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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Advertising Disclosure

LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).
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American Express Disclosure

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Credit One Bank® Platinum Visa® for Rebuilding Credit Review

Updated on:
Content was accurate at the time of publication.
LendingTree's Review

How LendingTree Rates Credit Cards?

Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.
1.9
Credit One Bank<sup>®</sup> Platinum Visa<sup>®</sup> for Rebuilding Credit
Rewards Rate
1% Cash Back on eligible purchases and mobile phone service, internet, cable and satellite TV services. Terms Apply.
Purchase APR
29.49%* Variable
Build Credit
This unsecured card requires no deposit and can help build your credit
We receive commissions from our advertising partners. These commissions do not influence our recommendations. Click here to learn more.

Key takeaway

The Credit One Bank® Platinum Visa® for Rebuilding Credit may be an easy unsecured card to get, but it charges a high annual fee and offers few perks.

Is the Credit One Bank® Platinum Visa® for Rebuilding Credit a good card?

For someone who is looking for a no-frills card with which to rebuild credit, the Credit One Bank® Platinum Visa® for Rebuilding Credit can help you achieve that goal. It’s a relatively easy credit card to qualify for, and responsible use of it will help to build your credit. There’s nothing magical about the card; you’ll have to demonstrate good financial habits with other payments that are reported to the credit bureaus such as student loans and auto loans.

The primary downside of this card is that it comes with an annual fee of $75 for the first year. After that, $99 annually ($8.25 per month). Not only will this decrease your initial credit line on your card, the money spent on this fee adds to a significant amount of money. However, if you’ve exhausted all other credit card options, then the fee will be worth it to get back on track.

If you don’t want to put money toward an annual fee, want to earn rewards on what you purchase or have a path to upgrade to a card with more perks and a higher credit limit, you should consider alternative cards including secured credit cards with no annual fees.

Quick facts

    • See if you Pre-Qualify without harming your credit score
    • Earn 1% cash back rewards on eligible gas, grocery purchases and mobile phone service, internet, cable and satellite TV services, terms apply
    • With $0 Fraud Liability, you won’t be responsible for unauthorized charges
    • Automatic reviews for credit line increase opportunities
    • Looking to rebuild credit? We report to the major credit bureaus monthly
    • Free Online Credit Score and Credit Report summary, terms apply
    • This unsecured card requires no deposit and can help build your credit
    • Choose your monthly payment due date for added convenience, terms apply
    • Never miss an account update with customizable text and email alerts
    • Manage your account on-the-go with the Credit One Bank mobile app
    • Show off your personality by selecting from a variety of card designs, a fee may apply
  • Recommended Credit
    Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion
  • 300 600 660
    Poor / Fair
  • Ability to choose your payment date
  • Free online access to your Experian credit score
  • Protection against unauthorized charges
  • Customizable notifications
  • Up to 10% more cash back rewards from participating merchants

Intro Purchase APR

N/A

Regular Purchase APR

29.49%* Variable

Intro BT APR

N/A

Regular BT APR

N/A

Annual Fee

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

Cash Advance Fee

$5/8%, whichever is greater (see terms)

Foreign Transaction Fee

3%, Min: $1, whichever is greater

Balance Transfer Fee

N/A

Pros and cons

  • Applicants with damaged credit welcome
  • No deposit required
  • Credit line increase opportunities with no deposit required
  • Cash back rewards on eligible purchases
  • Ability to choose payment due date
  • Annual fee of $75 for the first year. After that, $99 annually ($8.25 per month)
  • Low initial credit limit as annual fee is charged to your card
  • No bonus
  • Not all purchases earn cash back
  • Customer service issues

What we like about the Credit One Bank® Platinum Visa® for Rebuilding Credit

  • Applicants with damaged credit are welcome

    Since the Credit One Bank® Platinum Visa® for Rebuilding Credit is branded as a credit card to help rebuild credit, anyone with poor or bad credit is welcome to apply. Over time, and with responsible use of the card, you can expect to see your credit score improve.

  • No deposit required

    Successful applicants of the Credit One Bank® Platinum Visa® for Rebuilding Credit do not need to send in a deposit to secure their line of credit. This is great if you don’t have cash that you can spare to have tied up since security deposits can be upwards of $200 or more on secured credit cards. That said, deposits are refundable but annual fees — which this card has — are not.

  • Credit line increase opportunities

    The Credit One Bank® Platinum Visa® for Rebuilding Credit offers a minimum $300 credit line, which is fairly good for an unsecured credit card. Credit One Bank will regularly review your account and offer credit line increases based on your credit performance. If you don’t increase your monthly spending, these increases will help to keep your credit utilization low.

  • Cash back rewards on eligible purchases

    Credit One Bank® Platinum Visa® for Rebuilding Credit cardholders 1% Cash Back on eligible purchases and mobile phone service, internet, cable and satellite TV services. Terms Apply. So if you spend $300 on eligible grocery purchases in a month, you’ll earn $3 in rewards. Rewards are automatically applied as a statement credit.

    One caveat is that Credit One Bank uses Standard Industrial Classification Codes (SIC) to classify purchases whereas most credit cards use Merchant Category Codes (MCC). What this means to you is that the same item charged to your Credit One Bank® Platinum Visa® for Rebuilding Credit and a card that uses MCC could yield different rewards because of how it’s classified.

  • Choose your payment due date

    Some cards assign an arbitrary payment date, which can cause financial struggles if it doesn’t work for you. With the Credit One Bank® Platinum Visa® for Rebuilding Credit, you can change the date to a more convenient one.

    You may call customer service to change the date after your initial billing cycle. You’re allowed to change the due date once in a six month period.

