1. Credit Cards
2. Insights
3. Credit One Bank® Platinum Visa® for Rebuilding Credit review

Image: image_9f262a

1473

reviews

3.7

Rating: 3.7 out of 5.

Great for automatic credit limit increases

Annual Fee: $75 for the first year, $99 thereafter (billed at $8.25 per month)

This content is curated by Intuit Credit Karma’s Editorial team using data from members who were approved for this card or similar cards, or who self-matched this card or similar cards. Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse this content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Here’s the average credit limit of members who matched their Credit One Bank® Platinum Visa® for Rebuilding Credit or similar cards.

% of members by credit limit range

The average credit limit for members who have matched with this card or similar cards is $614, with $300 being the most common.

Here’s the average credit score of members who matched their Credit One Bank® Platinum Visa® for Rebuilding Credit or similar cards.

% of members by credit score range

The average credit score for members who have matched with this card or similar cards is 560, with 557 being the most common. Note this is just one of the deciding factors when it comes to getting approved.

Member stats

Updated daily

66.3%

Average credit utilization (or what percent of the card’s credit limit is being used) of members who matched with this card or similar cards.

45 years

Average age of members who matched this card or similar cards.

$73,606

Average annual income of members who matched this card or similar cards. Note: Income may be estimated for some members by Credit Karma and may differ from members’ actual incomes.

Pros and cons

Image: yes

Ability to earn to cash back

Image: yes

Automatic credit line increase reviews

Image: yes

No security deposit required

Image: Con

High annual fee

Image: Con

Potentially low credit limit

Image: Con

Only one cash back redemption option (statement credit)

What you need to know about the Credit One Bank® Platinum Visa® for Rebuilding Credit

If you don’t have great credit, qualifying for traditional credit cards can be tricky, and you may have to start with a secured credit card — which requires a security deposit. But if you don’t want to put down a deposit, the unsecured Credit One Bank® Platinum Visa® for Rebuilding Credit may be a useful alternative — even though it comes with a steep annual fee.

If you’re thinking of applying for this card, here’s what you should know about it first.

You can earn cash back

Credit cards for poor credit or no credit are typically very basic, without significant rewards or added benefits, especially when compared with other cards. But with the Credit One Bank® Platinum Visa® for Rebuilding Credit, you can earn 1% cash back on eligible gas, grocery, mobile phone, internet, cable and satellite TV purchases. The cash back you earn is automatically applied as a statement credit.

This rate is on the low end as far as cash back cards are concerned. But many credit-builder cards don’t even offer rewards, so the Credit One Bank® Platinum Visa® for Rebuilding Credit is a good option for people that want the ability to earn with every purchase. Just be careful not to overspend in order to get the rewards.

Cash back is automatically applied as a statement credit

If you like to keep things simple, receiving your cash back as a statement credit makes things easy. But compared to other rewards cards that may allow you to redeem your points for things like airline miles, merchandise and gift cards, this singular option is quite limiting.

You’re automatically considered for credit line increases

The Credit One Bank® Platinum Visa® for Rebuilding Credit card’s minimum credit line is $300 (you may see different terms on Credit Karma). This is a fairly low credit line — and it could limit your spending power. But Credit One says that it periodically reviews your account activity and automatically considers you for a credit limit raise, based on your “overall credit performance.” The bank doesn’t specify exactly what it’s looking for, but consistently paying your credit card bill on time and in full is likely a good way to demonstrate that you’re ready for a credit limit raise.

When trying to establish credit, your credit card utilization is an important part of building a positive credit history, and it’s generally a good idea to keep your balances low. A good rule of thumb is to keep your credit usage under 30% — so if you have a $300 credit limit, try not to carry a balance of more than $100. And ideally, you’d want to pay off your bill in full every cycle to avoid racking up interest charges.

Though you’ll have to be thoughtful about how you’re using the card with such a low credit line, Credit One raising your credit limit in time can have a positive effect on your credit utilization rate and overall credit health.

High annual fee

It’s not uncommon for unsecured credit-building cards to have high fees, and the Credit One Bank® Platinum Visa® for Rebuilding Credit is no exception.

The annual fee is $75 for the first year, $99 thereafter (billed at $8.25 per month) (you might see different terms on Credit Karma). The first year’s annual fee is deducted from your credit limit. After the first year, the fee is billed at $8.25 a month (you might see different terms on Credit Karma).

Ability to prequalify

You can use Credit One’s prequalification option to find out if you’re eligible for the Credit One Bank® Platinum Visa® for Rebuilding Credit without affecting your credit. Just keep in mind that if you decide to move forward with your application after you prequalify, there will be a hard credit check as part of the full application process, which can drop your credit scores by a few points.

What else you need to know about the Credit One Bank® Platinum Visa® for Rebuilding Credit

If you aren’t sure if the Credit One Bank® Platinum Visa® for Rebuilding Credit card is right for you, here are some additional factors to consider.

• Credit reporting — Credit One reports your activity to the three major credit bureaus monthly.
• Fees — If you use the card for a cash advance, expect to pay a fee of 8% (minimum $5). You’ll also be charged a 3% (minimum $1) foreign transaction fee for using the card overseas and a fee of up to $39 if you pay your bill late or a payment is returned.
• Credit score access — When you become a cardholder, you get free online access to your Experian credit score.
• Fraud liability protection — The Credit One Bank® Platinum Visa® for Rebuilding Credit is backed by $0 fraud liability protection, so you aren’t responsible for unauthorized charges.

Who this card is good for

The Credit One Bank® Platinum Visa® for Rebuilding Credit is specifically designed for people building credit. So it might be a good fit if you’re new to credit or working on rebuilding your credit — especially if you want to earn some rewards for your spending.

Since Credit One reports your activity to the major credit bureaus, you can improve your credit if you’re careful about the way you use your card. Over time, you could potentially even qualify for other forms of credit, including other cards with stronger rewards programs and credit cards with no annual fees.

But if you don’t qualify for this card, you may have to consider applying for a card that requires a security deposit or another card that doesn’t require a credit check to qualify.

Not sure this is the card for you? Consider these alternatives.

Here are a couple of other cards to consider as alternatives to the Credit One Bank® Platinum Visa® for Rebuilding Credit.

• Capital One Quicksilver Secured Cash Rewards Credit Card: This secured card allows cardholders to earn cash back on every purchase.
• Capital One Platinum Credit Card: If you want an unsecured card, this Capital One card geared toward folks working on their credit could be a good fit.