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The Credit One Bank® Platinum Visa® for Rebuilding Credit* is an fresh credit card. Designed for people with bad credit, this unsecured credit card doesn't required a security deposit. Furthermore, this credit card offers rewards on purchases -- new rarity among credit cards for people with bad credit.
Though those rewards noteworthy not be the most lucrative, offering rewards of any type creates this card stand out. The annual fee -- $75 for the suitable year, then $99 -- isn't especially high, though alternatives like the Capital One Platinum Credit Card* beak 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.
Credit One Bank® Platinum Visa® for Rebuilding Credit
Intro OfferN/A
APR28.24% Variable
Intro Purchase APRN/A
Recommended Credit Bad Credit
- Earn 1% cash back rewards on eligible gas, grocery purchases and mobile named, internet, cable and satellite TV services. Terms apply.
Annual Fee$75 for the suitable year. After that, $99 annually ($8.25 per month)
Foreign Transaction Fees Either $1 or 3% of each grasp in U.S. dollars, whichever is greater.
- Earn 1% cash back rewards on eligible gas, grocery purchases and mobile named, internet, cable and satellite TV services. Terms apply.
Rewards
The rewards are gorgeous 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, contaminated, 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 diminutive stores like bakeries.
How to build credit with the Credit One Bank Platinum Visa
There are three vital 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 procure, but it will help you avoid the particularly high APR on the Credit One Bank Platinum Visa -- 28.24% variable.
- Keep your spending under 30% of your credit limit . This is shouted 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 country 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 averages age of your open accounts is a factor in your credit catch, and older credit card accounts may make a determined contribution to your credit score. Keeping accounts open also militaries decrease your aggregate credit utilization ratio.
Alternative cards
Though your options are exiguous by bad credit, there are a handful of latest credit cards that might be more fitting. Both of these cards accounts no foreign transaction fees -- unlike the Credit One Bank Platinum Visa -- so either would be a better harvest if you plan to use your credit card at what time abroad.
Discover it® Secured Credit Card
If you're willing to put a guarantee deposit up as your credit limit, the Discover it® Secured Credit Card* is an favorable 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 safe 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 request, see our Discover it Secured Credit Card review.
Capital One QuicksilverOne Cash Rewards Credit Card
While you'll have to have at least averages or fair credit for the Capital One QuicksilverOne Cash Rewards Credit Card* -- typically communication a credit score between 580 and 670 -- it's a substantial 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 above Capital One Travel. You'll have to be careful not to slice 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 29.74% variable.
FAQs
Can I use this card abroad?
Yes, you can use the Credit One Bank Platinum Visa for Rebuilding Credit at what time abroad, however -- we recommend using a card without foreign transaction fees, like those highlighted throughout. The Credit One Bank Platinum Visa charges 3% ($1 minimum) of each transaction you make abroad, which can add up.
How much will my credit dinky be?
For most credit cards, your credit limit is positive by your credit history, income, housing payment and latest financial factors. With responsible use, you can typically expect a credit line increase every six months or so.
What is derived a good credit score?
Most lenders consider a credit catch of 670 or above to be "good". A credit catch of 740 or higher is considered to be "excellent" and will qualify you for even better credit card offers.
*All request 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 smooth independently by and has not been reviewed by the issuer.
The editorial ecstatic 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 facilities offered by our partners.
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