Is Credit One Platinum a Good Credit Card to Rebuild Credit

The Credit One Platinum card can be a good option for rebuilding credit, especially if you have poor or no credit history. This card offers a secured credit limit, which means you'll need to make a security deposit to open the account.

The security deposit can be as low as $49, and it's refundable when you close the account. This can be a great way to start building credit without committing to a high upfront cost.

Credit One Platinum reports to all three major credit bureaus, which means your payments and credit utilization will be reflected on your credit report. This can help you establish a positive credit history over time.

With regular payments and responsible credit behavior, you can start to see improvements in your credit score within a few months.

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The Credit One Platinum credit card has its advantages and disadvantages. It offers rewards on eligible purchases, which is a great perk for those who make regular purchases. You can qualify for this card with fair credit, making it accessible to a wider range of people.

One of the notable benefits of this card is that it has no security deposit required, which is a relief for those who might be hesitant to commit to a deposit. It also allows for a customizable payment due date, giving you more flexibility with your payments. Additionally, the card offers regular credit line increase reviews, which can be beneficial for those looking to increase their credit limit.

However, the card also has some drawbacks. The high regular APR is a concern, as it can lead to higher interest charges if you don't pay off your balance in full each month. The membership fees are also something to consider, as they can add up over time.

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The Credit One Platinum offers a range of benefits and features that can make it a good choice for some users.

One of the key benefits is the flexibility to choose your payment due date, which can help ensure that payments are made on time and can be a big help for building credit.

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The card also offers zero fraud liability, protecting you from unauthorized purchases and ensuring you're not held responsible for fraudulent charges.

You can also track your credit score for free, which is essential for anyone working to improve their credit.

Additionally, the card provides a summary of your credit report, which can help you identify areas where you need to make improvements in your credit history.

Here are some of the key benefits and features of the Credit One Platinum:

The Credit One Platinum also offers a rewards program, which gives you 1% cash back on gas, groceries, mobile phone bills, internet, and cable or satellite TV.

You can also earn extra cash back with the 'More Rewards' program, which lets cardholders earn extra cash back with select merchants.

The card also reports your account and payment activity monthly to the three major consumer credit bureaus, which can help you build positive credit history.

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The ownership costs of the Credit One Platinum card are something you should be aware of. The annual fee is a significant one, starting at $75 in the first year and jumping to $99 annually, or $8.25 per month, after that.

This annual fee can eat into your potential cash back earnings, especially in the second year. To put it into perspective, if you're earning a decent amount of cash back, you might find that the fee is cutting into your rewards.

The good news is that there are other credit cards with no annual fee, like the Discover it Secured card. However, the Credit One Platinum card's annual fee is still something to consider.

Here's a comparison of the annual fees for a few cards:

It's essential to understand all the fees associated with a credit card to manage it effectively. This includes foreign transaction fees, credit limit increase fees, returned payment fees, and cash advance fees.

The Credit One Platinum offers a rewards program that earns 1% cash back on gas, groceries, mobile phone bills, internet, and cable or satellite TV, but its rewards are relatively limited compared to other cards.

One thing that's worth noting is that the rewards are easy to redeem, as they automatically apply to your statement. This makes it hassle-free to get the cash back you've earned.

The 'More Rewards' program can also boost your cash back earnings with select merchants, so it's a good idea to check in regularly to see what offers are available.

The Capital One QuicksilverOne Cash Rewards is a better card than the Credit One Platinum, with unlimited 1.5% cash back on all purchases. This makes it a more attractive option for those who want to earn more cash back.

You can use the Credit Card Cash Back Calculator to calculate different cash back rates across different spending categories, which can help you see how much you're truly earning.

Related reading: Capital One Savorone Cash Rewards for Good Credit

Credit One Bank reports your credit history to the credit bureaus on a monthly basis. This means your credit score will be updated regularly, giving you a clear picture of your creditworthiness.

If you have a bad to fair credit score, ranging from 300 to 670, Credit One Bank is a good option for you. They specialize in working with people who have less-than-perfect credit.

Discover it Secured and Capital One are also great options for those with no credit history. They provide a way to establish a credit history, which can be a huge advantage in the long run.

Here's a quick rundown of the recommended credit scores for some popular credit cards:

The Credit One Platinum is not the only game in town, and it's worth exploring alternatives to see if they better suit your needs. For example, the Avant Credit Card has a WalletHub rating of 2.9, which is higher than the Credit One Platinum's 2.8 rating. It also has a lower regular APR of 35.99%, compared to the Credit One Platinum's 28.99% (V).

