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Credit One Bank

Rated with 5 stars
John of Greenwood, MS Verified Reviewer
Original review: Aug. 15,

This is my second card with Credit One. I see a lot of people bashing this bank. But they tell you everything upfrontyou just have to do your part and read it. Yes there a lot of fees, but they take risks on a lot of people and get shafted by a lot of people. They gave me a card when most wouldn't. I have had ZERO issues with them. I know when I make a payment, it will take a few days to show on my available credit. No problem. These cards were not designed to live off of. If you can be responsible, this is a good card to rebuild your credit. Every time I check my credit file, both Credit One and Capitol One show exceptional payment history. It is allowing me to slowly build back the credit I so foolishly ruined.

Rated with 5 stars
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Justin of Denton, NC Verified Reviewer
Original review: April 15,

Let me start by saying I am very thankful to Credit One for giving me the chance with no deposit on my initial card. I have had their card since December of and love it! I started with a $ limit and used it wisely paying all fees on time and as of now have about 11 cards as they just approved me for $ on another card! I see many people complaining about fees and such, they make this VERY clear when you apply for the card. If you can't afford the feesdon't get the card. There are cards out there with no fees like the Capital One Secured Visa which is what I started on with a $ deposit over a year ago.

Since I have been with Credit One I have had absolutely ZERO issues with this company and will continue to use their services. I have approximately 14 accounts in total and have not missed one payment. This is because if I have an issue I don't wait until my closing date or due date to address it. I check all my accounts daily even if it is tedious, it's responsibility. If you can't afford $99 a year then you probably shouldn't have a credit card as the interest on a card adds to that and this is MADE CLEAR WHEN YOU APPLY. If you dont have the income, do what I have done, go work at Sonic and put in hours a week.

These companies take a high risk as most people are NOT honest about their actual income then blame the card companies because they don't do the math BEFORE getting a card to see what the interest would be with a $ card maxed with $99 in fees every year so let me try to help. So, if you have $ and it's maxed with a 29% interest rate that's about $87, then you have the $99 fee every year. So that's actually $ If you make the minimum payments of $30 it will take FOREVER to pay off that balance. So in total you would have $ for that year if you maxed the card. In order to pay that card off in 12 months you would have to have a minimum payment of about $45 each month. These are rough numbers but it's to give a general idea.

In closing, Credit Cards are not YOUR MONEY. It is BORROWED money and should only be used sparingly, in an emergency, or to invest bringing in more than what your TOTAL credit line is. Literally, 11 cards and 3 merchant accounts all above 25% interest on a median income of $52k a year with about $ in car, truck, and insurance payments and never missed a payment. Stop blaming these companies for y'all's shady practices for not reading and doing the math BEFORE getting these cards. They make it VERY clear if you READ about the $7 design fee.

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Rated with 5 stars
Bonny of Middlebury, VT Verified Reviewer
Original review: April 7,

I don't have anything negative to say about Credit One, I've never had a problem with them, I love my card. Simple application process and my card came in the mail quickly. I've read a few bad reviews therefore I was skeptical but so far I've never had a problem with them.

Rated with 5 stars
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Rodney of Pine Bluff, AR Verified Reviewer
Original review: Dec. 31,

Well I was with Credit One Bank in the past. They gave me a chance. Then later on the account was closed due to hard times. But this year I applied and got a approval of $ Then the next month was given a increase of $ I am so grateful for this card.

Rated with 5 stars
Lia of Apple Valley, CA Verified Reviewer
Original review: Oct. 31,

They are really on the ball. Their fraud prevention people are the best. They stopped a company from charging over $ I did not authorize after saying they would send a full size product. If I paid only shipping and handling to get my payment information. I am a sucker for a sample, of almost anything in the wee hours of the morning.

Rated with 3 stars
Alice of Cockeysville, MD Verified Reviewer
Original review: Oct. 6,

I've had this card for a few years. I use it sometimes to pay for supplies for my business. I like to pay off the balance every other week. This week I tried to pay off the balance, and they suspended my card. It says I have exceeded the ACH limit! What the **! They obviously don't want the balance paid so they can keep charging me interest. I called customer service and was told I could make a payment today, NOT TRUE! It won't let me pay off the $ balance. And I can't use the card, so as soon as I can pay off the balance I am closing this account. Capital One lets me pay everyday if I want to.

Rated with 1 star
S of Middle Island, NY Verified Reviewer
Original review: Sept. 27,

I’ve been a customer with Credit one for over 3 years with 2 accounts. I was declined a credit increase each time it was requested. I make well over The average salary yet have only been given a limit of under $!!! Each time when asked why am I being declined I am given the run around and never a direct answer. And before you ask YES I AM OF COLOR!!

Rated with 1 star
Jhon of Hollywood, FL Verified Reviewer
Original review: Sept. 21,

I've had this card for the better part of 8 years and did not use it for the last 12 months to avoid any balances or fees, for a $ card I've been paying the $ per month "Annual Fee" (yes they charge that monthly) that appears in the card, somewhere around $ dollars for a $ card? - Decided not to use it, had No Balance whatsoever for the past 12 months, and tried to cancel the first time, then I kept getting the bill and called in a second time to cancel. Hopefully the third time is the charm. Their website offers NO information on how to close an account and when called you are confronted with an offer of "6 months no monthly fees". Declined the offer twice, and I hope this time they get the idea of canceling and close the account -- Never again with this card as I will make a sincere effort to talk to anyone slightly interested to get it and warn them about my experience.

