The Credit One Platinum Visa is an unsecured credit card offered by Credit One Bank. It has a low credit score requirement, low average credit limit, and a tiered system of annual fees, rewards, and penalties.
However, what this card lacks in initial benefits it makes up for with its ability to grow with you. For example, the card may start with an annual fee and a low credit limit. Then, when you've used it to build up your credit for a few years, the fee may be dropped, the interest rate may be lowered, your grace period may be reinstated, and more.
Who is the Credit One Platinum Visa For?
This credit card is a great option for anyone looking to build up or rebuild their credit. To see what the Credit One Platinum Visa card could do for you, as well as what to look for when applying and using your card, read the full review below. This is a good guide when deciding whether to apply for a pre-approved accept.creditonebank.com card with a reservation code.
The Credit One Platinum Visa offers a minimum credit limit of $300 with a maximum credit limit of $1500. If you're starting with poor credit and plan on using this card to build that credit, don't forget to keep your credit utilization numbers in check. To keep your credit utilization under the ideal of 30%, you'll want to keep a balance of no more than $100 on a card with a $300 limit.
Limited Monthly Payments
If you plan to pay off your balance immediately, or before the grace period ends (if you have qualified for one), then you have nothing to worry about. However, Credit One Bank does have a quirk that many people aren't a fan of: limited monthly payments.
At the discretion of Credit One Bank, they may limit the number of payments you can make on a specific card or balance each month. Some cards, including the Credit One Platinum Visa, almost always have this restriction. If you do reach your limit (typically 4 payments on a card per 30 days), then you will have to wait or choose to pay a fee. Not that this is not outlines in accept.creditonebank.com correspondence.
Minimum payments are calculated as 5% of your current outstanding balance or $30, whichever is greater. Late payment fees and past due amounts are added to this total.
The Credit One Platinum Visa offers a variable rate of interest starting at 19.49% and going up to 25.49%. If you are applying with a poor credit score, your interest rate is likely to start at the high end, potentially at the maximum interest rate. Even excellent credit scores may not get the lowest rate right away. There is also a minimum interest charge of $1.00.
- Annual Fee – The annual fee you pay will vary with your credit score. An application with a good or excellent score will typically have the annual fee waived. A poor score may result in an annual fee of up to $99, which is reduced to $75 for your first year. This is billed all at once in your first year, and monthly after that year.
- Cash Advance – $5 or 8% of the Cash Advance, whichever is greater.
- Foreign Transaction - $1 or 3% of the total amount in USD, whichever is greater.
- Late Payment – $28, unless you have had a late payment in the last 6 billing cycles. If so, the late payment fee is raised to $39, unless that number is more than the minimum payment that was due.
- Return Payment - Up to $35
- Authorized User Fees – Up to $19 annually, if you request an additional card for an authorized user.
- Balance Transfer - $5 or 8% of the Balance Transfer, whichever is greater. Balance Transfers are currently unavailable for the Credit One Platinum Visa, but Credit One has set this fee for when they become available.
1% cash back applied to your billing statement automatically as a credit. This does not apply to purchases of oil, propane, supercenters (including Wal-Mart and Target), drugstores, purchases made through PayPal, and a few other select merchants and merchandise categories.
Given all of these restrictions, eligible places to earn cash back may seem few and far between. However, Credit One Bank has noted that grocery stores, gasoline, and payments for mobile phone, TV, and internet services are all eligible for cash back.
Pros – Advantages of the Credit One Platinum Visa
The Credit One Platinum Visa has quite a few advantages, especially if you don't have an unsecured credit card. What's first noting is that a lower than average minimum credit score is required for this card.
While none of the following advantages are unique to this card or Credit One Bank, they are advantages worth making the most of.
- Customize Your Payment Date – Not a fan of first-of-the-month payments? Ask to have your payment due date moved to later in the month or the end of the month. This service is typically offered free of charge.
- Automatic Credit Limit Increase - At regular intervals, your account will be assessed to see if you qualify for a credit limit increase. This typically requires no input on your part and will not negatively impact your credit score.
- No Penalty APR – There is no raise in APR if you miss a payment or make a late payment.
- Free FICO Score – A free FICO score is provided with your monthly statement.
- Unsecured Credit Card – The Credit One Platinum Visa is an unsecured credit card. It requires no cash to be sent to “secure” the card.
- The Ability to Reduce Fees and Interest – Over time, it's possible to call Credit One Bank and ask to have certain fees, like the annual fee, removed or reduced. The same is true if you have an interest rate that is higher than the minimum.
- Card Face Customization – For a small fee, you can choose what image or graphic is printed on the face of your card.
- Additional Authorized Users – For a fee, you can add authorized users to your Platinum Visa account.
Cons – Disadvantages of the Credit One Platinum Visa
- No Sign-Up Bonus – Unlike other cards, this card offers no sign-up bonus.
- Low Credit Limit – The maximum credit limit of the Credit One Platinum Visa is only $1,500.
- Limited Payments – This card has a payment limit of 4 payments per month.
- Potential Lack of a Grace Period – Depending on your credit score and history, Credit One Bank may choose not to give you a grace period. This means that purchases begin to accrue interest right away, not during the following billing cycle.
- No Balance Transfer – At present, and for the foreseeable future, Credit One Bank does not offer balance transfer services for their Platinum Visa credit card. Accept.creditonebank.com offers outline this in the terms of the letter.
- High Fees – Most fees for services through Credit One Bank are higher than average or the maximum of what they are legally allowed to charge.
- Credit Line Increase Fee - You may also have to pay a fee to have your credit line increased. This applies if you call and ask for your credit line to be increased instead of waiting for it to increase automatically.
Getting a Better Deal
There are plenty of advantages and reasonable disadvantages when it comes to the Credit One Platinum Visa. The good news is that even if you start with a card you're not 100% happy with, it can get better over time. As your credit score and positive credit history build up, you can ask to have your annual fee waived or to be upgraded to Credit One Bank's Platinum Preferred credit card.
Unique Credit One Bank Credit Protection Program
One final advantage provided by the Credit One Platinum Visa is the ability to enroll in the Credit Protection Program offered by Credit One Bank. This program is completely optional but protects you in case you are unemployed or disabled.
The program only costs 96 cents per $100 in New Balance charges on your account per month. If you are involuntarily unemployed or disabled, the program will kick in and pay up to 6 minimum payments while you are unemployed or disabled. Very few other cards have similar programs.
The Credit One Bank Platinum Visa is a card that seems to have been built with one perfect customer in mind: someone that needs to rebuild their credit. This card is the perfect tool for this job, and people who fit this profile and have received an accept.creditonebank.com notification should consider their situation and this fact in particular. With the low balance, it's hard to imagine overextending your credit, and cash back only applies to the essentials: groceries, utilities, and cell phone bills.