Credit One Credit Card Review

Credit One Credit Card Review

6.5

Rewards Value:

7.5/10

Annual Percentage Rate:

4.5/10

Rewards Flexibility:

7.0/10

Features:

7.0/10

Customer Experience

6.5/10

Pros

  • Regular credit line increases
  • Free credit score summaries
  • Options for bad credit

Cons

  • High annual fee
  • High interest rates

Credit One Credit Card Review

Credit One Bank Platinum Visa Review

The Credit One Card Platinum Visa Card is an unsecured bank card possibility for folks with poor credit score. The phrases you’ll be supplied differ relying in your creditworthiness, and also you received’t even discover out what they’re till you’re authorised. Generally, you will discover one thing inexpensive should you go for a secured bank card.

This card is barely price contemplating if in case you have a bad credit score and are in search of an unsecured card that can assist you bounce again. When you can’t afford the deposit for a secured bank card, the Credit score One Visa provides a minimal credit score line of $300—greater than the minimal some secured playing cards provide.

Take into account you could have to pay an annual price of as much as $99 with this card, relying in your credit score historical past. If Credit One Bank assigns you the utmost, you’re most likely higher off with an alternate card with a decrease price. Some secured playing cards have an annual price of lower than half that, or none in any respect.

 

Pros – Credit One Credit Card Review

Low APR for an unsecured card on this class: This card’s APR is on the decrease finish for an unsecured bank card geared to folks with poor credit score. Some rivals cost APRs nearly 10 proportion factors increased. (This APR continues to be increased than many secured playing cards supply, nevertheless.)

Rewards on purchases: The rewards tied to this card are fairly modest, however it’s higher than nothing. You’ll earn 1% money again on various frequent bills (like gasoline and groceries) and in addition on month-to-month payments akin to cellphone and web companies. There are alternatives to earn additional money again whenever you use this card at choose retailers, too. (Extra about this under.)

Cons – Credit One Credit Card Review

Might not get an curiosity grace interval: The most important draw back to this card is that just some cardholders are given a grace interval on paying finance costs. Grace intervals assist you to keep away from curiosity on new purchases by paying off your steadiness when you get your invoice. With out one, you’ll be charged curiosity as quickly as a cost hits your account. Most playing cards—together with a few of the priciest playing cards for these with low credit score—supply at the very least a while to repay your steadiness earlier than they cost curiosity.

Probably excessive annual price: Relying in your credit score historical past, you possibly can pay an annual price of as a lot as $95 for the primary yr and $99 thereafter. (You could qualify for no annual price, however you gained’t discover out till you’re authorised.) Provided that there are secured playing cards that don’t cost anybody an annual price, it is a particular downside. Plus, secured card deposits are refundable, whereas annual charges aren’t.

Unclear phrases for candidates: You may prequalify for this card, which gives you an concept of what the phrases of your account can be, however nothing is ultimate till you might be formally authorised. Different playing cards for candidates with poor credit score are extra clear in regards to the potential professionals and cons, making it simpler to judge your choices.
Incomes Factors & Rewards

Many rivals don’t supply rewards on purchases, so the Credit score One Financial institution Platinum Visa stands out. Its program is easy with a low earnings price, however routine bills are rewarded, which can make it easier to rack up money again quicker.

You’ll get 1% money again on gasoline and groceries, plus your month-to-month cellphone, web, cable and satellite tv for pc TV payments. Credit One Financial institution additionally presents a promotional program that might get you as much as 10% money again with associate retailers akin to Walmart, Pizza Hut, Hole, and Costco, in response to a spokesperson. There’s no restrict to how a lot you possibly can earn with the cardboard.

Redeeming Rewards

Redeeming money again is pretty easy: Credit  One will robotically provide you with a press release credit score each month that you just’ve made a qualifying buy. The assertion credit score will assist cut back your steadiness, however you’ll nonetheless should pay the minimal quantity due every month as calculated by Credit One.

You’re out of luck should you want to obtain a verify or deposit your money again in a checking account. Credit  One doesn’t supply any redemption choices past an computerized assertion credit score.

The right way to Get the Most Out of This Card

In case you’re given a grace interval, use this card for all the purchases that may earn 1% money again. For instance, pay your telephone, web and cable payments together with your bank card, moderately than with a debit card or money. (Simply ensure your utility corporations don’t cost a comfort price to just accept playing cards. Then the rewards you get could not justify it.)

Don’t use this card for on a regular basis purchases if Credit  One Financial institution denies you a grace interval. In that case, you’re higher off solely utilizing this card for emergencies—or choosing a unique card altogether.