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

Review: Credit One Bank® Unsecured Platinum Visa® — September 2018

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The Credit One Bank® Unsecured Platinum Visa® 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®
Card TypeVisa
Annual Fee$0 to $99
APR (Annual Percentage Rate) for Purchases19.74% to 25.74% variable
Cash Advance Rate25.74% variable
Cash Advance Fee$10 or 3% of the cash advance amount, whichever is greater
Foreign Transaction Fee3% of the transaction value or $1, whichever is higher
Interest Free PeriodUp to 24 days
Minimum Interest$1
Late Payment Fee$38
Returned Payment Fee$38
Additional Cardholder Fee$19
Minimum Age18 years of age

Credit One Bank® Unsecured Platinum Visa® review

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

Updated September 23rd, 2018
Name Product Annual Fee APR for Purchases (Purchase Rate) Intro APR for Balance Transfer
$0 to $99
19.74% to 25.74% variable
Seeing if you pre-qualify is fast, easy, and secure.
$0 to $99
19.74% to 25.74% variable
Get 1% cash back rewards on eligible purchase, terms apply.
$0 to $99
19.74% to 25.74% variable
Get double cash back rewards at the NASCAR.com Superstore, terms apply.
Up to
19.74% to 25.74% variable
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®, you can earn 1% cash back on eligible purchases.

Landmines

  • Annual fee.
    Once your account is charged an annual membership fee, 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 19.74% to 25.74% variable. It varies with the market, and is based on the Prime Rate.
  • Cash advance APR.
    The cash advance APR is 25.74% variable.
  • Annual membership fee.
    Additional authorized users will have to pay $19.
  • Penalty fees.
    Late payments can result in up to a $38 fee. For returned payments, you can pay up to a $38 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®

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® 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® could be for you. Before choosing this card, be sure to compare it with other credit card options.

Adrienne Fuller

Adrienne Fuller leads the publishing team at finder.com. She has one goal: to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. When she's not helping folks save money, she's hiking with her two Catahoulas around her home in San Diego.

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