Update – The below offer is now EXPIRED
Check out the Credit One Bank® Platinum Visa® with Cash Back Rewards review to see if this is the credit card that can help you pick up your credit score and (re)build your credit today.
Tired of getting rejected for yet another credit card? Then, maybe you should look at the Credit One Bank® Platinum Visa® with Cash Back Rewards.
A credit card issuer with a heart, this company works with poor and limited credit, so even people who are down on their luck can get approval. Add to that an unusual rewards program, great shopping benefits, and top-notch Visa travel perks, and you’ve got a strong credit card with extra bells and whistles thrown in.
Wondering what’s the catch? Let’s check it out.
Credit One Bank Platinum Visa is best for
- Young adults just beginning to build their credit
- Adults who have poor credit and are trying to rejuvenate their credit score
- Parents who are looking to give their kids a controlled way to spend
Credit One Bank Platinum Visa overview
The Credit One Bank® Platinum Visa® with Cash Back Rewards sounds too good to be true. And when something sounds like that, warning sirens go off in my head. After all, a credit card that offers cash back, $0 liability insurance, purchase protection, AND works with fair credit? What’s the deal?
Credit One Bank Platinum Visa key features
- Pre-qualification
- Cash back rewards program
- $300 minimum line of credit
- Choose your due date
- Only fair credit needed
Taking a closer look at the Credit One Bank Platinum Visa
The Credit One Bank® Platinum Visa® with Cash Back Rewards packs a lot of benefit into a credit card-sized package. To begin with, you can look forward to pre-qualification.
Pre-qualification
What’s that? Well, if you don’t want to go through the hassle of filling out an application form, waiting for a response, and getting one just to be disappointed with the answer, you will appreciate pre-qualification. This process lets you answer a few quick questions and then automatically tells you if you’ll be approved for the card. This saves you time, headache, and frustration.
Fair credit needed
What’s more, the Credit One Bank® Platinum Visa® with Cash Back Rewards works with people with really low credit. So, if you’re just starting out in the wonderful world of credit building (whether you’re a young adult who hasn’t had a chance yet or an older applicant who simply never knew the importance of it), this is a great opportunity.
It’s also a godsend if you’ve suffered a few blows to your credit from unexpected bills, emergencies, or a few poor judgment choices. Whatever your situation, the Credit One Bank® Platinum Visa® with Cash Back Rewards works with poor credit, so you’re good to go.
Cash back rewards program
The Credit One Bank® Platinum Visa® with Cash Back Rewards offers a great, albeit confusing, cash back rewards programs.
In fact, this is what makes this card stand out from other credit cards in the same category.
While you will be able to find other card issuers willing to work with poor credit, you won’t find too many others that will also offer you cash back rewards for your purchases.
Four cash back options
The major problem with Credit One cards is that they won’t tell you what your rates (and rewards) are until you actually apply for and get approved for the card. In fact, the Credit One offer comes with four different options:
- 1 percent cash back on gas, groceries, mobile phone service, internet service, and cable and satellite TV service
- 1 percent cash back on gas, groceries, dining purchases, mobile phone service, internet service, and cable and satellite TV service
- 1 percent cash back on all eligible purchases
- 1.1 percent cash back on dining purchases and 1 percent back on all other purchases
Which one is your bonus offer? It’s impossible to say. But, what I can say, is that most people qualify for the 1 percent cash back on eligible purchases in categories including gas station purchases, grocery store purchases, mobile phone services, internet services, cable, satellite, or TV services, and dining purchases.
That’s a strong deal because you probably make purchases in these categories every day, so you get a nice kickback just for doing your thing.
Cash back redemption
Cash back rewards are automatically deducted from your bill as a statement credit. It is worth noting that the cash back rewards deduction is not considered a payment, so you’ll still need to make your minimum monthly payment in order to keep your account in good standing.
This process is convenient and simple, no keeping track of rewards points and no having to deal with redemption or conversions. The cash back rewards are automatically deducted, so you don’t have to do a thing.
Choose your own due date
Another thing I liked about the Credit One Bank® Platinum Visa® with Cash Back Rewards is that it lets you choose your own payment due date. This isn’t a major benefit, but it’s a small perk that could make your life a lot easier.
Think about it like this: you can plan your payment due date to fall out conveniently a week after your paycheck clears so that payments are always made on time each month.
Credit line increases
The initial credit limit for the Credit One Bank® Platinum Visa® with Cash Back Rewards is $300-$500 depending on your creditworthiness. What’s nice about this card is that you can increase your line of credit by showing good behavior.
How much your credit line is increased will depend on your repayment history, how much your monthly salary is, and your credit score. So, you have a lot of control in this area since you can choose to pay off your bills responsibly (and that’s already a third of the criteria!) A $49 credit line increase fee may or may not apply. Credit One leaves this to its discretion.
Credit One Bank Platinum Visa rates & fees
Here’s a breakdown of the usual rates and fees you’ll pay with the Credit One Bank® Platinum Visa® with Cash Back Rewards. Heads up, this part of the card is a little confusing at the beginning, but once you have it all down on paper, things become much clearer.
Annual fee
The Credit One Bank® Platinum Visa® with Cash Back Rewards has a complex annual fee structure. Why?