One of the key differences between the Credit One Platinum and other cash back cards is the rewards rate. The Chase Freedom Unlimited, for instance, offers a rewards rate of 1.5 - 5% Cash Back, compared to the Credit One Platinum's 0 - 1% Cash Back. However, the Credit One Platinum does offer a higher cash back rate on certain purchases, such as gas and groceries.

If you're looking for a card with no annual fee, the Credit One Bank Platinum Rewards Visa With No Annual Fee might be a better option. It offers 2% cash back on eligible purchases, making it a stronger choice for budget-conscious users. Here are some key features of the Credit One Platinum compared to other cards:

If you're considering the Credit One Platinum, it's worth exploring alternatives. The Avant Credit Card, for example, has a WalletHub rating of 2.9, with an average user review score of 2.6.

The Chase Freedom Unlimited, on the other hand, boasts a 4.1 WalletHub rating and an Editor's Rating of 5.0. This card offers 1.5 - 5% Cash Back on purchases, depending on the category.

If you're looking for a card with no annual fee, the Chase Freedom Unlimited is a great option, with a regular APR of 19.74% - 28.49% (Variable). In contrast, the Credit One Platinum has an annual fee of $39 and a regular APR of 28.99% (Variable).

The Capital One QuicksilverOne Cash Rewards Credit Card is another alternative to consider, offering unlimited 1.5% cash back on all purchases and a regular APR of 19.99% - 29.24% (Variable). This card also comes with a $39 annual fee.

Here's a brief comparison of these cards:

Ultimately, the best card for you will depend on your individual needs and financial situation. Be sure to carefully review the terms and conditions of each card before making a decision.

The Wells Fargo Active Cash Card is a great option for those looking for a simple and affordable cash rewards credit card. It offers unlimited 2% cash rewards on purchases, which means you won't have to worry about rotating categories or keeping track of specific rewards.

One of the standout features of this card is its 0% intro APR for 12 months on purchases and qualifying balance transfers. This can be a huge help if you're planning a big purchase or need to transfer some high-interest debt. After the intro period, a variable APR of 19.24%, 24.24%, or 29.24% applies.

The Wells Fargo Active Cash Card also comes with a $0 annual fee, making it a much more affordable option compared to some other cash rewards cards. Plus, your cash rewards don't expire as long as your account remains open, so you can enjoy the benefits of your rewards for as long as you're using the card.

With this card, you'll also have access to a range of benefits, including a complimentary 24/7 Visa Signature Concierge service. This can be a huge help if you need to book travel, find tickets to events, or make dinner reservations.

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The Credit One Platinum Visa card earns a 3.5 out of 5 in our scoring model, making it a passable choice for fair to good credit holders.

Our evaluation considered several key factors, including Effective Reward Rate, Intro Purchase, and Regular APR.

The card offers 1% cash back on select categories, but its limited rewards structure means it falls short of a top credit card option.

The Credit One Bank Platinum Visa card earns a 3.5 out of 5 in our scoring model for credit cards available to consumers with fair credit scores.

It's a passable choice for fair to good credit holders seeking 1% cash back on select categories.

The card has a $39 annual fee, which might be a drawback for some users.

Limited rewards structure means it falls short of a top credit card option, especially when compared to competitors like the Capital One QuicksilverOne Cash Rewards.

This card offers minimal value for those seeking more substantial rewards.

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To evaluate a credit card, we need to consider several key factors. We use a scoring system that takes into account the Effective Reward Rate, which measures the value of cash back or points earned per dollar spent.

Our Cash Back Score model reviews 78 cards to ensure a comprehensive evaluation. This helps us compare different cards and identify the best options.

We assess the Intro Purchase offer, which evaluates the value of the introductory 0% APR offer on purchases. This is a crucial factor, as it can save you money on interest charges.

The Regular APR is also a critical factor, as it determines the long-term cost of carrying a balance with the card. We evaluate this to ensure you're not stuck with high interest rates.

We also rate the Balance Transfer Offer, which considers the value of the card's balance transfer terms. This can be a great way to save money if you have existing credit card debt.

Worth a look: Balance Transfer Credit Cards for Fair Credit

In addition to these factors, we consider the Annual Fee, Recommended Credit, Issuer Satisfaction, and Penalties. These factors assess the card's cost, accessibility, customer service quality, and the fairness of fees and penalties.

Here's a breakdown of the factors we consider: