Credit score One Platinum Visa Assessment 2023 (Ought to You Get It?)

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The Credit score One Platinum Visa appears excellent for folk who wish to enhance their credit score or begin over. You don’t have to fret a couple of safety deposit and might take pleasure in a versatile credit score line. There’s an annual charge, however the card fetches you a 1% cashback on eligible purchases. 

Is that this a steal of a deal or one thing it is best to skip altogether?

This text will present you: 

  • How the Credit score One Platinum Visa card works.
  • Its charges, rewards, and advantages.
  • The professionals and cons it is best to word.

Learn extra:

Credit score One Platinum Visa Card at a Look

Full identify: Credit score One Financial institution® Platinum Visa®

Greatest for: Constructing your credit score rating with out a safety deposit

Issuer: Credit score One Financial institution

Credit score rating wanted: Unhealthy to truthful credit score (300–669)

What’s the Credit score One Platinum Visa Card?

The Credit score One Visa card is designed to draw of us with poor credit score who wish to get a bank card with out paying a safety deposit

Based on Equifax, a credit score rating beneath 560 is poor credit score—and FICO reviews that 11.1% of Individuals have a rating beneath 550.

In case you’re certainly one of these individuals, you’ll in all probability solely qualify for some secured playing cards. The Credit score One Platinum Visa is an exception. It offers you entry to a revolving line of credit score with no safety deposit. 

Though there’s an annual charge of $39 for this card, you’ll be able to offset it by incomes 1% cashback rewards on eligible on a regular basis purchases.

How Does the Rewards Program Work?

The Credit score One Financial institution Platinum Visa card presents a great deal—you earn limitless 1% cashback on issues like gasoline, groceries, cell phone service, web service, and cable and satellite tv for pc TV service purchases. 

However right here’s the hiccup: Determining which purchases qualify for rewards is hard. As an alternative of utilizing Visa’s common service provider class codes (MCCs), Credit score One Visa playing cards depend on the service provider’s Commonplace Industrial Classification Code. 

This implies it’s tougher to know in case you’ll earn cashback at each retailer you store at.

To make issues worse, these codes are literally extra restrictive than MCCs. So locations like wholesale golf equipment and superstores similar to Walmart and Goal gained’t earn you grocery rewards.

Need extra rewards? Take a look at our full record of the finest cashback bank cards.

Easy methods to redeem rewards

This card doesn’t have a number of redemption choices, so your cashback will robotically return to your account as an announcement credit score.

How a lot are money rewards value?

The cashback you earn is the same as 1% of every buy, so that you earn one cent per greenback spent.

Take a look at a the Petal 2 Visa card for reward charges of as much as 10%.

Easy methods to maximize your rewards

To take advantage of out of your card, use it to your on a regular basis bills like gasoline, groceries, and different eligible providers. 

This manner, you’ll earn 1% cashback—serving to you keep away from carrying balances ahead every month.

Let’s break down some typical spending habits to indicate you how your rewards can accumulate:

  • Gas: Automobile house owners spend a median of $2,148 per 12 months on gasoline and oil, in accordance with the Bureau of Labor Statistics.
  • Groceries: The typical individual spends $5,259 per 12 months on groceries consumed at house, as reported by the Bureau of Labor Statistics.
  • Cell service: Based mostly on a current research by the Tax Basis, the typical cellphone invoice is $35.31 per thirty days, which quantities to $423.72 per 12 months.

In case you spend the typical quantity in every of those classes, your whole spending can be round $7,830.72. By utilizing your Credit score One Visa to pay for all these bills, you’d earn 1% cashback on the whole spent, leading to roughly $78.31 in rewards.

Bear in mind

Attending to this stage of spending and rewards requires a credit score restrict that may accommodate round $653 in common month-to-month spending. You’ll naturally earn much less in rewards in case you’re a cardholder with decrease limits.

Credit score One Platinum Visa Card: Total Card Assessment

Right here’s our fast Credit score One Platinum Visa card assessment and general score:

Key Credit score One Platinum Card Charges & Charges

Listed below are all of the key charges it is best to think about earlier than getting your fingers on this card:

Price

Element

Annual charge

$39

Buy APR

28.99% (variable)

Money advance APR

28.99% (variable)

Money advance charge

$5 or 8% of the quantity (whichever is larger)

Stability switch charge

N/A

Overseas transaction charge

3% of each transaction or $1 (whichever is larger)

Most late charge

$39

Returned cost charge

$39

Most over restrict charge

$0

Licensed consumer charge

$19

Penalty APR

N/A

Notice that playing cards just like the Chime Credit score Builder Visa will help you construct credit score with out charging an annual charge.

