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.

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.
|
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).

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).
|
American Express Disclosure
Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

American Express Disclosure

Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

Credit One Bank® Platinum Visa® Review

Updated on:
Content was accurate at the time of publication.
Credit One Bank<sup>®</sup> Platinum Visa<sup>®</sup>
Rewards Rate
Earn 1% cash back rewards on eligible gas, grocery purchases and mobile phone service, internet, cable and satellite TV services, terms apply
Purchase APR
29.24%* Variable
Grow Your Credit Line
Automatic reviews for credit line increase opportunities
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It was not reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Key takeaway

The Credit One Bank® Platinum Visa® credit card is underwhelming compared to other unsecured credit cards for building credit. The annual fee is affordable, but it offers few benefits other than the ability to build credit.

Pros and cons

  • Unsecured credit card
  • Accepts applicants with Fair / Good credit
  • Earns bonus cash back
  • Automatic account reviews for credit line increases
  • Choose a payment due date
  • Annual fee
  • High APR
  • Not all purchases qualify for cash back rewards

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

The Credit One Bank® Platinum Visa® is an OK credit-building card for those with Fair / Good credit. Its main selling point is that it’s unsecured, so you don’t have to send in upwards of $200 to secure your line of credit.

However, it will charge you an annual fee of $39. While this might seem like a small price to pay, you should know that there are other cards that cater to consumers with low credit scores that cost less and offer better rewards.

How much does it cost to own? The average cardholder will pay $39 in annual fees and earn around $13 in rewards each year, for a total cost of $26, versus $3 for the average credit-building card.*

Quick facts

    • 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
    • Free Online Credit Score and Credit Report summary, terms apply
    • 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
  • 600 660 720
    Fair / Good
  • Free credit score
  • Zero fraud liability
  • Easy-to-use mobile app
  • Customizable notifications
  • Choose your payment date

Intro Purchase APR

N/A

Regular Purchase APR

29.24%* Variable

Intro BT APR

N/A

Regular BT APR

N/A

Annual Fee

$39

Cash Advance Fee

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

Foreign Transaction Fee

3%, Min: $1, whichever is greater

Balance Transfer Fee

N/A

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

  • Doesn’t require a security deposit

    A lot of credit cards for bad credit require a security deposit (usually $200) but this card is an unsecured one which means you don’t need to send in any money to begin using it.

    On the other hand, secured credit cards often let you send in more money to give you access to a larger line of credit. The Credit One Bank® Platinum Visa®, in comparison, offers a low minimum $300 credit limit, though you can possibly increase it with good credit use over time.

  • Earns rewards, but with a catch

    The Credit One Bank® Platinum Visa® lets you Earn 1% cash back rewards on eligible gas, grocery purchases and mobile phone service, internet, cable and satellite TV services, terms apply. Considering that many cards for consumers with low credit scores don’t have rewards programs, this is a nice added benefit that can compensate for some of the annual fee.

    Note, there are more rewarding cards for building credit, like the Discover it® Secured Credit Card, which lets you 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.

  • Accepts applicants with Fair / Good credit

    Perhaps the biggest reason to apply for the Credit One Bank® Platinum Visa® is that it accepts applicants with Fair / Good credit (generally, a FICO Score between 580 and 739). Credit cards are an ideal way to build credit, but it can be challenging to be approved for a card when your credit history has some blemishes. You’ll have an easier time being approved for the Credit One Bank® Platinum Visa®.

  • Automatic account reviews for credit line increases

    Although you will start with a low credit limit, there’s the chance that it will increase over time. Credit One Bank conducts automatic reviews of your account and grants credit line increases if you establish a solid history of responsible use. This includes making payments on time and not going over your credit limit.

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

  • Charges an annual fee

    The Credit One Bank® Platinum Visa®‘s $39 annual fee may seem like a fair trade for an unsecured credit card. However, there are many no-annual fee credit cards for people with fair or bad credit. While many of these are secured credit cards, it’s often a better value to make a $200 to $300 deposit up front, than to have to pay an annual fee each year.

    Before you decide whether or not to apply, compare the fees (annual fee and other unavoidable fees) with the expected rewards you can earn. As the table below shows, the annual fee outweighs the estimated yearly rewards with the Credit One Bank® Platinum Visa®.

    Annual feeEstimated first-year rewards*
    Credit One Bank® Platinum Visa®$39$13
    Discover it® Secured Credit Card$0$91
    Petal® 2 Cash Back, No Fees Visa® Credit Card$0$54
    Capital One Platinum Credit Card$0 (see rates & fees)$0
  • Has a high APR

    The Credit One Bank® Platinum Visa® charges a higher-than-average interest rate for carrying a balance. You’ll pay a 29.24%* Variable APR on any remaining balance after your payment date.

