Credit One Bank Platinum Visa for Rebuilding Credit [Details and Review]

If your credit history is bad, you will find that getting credit card approval is difficult. That’s not true with this credit card. In this Credit One Bank Platinum Visa for Rebuilding Credit, I’ll list its features and specs so that you will know if it’s the right one for you.

The Credit One Bank Platinum Visa for Rebuilding Credit is for people who have bad credit records. It’s one of the best credit cards they can use to repair their credit histories. On top of that, they can earn unlimited rewards of one percent cash back on their grocery, gas, and other purchases.

This credit card is an excellent option for credit rebuilding. The credit score required by the card issuer is just a minimal 300 to 670. Approval is almost a certainty to anyone who is trying to get back to their right credit footing.

Read on to learn more about the Credit One Bank Platinum Visa for Rebuilding Credit, its specs and features and benefits, and other things you need to know to determine if it will satisfy your requirements.

About the Credit One Bank Platinum Visa for Rebuilding Credit

Ideal for People Who Want to Fix Their Credit Records

The Credit One Bank Platinum Visa for Rebuilding Credit is the ideal credit card for those who want to get their credit records back on track. Getting approval is almost a certainty because the card’s issuer only requires a minimum credit score of only 300.

Earn Unlimited 1% Cashback

On top of being able to repair your credit record, you can also earn unlimited 1% cash back on your purchases, including:

• Groceries,
• Gas,
• Satellite TV, and
• Internet and mobile services.

This is an unsecured credit card, so you don’t need to deposit before Credit One approves your application.

Credit One Bank Issues This Card

The issuer of this credit card is Credit One Bank which is based in Las Vegas, Nevada, USA. It specializes in financial services using its different credit cards. The company charges an annual fee for using its credit cards, including this rebuilding credit card. For using its credit card services, the bank charges other fees as well.

This is an unsecured credit card, so you don’t have to deposit at the time of your application. Just like other credit cards, it also earns you cash back on your everyday purchases. But of course, read the fine print before applying for a credit card.

No Deposit Required

With no deposit required, the Credit One Bank Platinum Visa for Rebuilding Credit is an excellent option as a stopgap remedy to your bad credit situation. In reality, this credit card for credit rebuilding is a kind of hybrid application for all the other four different credit cards which Credit One Bank issued.

300 Credit Score Requirement

With its 300 credit score requirement, it is more than likely that you will get approval once you apply. So, there is nothing you can lose by applying. But of course, before you do, be sure to read the fine print so that any surprises won’t catch you.

Benefits of the Credit One Bank Platinum Visa for Rebuilding Credit

1. Credit Protection Program

This is a feature that will help you financially if you are disabled or currently unemployed. If these two things happen, this program will cover up to six benefit payments for the main cardholder. It will also cancel the full balance if the primary cardholder dies. The maximum coverage is up to $10,000.

2. Two Card-linked Rewards Program

Credit One Bank Visa card offers access to two programs that give you additional discounts and cashback rewards. You have to link your card and then shop at participating stores or retailers to get this benefit.

Credit One Bank’s More Rewards and Visa Offers + Perks can earn additional discounts or rewards in addition to your original earned rewards for eligible purchases.

3. Automatic Credit Line Upgrade

Once Credit One approves your application, you will be given a $300 credit limit. Whatever credit line you get, you’ll get a chance to increase or upgrade it, depending on your credit performance. If you are a responsible spender, they will upgrade your credit line.

4. More Rewards

You can earn more cash back by shopping online. There are participating online retailers that offer a maximum of 10% cashback. The online shopping portal of Credit One Bank includes many top retailers and stores in the country.

5. Select Your Payment Date

If it is tough to pay your dues on the date prescribed by Credit One Bank, you can contact them after the first billing period. Ask them to change the assigned due date to your chosen date. Your requested date should at least be six days before or after the date prescribed by the bank.

