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3. Credit One Bank® Platinum Visa®: Rewards offset by potential fees

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531

reviews

3.8

Rating: 3.8 out of 5.

Great for automatic credit limit increases

Annual Fee: $39

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® 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 $1,705, with $300 being the most common.

Here’s the average credit score of members who matched their Credit One Bank® Platinum Visa® 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 603, with 572 being the most common. Note this is just one of the deciding factors when it comes to getting approved.

Member stats

Updated daily

57.1%

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.

$78,812

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

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1% cash back rewards on eligible purchases

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Prequalification check won’t hurt your credit

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Potential credit line increases

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Annual fee

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Potential for low initial credit limit

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Expensive fees and high APR

What you should know about the Credit One Bank® Platinum Visa®

The Credit One Bank® Platinum Visa® can earn you cash back. But keep an eye on the expensive fees and high variable purchase APR of 28.99% — these can quickly eat into anything you might earn.

1% cash back rewards

If you’re working on your credit, you may not see as many cards out there that come with rewards. The cash back rewards offered by Credit One Bank® Platinum Visa® are a nice draw. You’ll earn 1% cash back on eligible gas, groceries, mobile phone services, internet service, and cable and satellite TV services.

You’ll receive the rewards as automatic statement credits, which can help you pay down your account balance.

Prequalification check

When shopping for cards, you might be tempted to apply for as many as possible in hopes you’ll be approved for one. But the lender will check your credit when you submit an application, which will result in a hard inquiry — and a hard inquiry can impact your credit scores.

With the Credit One Bank® Platinum Visa®, you can find out if you’re prequalified for this card before actually applying. A prequalification is when the lender does a soft pull on your credit, meaning the credit inquiry may appear on your reports but will only be visible to you, and it won’t ding your credit scores. Based on your prequalification, you can then decide whether to submit a formal application (remember that prequalification doesn’t guarantee approval).

Expensive fees and APR

This card can charge a lot of fees, starting with an annual fee of $39 (you might see different terms on Credit Karma).

You will also be charged a fee up to $39 (terms apply) when you make a late payment, and up to $39 (terms apply) for returned payments.

There are also cash advance and foreign transaction fees — and the card offers no intro APR for purchases. Your variable APR on purchases will be 28.99%.

Low credit limit to start

If your application is approved, the minimum credit line on this card is $300, which is on the low side. Credit One says it may increase your limit “based on your overall credit performance,” but it’s not clear what that means specifically — and Credit One doesn’t make any promises.

Generally, paying your bill on time every month (in full if you can), along with using only 30% or less of your available credit, can help you start building credit.

Even if you don’t get a higher credit limit with this card, you’ll still be building a positive payment history and contributing to a healthy credit profile overall if you stick with these habits.

Access to your credit score

An additional feature from the Credit One Bank® Platinum Visa® that you might find helpful is the access you get to a free monthly credit score. It’s just one of many credit scores that exist in the world of credit reporting, and it’s just that — a score, not a full credit report. But it can’t hurt to have it as one indicator or measure of your credit health.