Credit score One Platinum Visa: Execs and Cons

Right here’s a fast look in any respect the professionals and cons of getting this bank card:

Execs

  • No safety deposit.
  • 1% cashback on choose purchases.
  • Visa bank card advantages.
  • Periodic credit score will increase.

Cons

  • Comes with an annual charge.
  • Low credit score restrict.
  • Overseas transaction charge.

Execs—why we prefer it

No safety deposit

Most bank cards designed for individuals with a poor credit score rating or no credit score are secured, which suggests you must put down a safety deposit on the cardboard. 

However with the Credit score One Visa, you don’t want to fret a couple of deposit. It’s an unsecured card that offers you a revolving line of credit score. You can begin with a minimal credit score line of $300.

1% cashback on choose purchases

Once you use the Credit score One Visa card, you’ll earn 1% cashback on eligible purchases similar to gasoline, groceries, cell phone service, web service, and cable and satellite tv for pc TV providers.

The 1% rewards fee is probably not as excessive as different cashback bank cards. However many bank cards meant for individuals with poor credit score don’t provide any rewards in any respect.

Visa bank card advantages

The Credit score One Financial institution Platinum Visa card comes with some extra perks:

  • This card presents two packages for incomes further rewards and reductions: Extra Rewards and Visa Affords + Perks.
  • Extra Rewards program offers you limited-time presents for as much as 10% cashback on purchases.
  • Visa Affords + Perks program fetches you reductions from choose retailers.
  • All conventional Visa bank cards, together with the Credit score One Visa, include 24/7 pay-per-use roadside dispatch service and auto rental collision injury insurance coverage.
  • Credit score One presents a Credit score Safety Program that waives minimal funds for six months if the cardholder turns into involuntarily unemployed or disabled.

Periodic credit score will increase

Credit score One frequently critiques your account and cost historical past. In case you’ve been responsibly paying off your bank card debtchances are you’ll qualify for an automated enhance to your credit score restrict.

Cons—what to contemplate

Comes with an annual charge

With regards to the annual charge, the precise quantity can differ relying on the particular Credit score One card you pre-qualify for. 

Nevertheless, this charge is deducted out of your preliminary credit score restrict instantly. This could work in opposition to you in case you’re making an attempt to maintain a low credit score utilization ratio.

Learn extra:

Low credit score restrict

The minimal preliminary credit score line of $300 is just like what you’ll discover with most different bank cards for weak credit

One of many greatest alternatives for bettering your credit score is bettering your credit score utilization. This may increasingly imply asking for greater credit score limits. By having the next restrict with out altering your present debt, you’re lowering your credit score utilization ratio. Some bank card firms could do that robotically, for others you’ll be able to name in to request it.

Kendall MeadeMonetary Planner at SoFi

For this reason Credit score One’s low credit score restrict could be a essential disadvantage. It’s value noting that some playing cards, just like the Petal 2 Visa card, allow you to qualify for a a lot greater credit score line (as much as $10,000).

Overseas transaction charge

This isn’t a really perfect card for vacationers. The Credit score One Platinum Visa fees a 3% or $1 transaction charge (whichever is greater) on each buy you make overseas. 

For journey functions, you’ll want a high journey bank card with no overseas transaction charge.

Options: How Does the Credit score One Platinum Visa Examine to Different Credit score Playing cards for Unhealthy Credit score?

Helpful Hyperlinks

  • Apply for the Credit score One Platinum Visa card right here.
  • Examine in case you’re pre-qualified for a Credit score One card right here.
  • Examine totally different Credit score One Visa bank cards.
  • Get extra data on proudly owning a bank card, your rights, and extra on the Shopper Monetary Safety Bureau’s web site.
  • Get your free FICO rating.
  • Obtain our free bank card payoff calculator.

Credit score One Platinum Visa On-line Evaluations

Listed below are some Credit score One Platinum Visa card critiques from cardholders on-line:

Having this bank card has boosted my credit score rating over by 150 factors over the interval of six months. All I needed to do is make all my funds on time and sustain with how a lot I’m spending.

Good strategy to construct credit score in case you’re prepared and accountable. Additionally, a great way to screw up any likelihood you could have at monetary independence if you’re reckless and immature. It’s all ‌as much as you.

