Credit One Bank Platinum Visa For Rebuilding Credit

The Credit One Bank Platinum Visa for Rebuilding Credit is a card that offers a revolving credit line without requiring a security deposit. It is designed for people who need to build or rebuild their credit. Although many cardholders will pay an annual fee, the card also offers 1% cash back on select purchases.

Platinum Credit One Bank Visa for Rebuilding Credit

Overall Score

2.6

Acceptable Credit

Score

1 percent cash back on eligible purchases, including gasoline, groceries, and phone services.

Repayment of Credit One Bank Platinum Visa For Credit Reconstruction 2022

In comparison to all of the low-cost cards in our database:

• Low Costs

• Safety and Customer Experience

Low Interest Rate

• Rewards

 

Comprehensive Evaluation of Credit One Bank Platinum Visa for Rebuilding Credit 2022

 

• Credit access without a down payment

• 1% cashback on specific purchases

• Periodic credit-line examinations

• Annual charge

• The credit limit may be inadequate.

• Problems in customer service

Explaining the Benefits of Credit One Bank Platinum Visa

 

Access to credit without a security deposit: The majority of credit cards designed for individuals with poor or no credit are secured, requiring a security deposit.

Credit One Visa for Rebuilding Credit is unsecured, so no security deposit is required. You also have access to a revolving credit line. The minimum available credit line is $300.

 

• 1% cash back on select purchases: The Credit One Visa for Rebuilding Credit offers 1% cash back on eligible purchases of gas, groceries, mobile phone service, Internet service, and cable and satellite TV services.

1 percent is a relatively low rewards rate for a rewards credit card. However, credit cards designed for individuals with poor credit typically offer no rewards, so the ability to earn cash back on certain purchases is a valuable perk.

• Periodic reviews of the credit line Credit One will review your account and payment history on a periodic basis. If you have been using your account responsibly and making all payments on time, you may automatically be eligible for a credit limit increase.

A higher credit limit increases your purchasing power. And, with a higher limit, it may be easier to maintain a lower credit utilisation ratio, assuming your average card spending level does not increase.

Credit utilisation, or how much of your available credit you utilise, constitutes 30% of your credit score. With a lower credit utilisation (along with responsible card use and other positive credit behaviour), you may be able to increase your credit score over time and become eligible for additional credit cards or loans.

Explanation Of Credit One Bank Platinum Visa Negatives

Credit One Visa for Rebuilding Credit has an annual fee, as do the majority of unsecured credit building cards. The fee is $75 for the first year and $99 for subsequent years, and it is charged to your credit line. The AvantCard has a maximum fee of $59, so this card’s maximum fee of $99 is relatively high.

• The credit limit may be low. This card’s minimum initial credit line of $300 is comparable to other secured cards’ minimum credit line options, but some cards offer higher maximum credit lines.

Obviously, you are willing and able to qualify for a higher credit limit with an equal deposit on a secured credit card. Credit One states that it will periodically review your credit line and may increase it.

Still, if you have more than $300 for a security deposit, a secured card will allow you to charge more than the Credit One Visa for Rebuilding Credit, at least initially.

• Customer service issues: Credit One’s customer service for this card falls short of industry standards in a number of ways.

Human phone support is only available for lost or stolen cards, whereas the majority of card issuers offer it continuously. Credit One, unlike most other issuers, does not offer online chat. Evidently, however, the company improved its customer service.

In the 2020 J.D. Power U.S. Credit Card Satisfaction Study, Credit One ranked eleventh out of eleven major card issuers. However, they rose to third place in the 2021 poll.

What is the Best Credit One Bank Platinum Visa for Rebuilding Credit?

 

• Seek to maximise cashback earnings across all categories of spending

• Cash-Back Specialist

• Motivated to establish a favourable credit history

• Credit Booster

The Credit One Visa for Rebuilding Credit is designed to appeal to individuals with poor or no credit who desire a credit card without a security deposit.

Equifax defines poor credit as a score below 600. FICO reports that 18.9% of Americans have credit scores below 600. The Credit One Visa for Rebuilding Credit provides access to a revolving line of credit without requiring a security deposit, unlike secured cards designed for consumers with poor credit.

It is also a card for those willing to pay an annual fee, which for some applicants may be $0. However, this could be mitigated by 1% cash-back rewards on certain categories of everyday spending.

Standard Credit Advantages One Bank Platinum Visa for Credit Rebuilding

The Credit One Visa for Rebuilding Credit provides a number of standard credit card benefits, including:

1. Access to your Experian credit report for free online

2. no liability for fraudulent activity

 

Credit Cardholder Experience One Bank Platinum Visa for Credit Rebuilding

 

Credit One has improved its customer service ranking. In the 2020 J.D. Power U.S. Credit Card Satisfaction Study, Credit One ranked last in customer satisfaction among 11 national card issuers. Its score of 739 was significantly below average, but it rose to third place in the 2021 poll.

The general customer service line is staffed only during certain hours. If your card is lost or stolen, you can call 1-877-825-3242 for assistance 24 hours a day, seven days a week. There are no live chat or email customer service options.

 

Credit Features for Safety One Bank Platinum Visa for Credit Rebuilding

This card has several standard credit card features, including fraud alerts and zero fraud liability.

 

In addition to a potential annual fee, there are four other fees that you should be aware of before applying for this card. Neither is uncommon in the credit card industry, but a first-time credit card owner may be unfamiliar with them:

Foreign transaction fees: If you use your card outside the United States, you will be charged either $1 or 3% of each transaction, whichever is greater.

If you obtain a cash advance, the cash advance fee is either $5 or 8 percent of the amount, whichever is greater. If you obtained a $100 cash advance, you would be charged $8 in fees. You could also receive either $10 or 3 percent, or a third choice of either $10 or 5 percent. It is not specified how they determine your fee.

If you want to add an authorised user to your account, such as your spouse or child, there is a $19 annual charge. Additionally, the fee will reduce your available credit.

5.Late payment fees: If your minimum monthly payment is paid late, you will be charged up to $39 in late fees.