- Intro Offer
-
No current offer
- Annual fee
- $75 for the first year. After that, $99 annually ($8.25 per month)
- APR
- 29.74% Variable
- Recommended Credit A credit score is used to indicate an applicant’s credit worthiness and may provide guidance about account eligibility. It does not necessarily guarantee approval for any financial product.
-
300 – 579
Poor
- Rewards rate
-
1% Earn 1% cash back rewards on eligible gas, grocery purchases and mobile phone, internet, cable and satellite TV services. Terms apply.
The Credit One Bank® Platinum Visa® for Rebuilding Credit* is an unusual credit card. Designed for people with bad credit, this unsecured credit card doesn’t require a security deposit. Furthermore, this credit card offers rewards on purchases -- another rarity among credit cards for people with bad credit.
Though those rewards might not be the most lucrative, offering rewards of any type makes this card stand out. The annual fee -- $75 for the first year, then $99 -- isn’t especially high, though alternatives like the Capital One Platinum Credit Card* charge no annual fee, but also offer no rewards. Bottom line: If you have poor credit and want to use a credit card to improve your credit score, while earning basic rewards, this is a solid choice.
Rewards
The rewards are pretty basic and won’t be the main draw here.
You earn 1% only on eligible gas and grocery purchases, as well as your monthly mobile phone, internet, cable, and satellite TV service bills. You’ll want to make sure the potential rewards outweigh any surcharges that may come from paying utility bills with a credit card.
Note that this card’s grocery rewards can be used at a variety of grocery retailers but not superstores like Walmart or Target, drugstores or convenience stores. They also don’t apply to purchases made at small stores like bakeries.
How to build credit with the Credit One Bank Platinum Visa
There are three primary rules to keep in mind to help build your credit.
- Make sure you always pay your bill on time.
- Always aim to pay your bill in full. Not only is this good for your credit score, but it will help you avoid the particularly high APR on the Credit One Bank Platinum Visa -- 29.74% variable.
- Keep your spending below 30% of your credit limit. This is called your credit utilization ratio, and it’s a factor in your credit score.
As your credit score improves as you use a credit card responsibly over time, you can qualify for cards with better APRs and higher credit limits than the Credit One Bank Platinum Visa for Rebuilding Credit. In the meantime, this card is a good option for people with bad credit.
When it does come time to apply for a credit card for good credit, keep your Credit One Bank Platinum Visa account open, even if you don’t use it much. The average age of your open accounts is a factor in your credit score, and older credit card accounts may make a positive contribution to your credit score. Keeping accounts open also helps decrease your aggregate credit utilization ratio.
Alternative cards
Though your options are limited by bad credit, there are a handful of other credit cards that might be more fitting. Both of these cards offer no foreign transaction fees -- unlike the Credit One Bank Platinum Visa -- so either would be a better choice if you plan to use your credit card while abroad.
Discover it® Secured Credit Card
If you’re willing to put a security deposit up as your credit limit, the Discover it® Secured Credit Card* is an excellent option for earning rewards.
You earn 2% cash back on up to $1,000 in spending per quarter at gas stations and restaurants (then 1%), plus 1% back on everything else. You’ll also get a Cashback Match™ at the end of your first year as a welcome bonus -- the best welcome bonus available for secured credit cards. If you’re unsure if you want to apply, you can also apply for credit card preapproval to check your odds.
For more information, see our Discover it Secured Credit Card review.
Capital One QuicksilverOne Cash Rewards Credit Card
While you’ll have to have at least average or fair credit for the Capital One QuicksilverOne Cash Rewards Credit Card* -- typically meaning a credit score between 580 and 670 -- it’s a great option for earning consistent rewards on your purchases for a low $39 annual fee.
You’ll earn 1.5% cash back on all of your purchases, which is very competitive for this credit level and annual fee. As a bonus, you can also earn 5% back on hotels and car rentals booked through Capital One Travel. You’ll have to be careful not to leave a balance on this card from month to month, as the APR is even higher than that of the Credit One Bank Platinum Visa’s at 29.99% variable.
How Credit One Bank® Platinum Visa® for Rebuilding Credit compares to other cards
- Intro Offer
-
No current offer
- Annual fee
- $75 for the first year. After that, $99 annually ($8.25 per month)
- APR
- 29.74% Variable
- Intro Purchase APR
- N/A
- Recommended Credit A credit score is used to indicate an applicant’s credit worthiness and may provide guidance about account eligibility. It does not necessarily guarantee approval for any financial product.
- Poor
- Rewards rate
-
1% Earn 1% cash back rewards on eligible gas, grocery purchases and mobile phone, internet, cable and satellite TV services. Terms apply.
- Intro Offer
-
Cashback Match™ Intro Offer: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
- Annual fee
- $0
- APR
- 28.24% Variable APR
- Intro Purchase APR
- N/A
- Recommended Credit A credit score is used to indicate an applicant’s credit worthiness and may provide guidance about account eligibility. It does not necessarily guarantee approval for any financial product.
- No Credit History
- Rewards rate
-
1% – 2% Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter.; Earn unlimited 1% cash back on all other purchases – automatically.
- Intro Offer
-
No current offer
- Annual fee
- $35
- APR
- 25.64% (variable)
- Intro Purchase APR
- N/A
- Recommended Credit A credit score is used to indicate an applicant’s credit worthiness and may provide guidance about account eligibility. It does not necessarily guarantee approval for any financial product.
- No Credit History
- Rewards rate
-
up to 10% Up to 10% cash back rewards on purchases at over 40,000 retailers
FAQs
Yes, you can use the Credit One Bank Platinum Visa for Rebuilding Credit while abroad, however -- we recommend using a card without foreign transaction fees, like those highlighted above. The Credit One Bank Platinum Visa charges 3% ($1 minimum) of each transaction you make abroad, which can add up.
For most credit cards, your credit limit is determined by your credit history, income, housing payment and other financial factors. With responsible use, you can typically request a credit line increase every six months or so.
Most lenders consider a credit score of 670 or above to be “good”. A credit score of 740 or higher is considered to be “excellent” and will qualify you for even better credit card offers.
*All information about the Credit One Bank Platinum Visa for Rebuilding Credit, Capital One Platinum Credit Card, Capital One QuicksilverOne Cash Rewards Credit Card, and the Discover it Secured Credit Card has been collected independently by CNET and has not been reviewed by the issuer.
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
