Review: Credit One Bank Unsecured Platinum Visa | finder.com

Review: Credit One Bank® Unsecured Platinum Visa® Credit Card — February 2018

The Credit One Bank® Unsecured Platinum Visa®credit card is a helpful option if you have poor credit.

It can be tough to rebuild your credit score, especially when a low score makes it hard to get approved for a card in order to start building good credit history. Credit One Bank offers credit cards for people with poor or bad credit who may get turned away by other banks. Credit One Bank has over 6 million customers, and issues the Credit One Bank® Unsecured Platinum Visa®.

Product NameCredit One Bank® Unsecured Platinum Visa® Credit Card
APR for Purchases ( Purchase Rate )17.24% to 25.24% variable
Annual fee$0 to $75 annual fee for the first year ($0 to $99 thereafter)
Cash Advance Rate19.15% to 25.24% variable
Card TypeVisa
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 24 days
Returned Payment Fee$35
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
Whichever is greater, $1 or 3% of transaction value
Minimum Interest$1
Minimum Credit ScorePoor (Below 660)
Minimum Age18 years of age
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$300
Annual fee$0 to $75 annual fee for the first year ($0 to $99 thereafter)
Returned Payment Fee$35
Late Payment Fee$37
Cash Advance Fee$5.00/8% or $10.00/3%, whichever is greater (see terms)
Additional Cardholder Fee$19 annually

Pros

  • Pre-qualification.
  • Credit score.
  • Account alerts.
  • Cash back.

Cons

  • Transaction fees. For cash advances, you can expect a $5.00/8% or $10.00/3%, whichever is greater (see terms).

Credit One Bank® Unsecured Platinum Visa® credit card review

If you need a credit card but don’t have the best credit score, the Credit One Bank® Unsecured Platinum Visa® credit card could be a helpful solution.

Credit One Bank starts with the pre-approval process. Once you fill in your personal information, the company will help match you with the cards you qualify for. Plus, the pre-approval process does not affect your credit score. The Credit One Bank® Unsecured Platinum Visa® credit card is a completely unsecured credit card, and no deposit is required.

The card includes zero fraud liability, so you are protected from unauthorized purchases. Additionally, as a cardholder, you can enjoy 1% cash back on eligible gas and grocery purchases.

Compare other Credit One Bank credit cards

Rates last updated February 19th, 2018
Name Product APR for Purchases ( Purchase Rate ) Intro APR for Balance Transfer Annual fee Product Description
Credit One Bank® Unsecured Platinum Visa®
17.24% to 25.24% variable
$0 to $75 first year annual fee for the first year ($0 to $99 thereafter)
Give your credit a boost with credit line increase opportunities, a fee may apply.
Credit One Bank® Unsecured Visa® with Free Credit Score Tracking
17.24% to 25.24% variable
$0 to $75 first year annual fee for the first year ($0 to $99 thereafter)
Get 1% cash back rewards on eligible purchase, terms apply.
Official NASCAR® Credit Card from Credit One Bank®
17.24% to 25.24% variable
$0 to $75 first year annual fee for the first year ($0 to $99 thereafter)
Get double cash back rewards at the NASCAR.com Superstore, terms apply.
Credit One Bank® Visa® with Free Credit Score Tracking
17.24% to 25.24% variable
$0 to $75 first year annual fee for the first year ($0 to $99 thereafter)
Get 1% cash back rewards on eligible purchases including gas, groceries, and services such as mobile phone, internet, cable and satellite TV, terms apply.

Compare up to 4 providers

The perks

  • Pre-qualification. You can get pre-qualified in less than a minute, and it won’t affect your credit score in any way.
  • Credit score. As a cardholder, you can track your credit score every month, and view your credit report summary online.
  • Account alerts. To stay informed about your account, you can elect to receive email notifications. You can also choose to receive text messages.
  • Cash back. With the Credit One Bank® Unsecured Platinum Visa® card, you can earn 1% cash back on eligible purchases.

Landmines

  • Annual fee. Once your account is charged an annual membership fee of up to $100, you will begin making monthly payments on that fee and incurring interest before even making a purchase. For many, $99 is a hefty price tag for rebuilding credit. And considering you may receive a credit line of as low as $300, once you factor in the annual membership fee, you are potentially left with only $200 in available credit.
  • Grace period. It is unclear which Credit One Bank® credit cards provide a grace period, and that’s something you need if you don’t want to end up in over your head in debt again. With no grace period, you begin incurring interest on purchases as soon as they post to your account. Paying your full balance each month won’t help you avoid being charged interest. Credit cards that come with a grace period (and most do) aren’t charged interest on purchases made during the billing cycle. If you pay your balance in full at the end of the month, interest begins after the due date if you choose to carry a balance. So if you intend to keep your purchases interest-free by paying your balance in full each month, be sure the card comes with a grace period.

The nuts and bolts

  • No deposit requirement. The unsecured card does not have a deposit requirement.
  • Card offers. By inputting your personal information into the website, Credit One Bank will let you see the cards that you qualify for.
  • Fraud protection. The zero fraud liability feature protects you against any unauthorized charges or purchases.
  • Credit line. Every account is automatically monitored for credit line opportunities. Credit One Bank will notify each cardmember when they qualify for additional credit.
  • Secure. The company installs each card with a microchip for added protection.
  • Apple Pay. You can set your credit card up with Apple Pay, and pay with your iPhone or iPad.
  • Alert reminders. To remind you when your payment is due, you can elect to receive email and/or text alerts.
  • Purchase APR. The regular APR is variable, and determined by your creditworthiness. You can expect an APR ranging from 17.24% to 25.24%. It varies with the market, and is based on the Prime Rate.
  • Cash advance APR. Depending on your creditworthiness, your cash advance APR could be anywhere from 19.15% to 25.24% variable.
  • Annual fee. Depending on different factors, cardholders can expect an annual fee of $0 to $99 p.a. For the first year, it could be anywhere from $0 to $75.
  • Annual membership fee. Additional authorized users will have to pay $19 annually.
  • Penalty fees. Late payments can result in up to a $37 fee. For returned payments, you can pay up to a $35.00 fee.
  • Credit line. The minimum credit line is $300. Increases are granted based on your credit performance.
  • Transaction fees. For cash advances, you can expect a $5 fee, or a fee that is 8% of the cash advance amount. Alternatively, you may have to pay $10 or 3% of each cash advance amount, whichever is greater.

How to apply for the Credit One Bank® Unsecured Platinum Visa® credit card

Always consider your options and your financial situation before you apply for a credit card.

Applying for this card is easy and requires applicants to meet the following eligibility requirements:

Eligibility criteria:

  • U.S. citizen
  • At least 18 years old
  • Poor credit is acceptable. The Credit One Bank® Unsecured Platinum Visa® credit card is intended to help you rebuild your credit.

You can apply online, and the following information and documentation is required:

Required documents & information:

  • Full name
  • Residential address
  • Birthdate
  • Phone number
  • Social Security number
  • Income information
  • Email address

Bottom line

If you are looking for an unsecured credit card that doesn’t require a stellar credit score for approval, the Credit One Bank® Unsecured Platinum Visa® credit card could be for you. Before choosing this card, be sure to compare it with other credit card options.

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