Credit One Bank® Unsecured Platinum Visa® review

Credit One Bank® Unsecured Platinum Visa®

A Tool for Rebuilding Your Credit

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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®
APR for Purchases ( Purchase Rate )19.15% - 25.24% variable
Annual fee$0 to $75 first year annual fee for the first year ($0 to $99 thereafter)
Cash Advance Rate19.15% - 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
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
Annual fee$0 to $75 first year 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

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: 19.15% - 25.24% variable
  • APR for Cash advances: 19.15% - 25.24% variable
  • Variable Annual Membership Fee: Anywhere from $0 to $75 for the first year, and anywhere from $0 to $99 thereafter.
  • Authorized User Participation Fee: $19 annually (if applicable)
  • Cash advance fee: $5.00/8% or $10.00/3%, whichever is greater (see terms)
  • Late Payment: Up to $37
  • Returned payment: Up to $35.00

Eligibility Requirements

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

Application Requirements Checklist

  • Full name
  • Mailing address
  • Email address
  • Phone number
  • Social Security number
  • Total monthly income
  • Date of birth
Rates last updated March 19th, 2018
Name Product APR for Purchases ( Purchase Rate ) Intro APR for Balance Transfer Annual fee Product Description
Credit One Bank® Unsecured Platinum Visa®
19.15% - 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
19.15% - 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% - 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 Superstore, terms apply.
Credit One Bank® Visa® with Free Credit Score Tracking
19.15% - 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

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 25.24% 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® 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® 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® 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.


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