Credit One's Visa Platinum is designed for people with poor credit who want an unsecured credit card and would like to improve their credit. Credit One is a credit card company that targets consumers with bad credit and generally charges high rates and annual fees.
- The rates range from 16.15% APR to 24.65% APR, depending on creditworthiness, which is high but still competitive when you compare it with the rates charged by other credit cards for people with bad credit. Credit One uses the average daily balance method to calculate users' balances.
The APR is variable and is calculated by adding between 14.65% APR and 20.65% APR to the U.S. Prime Rate, which is published on the 25th day of each month in the “Money Rates” section of the Wall Street Journal. The rate for this card is capped at 29.90% APR. There are no introductory rates for new customers.
- Visa Platinum has an annual membership fee of $35 to $75 for the first year and $35 to $99 thereafter, depending on credit history of users.
- Each new credit card for authorized users has an annual cost of $19.
- Cash advances have either a $5 or 8% of the amount, whichever is greater. However, the fee is waived during the first year for cash advances of less than $400.
- Credit One Visa Platinum charges a $35 fee for late payments and returned payments.
Visa Platinum gives users a 1% cashback on all gas purchases. The cashback is redeemed automatically as a statement credit.
Credit One Visa Platinum doesn't have a signup bonus. On the contrary, the annual membership fee is immediately charged to the account, which reduces the line of credit available by the cost of the annual fee.
The main attraction of the Credit One Platinum Visa is that people with bad credit are eligible and that it is a useful tool to rebuild credit.
It offers automatic credit line increase reviews, updates all three credit bureaus and includes free monthly credit score tracking. In addition, it allows you to get pre-qualified for the card without affecting your credit score. Each one of those features has the potential to help people improve their credit rating.
Credit One Visa Platinum also emails or texts reminders when a payment is due and lets cardholders pick the payment due date that best fits your schedule.
The Credit One Visa Platinum is one of the best unsecured credit cards available to people with bad or no credit. It does have high annual fees and rates ranging from 16.15% APR to 24.65% APR, but it also includes useful credit building features, such as free credit score tracking, email alerts and pre-qualification, that most credit cards in this category don't carry.
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