2018 Credit One Credit Card Reviews

[current_year] Credit One Credit Card Reviews
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Mike Randall
By: Mike Randall
Posted: July 24, 2018
BadCredit.org's popular "How-To" series is for those who seek to improve, rebuild or better understand their subprime credit rating.

Choosing a credit card when you have bad credit should be driven by a single, overarching factor: you need to rebuild your credit. So, the card you select should, above all else, help you reach that goal.

Of course, if you can also get some benefits or perks, like cash-back rewards, along the way, well that’s just gravy. But money-saving features, such as a decent APR and low or no fees, should also be near the top of the “wants” list.

While it can be hard to find a credit card for bad credit that offers more than the basics, the Credit One Bank® Platinum Visa® meets many of the criteria for a well-rounded credit-builder card.

Our Take | Consumer Reviews | Alternative Options

Our Take: Unsecured Card with Flexible Credit Requirements

For most prospective cardholders, the Credit One Bank® Platinum Visa® might be appealing because of its acceptance of even those with very bad credit. But that acceptance isn’t likely to be cheap.

On the positive side, this card does offer qualified applicants 1% cash back on eligible purchases, a minimum $300 credit line to start, and frequent reviews of your account for credit line increases. If you use your card responsibly and pay your bills before the due date, you can expect your credit line to reflect that over time.

  • See if you Pre-Qualify without harming your credit score
  • Track your progress with free online access to your Experian credit score, terms apply
  • Looking to rebuild credit? We report to the major credit bureaus monthly
  • Accounts are automatically reviewed for credit line increase opportunities
  • Make paying your bill easier with the ability to choose your payment due date, terms apply
  • Stay in-the-know with customizable account alerts via email and text
  • Receive 1% cash back rewards on eligible purchases, terms apply
  • Enjoy peace of mind with $0 Fraud Liability
  • Click here for official site, terms, and details.
★★★★

4.3

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
8 minutes 19.74% to 25.74%, Variable Yes 9.0/10

Wile the Credit One Bank® Platinum Visa® isn’t the highest-interest card around, its APR range can get up there, and the worse your credit is, the more you’ll pay in interest.

You’ll also pay an annual fee of $0 to $75 for the first year, and up to $99 annually in subsequent years, with exact fees depending on your credit. (See terms and conditions.)

Something to be aware of is that the initial annual fee for your Credit One Bank® Platinum Visa® is deducted from your credit line right off the bat. That means your available credit when you open your account will be $225 if you’ve been approved for the minimum $300 credit line.

Additionally, note that the annual fee structure changes after the first year. Instead of being billed once a year, the annual fee of $99 will be spread out in 12 monthly payments of $8.25 billed to your card.

Although there’s no set minimum credit score, requirements for this card include a verifiable income. This income can come from a variety of sources, including regular employment, self-employment income, part-time work, and even public assistance.

Screenshot of Credit One Pre-Qualify Page

The Credit One application process starts with a pre-qualification check that uses a soft credit inquiry to help determine if you’ll be approved.

If you’re worried about qualifying for a Credit One credit card, rest assured; you’ll get to see if you’re pre-qualified before filling out an official application. While not a guarantee of acceptance, pre-qualification can be a good indicator.

Beyond its easy online application, Credit One has made all of its online and mobile interfaces easy to use. You can make payments and check recent purchases online or by using the mobile app. And to keep your account safe, alerts can be customized and sent to you via text or email.

Another feature that should be considered useful to anyone looking to rebuild their credit is the free monthly Experian credit score. There’s also an online credit report summary you can access that allows you to monitor and track your credit score progress.

A Credit-Building Option with a Mix of Consumer Reviews

Reviews for the Credit One Bank® Platinum Visa® are decidedly mixed, with some reviewers completely satisfied while others are less so.

Reasons for this can likely be attributed to expectations, with the more satisfied reviews coming from those who understand what this card is intended for. If you’re expecting a full-featured card with competitive rates and a superior reward plan, then this may not be the card for you.

I don’t usually write reviews, but I thought this would be helpful to others in making an appropriate choice for a credit card. The only drawback of having a Credit One Bank® Platinum Visa® is the fees. There are several other banks who offer fewer fees and lower rates. – Credit One Reviewer

On the other hand, if you want a card that will help you to rebuild your credit, there are some clear advantages to the Credit One Bank® Platinum Visa®.

I opened my account about three years ago when I was rebuilding my credit following a divorce. It’s been a great benefit to me for that, and their representatives have been great whenever I’ve needed to call. – Credit One  Reviewer

Of course, consumer experiences vary widely, based on factors that are as individual as we are. Credit One offers no guarantees of credit score improvements or even of credit line increases. While there are many people who have seen both their credit scores and limits increase, there are others who have a different experience.

I have been with Credit One Bank since 2015 and have never defaulted on a payment. Since that time I have never been given a credit limit increase. If you are looking for a card to improve or establish credit then this card is good for the $500 they give you. If you’re looking to establish credit and get increases then a different card may be what you need. – Credit One Reviewer

While there are far more positive than negative cardholder reviews, many of the complaints are related to a lack of customer service responsiveness, as well as the difficulty in having payments post promptly.

These complaints were posted frequently enough to warrant consideration when making a decision on this card — and on Credit One in general.

There Are Alternative Options for Building Credit

Some cards are better than others for helping to rebuild your credit without draining your wallet. There are competing credit cards out there that may offer lower annual fees, better rewards, or even lower interest rates.

If you’re looking for a card that will boost your credit score and provide plenty of other benefits, here are some alternatives to the Credit One Bank® Platinum Visa® that we can recommend.

  • Checking account required
  • Application response in 30 seconds
  • Know the score! Quarterly FICO score on your monthly billing statements
  • All credit types welcome to apply
  • Your First PREMIER Bank credit card activity is reported to the Consumer Reporting Agencies each month. Making your payment on time and keeping your balances low relative to the credit limit will result in positive marks on your credit report
  • Click here for official site, terms, and details.
★★★★★

4.8

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
6 minutes See issuer website Yes 9.5/10
  • Easy application! Get a credit decision in seconds.
  • Build your credit history – Fingerhut reports to all 3 major credit bureaus
  • Use your line of credit to shop thousands of items from great brands like Samsung, KitchenAid, and DeWalt
  • Not an access card
  • Click here for official site, terms, and details.
★★★★★

4.8

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
5 Minutes See issuer website Yes 9.0/10
  • All credit types welcome to apply
  • Monthly reporting to the three major credit bureaus
  • Fast and easy application process; results in seconds
  • Use your card at locations everywhere that Mastercard® is accepted
  • Free online account access 24/7
  • Checking Account Required
  • Click here for official site, terms, and details.
★★★★★

4.7

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
9 Minutes See terms Yes 8.5/10

+See More Credit Cards for Bad Credit

Use Your Credit One Card Wisely for Better Credit

Credit cards aimed squarely at people looking to rebuild their credit are generally not the best bargains out there. The high annual fee, high APR, and relatively meager rewards you get with the Credit One Bank® Platinum Visa® might lead to an increase in your score, or it might not.

If you do choose to go with this card, one way to give yourself the best chance at an improved credit rating is to make sure you use it wisely. That means paying on time each month, not exceeding your credit limit, and keeping a close eye on your score with Credit One’s free credit tracker.

Perhaps the best course of action is to use this card for the first year to rebuild your credit, then transition to a card with lower fees and a better APR once your credit score has improved. If you’re able to manage it responsibly, the Credit One card can be a good choice for an unsecured credit-builder with rewards.