Credit One Bank Platinum Visa for Rebuilding Credit: Best for Bad Credit

The Credit One Bank® Platinum Visa® for Rebuilding Credit* is an unusual credit card. Designed for people with bad credit, this unsecured credit card does not require a security deposit. In addition, this credit card offers rewards on purchases – another rarity among credit cards for people with bad credit.

While these rewards might not be the most lucrative, offering rewards of any type makes this card stand out. The annual fee – $75 the first year, then $99 – isn’t particularly high, although alternatives like the Capital One Platinum Credit Card do not charge an annual fee, but also do not offer any rewards. Conclusion: If you have poor credit and want to use a credit card to improve your credit scorewhile earning base rewards, it’s a solid choice.

Credit One Bank® Platinum Visa® for Credit Reconstruction

Introductory offerN / A

APR26.24% variable

Intro Purchase APRN / A

Recommended credit bad credit

Reward rate
  • Earn 1% cash back on eligible gas, grocery purchases and cell phone, Internet, cable and satellite TV services. Conditions apply.

Annual fees$75 for the first year. After that, $99 per year ($8.25 per month)

Foreign transaction fees Either $1 or 3% of each purchase in US dollars, whichever is greater.

  • Earn 1% cash back on eligible gas, grocery purchases and cell phone, Internet, cable and satellite TV services. Conditions apply.

Awards

Rewards are pretty basic and won’t be the main draw here.

You only earn 1% on eligible gas and grocery purchases, plus your monthly cell phone, internet, cable and satellite TV bills. You’ll want to make sure that the potential rewards outweigh any surcharges that may come from pay utility bills with a credit card.

Note that this card’s grocery rewards can be used at a variety of grocery stores, but not at supermarkets like Walmart or Target, drugstores, or convenience stores. They also do not apply to purchases made in small stores such as bakeries.

How to create credit with Credit One Bank Platinum Visa

There are three main rules to keep in mind to help you build your credit.

  1. Make sure you always pay your bill on time.
  2. Always try to pay your bill in full. Not only is this good for your credit score, but it will help you avoid the particularly high APR on the Credit One Bank Platinum Visa – 26.24% variable.
  3. Keep your expenses below 30% of your Credit limit. This is called your credit utilization ratio, and it is a factor in your credit score.

Like your credit score improves as you use a credit card responsibly over time, you may qualify for cards with better APRs and higher credit limits than Credit One Bank Platinum Visa for Rebuilding Credit. Meanwhile, this card is a good option for people with bad credit.

When it comes time to apply for credit card for good credit, keep your Credit One Bank Platinum Visa account open, even if you don’t use it much. The average age of your open accounts is a factor in your credit score, and older credit card accounts can make a positive contribution to your credit score. Keeping accounts open also helps lower your overall credit utilization ratio.

Alternate Maps

Although your options are limited by bad credit, there are a handful of other credit cards that might be more suitable. These two cards offer no foreign transaction fees – unlike Credit One Bank Platinum Visa – so either would be a better choice if you plan to use your credit card abroad.

Discover it® Secure credit card

If you’re willing to put down a security deposit as your credit limit, the Discover it®* Secured Credit Card is a great option for earning rewards.

You earn 2% cash back on up to $1,000 in gas station and restaurant spend per quarter (then 1%), plus 1% cash back on everything else. You will also get a Cashback Match at the end of your first year as a welcome bonus — the best welcome bonus available for secured credit cards. If you are not sure if you want to apply, you can also apply credit card pre-approval to check your chances.

For more information see our Check It Out Secured Credit Card Review.

Capital One QuicksilverOne Cash Rewards Credit Card

Although you need to have at least average or fair credit for the QuicksilverOne – which usually means a credit score between 580 and 670 – it’s a great option for earning consistent rewards on your purchases for a low annual cost of $39.

You’ll earn 1.5% cash back on all your purchases, which is very competitive for this credit level and annual fee. As a bonus, you can also earn 5% on hotels and car rentals booked through Capital One Travel. You will need to be careful not to leave a balance on this card from month to month, as the APR is even higher than the Credit One Bank Platinum Visa at 28.49% variable.

FAQs

Can I use this card abroad?

Yes, you can use the Credit One Bank Platinum Visa for overseas credit rebuilding, however – we recommend using a card with no overseas transaction fees, such as those highlighted above. Credit One Bank Platinum Visa charges 3% ($1 minimum) of every transaction you make overseas, which can add up.

How high will my credit limit be?

For most credit cards, your credit limit is determined by your credit history, income, housing payments, and other financial factors. With responsible use, you can usually request a line of credit increase every six months or so.

What is a good credit rating?

Most lenders consider a credit score of 670 or higher to be “good”. A credit score of 740 or higher is considered “excellent” and will qualify you for even better credit card offers.

*All information about the Credit One Bank Platinum Visa for Rebuilding Credit and Discover it Secured Credit Card has been independently collected by CNET and has not been reviewed by the issuer.

Editorial content on this page is based solely on objective, independent assessments by our editors and is not influenced by advertising or partnerships. It was not supplied or commissioned by a third party. However, we may receive compensation when you click on links to products or services offered by our partners.

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