6. Simple Rewards System

The Rewards System used by Credit One Bank is straightforward to understand. You have four unique alternatives based on your creditworthiness. Most of the options offer 1% cashback on eligible purchases. Lastly, you’ll get these rewards in the form of automatic statement credits.

7. Free Access to Credit Scores

Once your application is approved, you will receive access to a free Experian ScoreX Credit Score every month. To get access, you should register online. If you are repairing your credit record, getting access and understanding your credit scores each month is important.

8. Zero Liability for Unauthorized Charges

Like other credit cards, you will also enjoy the benefit of zero liability with the Credit One Bank Platinum Visa for Rebuilding Credit for any unauthorized charges.

9. Other Benefits

There are other benefits to getting this unsecured credit card from Credit One Bank. They include the following:

• Auto rental collision damage if you use this credit card to rent a car.
• Pay per use 24/7 roadside dispatch
• Travel accident insurance

Again, what does the Credit One Bank Platinum Visa for Rebuilding Credit offer? Repair your credit track record using this Credit One Bank Platinum Visa for Rebuilding Credit. While fixing your credit history, you can also earn unlimited 1% cashback for purchasing groceries, gas, etc., when you use this card.

Fees and Charges of the Credit One Bank Platinum Visa for Rebuilding Credit

While Credit One Bank does not require you to deposit upon the approval of your application, it nevertheless charges you with some fees and certain charges for using this credit card. Some say that these fees are not low. Let’s take a look at them:

Fees

• Annual Fee – $75 for your first year; $99 per year thereafter (about $8.25 per month)
• Late Fee – $39 maximum
• Additional Cards Annual Fee – $19
• Returned Payment Fee – $39 maximum
• Foreign Transaction Fee – 3%
• Penalty APR – $0
• Cash Advance Fee – $5 or 8% of the amount, whichever is higher

Charges

• Intro APR – n/a
• Balance Transfer Intro APR – n/a
• Welcome Bonus – $0
• Regular APR – 23.99% variable

How to Earn Cashback with the Credit One Bank Platinum Visa for Rebuilding Credit

• Grocery
• Gas
• Cable and satellite TV services
• Internet services
• Mobile phone services

It is straightforward. Just pay for all these eligible purchases, and you will earn 1% cashback for every dollar you spend.

How to Redeem Cashback with the Credit One Bank Platinum Visa for Rebuilding Credit

Redeeming your earned reward from the eligible purchases is also very simple. You don’t need to worry about it. The Credit One Bank will automatically credit or reflect the rewards that you earn into your credit card account in the form of a statement credit.

They reflect the rewards credit on the credit card statement every billing cycle. While the One Credit Bank has no flexibility on this process, it offers its cardholders a consistent way of saving money.

Pros and Cons of the Credit One Bank Platinum Visa for Rebuilding Credit

To help you get a better grip on this matter, and make an informed decision, let me give you the pros and cons of this unsecured credit card:

Pros

• It can help those who are trying to repair their bad credit record
• It is an ideal stop-gap solution for rebuilding bad credit record
• This card also offers the standard benefits of other credit cards, including the Credit One More Rewards Program
• You can earn 1% for every dollar that you spend on eligible purchases
• Earned rewards are automatically credited to your account

Cons

• High annual fee for the first year and the succeeding years
• Cash back earnings are limited compared to the rewards offered by other unsecured credit cards
• Fees are high when and make any cashback earning seem insignificant. For instance, you have to spend a minimum of $825 per month just to offset the regular annual fee of $99.

Conclusion: Credit One Bank Platinum Visa for Rebuilding Credit

The Credit One Bank Platinum Visa for Rebuilding Credit is ideal for people with bad credit records. This card is one of their best options to restore their good standing. On top of that, they can also earn unlimited 1% cash back on their gas, grocery, and other everyday purchases.

This card is an unsecured credit card. That means you are not required to make a deposit to get approved. Like other credit cards, there are fees and charges that you have to pay for using them. If you want to repair your credit history, this is one of the cards that you need to consider.