Credit one platinum visa for rebuilding credit reviews

Have you damaged your credit and need a way to fix it? Or perhaps you’re building your credit for the first time and haven’t established a strong credit history yet. The Credit One Bank® Platinum Visa® For Rebuilding Credit is designed to help people like you by offering a low-limit credit line and helping to establish responsible repayment practices.

Who should get this card?

The Credit One Platinum Visa for Rebuilding Credit can help people who have a poor financial history — or none at all.

If you haven’t established good credit yet or have damaged your credit in the past, this card could be an easy way to start the rebuilding process. Many people opt for secured credit cards when trying to rebuild credit, but those normally requires a cash deposit. However, Credit One has created an unsecured credit card built for the same purpose.

This Credit One card has a low credit limit to start, but this can be increased over time by practicing responsible spending and paying off your card on time each month. Once you’ve improved your credit, though, there may be other credit cards better suited for you that have a lower annual fee or provide more rewards.

Unfortunately, the exact terms of this Credit One card aren’t very clear at the start. You won’t know what credit card you’ll receive or what cashback rewards you’ll qualify for until you’re approved.

People looking for unsecured credit cards with low annual fees might want to avoid this Credit One option. The annual fee for this card is $75 $75 for the first year, $99 after that.

Card basics

Top card benefits

• Simple rewards: Credit One’s rewards are easy to understand once you’ve been approved for a card and are assigned a specific cashback rewards program. It has four different options based on your creditworthiness, most of which offer just 1% cash back rewards on eligible gas, grocery purchases and mobile phone service, internet, cable and satellite TV services (terms apply). Cashback rewards come in the form of automatic statement credits.
• Automatic credit line increases: The minimum credit line is $300. Regardless of what credit line you first qualify for, you can receive increases based on your credit performance. Being a responsible spender will help you score a bigger credit line.
• Choose your payment date: If you don’t like your bill’s due date and want to switch it, you can. Simply contact Credit One after your initial billing period and ask for it to be changed. Your new due date must be at least six days before or after the original assigned date.
• Free access to your credit score: When you’re approved for a Credit One credit card, you receive access to a free monthly Experian ScoreX Credit Score. You must register online for account access. Knowing and understanding your credit score is important as a consumer, especially if you’re working to improve your credit.
  
• More rewards: Besides Credit One’s cashback programs, cardholders can earn more cash back through online shopping. Some participating merchants offer up to 10% in cashback rewards. Credit One’s online shopping portal includes many of the top retailers in the country.

Earning & redeeming

Best ways to earn

Credit One’s cashback rewards program is interesting to say the least. You can prequalify for a card, which performs a soft credit pull. This will show you what card options you qualify for, including which of its four cashback programs you’ll receive. However, there’s no guarantee when you actually apply that you’ll get the same option.

As mentioned above, there are four cashback credit card options for the Credit One Bank Unsecured Visa for Rebuilding Credit. You’ll be assigned one by Credit One based on your creditworthiness. The available programs are:

• 1.0% cash back on eligible gas, groceries, mobile phone service, internet service, and cable and satellite TV service
• 1.0% cash back on eligible gas, groceries, dining, mobile phone service, internet service, and cable and satellite TV services
• 1.1% cash back on eligible dining, plus 1.0% cash back on other eligible purchases
• 1.0% cash back on all eligible purchases

The 1.1% cash back rate is better than nothing but isn’t as much as what’s offered by more popular cashback cards. Many of those credit cards require a better credit score, though.

Another way to earn major cash back is through Credit One’s More Rewards program. This is an online shopping portal attached to your Credit One account. The portal includes many popular retailers, which offer up to 10% cash back on purchases. If you shop online often, this could be a lucrative way to earn more rewards with Credit One.

Maximizing your redemptions

There’s no work needed on your end when it comes to redeeming your Credit One cashback rewards. Cash back comes in the form of automatic statement credits, which are applied to your account balance as you spend. There are no other redemption options available with the Credit One Platinum Visa for Rebuilding Credit.

Common questions

Other cards to consider

Another credit card designed to rebuild credit is the Citi® Secured Mastercard®. Unlike Credit One’s option, this Citi card has a $0 annual fee for all users. However, it requires a security deposit, which will be refunded when you close the card if your account is in good standing. This card helps build credit history with all three credit bureaus. 

The Capital One QuicksilverOne Cash Rewards Credit Card is another good option for building credit. Its $39 annual fee could end up being less than Credit One’s fee. Cardholders are rewarded with unlimited 1.5% cash back on every purchase; plus 5% unlimited cash back on hotels and rental cars booked through Capital One Travel. The QuicksilverOne also allows people to receive a higher credit limit over time with a history of on-time payments.

Author Details

Kevin Payne Kevin Payne is a freelance writer specializing in student loans, credit cards, personal finance, and travel. He is a regular contributor to Club Thrifty, Millennial Money, and Student Loan Planner. As the budget and family travel expert behind FamilyMoneyAdventure.com, Kevin recently turned his writing side hustle into his full-time career. He lives in Cleveland, Ohio, with his wife and four kids.

Is Credit One platinum good for building credit?

Does Credit One card help build credit?

What credit score do you need for a Credit One platinum card?

How long does it take for Credit One to increase your credit?