The 24 days between those two dates is what’s known as a grace period. If you can pay your entire balance by the due date, you won’t be charged interest on the purchases you made in those 24 days.
Pay late or only pay part of your balance and interest charges will apply to whatever your leftover balance is and whichever purchases you made during the grace period.
APR for Purchases and Cash Advances
When you receive your Credit One Platinum card, documents that come with your card will indicate what your APR is.
Your interest rate for purchases will be between 16.15% and 24.65%. The APR you get will be based, in large part, on your credit scores. The better credit scores you have, the lower your APR will be.
You’ll have a slightly different APR for cash advances: 18.65% to 25.65%.
A cash advance is what happens when you use your credit card to withdraw from an ATM. You’ll need a PIN number to do that, so make sure you contact Credit One to get your PIN.
However, we discourage you from using your card’s cash advance feature. Credit One will charge you either 8% or 3% of whatever amount you withdraw, as well as a slightly higher APR.
The Credit One Platinum Visa’s Benefits
Our research of the Platinum’s terms and conditions reveals a series of benefits that are actually pretty solid.
Free credit score
Most credit cards offer a free credit score that you can access through your online account so, in that sense, this benefit is nothing special.
However, among credit cards for people who are rebuilding their credit, this is a relatively unique feature.
Another advantage here is that, since most people who own the card are dealing with bad credit scores, having free access to your score will help you track your financial progress.
Cash Back Rewards
The Credit One Platinum is one of the few bad-credit credit cards that offers cash back on most of your purchases.
The cash-back rewards system is pretty simple. Each month, the credit card company will deposit to your Credit One Platinum.
Most cards will give you one, two or three different cash back rates. The base rate is usually 1% on most purchases, then 2% or 3% bonuses on specific purchases like gas, restaurants, travel and groceries.
Here’s the cash back structure for the Credit One Platinum – which rate/category you get is based on your credit scores, Credit One says:
- 1.0% Cash Back on eligible gas, groceries, mobile phone service, internet service, and cable & satellite TV service
- 1.1% cash back on eligible dining purchases and 1.0% cash back on all other eligible purchases
- 1.0% cash back on all eligible purchases
Pick Your Due Date
Credit One will let you choose your own due date, which is a nice perk, especially if you have bills and paychecks coming in at specific times during the month.
Knowing which day you can pay can, at the very least, ensure your due date lines up with when you have the most money in the bank.
Zero Fraud Liability
If someone uses your card to make a fraudulent purchase, Credit One won’t hold you liable for any of those purchases. Remember, though, you need to “notify your financial institution immediately of any unauthorized us,” Visa says.
Reviews of the Credit One Platinum Visa
We took a look at four different websites to get a sense of what other experts and consumers like you are saying about the Credit One Bank Platinum Visa card.
Financial website Modest Money does a good job of summing up the pros and cons of the card.
“Although not as well-known as some of the other cards, the Credit One Platinum Visa is a card that those with average credit ratings should consider, especially if your score is closer to the lower,” the site said.
Toby Sembower, one of CardRates’ editorial writers gave the Credit One Platinum 3.7 stars out of 5.
“A solid offer for those with bad credit,” Sembower wrote, “featuring cash-back on gas purchases and a reasonable APR for subprime applicants.
We’d like to point out that CardRates’ assertion that consumers can get cash back on gas purchases isn’t a specific benefit, per se. No matter which rewards structure you get, you’ll receive 1% cash back on gas purchases.
The Balance’s George Yacik said the Credit One Platinum is a stepping stone toward cards with better rates, terms and rewards.
“Make your monthly payments on time each month, even before the due date,” Yacik wrote. “Once you’re approved for something better, close the Credit One Bank Platinum Visa and never look back.”
At the time of publishing, nearly 6,000 reviewers had given the Credit One Platinum Visa an average score of 3.2 out of 5 stars.
According to the site’s metrics, 43% of reviewers gave the card either a 4 or 5 and 25% gave it a 1 or 2.
WalletHub Credit Card Editor John Kiernan gave the card 3 stars, saying the 1% cash rewards “aren’t that helpful” because they “pale in comparison to the rate at which you’ll have to pay interest.”
Our Closing Thoughts About the Credit One Platinum Visa
It’s tough finding a good, all-around credit card that’s made for consumers with bad credit or who are rebuilding their credit after financial difficulty.
Typically, cards like the Credit One Platinum don’t offer the same level of rewards you’d get with more popular cards and the rates and fees tend to be higher.
While this card has some weaknesses, it has some pretty formidable strengths.
The Pros of the Credit One Platinum Visa
Based on our research, we believe the Platinum’s greatest strength is its comprehensive suite of benefits, which include earning 1% cash back on purchases as well as free access to your credit score.
You can get cash back rewards and access to your credit score with the Discover it Secured, a card which has no annual fee, so we can’t say the Credit One Platinum is the best card of its kind, but it’s pretty close.
The Cons of the Credit One Platinum Visa
The main drawback of this card is its annual fee, which can be as high as $75 the first year and up to $99 the second year and following.
The fact that competing cash-rewards card Discover it Secured has no annual fee makes this card’s weaknesses stand out a little more.
Who is the Credit One Platinum Good For?
We think the ideal customer for this card is someone who can pay their balance in full, every month, and wants an unsecured credit card (no deposit required) that earns cash rewards with nearly every purchase.
The Final Word: Great Rewards in Spite of the Annual Fee
Overall, we think the Credit One Platinum is a solid choice because of its cash-back rewards rate, free credit score and the ability to choose your payment date.
While the annual fee on this card could be high, borrowers with credit scores above 600 may have the chance to get a reduced annual fee.
Here’s a tip, though: The higher your credit scores go, the better offers you can get.
Once you hit the 700s, you’ll be able to get great rewards cards like the Chase United MileagePlus Explorer and Southwest Rapid Rewards Premier.
If you’re looking for more information on how to raise your credit scores, read through our article, “Good Credit Scores and How to Get There: A Detailed Guide for Moving From Average to All-Star.”
In the article, we define what a good credit score is, the mindsets that keep you from getting good scores and what you can do to strengthen your credit.
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