What to look out for with the Credit One Bank® Platinum Visa® for Rebuilding Credit

  • Annual fee

    While the annual fee is less than the amount of most down payments on secured credit cards, the main difference is that once an annual fee is paid, you won’t get it back. A security deposit can be returned to you if you close your account in good standing, so you will get the money back eventually.

    The Credit One Bank® Platinum Visa® for Rebuilding Credit has an annual fee of $75 for the first year. After that, $99 annually ($8.25 per month). This fee is charged to your account upon opening and reduces your credit limit right off the bat — leaving you with only $225 if you’re approved for a $300 line of credit.

    While this is more manageable than paying the fee as a lump sum, a secured card may be more cost-effective in the long run. After three years of using the Credit One Bank® Platinum Visa® for Rebuilding Credit, you’ll pay nearly $300 in annual fees. This matches or surpasses the deposit on most secured cards, which mostly don’t include an annual fee:

    YearAnnual feeCumulative cost of fees
    Year 1$75$75
    Year 2$99 $174
    Year 3$99 $273

    Plus, once you qualify for a better credit card, you’ll probably want to close the Credit One Bank® Platinum Visa® for Rebuilding Credit to avoid the annual fee. This will reduce the average age of your credit accounts, which can hurt your credit score. With a no-annual-fee secured card, you may be able to keep your card open indefinitely to build up your account age.

  • No bonus

    Many credit cards that cater to poor or bad credit cardholders don’t offer a sign-up bonus, so this shouldn’t be a huge deciding factor in whether or not to apply. However there are secured credit cards that offer sign-up bonuses, so consider your options carefully to see which works best for your needs.

  • Not all purchases earn cash back

    You likely noticed that you earn cash back on “eligible” purchases that fall within a few categories. This means that when you use your card for a copay at the doctor or a car wash, you probably won’t earn any cash back.

  • Customer service issues

    Credit One Bank has a B rating with the Better Business Bureau. This isn’t terrible, but there is a pattern of complaints related to billing and collection issues. Carefully check your statements each month and handle any discrepancies immediately.

Alternative cards to the Credit One Bank® Platinum Visa® for Rebuilding Credit

Credit One Bank® Platinum Visa® for Rebuilding Credit vs. Discover it® Secured Credit Card

| Disclosures
Discover it® Secured Credit Card*
Discover it<sup>®</sup> Secured Credit Card
Learn More
N/A
27.49% Variable APR
$0
2% cash back at Gas Stations and Restaurants on up to $1,000
  • No credit score required to apply. No Annual Fee.
  • Your secured credit card requires a refundable security deposit, and your credit line will equal your deposit amount, starting at $200. Bank information must be provided when submitting your deposit.
  • Raise your credit score by 30+ points.
  • Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.
  • Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.
  • Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites. Activate for free.
  • Terms and conditions apply.
300 600
Limited / Poor
*The information related to the Discover it® Secured Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.


 
The Discover it® Secured Credit Card requires a minimum of $200 security deposit to act as your line of credit, but it also has a $0 annual fee. That means it will cost you less to own the Discover it® Secured Credit Card if you plan to keep your account open longer than two years. Plus, the deposit is refundable.

The card works just like an unsecured card, letting you charge and pay off purchases while reporting your credit usage to the three major credit bureaus. Also, Discover conducts automatic reviews of your account at seven months to possibly transition you to an unsecured account.

It also comes with a solid cash back rewards program. You’ll earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically. Plus, Discover will match all the cash back you’ve earned at the end of your first year for new cardholders.

Credit One Bank® Platinum Visa® for Rebuilding Credit vs. Capital One Platinum Secured Credit Card

| Disclosures
Capital One Platinum Secured Credit Card
Capital One Platinum Secured Credit Card
apply-now-icon Apply Now
on Capital One's secure site
Rates & Fees
N/A
29.99% (Variable)
$0
Non-rewards Card
  • No annual or hidden fees. See if you're approved in seconds
  • Building your credit? Using the Capital One Platinum Secured card responsibly could help
  • Put down a refundable security deposit starting at $49 to get a $200 initial credit line
  • You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
  • Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
  • Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
  • Monitor your credit score with CreditWise from Capital One. It's free for everyone
  • Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One's mobile app
  • For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
300 600
Limited / Poor

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.


 
The Capital One Platinum Secured Credit Card is another $0-annual-fee secured card that offers a unique feature: the potential to pay a very low deposit (see rates & fees). Depending on your credit history, you may be approved for a $49, $99 or $200 deposit to secure a $200 credit line.

In as little as six months, Capital One will review your account to consider your for a higher credit line. It also comes with the potential to graduate to an unsecured card and have your deposit refunded. While Capital One doesn’t guarantee a timeline for this, it does have a great line of cards to graduate to.

On the downside, it doesn’t offer a rewards program. However if your goal is to build credit with the possibility of a low security deposit and no annual fee, this is one to look into (see rates & fees).

Is the Credit One Bank® Platinum Visa® for Rebuilding Credit right for you?

The Credit One Bank® Platinum Visa® for Rebuilding Credit is a good card, but it’s not the best one on the market due to its high annual fees and lack of a solid rewards program.

If you are able to put down the $200 security deposit for the Discover it® Secured Credit Card, it’s a better card overall. If you never carry a balance and pay interest, you can build credit for free and even earn rewards.

No matter which credit card you choose, follow these steps to build credit with a credit card and improve your credit score.

apply-now-icon Apply Now
on Credit One Bank's secure site
Rates & Fees

For Capital One products listed on this page, some of the above benefits are provided by third parties such as Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as certain terms, conditions, and exclusions apply.

The information related to the Discover it® Secured Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.

The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.