Credit One Bank® Unsecured Platinum Visa® review | finder.com

Credit One Bank® Unsecured Platinum Visa® review – September 2018

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A Tool for Rebuilding Your Credit

Like many of us who are seeking to rebuild poor credit, you might be struggling to qualify for a credit card. You are finally in a place where you can keep up with your monthly payments, only to find yourself in a catch-22: You need a line of credit in order to prove your creditworthiness, but you can’t get approved for a credit card.

Often, the only options available to you are a prepaid debit card, which won’t positively or negatively impact your credit because it isn’t a line of credit. Or there are the secured credit cards, where you are required to make a hefty deposit, often equal to the line of credit. If paying a lump sum upfront isn’t feasible for you, this unsecured Visa credit card might be your answer.

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 FeeUp to $38
Returned Payment FeeUp to $38
Additional Cardholder Fee$19
Minimum Age18 years of age
Reward Value per Dollar1% cash back
Rewards Points ExpiryNever
Credit One Bank® Unsecured Platinum Visa® is available to consumers with a low credit score in an effort to offer them the opportunity to re-establish their credit. And because it is an unsecured credit card, it doesn’t require collateral, such as a large sum of money upfront, in case of default. This means you can open an account with no out-of-pocket costs.

Just remember that re-establishing your credit takes patience and time. You must continue to make timely payments on all outstanding debts, including your new credit card. But consumers should beware: Some current and former account holders of Credit One Bank® credit cards complain of poor customer service, hidden charges and excessively high APRs. Some even report being unable to access their accounts online.

Product Details

Searching Credit One’s website for details on its individual cards can prove to be fruitless. You must submit a short application before being provided any specifics. Once you pre-qualify for one of Credit One Bank®’s credit card offers, you will be provided with the actual disclosures and terms and conditions of your specific offer. So read them over carefully before accepting the offer. Still, this is the range of the rates:

  • APR for purchases: 19.74% to 25.74% variable
  • APR for Cash advances: 25.74% variable
  • Variable Annual Membership Fee: $0 to $99
  • Authorized User Participation Fee: $19 annually (if applicable)
  • Cash advance fee: $10 or 3% of the cash advance amount, whichever is greater
  • Late Payment: Up to $38
  • Returned payment: Up to $38

Eligibility Requirements

  • Poor credit is acceptable. Credit One Bank® Unsecured Platinum Visa® is intended to help you rebuild your credit.
  • Minimum required age is 18 years of age.

Application Requirements Checklist

  • Full name
  • Mailing address
  • Email address
  • Phone number
  • Social Security number
  • Total monthly income
  • Date of birth
Updated September 26th, 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

Fees & Repayments

There are no out-of-pocket costs to open an account. However, you will be charged an annual membership fee of up to $75 the first year, and up to $99 thereafter, and the APR for purchases can soar to as high as 25.74% variable. In addition, an annual “participation” fee of $19 is charged if you want to add an authorized user.

Benefits of Credit One Bank® Unsecured Platinum Visa®

  • Build credit.
    If used carefully, the Credit One Bank® Unsecured Platinum Visa® offers services that can be used to build a positive credit history.
  • Stay informed.Credit One Bank® Unsecured Platinum Visa® will send email or text alerts to remind you when your payment is due, and free online access to your credit score is available to help you monitor your credit.
  • Control payments.
    Credit One Bank® Unsecured Platinum Visa® also allows you to pick your payment due date, but it must be at least six days before or after the originally assigned date, and you can only change your due date once in a six-month period.
  • Fraud Protection.
    Being a credit card owner pretty much means you’re going to get your identity stolen. Credit One make sure you will be protected against unauthorized charges.

Drawbacks of Credit One Bank® Unsecured Platinum Visa®

  • Annual membership.
    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.

How to apply

Consumers can apply for a Credit One Bank® Unsecured Platinum Visa® credit card online. You will be taken through a pre-qualification application to determine what terms the bank feels comfortable giving you. Essentially, the bank is determining how much of a risk you are and setting rates, features, and terms accordingly. Please review carefully before accepting the terms.

FAQs

Megan Horner

As the assistant publisher of credit cards at finder.com, Megan is passionate about helping you compare and find the best credit cards for your situation, whether that is earning great rewards or improving your credit score. In her previous position, Megan worked as an assigning editor at Credit Karma, where she focused on editing and publishing educational articles on credit cards. Megan started her career as a writer at a comparison website, so she has a longstanding background in surfacing the best deals and helping people make decisions. In her spare time, Megan likes to hike, camp, surf, and read.

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2 Responses

  1. Default Gravatar
    DennisJune 4, 2018

    My deposit for my platinum card is 200, but my credit limit is 500.. My ? Is will I only be able to spend the 200 I deposit or will I be able to spend up to the 500 credit limit I was given

    • finder Customer Care
      nikkiangcoJune 7, 2018Staff

      “Hi Shelby,

      Thanks for getting in touch!

      ING Credit Card only offers complimentary travel insurance at the moment.

      While we can provide you with general information, please note that we’re a product comparison website and we do not represent any company we feature on our site. We’re here to assist you in your buying decision process hence we cannot recommend product / service that is rightfully fit for you.

      Hope this helps.

      Regards,
      Nikki “

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