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- Card Details – the Credit One Bank® Visa® Credit Card can be a good choice for those wanting to establish or rebuild their credit score. It offers small credit limits with credit line increase opportunities, cash back rewards opportunities, and an easy application to help cardholders get access to credit when they need it most.
- APR – Credit One Bank Visa credit cards currently come with an interest rate range of 20.24% – 26.24% Variable.
- Pros – Cardholders may earn rewards on their purchases made with the Credit One Bank® Visa® Credit Card of one percent cash back. The application is easily submitted online, and most applicants qualify even when their credit is not ideal.
- Cons – This Credit One credit card starts with a low credit limit, ranging from $300 to $500. A deposit may be required to secure the credit card initially. Cardholders also pay an annual fee ranging from $0 – $99 depending on the card selected.
- Bonus Rewards – There are no bonus rewards available to new cardholders at this time.
- Rewards Points – Cardholders with the Credit One Bank® Visa® Credit Card may earn one percent cash back on all eligible purchases made with the card.
- Intro APR – There is no introductory interest rate offered to new cardmembers.
- Recommended Credit Score – The credit score recommended for a new Credit One Platinum Visa credit card is not readily available, but because of the low credit limit and easy application, cardholders with poor to fair credit may qualify.
Credit One Bank® Visa® Credit Card Overview
Credit One Bank offers the Credit One Bank® Visa® Credit Card to individuals who are pre-screened and receive a pre-qualification letter. The credit card is designed to help those struggling with poor or fair credit as a secured card, but it also gives cardholders an opportunity to earn rewards. This credit card offers qualified cardmembers a low credit limit that can increase over time as the person is working to build good credit.
The credit card issuer reports the account and payment history to the three major credit bureaus, helping establish a track record of responsible use over time. While this credit card is not right for everyone, it can be valuable to those who do not have options for other rewards credit cards because of bad credit history and a less-than-perfect credit report.
There are several benefits that come with the Credit One Bank® Visa® Credit Card.
First, applicants can submit a new free online application based on the mail offer they received in a matter of minutes online. The approval process is almost instant, and the credit card is then sent to the new cardmember. Once it arrives, the new credit card can be used immediately for purchases up to the credit limit. Initial available credit limits usually range from $300 to $500.
This credit card also offers advantages by way of rewards. Cardholders earn one percent cash back on all purchases made with the credit card. When the card is used responsibly, these rewards can add up over time, helping offset the expense of the credit card.
Additionally, Credit One Bank Visa cardholders receive all the perks that Visa offers to its cardmembers, including liability protection against unauthorized purchases.
Credit One Bank also offers automatic credit line increases over time, free access to the cardholder’s Experian credit score, and customizable account alerts via e-mail and text.
Although the Credit One Bank Visa is relatively easy to apply for and use once approved, it has its downsides. First and foremost, the annual fee charged on the credit card is high, ranging from $0 up to $99 per year.
With a low credit limit of no more than $500, cardmembers may find it difficult to get any value out of the card at first.
Additionally, the card issuer charges other transaction fees, including for cash advances. These can add up to significant monthly payments if the cardmember is not careful.
Credit One Bank® Visa® Credit Card also charges a relatively high interest rate for a secured credit card, and there are foreign transaction fees for purchases made outside of the United States. Finally, cardmembers can add an authorized user but only after a fee is paid.
How it Compares
Credit One Bank® Visa® Credit Card is an easy rewards credit card to get, and it is one of the few credit-building credit cards available that offers cash back on purchases.
The card’s interest rate ranges are higher than comparable secured credit cards. Also, the annual fee charged for the card is much higher than other poor or fair credit options.
Cardmembers also pay higher fees for cash advances and late payments than similar credit cards, and the credit limit provided is lower than most other offers.
For those looking for an easy rewards credit card with a fast application and approval, the Credit One Bank Platinum Visa may be the right choice.
However, cardmembers need to be aware of the low credit limits, the annual fee that eats away at that limit, and the costs associated with the card before signing on the dotted line.
There may be other poor or fair credit card options out there that do not carry these limitations from other credit card companies and card issuers. The access to your free credit score can be valuable, however.
If you don’t feel this card is the right choice for your needs, you can compare additional options on our best credit cards page.
Author: Jeff Gitlen, CEPF®
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