Editor's ChoiceCategories Issuers Free Credit ScoreBlog
 
Picture of Item Reviewed
Credit One Bank® Platinum Visa®
Consumer Reviews: 0
Regular APR
card['Rate']
 
 
3.8

Credit One Bank® Platinum Visa®
REVIEW

Advertiser Disclosure
Picture of Item Reviewed
Apply Here
Credit One is one of the best unsecured bad credit cards for rebuilders because it has reasonable fees and rates. In this review we will highlight:
  • What fees and rates to expect
  • Their cash back reward program
  • How you can track your credit score for free
  • How to maximize your chances of a credit line increase?

By : Mr Credit Card
Last Update : Jul/28/2017

Introduction

Credit One is an unsecured rebuilder card that has one of the most reasonable fees and rates. In addition, it has many other features that put it's competitors to shame. They report to the three major credit bureaus and most folks will be able to build or rebuild their credit with this card.
 

Card Details

Annual Fee: $0-$75 during the first year. $0-$99 from second year onwards. According to many card holders, Credit One can assign each a different annual fee. For example, some have gotten a $0 annual fee version while others have gotten $35 or $45 annual fee. Many folks who got the $75 annual fee for the first year were given a $99 fee during the second year but it was paid over 12 months. If you were given a $0, $35 or $45 type annual fee, chances are that it will be your annual fee for as long as you keep your card.

APR : 16.99% to 24.99%*(V)

Grace Period: 0 or 24 days. Credit One is one of the few issuers that can actually give you no grace period. But when they do, it is 24 days.

Chip Technology - While most prime cards already have Chip Technology, most in the sub-prime or rebuilder space still have not adopted it. Credit One is one of the few cards that have Chip technology.

Free Credit Score - Credit One is one of the few rebuilder cards that actually give you access to a free credit score. Feedback from card holders is that is customer reps have told them that it is an Experian score.
 

Cash Back Reward Program

Credit One is one of the rare rebuilder cards that actually has a reward program. It is a cash back program and you will get either one of the following perks:
  • 1% cash back on gas, groceries, mobile phone service, internet service, and cable & satellite TV service, or
  • 1.1% cash back on dining purchases and 1% on all other purchases, or
  • 1% cash back on all purchases

Credit Line Increase

Credit One has a track record of giving credit line increases. Some get automatic increases without having been asked and requires no fee. Some increases came after a request and required paying a fee for the credit line increase. Reviews and feedback from card members have given us a hint on what to do to get the best chance of a credit line increase.

When you first get approved for the card, Credit One will bill you the annual fee on the first billing statement. Card members who paid off the bill (and annual fee) in full have gotten credit line increases not long after (in some cases almost immediately).

Card holders who have a habit of paying in full every month also have indicated that they have been given automatic credit line increases as well.

So the best advice we can give is "PAY IN FULL AND ON TIME EVERY MONTH".
 

Competition

Cards Annual Fee Monthly
Maintenance Fees
One-time
Processing Fee
APR
Credit One $0 to $75 for 1st year
$0 to $99 from Y2 onwards
N.A. N.A. 16.99% to 24.99%
Indigo $0 to $99 N.A. N.A. 23.9%
Milestone $35 to $99 N.A. N.A. 23.9%
Surge Y1 = $125
Y2 Onwards = $96
Y1 = $0
Y2 Onwards
$10 monthly
$120 annually
N.A. 29.9%
Verve Y1 = $125
Y2 Onwards = $96
Y1 = $0
Y2 Onwards
$10 monthly
$120 annually
N.A. 29.9%
First Access Y1 = $75
Y2 Onwards = $48
Y1 = $0
Y2 Onwards
$6.25 monthly
$75 annually
$89 29.9%
Total Visa Y1 = $75
Y2 Onwards = $48
Y1 = $0
Y2 Onwards
$6.25 monthly
$75 annually
$89 29.9%
First Premier Y1 = $75, $100 or $125
Y2 Onwards = $45 or $49
Y1 = $0
Y2 Onwards
$75 or $124.80 annually
$95 36%


There are quite a few cards today that has the same target market as Credit One (i.e. folks with bad to fair credit). And many of them come with very high fees and APR. In fact, one-time fees and monthly processing fees are not uncommon. Let us look at some of these cards.

Continental Finance has a couple of cards like the Verve and Surge. For the first year, they tag on a $125 annual fee (higher than Credit One will ever charge you). On the second year, they look nice by reducing the annual fee to $96, but they tag on a monthly processing fee which works out to $120 a year. So all in all, you are paying over two hundred dollars if you have either of these cards from the second year onwards. APR is also sky high at 29.9%.

First Access and Total Visa have almost identical fees (and both are worse than Credit One). They hit you with a one-time application fee of $89. During the first year, the annual fee is $75. Though they reduce it to $48 from the second year onwards, the tag on a monthly processing fee which works out to $75 annually. Rates are also at $29.9%. As you can see, Credit One beats these folks as well.

First Premier charges a $95 application fee. During the first year, the annual fee is $75, $100 or $125 (depending on your credit limit). This is reduced to $45 or $49 from the second year onwards but once again, they tag on a monthly maintenance fee which totals $75 or $124.80 a year. The APR is even worse at 36%. Compared to First Premier, Credit One is better in all aspects especially when it comes to fees and rates.

The only cards that match Credit One in terms of fees and rates is the Indigo and Milestone. However, compared to Indigo and also compared to Milestone, Credit One is better because it has a reward program, provides free credit score and has a track record of credit line increases.

None of Credit One competitors offer any reward program or any online credit score tracking. In terms of fees and rates, Credit One is heads and shoulders above it's peers today.
 

Pros and Cons

Pros
  • Reasonable fees and rates
  • Free Credit Score
  • Reward program
  • Track record of credit line increases

Cons
  • Some may have no grace period

 

Our Take

It is clear from the in terms of fees and rates, Credit One is one of the most competitive cards. They only charge an annual fee and do not charge any application fee or monthly fee. Their rates are also reasonable and within ballpark.

In addition, Credit One offers card members access to a free credit score and a cash back reward program. Hardly any rebuilder cards have these features. In addition, they have a track record of giving automatic credit line increases if you pay in full and on time consistently.

If you are a rebuilder looking for an unsecured credit card, this card should probably be on the top of the list.
 

Application Process

The application process of this card needs a little explanation. It is a two step process. You first have to get pre-qualified. If you do pre-qualify, then you have to proceed and fill in your details again to do the actual application.

After the pre-qualification process, you will know if you have pre-qualified or not. According to feedback from applicants, there are no hard pull on your credit report during the pre-qualification process. If you do not qualify, Credit One will actually provide you with a score (feedback is that it is the Experian score) and reasons for your decline.

Once you pass the pre-qualification process, you should proceed and go through another application page. This is an extra step you have to take which many folks forget.

Some may call this process a little more cumbersome. But in the event that you are denied, at least you know there is no hard pull.

If you have gotten a snail mail saying you are pre-qualified, then you should click on the link that says "I have a mail offer" and proceed from there.




Newsletter Sign Up

Name

Email