Credit One Bank Visa Platinum Credit Card Review

Advertiser Disclosure

For those folks who may have struggled with credit issues in the past, the Credit One Bank Visa Platinum Credit Card may be just the solution as you are trying to pull yourself back into the world of good credit. This card offers plenty of benefits and perks, and can help you to bring your credit score back up to something you can be proud of. Let’s take a look at the benefits!

 

Benefits

No Enrollment Fees

Most of the credit cards that are offered for people with bad credit have hefty enrollment fees. Banks are hesitant to extend credit and benefits to people who have previously shown that they may not be as responsible as the bank would like, so they tack on an extra charge to lessen their risk. The Credit One Bank Visa Platinum Credit Card has no enrollment fee, which makes it very attractive—especially when you don’t need any extra debt at all while trying to rebuild your credit.

Get Prequalified at No Risk

Usually when you apply for a credit card or loan, your credit report is pulled. When your credit report is pulled “too frequently,” as determined by the credit bureaus, this has a negative effect on your credit score. With a bad credit score, this is something you most certainly cannot afford! Getting prequalified for this card will not do any damage to your credit score. Go ahead and find out if you qualify, and then you can go ahead and apply—with only one credit check.

Flexible Payment Due Date

You get to choose when your payments are due with the Credit One Bank Visa Platinum Credit Card. For some, the first of the month is perfect for paying all bills. Others may need to spread it out over the month. You get to pick when your payment is due, and you can choose whenever is going to be most convenient for you, which helps ensure that your payments are on time—something extremely important as you try and rebuild your credit score. Yes, you can change the date every 6 months if your situation changes, so don’t worry about being forever locked in on a certain day.

No Overlimit Fee

Now, realistically, going over your credit limit is something you want to avoid—and may be one of the reasons your credit is bad in the first place. But, with this card, at least you will not be charged any additional fees if you go over the limit. You will be charged interest on the average daily balance, so keeping it low is in your best interest. But, no added fees is nice anyway.

Decent Minimum Credit Line

With the Credit One Bank Visa Platinum Credit Card, you will be able to get a minimum credit line of $300. This is somewhat higher than some of the other cards geared toward those with bad credit, and is enough to help you rebuild your credit, but shouldn’t be enough to get you into financial hot water again.

The Nitty Gritty

This card does have an annual fee of $35-$75 for the first year, and $99 per year after that. You will pay an APR of 17.9%-23.9%, which can vary as the prime rate changes. You should note that there are a few different offers available, and exploring each of these thoroughly to see which fits you best is important. For example, there is an offer for an annual fee of $35, but the APR can be up to 29.90%, and the credit limit will only go up to $265. Reading the fine print is important!

As a Credit One Bank cardholder, you will enjoy the benefits of full fraud protection with no liability for any fraudulent transactions if your card should be lost or stolen, travel accident insurance, auto rental insurance and more.

Conclusion

The Credit One Bank Visa Platinum Credit Card is a solid option for people who need to do some serious repair of their credit. With no enrollment fee, like other cards for bad credit, this card helps you get started in the right direction. The APR is fairly high, but this is to be expected when you have bad credit. Best course of action is to get this card, make regular monthly payments and keep the balance down (or paid in full each month!) and get your credit back on track so that you can qualify for a card with lower fees and lower APR.

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