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This Credit One Bank® card is offered to those who have had serious credit problems. While its interest rate and fees are high, similar to other cards like this, it can help you reach your goal of improving your credit.
- Qualify for this card with bad credit
- Cash back on purchases
- Credit line increase opportunities
- High annual fee
- High annual percentage rate (APR)
- Annual fee and rewards depend on your credit
The Credit One Bank® Platinum Visa® for Building Credit is what's known as a subprime card. These cards are designed for people with bad credit, but you'll have to pay higher interest rates and fees than cards for those who have average, good or excellent credit. This card stands out because it also offers some cash back rewards, but you won't know the rewards plan you receive, or your card's annual fee, until after you've opened an account.
Rebuild Your Credit
When you have bad credit, it can be frustrating. It will be impossible to qualify for most credit cards, but that's what you need to build your credit. This Credit One Bank® Platinum Visa® offers you the chance to hold a standard, unsecured credit card without having to pay a security deposit. But don't forget that you'll have to pay an annual fee of either $39 or $79, depending on your creditworthiness when you apply. Another consideration is that you won't know which annual fee you'll pay until you open your account, and you may be asked to pay the annual fee in 12 monthly installments.
Earn Cash Back
It's rare that a subprime credit card offers rewards, but this card lets you earn cash back with one of four plans. The various plans could include 1% cash back on eligible purchases of gas, grocery, dining or mobile phone service, while more qualified applicants may be given 1% cash back on all purchases. But just like with the annual fee, you won't know the terms of your card until you open your account. So you don't know what you're getting until you get it.
It's an Alternative to Secured Cards
When you have bad credit, your only options are a card like this or a secured card, which will require the payment of a refundable security deposit before you can open your account. If you can't come up with that deposit, an unsecured card like the Credit One Bank® Platinum Visa® may be your only choice. But you should still weigh the non-refundable cost of this card's high annual fee against the prospect of making a sizeable but refundable deposit for a secured card.
Editorial Disclaimer: Opinions expressed here are author's alone, not those of any bank, credit card issuer or other company, and have not been reviewed, approved or otherwise endorsed by any of these entities. All information, including rates and fees, are accurate as of the date of publication.