The Credit One Bank® Platinum Visa® for Rebuilding Credit is a pretty good unsecured credit card for people with bad credit.The Credit One Visa Card can be worthwhile because it gives users a $300 initial spending limit, with no security deposit needed, in return for up to $99 in annual fees ($75 the first year). It also offers cash back rewards and monthly credit-bureau reporting.
With that being said, if you don’t absolutely need emergency spending power, you’re better off placing a refundable deposit on a secured credit card. You’ll get the money back when you close your account, assuming you’ve paid your bill in full, and you should be able to find an offer with no annual fee. Plus, secured cards are just as good for credit building as unsecured cards.
Credit One Visa Review Highlights
Good way to get an emergency loan with bad credit
Getting an unsecured credit line can be quite expensive when you have bad credit. But that’s less true for the Credit One Visa. There’s no one-time fee for application processing and no monthly fee – at least not one charged in addition to an annual fee. The Credit One Visa’s annual fee is $75 the first year. After that, annual fees can total up to $99, though they might be charged in monthly installments. The exact fee amounts will depend on your creditworthiness.
Given that new cardholders begin with a $300 credit line, you’ll essentially be paying as much as $75 for as little as $225 in immediate spending power with the Credit One Bank Card. After all, the first annual fee is assessed when you open your account, thereby reducing the spending power at your disposal.
Secured credit cards are much cheaper
If you don’t absolutely need an emergency loan or $225 in spending power isn’t enough for your needs, you’re better off focusing on improving your credit at the lowest possible cost. That means getting a secured card instead of an unsecured offer such as the Credit One Card.
Secured credit cards require a refundable security deposit, the amount of which acts as your spending limit. This reduces both your costs and the issuer’s risk. There are a number of secured cards with no annual fee, and opening one will help you improve your credit score to the point where you can qualify for a decent unsecured card.
HighAPR
Your rate is well above 20% with the Credit One Bank Credit Card. As a result, you should try to pay for your charges as quickly as possible.WalletHub’s credit card payoff calculator will help you make the best plan for your situation.
Credit-line increases aren’t guaranteed
Credit One Bank says it will consider cardholders for higher credit limits based on their “overall credit performance.” They don’t elaborate about what you need to do or when you can expect a higher limit. Most cards require at least five consecutive months of on-time payments before considering an increase, but you still shouldn’t get your hopes up.
Rewards aren’t that helpful
The roughly 1% cash back that you will earn on eligible purchases pales in comparison to the rate at which you’ll have to pay interest. And if you really want rewards, you can do better with a secured card.
FAQs
Great for rebuilding credit
Is Credit One a good credit card to rebuild credit? ›
One of the best Credit One credit cards is the Credit One Bank® Platinum Visa® for Rebuilding Credit. This is one of the best unsecured cards for bad credit as it offers a $300 credit limit and 1% cash back on eligible purchases.
Is Credit One Bank Platinum Visa for rebuilding credit unsecured? ›
It's an unsecured credit card (meaning no security deposit) that also earns cash back on everyday purchases. However, this card's APR is very high, and its annual fee is as high as many premium rewards cards' annual fees.
What's the highest credit limit for Credit One? ›
Credit One Credit Card Limits
| Card | Minimum Credit Limit | Reported Maximum Credit Limit |
|---|
| Credit One Bank American Express® Card | $300 | $5,000 |
| Credit One Bank® Platinum X5 Visa® | $500 | $3,000 |
| Credit One Bank Platinum Rewards Visa with No Annual Fee | $300 | $1,500 |
| Credit One Bank® NASCAR® Credit Card | $300 | Varies, based on credit standing |
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Credit One Platinum's maximum credit limit is around $2,000, according to customer reviews. Some people report being approved for this amount right away, while others have worked up to it over years of responsible card use. The minimum credit limit for Credit One Platinum is just $300.
How often does Credit One give credit increases? ›
Credit One will increase your credit limit no more than once every six months. This time frame applies whether you request a credit limit increase yourself or wait for Credit One to offer you an automatic increase, and it's typical for credit card companies to have a waiting period between increases.
What credit score do you need for a Credit One card? ›
The credit score you need for a Credit One credit card is at least 500-700, depending on the card. Credit One credit cards are available to applicants with credit scores ranging from bad to good or better. So, it's possible to be approved despite having a damaged credit score or limited credit history.
Is Credit One good for bad credit? ›
No minimum credit score
Several Credit One credit cards are available to consumers with any credit score. This is the card issuer's main draw. If you're working on your credit, a Credit One credit card could be one of the few (but most likely not the only one) you can open.
Is a Credit One Bank platinum visa card good? ›
The Credit One Bank® Platinum Visa® for Rebuilding Credit* offers a solution that does not require a deposit while simultaneously allowing you to earn rewards. However, due to the high annual fee and the limited 1% cash-back rewards-earning potential, you are unlikely to recoup the cost of carrying the card.
What is the minimum credit score for an unsecured credit card? ›
Most unsecured credit cards require credit in the good to excellent range (670-850). This range is where you'll become eligible for many different kinds of rewards and 0 percent intro APR cards. You can also find some cards that will accept a score in the fair to good range (580-669).
The maximum credit line for a Credit One credit card is not publicly disclosed by the issuer, though there are reports of cardholders receiving credit lines as high as $5,000 on some cards. If approved for a Credit One card, applicants can expect a minimum initial credit line of $300 to $500.
Is Credit One legit? ›
Credit One is an FDIC-insured institution, so you don't have to worry about the safety of your money. However, the bank does consistently bring in poor customer service ratings for its credit cards, which can be a drawback for customers who run into any issues.
What is the credit limit for Credit One platinum X5 visa? ›
The minimum initial credit limit with the Credit One Bank X5 Visa is just $500 (minus the $95 annual fee). A low starting credit limit doesn't offer a lot of spending power and could make it challenging to maintain a low credit utilization ratio.
Which bureau does Credit One pull? ›
Credit One Bank uses any of the three major credit bureaus for credit card approval: Equifax, Experian or TransUnion. More specifically, Credit One Bank usually pulls from two out of three credit bureaus when considering your application. So, make sure all of your reports are in order.
What is the starting limit on the Credit One wander card? ›
It has an annual fee typical of travel credit cards
The Chase Sapphire Preferred® Card and Capital One Venture Rewards Credit Card, for example, charge the same annual fee. But those cards offer you a lot more back. The minimum credit limit on the Wander Card is $500.
What is a realistic credit limit? ›
If you have built up a solid credit history, a steady income and a good credit score, your credit limit may increase to $5,000 or $10,000 or more — plenty of credit to ensure you can purchase big ticket items.
Can you build credit with Credit One? ›
Card Features
Your credit card activity gets reported to the three major credit reporting agencies, so responsible use of the card can help you establish a positive credit history!
Is one credit card enough to build credit? ›
Will two credit cards build faster credit than one? Yes, assuming you use your cards responsibly. If you do, then having additional cards will generate consistent spending information for the credit bureaus each month, increasing your total credit limit and keeping your credit utilization rate low.
Does one card credit card improve credit score? ›
Yes, OneCard Credit Card is suitable for people who are new to credit. You can apply for this credit card and start building your credit score by using it efficiently. In order to build your credit score, make sure you make your payments timely and maintain your credit utilization ratio (preferably below 30%).
Is Credit One as good as Capital One? ›
But Credit One and Capital One are not related or part of the same company, and overall there is a significant gap in the quality of each bank's credit cards. Capital One's cards generally have better perks and fewer fees than the cards from Credit One — although as such, Credit One cards can often be easier to get.
