Credit One Bank® Platinum Visa® for rebuilding credit is the best for short-term financial requirements. Most companies don’t recognize the application of bad credit score borrowers. They like to prefer excellent credit history to secure their investment. You can never count traditional banks and other credit groups for these poor credit services. Instead, They go for hard inquiries and don’t set back themselves just to increase their clientele. However, fewer fintech companies, like credit one bank, work as the rarest service provider in the loan or credit card industry. They assist you in resetting the financial market image. So, let’s move a step further to see the complete review of the Credit One Bank Platinum Visa for rebuilding credit cards for a better decision in the coming future. Here we go!
Overview of Credit One Bank® Platinum Visa® for Rebuilding Credit
Rebuilding credit can be an expensive way for poor credit scorers. However, if you don’t want to add up the sum into the wallet of the credit card companies, then taking an unsecured credit card can be a better way further. To counter the draining experience of limited credit! Many companies are out there that work out of the way for you. Yes, that’s of course! Something different from other credit card holders. However, it can be a better chance to go when you have nothing to start. The unique part is no security deposit to set or increase the credit limit or line of credit for Credit One bank platinum visa for rebuilding credit.
The Credit One card makes it thoughtful to modify your credit report with timely payment because every month, the credit bureaus receive your debt performance information from the company. Furthermore, you don’t have to wait so long for it to receive your application and verify your documents as soon as possible to add you to its client list. Other than that, you have two rarest features, even with bad credit. Those are rewards & unsecured lines of credit. That is usually negligible for poor performance in the past. Now if you are to negotiate with a very complex situation of your credit lifestyle, you can’t get everything according to you. Read the terms and conditions carefully to hinder panic later.
Credit One Platinum Visa for rebuilding credit reviews every piece of document you share via your application. The income statement is prime in that portion. If the bank is not demanding any security amount from you, the replacement of the same is significant. Here you will be responsible for a higher APR or interest rates with various burdensome charges. So, if you have a relaxed, consistent, and more than enough income, then it is always an acceptable choice to proceed. Let’s see more about making it a practical or easily replaceable matter in query.
Benefits of Credit One Bank® Platinum Visa® for Rebuilding Credit
You can’t feel relaxed while using this card. However, it can support you in gaining momentum for your start or restart with your borrowing habits. So don’t lose hope to gain something to this card by analyzing these undeniable features.
- No Hard Inquiry
There is no hard credit check for Credit One Platinum Visa for rebuilding credit. If you apply for the card and the bank approves your application, that process will not affect your credit score. In most credit card or loan queries, you lose your points. However, no wrong will happen with a Credit One credit card. Yes, there is no concrete guarantee that you will get what you want from the card issuer. However, one may get much more relaxed features compared to competitors or who rejected your application because of credit score or other factors. No! There is no point in blindly following the report generator. You have to take time to understand the way further.
- Application Process
Now, as you know, the credit score will not be affected, you can flow with the application process. For the final qualification report, go through the prequalification form. Fill out that first to know which card is suitable for you from fintech. Wait for the response and enjoy the formal application process after analyzing the pros and cons of the card application from start to end. Yes, everything is online. You don’t require any site visit for any task. Be ready to inquire about everything that may hurt you shortly or at least the time you bear its services.
- No Security Deposit
It is prevalent in an unsecured card and free from any security deposit from the borrowers or applicants. In a secured credit card, your prepayment determines your credit limit. An unsecured card is free from that strategy of the company. Your credit history, score, income amount /source, repayment capability, and a few other factors let you enjoy the time you want with your line of credit.
- Unsecured Credit Card for Bad Credit
Credit One Bank® Platinum Visa® for rebuilding credit is unconditionally an unsecured credit card for bad credit, Meaning thereby, if you hold any of the 3 digits between 300-669 of the average credit score limit, you can get qualified to rebuild your credit score. Yes, other factors are crucial to lead in the approval process. Make sure to settle them wisely before initiating with the bank or Credit One.
- Credit Reporting
Three major “Credit Bureaus,” like Equifax, Experian, and TransUnion- analyze the information of the money lenders and credit card companies about their borrowers or card holders. They work well in their field to make sure that both parties- whether it is a credit card issuer or the service beneficiary can lead a trustworthy investment with each other. The bankers, financial institutions, money lenders, and credit card companies can inform any one, two, or all credit bureaus about the monthly performance of credit limit holders. Credit One Platinum Visa for rebuilding credit also links with all three bureaus for positive and negative impacts on your credit report.
- Rewards and Cashback
In a line of attractive features, Credit One allows you to earn 1% cashback and rewards on certified purchases. You are partnering with the rewards program so you can tackle other charges that seem rigid to handle, like higher APR, international transaction fees,
Late and cash advance fee. You can not get cashback for every purchase- because the bank has categorized some merchants via its partnership to give you rewards. Gas, Phone, internet bills, groceries, cable & satellite TV bills are under the category of 1% cashback. Very few people can access 10% cashback with the selected retailers or merchants certified by the credit one.
