Credit One Platinum Visa 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 charges high rates and annual fees.
The rates range from 15.90% APR to 24.40% 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 percentages between 12.15% APR and 21.65% 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. There are no introductory rates for new customers.
- Platinum Visa has an annual membership fee of $0 to $99 depending on the credit history of users.
- Each new credit card for authorized users has an annual cost of $19.
- Cash advances have either a $5/8% of the amount or $10/3%, whichever is greater.
- Credit One Platinum Visa charges a $37 fee for late payments and a $35 fee for returned payments.
Platinum Visa gives users 1% cash back on all gas, groceries, phone and cable purchases. Or, based on your creditworthiness, 1.1% cash back on dining in conjunction with 1% on all purchases. The cash back is redeemed automatically as a statement credit.
Credit One Platinum Visa 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. Also, 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 Platinum Visa 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, 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.
|Credit One Platinum Visa Card with Gas Rewards||
|Credit One Bank Cash Back Credit Card||
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