The Credit One Platinum Visa seems perfect for folks who want to boost their credit or start over. You don’t have to worry about a security deposit and can enjoy a flexible credit line. There’s an annual fee, but the card fetches you a 1% cashback on eligible purchases.
Is this a steal of a deal or something you should skip altogether?
How the Credit One Platinum Visa card works.
Its fees, rewards, and benefits.
The pros and cons you should note.
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Credit One Platinum Visa Card at a Glance
Full name: Credit One Bank® Platinum Visa®
Best for: Building your credit score without a security deposit
Issuer: Credit One Bank
Credit score needed: Bad to fair credit (300–669)
What is the Credit One Platinum Visa Card?
The Credit One Visa card is designed to attract folks with poor credit who want to get a credit card without paying a security deposit.
According to Equifax, a credit score below 560 is poor credit—and FICO reports that 11.1% of Americans have a score below 550.
If you’re one of these people, you’ll probably only qualify for some secured cards. The Credit One Platinum Visa is an exception. It gives you access to a revolving line of credit with no security deposit.
Although there’s an annual fee of $39 for this card, you can offset it by earning 1% cashback rewards on eligible everyday purchases.
How Does the Rewards Program Work?
The Credit One Bank Platinum Visa card offers a good deal—you earn unlimited 1% cashback on things like gas, groceries, mobile phone service, internet service, and cable and satellite TV service purchases.
But here’s the hiccup: Figuring out which purchases qualify for rewards is tricky. Instead of using Visa’s regular merchant category codes (MCCs), Credit One Visa cards rely on the merchant’s Standard Industrial Classification Code.
This means it’s harder to know if you’ll earn cashback at every store you shop at.
To make matters worse, these codes are actually more restrictive than MCCs. So places like wholesale clubs and superstores such as Walmart and Target won’t earn you grocery rewards.
Want more rewards? Check out our full list of the best cashback credit cards.
How to redeem rewards
This card doesn’t have multiple redemption options, so your cashback will automatically return to your account as a statement credit.
How much are cash rewards worth?
The cashback you earn is equal to 1% of each purchase, so you earn one cent per dollar spent.
Check out the Petal 2 Visa card for reward rates of up to 10%.
How to maximize your rewards
To make the most out of your card, use it for your everyday expenses like gas, groceries, and other eligible services.
This way, you’ll earn 1% cashback—helping you avoid carrying balances forward each month.
Let’s break down some typical spending habits to show you how your rewards can accumulate:
Fuel: Vehicle owners spend an average of $2,148 per year on gas and oil, according to the Bureau of Labor Statistics.
Groceries: The average person spends $5,259 per year on groceries consumed at home, as reported by the Bureau of Labor Statistics.
Cell service: Based on a recent study by the Tax Foundation, the average cell phone bill is $35.31 per month, which amounts to $423.72 per year.
If you spend the average amount in each of these categories, your total spending would be around $7,830.72. By using your Credit One Visa to pay for all these expenses, you’d earn 1% cashback on the total spent, resulting in approximately $78.31 in rewards.
Remember
Getting to this level of spending and rewards requires a credit limit that can accommodate around $653 in average monthly spending. You’ll naturally earn less in rewards if you’re a cardholder with lower limits.
Credit One Platinum Visa Card: Overall Card Review
Here’s our quick Credit One Platinum Visa card review and overall rating:
 | |
APR | 28.99% (variable) |
Annual fee | $39 |
Intro offer | N/A |
Rewards | 1% cashback |
Overall credit card rating | 3.2/5 |
Key Credit One Platinum Card Fees & Rates
Here are all the key fees you should consider before getting your hands on this card:
FEE | DETAIL |
|---|---|
Annual fee | $39 |
Purchase APR | 28.99% (variable) |
Cash advance APR | 28.99% (variable) |
Cash advance fee | $5 or 8% of the amount (whichever is greater) |
Balance transfer fee | N/A |
Foreign transaction fee | 3% of every transaction or $1 (whichever is greater) |
Maximum late fee | $39 |
Returned payment fee | $39 |
Maximum over limit fee | $0 |
Authorized user fee | $19 |
Penalty APR | N/A |
Note that cards like the Chime Credit Builder Visa can help you build credit without charging an annual fee.
Credit One Platinum Visa: Pros and Cons
Here’s a quick glance at all the pros and cons of getting this credit card:
- No security deposit.
- 1% cashback on select purchases.
- Visa credit card benefits.
- Periodic credit increases.
- Comes with an annual fee.