Other Benefits of Credit One Bank® Platinum Visa® For Rebuilding Credit
Apart from these highlighted features, Credit One gives some other features- that you can rely on while building your credit score. Let’s find them to afford the practicality.
- For rebuilding your credit score, it permits you to access the monthly free credit report issued by Experian. It is under the optional and free “Experian Identity Works Membership” to monitor your response to the terms and conditions released for your credit limit from the company. Each month’s summary alerts you for your benefit only. Consider it seriously to satisfy your future borrowing needs.
- Like your unsecured credit card, your account transaction can also become unsecured because of overly ordinary cybercrime. The zero fraud liability feature is active to smoothen your journey from unauthorized transactions. No need to pay for pirated-eyed activities.
- Account alerts prevent suspicious activities. You will get occasional texts & email vigilance for not missing any mandatory updates. You will not get charged for this feature.
- Furthermore, you are free for the customization of your due date. However, that should be according to applied terms. There is complete freedom for any before and after 6-day reshaping of the assigned due date. That’s possible after settling your first billing period.
- In case- you have lost your job, or there is another disability from your side, you are under the credit protection program. That program will not let your credit score drop by paying the minimum due amount decided by the bank.
- Credit one bank platinum visa for rebuilding credit reviews your credit limit periodically. That review includes your account payment performance or history. If you qualify for the same the bank will automatically increase your credit limit and send you a notification for the step. However, there is a check. Higher limits require spending under the credit utilization rate. If you act in the same, you can secure your credit score in a better way. It holds charges.
- Manage your account with an easy-to-access mobile app even from remote areas.
Pros and Cons
- No security deposit
- Cashback and rewards (1-10%)
- Qualification for bad credit
- Automatic credit limit increase
- Credit building
- All Credit Bureaus Reporting
- Zero fraud liability
- Credit protection program
- Experian reports free access
- Payment due date customization
- Prequalification process
- No hard credit check
- 24 days grace period
- Card design facility
Rates & Fees Under Credit One Bank Platinum Visa for Rebuilding Credit
- The annual fee is $75 for the first year which gets settled from the credit limit. The minimum credit limit is $300, and the maximum is $1500. So if you qualify for the $300, you can spend only $225 a month. If you need a higher limit and can’t qualify for the same you can choose another bank, fintech, or even a secured credit card or security deposit card. Furthermore, once you use this card for one year the annual fee will increase and hold at $99. It can be difficult for low-income borrowers.
- You can feel relaxed on the side of the one-time fee and monthly fee. However, the APR on a purchase of 26.99% (V) can be hard to handle and appear as an expensive way to rebuild credit.
- Furthermore, the Cash advance fee is $5 or 8%- Whichever is greater, according to the terms.
- Cash advance APR is 26.99%, Foreign transaction fee is 3%/$- whichever is greater, a maximum late fee is $39, returned payment fee is up to $39 and authorized user card has to pay $19 annually.
- Interest charges start from $1, and if you don’t pay your due limit, it will get doubled with time.
- Here, you can do two things. Either- depends on rewards, cashback, and tips by understanding them better and getting them while purchasing. Or else, put a security deposit with other companies and enjoy lower fees for your credit card. There are possibilities for a refund. If nothing- increase your income sources to pay every single amount on time only to bear the cost of bad credit.
Who Should Apply for Credit One Bank® Platinum Visa® for Rebuilding Credit?
Till now! You would have understood that it is not an easy task for everyone. Only specified borrowers can deal with these heavy terms. If you are planning for this, see whether you fulfill the right applicant category or not.
- Higher Income Holders
If you have a higher income and are concerned about building your credit score, then you should apply for the card. Moreover, rewards and cashback will cover the shortcomings. It will get adjusted with the due payment.
- Credit Protection Program
In case, you are worried that your income can be down and you won’t be able to stretch it without affecting your credit score. You should invest in a credit protection program of credit one platinum visa for rebuilding credit. Under this program, you can proceed, paying the minimum due payment with a few additional charges. It is optional protection that costs $0.96 per $100 of the credit card balance. It is when you feel a hospital bill emergency or more.
- Purchasing Strategy
If you know how to deal with the purchasing category to earn higher cashback, then you must take advantage of this card. It has multiple reward schemes that will gain you more based on your buying strategy. That means you have to spend time planning. You should know what you need and at what time. Or Will this card benefit you while paying for it?
- Poor Credit
If you have poor credit and there is no other way because continuous application rejections are affecting your credit score for a hard credit inquiry. If you apply for this card, the bank will conduct a hard inquiry and qualify you without dropping the credit points. Indeed, it may affect your wallet badly.