Because unlike other credit cards that tell you exactly what your annual fee is going to be if you get approved for the card, the Credit One Bank® Platinum Visa® with Cash Back Rewards doesn’t give you any guarantees when you apply.
Instead, you get a range that you may or may not pay, but you’ll only know how much you’re paying both for the initial year and subsequent years once you have your card and terms in hand. Again, that’s one of the major drawbacks of Credit One cards.
The annual fee for the first year is $0-$75 depending on your creditworthiness and other factors. And the fee for subsequent years is anywhere from $0-$99.
What is nice about this annual fee is that you may be charged monthly, so a small part of the annual fee will be taken out of your account each month. For example, if you have a $99 annual fee, you’ll be charged $8.25 each month instead of $99 all at once.
This is great for people with a limited line of credit because it means you won’t be losing a chunk of that already tight budget.
Foreign transaction fee
The Credit One Bank® Platinum Visa® with Cash Back Rewards charges a $1 or 3 percent foreign transaction fee. While this isn’t bad for industry standards (in fact, some credit cards charge you even more), you can find plenty of no foreign transaction fee cards out there. So, if you are traveling abroad and can get approved for a different card, you’re better off using one of those.
Rewards & benefits
Like I said, the Credit One Bank® Platinum Visa® with Cash Back Rewards is unique in that it is one of the only limited line of credit cards that also offers a rewards program. But this plastic has even more to offer than that. Here are a few more perks that you’ll enjoy when you sign up for the Credit One Bank® Platinum Visa® with Cash Back Rewards:
Free credit score checks
This is one of the biggest perks.
You can see your Experian credit report each month for free with the Credit One Bank® Platinum Visa® with Cash Back Rewards. This means you can check what’s going on with your credit, see if there are any errors (and correct them quickly for a credit score boost), and watch your credit improve as you make responsible payments each month.
This is a good way to let accountability keep your spending and repayments in line, so you can start having a healthier financial record and better credit score down the line. Remember, when you have a better credit score, you can get approved for credit cards with higher spend limits and even more perks.
Travel
Because the Credit One Bank® Platinum Visa® with Cash Back Rewards is a Visa credit card, it comes with all the fabulous travel benefits that are packaged with this brand name.
Some of the biggest perks you’ll enjoy when you travel are 24/7 roadside assistance and travel assistance, so you’re never left stranded. You will also appreciate the rental car collision damage waiver in case of an accident while away.
Shopping
The Visa benefits also extend to some sweet shopping perks. With the Credit One Bank® Platinum Visa® with Cash Back Rewards you’ll enjoy things like purchase protection, which gives you extended insurance on purchased items and extended warranty coverage too.
$0 fraud liability
One of the biggest benefits is one you hope you’ll never need but is an invaluable asset if you do. $0 fraud liability means you won’t be charged a thing in the event that your card is stolen and used for fraudulent charges.
Customized design
Finally, this isn’t a make it or break it feature, but it sure is a fun one. Choose from more than 20 different designs to really customize your Credit One Bank® Platinum Visa® with Cash Back Rewards. From artsy to traditional and more, you can find the style that speaks to you.
Security & alerts
You can also get customized account notifications. So, you’ll receive a notification in the event that the alert you set up is triggered. Popular alerts include:
- When your account falls below a specific amount of money
- When several charges are made consecutively
- When charges are made out of country
And others that you can personalize.
Pros & Cons
Pros
- Pick Your Own Card Design — You can choose a personalized card design.
- You Don’t Need Perfect Credit — This card is offered to people with credit problems, so you can rebuild your credit.
Cons
- High Annual Fees — This card has an annual fee of up to $99.
- Costly Interest Charges — This card has a high standard interest rate, so make sure you’re paying off your balance in full and on time.
Credit One Bank Platinum Visa vs. Official NASCAR® Credit Card from Credit One Bank®
*The Credit One NASCAR card is no longer available.
The Credit One Bank® Platinum Visa® with Cash Back Rewards is great, but it’s not for everyone. Here’s how it holds up compared to Credit One Bank® Official NASCAR Visa® with Cash Back Rewards:
| Credit One Bank® Platinum Visa® with Cash Back Rewards card | Credit One Bank® Official NASCAR Visa® with Cash Back Rewards | |
|---|---|---|
| Introductory offer | None | None |
| Cashback rewards | 1% cash back on eligible purchases including gas, dining, TV, satellite, cable purchases | 1% cash back on eligible purchases including dining, gas, TV, satellite, cable,
2% cash back on NASCAR.com superstore purchases |
| Annual fee | $0-$99 | $0-$99 |
Is the Credit One Bank® Platinum Visa® with Cash Back Rewards right for you? The only difference between it and the Official NASCAR® Credit Card from Credit One Bank® is that the NASCAR card offers you big kickbacks on NASCAR.com purchases. So, if you’re a fan, this is the right card for you. Otherwise, you’re good to go on either one.
Credit One Bank® Platinum Visa® with Cash Back Rewards has a great rewards program, easy pre-qualification application, and high approval rates.
The only significant downside to this card is its low credit limit, but if you’re just starting out, trying to repair your poor credit, or looking for a way to curb young adults’ spending, then the Credit One Bank® Platinum Visa® with Cash Back Rewards is the perfect solution for you.