Credit One Bank Platinum Visa® for Rebuilding Credit
- Best for: Rebuilding damaged credit with no deposit to spare, after cards with no annual fee turn you down
- What Sets It Apart: No security deposit; prequalification that doesn’t affect your credit score; reports to all three credit bureaus monthly
- Cost: $75 annual fee the first year, then $99 a year billed at $8.25 a month; 29.74% variable APR; no foreign transaction fee
- Features: 1% cash back on gas, groceries, and phone, internet, cable, and satellite TV bills; $300 minimum credit line; regular reviews for a higher line
- Pros: No deposit; monthly reporting to all three bureaus; free credit score and credit report
- Cons: $75 fee leaves about $225 of a $300 line; $8.25 a month until you close the account; no cash back at Walmart, Target, or warehouse clubs
Get the Credit One Bank Platinum Visa® for Rebuilding Credit only if you can’t spare a security deposit and cards with no annual fee have turned you down. It charges $75 the first year and $99 a year after that. If you can put down a refundable deposit, a secured card with no annual fee spares you both fees.
Credit One Bank sells this card to people rebuilding damaged credit who can’t or won’t put down a security deposit, and its prequalification shows your offer, fees included, before you apply. The bank’s Platinum X5 is its card for bigger everyday rewards, for applicants with average credit or better.
Key Features
- $75 annual fee the first year, then $99 a year, billed at $8.25 a month
- $300 minimum credit line, with regular reviews for increases and no fee listed for them
- 1% cash back on gas and groceries, plus phone, internet, cable, and satellite TV bills, paid as a credit on your monthly statement
- 29.74% variable APR, the yearly interest rate on balances you carry
- Up to $39 for a late or returned payment, the greater of $5 or 8% for a cash advance, and no foreign transaction fee
Pros
- No security deposit
- Prequalifying doesn’t affect your credit score
- Reports to all three credit bureaus every month
- Free credit score and credit report in your online account
- First-year fee refunded if you cancel before making a transaction
Cons
- $75 fee charged when the account opens, leaving about $225 of a $300 line to spend
- $75 more in the first year than a secured card with no annual fee, whose deposit comes back
- $8.25 a month from the second year until you pay off the balance and close the account
- Earning back the $99 fee at 1% takes $9,900 a year in eligible purchases
- No cash back outside its categories, at Walmart, Target, or warehouse clubs, or on PayPal purchases
The card fits readers with damaged credit who have no deposit to put down and have been turned down for cards with no annual fee. Anyone who can spare a deposit should open a secured card with no annual fee instead.
Learn more about the Credit One Bank Platinum Visa® for Rebuilding Credit or see how it compares to the best credit cards for bad credit.
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