How to Use Credit One Bank® Platinum Visa® for Rebuilding Credit?
Everything depends upon you only. How you act will show on your credit report. There is no roll of the bank for your credit building. Banks will help you with a few factors, rules, regulations, credit reporting, rewards, and more. Know the use of this card for rebuilding credit.
- Settle the Credit Payment
Try to create a better credit history by allowing yourself timely payment of the due amount. You are responsible for an accurate credit report. Any mistake or slight irresponsibility will drop the score and affect future possibilities too. Along with the credit effect, it will impose a double interest rate.
- Choose a Credit Protection Program
It is a paid service. You have to secure this program with fixed charges. However, it will help you when you have a hard financial time. As you have taken this card, accepting higher charges, only to rectify the mistakes you have made last with your credit, or maybe it is your start. No matter what, you should invest in this program and prioritize your credit score with this minimum cost.
- Low Balance
One or two points can’t secure your attractive credit report. Various big and small points configure this goal. You have to work with almost all of them to see the desired result. In a lengthy list, low balance is a plus point where you should work as much as possible. A low balance will target the credit utilization rate (the highest-scoring element of your line of credit and other financial management.
Alternatives of Credit One Bank Platinum Visa for Rebuilding Credit
Let’s see some alternatives to check whether you are on the right way or not.
Credit One Bank Platinum X5 Visa
For this card also you don’t require a security deposit. You must have a 580-739 credit score for card approval. Other than that, it also offers a minimum of 1% cashback for the certified purchase with a maximum of 5%. Both cards have higher APR and annual fees (26.99% and $95). 5% cashback is for the first $5000 under eligible purchases. Everything else will be for 1% cashback only. Furthermore, like the Credit One Platinum Visa for rebuilding credit, the Credit One Bank Platinum X5 Visa also helps you build your credit score and credit history. Here too, you can set your due date following the set norms. Free credit scores are accessible but no welcome offer to gain your attention.
Bank of America Customized Cash Rewards Secured
This cash rewards card is a secured credit card. If you don’t want to pay various kinds of charges, you can apply for a card with 300-669 credit scores. Security deposit is $200-$5000 to decide your line of credit. While using this credit limit, you are liable to pay a $26.99% APR like Credit One Bank Platinum Visa Card. For no annual fee and higher cashback- you can surely replace your Credit One card with a Bank of America Customized Cash Rewards secured credit card.
Tomo Credit Card
You can qualify for a $100-$1000 credit limit on a credit score of 300-669. Feel free from security deposit because the Tomo card is an unsecured card like a Credit One. Like Bank of America secured credit cards, there is no annual fee for your poor score. However, you have to pay your balance every week because of a short-term loan with no annual fee, interest, no credit check, and more.
Frequently Asked Questions (FAQs)
Q.1 Is Credit One Platinum good for building credit?
Credit One Platinum is for borrowers who want to construct or reconstruct their credit history/score. It provides a revolving line of credit without any collateral or security deposit. Moreover, you have to pay certain charges that can vary based on your score and credit issuer policies. However, to build your credit score, you would have to pay your bill on time. Credit One can give you a platform and inform your debt response to credit bureaus.
Q.2 How to cancel Credit One card?
Credit One doesn’t allow this service via online mode or app visit. To cancel a Credit One card, you can dial the customer care number and request the cancellation of your card with an automated menu. Moreover, you can mail the request with complete information.
Q.3 What is the credit limit on a Credit One Platinum card?
Credit One Platinum card offers a $300 to $1500 credit limit for borrowers to build or rebuild their credit score or credit history. However, that $300 limit will get reduced because of the $75 annual fee for the first year of account opening. An excellent credit score will help you increase your credit limit. However, to deal with a higher limit for bad credit, seek a secured credit card with a security deposit.
Q.4 Is Credit One secured or unsecured?
Credit One is an unsecured credit card to increase the limited credit history and amend a bad credit score. Depending upon your credit score, your line of credit and APR will affect your budget management.
Credit One Bank® Platinum Visa® for rebuilding credit is a secure way to build your credit. However, you must be able to manage the shortfalls because of multiple higher APRs and your seriously lower line of credit. 1% cash back can little bit cover the $99 annual fee. So, spend wisely and enjoy a stable financial way of living.
- Elizabeth Jones is one of our editorial team’s leading authors on credit card offers, services & more. With over two decades of experience in the consumer credit industry and as a nationally recognized credit expert, Elizabeth provides in-depth analysis of both traditional & alternative forms of credit. Elizabeth regularly appears on many major media outlets including NBC Nightly News, Fox Business Network, CNBC & Yahoo! Finance. She is also a frequent contributor to Forbes Magazine. As a highly appreciated author for our exclusive Editorial Team, Elizabeth strives to provide readers with a trustworthy advice on how to manage their credit accounts while staying informed on the latest offers in the marketplace.
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