Even with wonderful credit score, this financial institution is not going to give me a credit score line enhance. I might not suggest this bank card.

Is the Credit score One Platinum Visa Card Good for Me?

When you’ve got poor credit score or no credit score historical past, the Credit score One Visa card can provide you entry to an unsecured line of credit score and the power to earn rewards in your purchases

However this card comes with annual charges and a excessive APR.

If you wish to keep away from charges, think about the Petal 2 Visa card. This yellow bank card has no safety deposit or annual charges. It additionally boasts a terrific rewards program that allows you to earn as much as 10% cashback on eligible purchases.

FAQ

Is Credit score One Financial institution reputable?

Credit score One Financial institution is completely legit. They’ve been offering unsecured bank cards for folk with weak credit since 1984. They even scored a good B+ score from the Higher Enterprise Bureau.

We get why some individuals could also be skeptical. Credit score One Financial institution doesn’t have any bodily branches. Plus, their identify and brand bear a resemblance to Capital One, which might make you surprise in the event that they’re the actual deal. 

Notice that each firms are legit and never associated to one another.

Is a Credit score One Platinum card a great card to have?

The Credit score One Financial institution® Platinum Visa® is a good unsecured bank card for individuals with truthful credit score. It’s a good selection if you wish to give attention to rebuilding your credit score rating. 

Along with serving to you construct credit score, you’ll earn precious cashback rewards. The credit score necessities are additionally lower than you w’ll see with competitor playing cards. 

However remember the fact that this card fees an annual charge of $39 and comes with a excessive APR.

Learn extra:

Is Credit score One Platinum Visa unsecured?

Sure, the Credit score One Platinum Visa card doesn’t require a safety deposit. 

Need extra choices? Take a look at our full record of the finest unsecured bank cards for weak credit.

What’s the Credit score One Financial institution Platinum Visa credit score restrict?

With regards to the credit score restrict, you’re assured a minimal of $300 or extra in case you’re accepted. And in case you’ve obtained a good credit score rating, chances are you’ll rating a a lot greater credit score restrict.

In case you ever wish to ask for a credit score restrict enhance, name Credit score One Financial institution’s customer support a name utilizing the quantity on the again of your card. 

However you don’t wish to do that greater than yearly. Credit score One Financial institution additionally retains a watch in your account and will bump up your credit score restrict infrequently.

What’s the most credit score line for a Credit score One bank card?

The issuer doesn’t overtly disclose the utmost credit score line for a Credit score One bank card. However in case you’re accepted for a Credit score One card, anticipate an preliminary minimal credit score line starting from $300 to $500, relying in your creditworthiness.

Credit score One presents playing cards tailor-made for people with totally different credit score ranges, from unhealthy to good credit score. Naturally, in case your credit score rating is on the decrease aspect, your most spending restrict can be decrease as nicely.

Listed below are some recommendations on methods to enhance your credit score rating rapidly.

How a lot is the Credit score One Platinum annual charge?

With the Credit score One Platinum card, there’s an annual charge of $39 per 12 months. 

Need extra choices? Learn:

Can I get a Credit score One Platinum money advance as quickly as I obtain the cardboard?

When you obtain your Credit score One Platinum card, you’ll be able to technically get a money advance instantly. However to proceed with a money advance, you’ll want a PIN (Private Identification Quantity). 

You may get hold of your PIN by both calling customer support at 877-825-3242 or by clicking on the “Request a PIN” hyperlink on the “Replace My Data” web page of the Credit score One web site. 

Sources

See all

Credit score One Platinum Visa. (n.d.). Retrieved July 4, 2023, from https://www.creditonebank.com/credit-cards/platinum

Common U.S. FICO® Rating Stays Regular at 716. (2022, August 30). FICO Choices Weblog. https://www.fico.com/blogs/average-us-fico-score-stays-steady-716-missed-payments-and-consumer-debt-rises

Cell Telephone Taxes and Charges, 2021 | Tax Basis. (n.d.). Retrieved July 5, 2023, from https://taxfoundation.org/cell-phone-taxes-2021/

Shopper Expenditures in 2021: BLS Experiences: U.S. Bureau of Labor Statistics. (n.d.). Retrieved July 5, 2023, from https://www.bls.gov/opub/reviews/consumer-expenditures/2021/house.htm

CONSUMER EXPENDITURES–2021—2021 A01 Outcomes. (n.d.). Retrieved July 5, 2023, from https://www.bls.gov/information.launch/cesan.nr0.htm

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