    There is a 24-day grace period, which means you won’t owe interest as long as you pay your balance by the due date. However, if you’re likely to carry a balance, you should avoid applying for this card, as the interest will be costly.

  • Not all purchases earn cash back

    The Credit One Bank® Platinum Visa® limits its rewards to a few eligible categories, such as gas and groceries. While something is better than nothing, the rewards rate is far from the best. A number of secured credit cards and unsecured credit cards offer unlimited 1% or higher rewards on all purchases.

Alternate cards for building credit

Credit One Bank® Platinum Visa® vs. Capital One Platinum Credit Card

| Disclosures
Capital One Platinum Credit Card
Capital One Platinum 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
  • Be automatically considered for a higher credit line in as little as 6 months
  • Help build your credit through responsible use of a card like this
  • 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 from your desktop or smartphone, with Capital One's mobile app
  • Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. Just hover your card over a contactless reader, wait for the confirmation, and you're all set
  • Pay by check, online or at a local branch, all with no fee - and pick the monthly due date that works best for you
  • 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
600 660
Limited / Fair

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 Credit Card is a no-annual-fee unsecured card that’s geared to those with Limited / Fair credit (see rates & fees). There is no sign-up bonus or rewards, but that shouldn’t be a primary focus when you’re looking to build credit. You want a card that costs you as little as possible.

As long as you don’t carry a balance and make your payments on time, the Capital One Platinum Credit Card shouldn’t cost you anything. You can be automatically considered for a higher credit line in as little as six months, which can help boost your credit score if you’re keeping your credit utilization low.

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

| Disclosures
Discover it® Secured Credit Card*
Discover it<sup>®</sup> Secured Credit Card
Learn More
N/A
27.74% 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 is a secured card and requires a minimum $200 deposit. However, it doesn’t charge an annual fee, and unlike the Credit One Bank® Platinum Visa®, it offers rewards on every purchase.

The Discover it® Secured Credit Card also reports your activity to the credit bureaus. Discover begins monthly reviews of your account after seven months of card ownership to see if you can graduate to an unsecured credit card and have your deposit refunded.

Credit One Bank® Platinum Visa® vs. OpenSky® Secured Visa® Credit Card

| Disclosures
OpenSky® Secured Visa® Credit Card
OpenSky® Secured Visa® Credit Card
apply-now-icon Apply Now
on Capital Bank, N.A.'s secure site
N/A
25.14% (variable)
$35
Earn up to 10% cash back* on everyday purchases
  • New feature! Earn up to 10% cash back* on everyday purchases
  • No credit check to apply. Zero credit risk to apply!
  • Looking to build or rebuild your credit? 2 out of 3 OpenSky cardholders increase their credit score by an average of 41 points in just 3 months
  • Get free monthly access to your FICO score in our mobile application
  • Build your credit history across 3 major credit reporting agencies: Experian, Equifax, and TransUnion
  • Add to your mobile wallet and make purchases using Apple Pay, Samsung Pay and Google Pay
  • Fund your card with a low $200 refundable security deposit to get a $200 credit line
  • Apply in less than 5 minutes with our mobile first application
  • Choose the due date that fits your schedule with flexible payment dates
  • Fund your security deposit over 60 days with the option to make partial payments
  • Over 1.4 Million Cardholders Have Used OpenSky Secured Credit Card To Improve Their Credit
  • *See Rewards Terms and Conditions for more information
300 600
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 OpenSky® Secured Visa® Credit Card charges an annual fee and requires a security deposit. However, there’s no credit check, which might make it easier to be approved. Plus, your credit won’t take a minimal hit after the bank does a hard credit inquiry.

You can request a credit line increase anytime by sending in additional funds (up to $3,000) to secure it. Another notable feature of the OpenSky® Secured Visa® Credit Card is that you don’t need a checking account to have this card. On the downside, it offers a very meager rewards program that only applies to a handful of select vendors.

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

If you must have an unsecured credit card to build credit, the Credit One Bank® Platinum Visa® is a more affordable option with its $39 annual fee. The annual fee, while minimal, only adds to the cost of card ownership and the estimated rewards don’t make up for it.

If you can put down a security deposit, you can get a better card that offers the same credit-building benefits and comes with rewards. The Discover it® Secured Credit Card is a good starter card. Also, if you want a card that doesn’t check your credit score or requires a linked bank account, the OpenSky® Secured Visa® Credit Card is an option. It’s more expensive but offers workarounds to common accessibility issues.

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.