Credit One Bank Platinum Visa for Rebuilding Credit: Confusing Rewards, Unclear Fees

The Credit One Bank Unsecured Visa for Rebuilding Credit can help build or rebuild your credit, but is it worth the annual fee?
Last updated Nov 19, 2020 | By Kevin Payne

FinanceBuzz is reader-supported. We may receive compensation from the products and services mentioned in this story, but the opinions are the author's own. Compensation may impact where offers appear. We have not included all available products or offers. Learn more about how we make money and our editorial policies.

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 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.

Rebuild Your Credit Without a Deposit

Credit One Bank Unsecured Visa for Rebuilding Credit

Credit One Bank Unsecured Visa for Rebuilding Credit

Credit One Bank Unsecured Visa for Rebuilding Credit

Benefits

  • 1% cash back on eligible purchases
  • Choose your payment due date
  • Access to monthly Experian credit score
  • Automatic reviews for credit increases

Drawbacks

  • Could have an annual fee
  • Has foreign transaction fee


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, what cashback rewards you’ll qualify for, or your annual fee amount 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 could be anywhere from $0 to $95 your first year, depending on your creditworthiness. After your first year, your annual fee could be as low as $0 or as high as $99. There’s a big difference between $0 and $99, and other credit cards are more transparent with annual fees.

Card basics

Card Issuer Credit One Bank
Annual Fee $99 to $99    
Recommended Credit Score Bad, Poor
Foreign Transaction Fee Either $1 or 3%, whichever is greater

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 on eligible purchases. 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

How does the Credit One Bank Unsecured Visa help you build credit?

As you make purchases with your unsecured credit card and responsibly pay off your card balance, you should start to improve your credit. Having good credit can be the difference in being approved during many of life’s big financial decisions. It can also help you qualify for better terms and rates later on.

How do I request a credit line increase with Credit One Bank?

Cardholders may be able to contact Credit One to request a review of their account. Credit One also performs account reviews regularly, but the frequency of this is unclear.

What credit limits does Credit One offer?

The minimum credit line offered by Credit One is $300. However, based on your creditworthiness, you may score a higher credit line.

Is Credit One Bank a legitimate company?

Credit One is a bank insured by the FDIC (Federal Deposit Insurance Corporation) that does business online exclusively. There are over 10 million Credit One cardholders, according to the company. Despite not having brick-and-mortar locations, it’s a legitimate company.

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 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. The QuicksilverOne also allows people to receive a higher credit limit over time with a history of on-time payments.

Rebuild Your Credit Without a Deposit

Credit One Bank Unsecured Visa for Rebuilding Credit

Credit One Bank Unsecured Visa for Rebuilding Credit

Credit One Bank Unsecured Visa for Rebuilding Credit

Special Offer

1% cash back on eligible purchases

See how these cards compare:

Citi Secured Mastercard
Citi Secured Mastercard
  • Flexible payment dates
  • Helps build credit
  • No annual fee
Capital One QuicksilverOne Cash Rewards Credit Card
Capital One QuicksilverOne Cash Rewards Credit Card
  • 1.5% unlimited cash back on every purchase, every day
  • Consideration for a higher credit line as quickly as 6 months after account opening
  • CreditWise to monitor your credit score