- Low credit limit.
- Foreign transaction fee.
Pros—why we like it
No security deposit
Most credit cards designed for people with a poor credit score or no credit are secured, which means you have to put down a security deposit on the card.
But with the Credit One Visa, you don’t need to worry about a deposit. It’s an unsecured card that gives you a revolving line of credit. You can start with a minimum credit line of $300.
1% cashback on select purchases
When you use the Credit One Visa card, you’ll earn 1% cashback on eligible purchases such as gas, groceries, mobile phone service, internet service, and cable and satellite TV services.
The 1% rewards rate may not be as high as other cashback credit cards. But many credit cards meant for people with poor credit don’t offer any rewards at all.
Visa credit card benefits
The Credit One Bank Platinum Visa card comes with some additional perks:
This card offers two programs for earning extra rewards and discounts: More Rewards and Visa Offers + Perks.
More Rewards program gives you limited-time offers for up to 10% cashback on purchases.
Visa Offers + Perks program fetches you discounts from select merchants.
All traditional Visa credit cards, including the Credit One Visa, come with 24/7 pay-per-use roadside dispatch service and auto rental collision damage insurance.
Credit One offers a Credit Protection Program that waives minimum payments for six months if the cardholder becomes involuntarily unemployed or disabled.
Periodic credit increases
Credit One regularly reviews your account and payment history. If you’ve been responsibly paying off your credit card debt, you may qualify for an automatic increase to your credit limit.
Cons—what to consider
Comes with an annual fee
When it comes to the annual fee, the exact amount can vary depending on the specific Credit One card you pre-qualify for.
However, this fee is deducted from your initial credit limit right away. This can work against you if you’re trying to keep a low credit utilization ratio.
Read more:
Low credit limit
The minimum initial credit line of $300 is similar to what you’ll find with most other credit cards for bad credit.
One of the biggest opportunities for improving your credit is improving your credit utilization. This may mean asking for higher credit limits. By having a higher limit without changing your current debt, you’re decreasing your credit utilization ratio. Some credit card companies may do this automatically, for others you can call in to request it.Kendall Meade, Financial Planner at SoFi
This is why Credit One’s low credit limit can be a critical drawback. It’s worth noting that some cards, like the Petal 2 Visa card, let you qualify for a much higher credit line (up to $10,000).
Foreign transaction fee
This isn’t an ideal card for travelers. The Credit One Platinum Visa charges a 3% or $1 transaction fee (whichever is higher) on every purchase you make abroad.
For travel purposes, you’ll need a top travel credit card with no foreign transaction fee.
Alternatives: How Does the Credit One Platinum Visa Compare to Other Credit Cards for Bad Credit?
Credit One Bank® Platinum Visa® 3.2 |  Petal® 2 “Cash Back, No Fees” Visa® 4.4 |  Self - Credit Builder Account + Secured Visa® Credit Card 3 |
Annual Fee $39 | Annual fee $0 | Annual fee $25 |
Rewards rate 1% | Rewards 1%–10% 1% cash back on eligible purchases immediately. Up to 1.5% after 12 on-time monthly payments. From 2% to 10% at select merchants. | Rewards N/A |
Intro offer N/A | Intro offer N/A | Intro offer N/A |
Learn more |
Useful Links
Apply for the Credit One Platinum Visa card here.
Check if you’re pre-qualified for a Credit One card here.
Compare different Credit One Visa credit cards.
Get more information on owning a credit card, your rights, and more at the Consumer Financial Protection Bureau’s website.
Get your free FICO score.
Download our free credit card payoff calculator.
Credit One Platinum Visa Online Reviews
Here are some Credit One Platinum Visa card reviews from cardholders online:
“Having this credit card has boosted my credit score over by 150 points over the period of six months. All I had to do is make all my payments on time and keep up with how much I am spending.”
“Good way to build credit if you’re ready and responsible. Also, a good way to screw up any chance you have at financial independence if you are reckless and immature. It’s all up to you.”
“Even with excellent credit, this bank will not give me a credit line increase. I would not recommend this credit card.”
Is the Credit One Platinum Visa Card Good for Me?
If you have poor credit or no credit history, the Credit One Visa card can give you access to an unsecured line of credit and the ability to earn rewards on your purchases.
But this card comes with annual fees and a high APR.
If you want to avoid fees, consider the Petal 2 Visa card. This yellow credit card has no security deposit or annual fees. It also boasts a great rewards program that lets you earn up to 10% cashback on eligible purchases.
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