Rated with 1 star
Maria of Miami, FL Verified Reviewer
Original review: Sept. 19,

I paid my $ balance 4 days ago. The payment is reflected on Credit One's website and cleared my bank, yet Credit One says I have $9 available. The money that I paid will be available in another 3 days. I work in banking so I know there is no reason why it should take a week for me to be able to use my card. I plan on canceling this card once the year is up.

Rated with 1 star
Calandra of Cleveland, MS Verified Reviewer
Original review: Sept. 18,

So, I've has this card going on 2 years now, and to be honest, I rarely use it. I pay in full monthly if I use it. So, I actually requested a CLI because that little limit they offer is not worth it to be in my wallet. They denied it, and I was truly shocked. You saying the 2 other major cc I have can offer $ or more, but you offer $ Not worth it. Will be closing. Only got it to build when I did have some hiccups, but my credit score either didn't change or was lowered because they didn't even report proper data to the 3 major bureaus. So, yeah, I'm going to give them card back and I'll continue to work with Capital One.

Sours: https://www.consumeraffairs.com/credit_cards/credit_one.html
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© – Credit Karma, Inc. Credit Karma™ is a registered trademark of Credit Karma, Inc. All Rights Reserved. Product name, logo, brands, and other trademarks featured or referred to within Credit Karma are the property of their respective trademark holders. This site may be compensated through third party advertisers.

iPhone is a trademark of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.

Android is a trademark of Google Inc.

The Equifax logo is a registered trademark owned by Equifax in the United States and other countries.

Sours: https://www.creditkarma.com/reviews/credit-card/single/id/credit-one-bank

Credit One Bank® Platinum Visa® for Rebuilding Credit review

 

Best Credit One card for bad credit

  • Rewards rate: Earn 1% cash back rewards on eligible gas, grocery purchases and mobile phone service, internet, cable and satellite TV services (Terms apply)
  • Welcome offer: N/A
  • Annual fee: $75 the first year, then $99 ($ per month)
  • Purchase intro APR: N/A
  • Balance transfer intro APR: N/A
  • Regular APR: percent (variable)

Searching for a credit card with bad credit can be a draining experience, especially if you’ve been trying to convince lenders to give you a chance with no luck.

Fortunately, however, there are quite a few credit cards for people with bad credit, including the Credit One Bank® Platinum Visa® for Rebuilding Credit.

The Credit One Bank® Platinum Visa® for Rebuilding Credit may seem like an incredible deal at first: It’s an unsecured credit card (meaning no upfront security deposit is needed) that also earns cash back on everyday purchases. A caveat: Make sure you thoroughly read the fine print before you apply.

Credit One cards are notorious for their baffling terms, often filled with unexpected fees and rates that aren’t guaranteed until you prequalify. In fact, the Credit One Bank® Platinum Visa® for Rebuilding Credit may have the most red tape of all.

If you’re focused on improving your credit score, there are plenty of less expensive options that earn rewards and don’t even require any credit history, such as secured credit cards or student cards.

If, however, you don’t want to tie up money in a deposit, the Credit One Bank® Platinum Visa® for Rebuilding Credit may be worth the cost as a stopgap solution.

Cash back

Credit One’s required prequalification form is a type of hybrid application for any of the four different Credit One Bank Platinum Visa cards.

These similarly named cards carry slightly different cash back rewards programs, and, unfortunately, you won’t know which you’re prequalified for until Credit One reviews your application and selects one or more based on your creditworthiness.

The so-called informational terms you’ll see when you go to prequalify list three different cash back rewards styles.

Odds are you’ll qualify for the Credit One Bank® Platinum Visa® for Rebuilding Credit if you have bad credit. But fair or average credit could also prequalify you for the Credit One Bank® Visa® Cash Back Rewards card (which has some the same rewards rate as the Credit One Bank® Platinum Visa® for Rebuilding Credit) or the very different Credit One Bank® Platinum Rewards Visa (which earns 5 percent cash back rewards in the same categories on up to $5, in purchases per year, plus 1 percent back on all other purchases).

Assuming you prequalify for the Credit One Bank® Platinum Visa® for Rebuilding Credit, here’s how the cash back rewards program works:

Earning cash back

The Credit One Bank® Platinum Visa® for Rebuilding Credit earns unlimited 1 percent cash back rewards on eligible gas, grocery purchases, mobile phone service, internet service and cable and satellite TV service purchases.

Credit One’s system to track which purchases earn rewards is different, however, from that of most other Visa credit cards.

Instead of using typical merchant category codes (MCCs), Credit One Visa cards use “Standard Industrial Classification Codes.”

These two work similarly, but it can be harder to track which stores earn cash back using Standard Industrial codes. Though this is a small difference, it’s important to keep in mind if you have multiple Visa cards because they may not earn rewards at the same locations.

Redeeming cash back

Unfortunately, you don’t get to choose how you receive your rewards. Your Credit One Bank® Platinum Visa® for Rebuilding Credit’s cash back rewards are automatically added back to your account as a statement credit on each billing cycle’s credit card statement.

While more flexibility is always a plus, having rewards automatically applied to your balance as a statement credit could offer consistent, low-hassle savings.

How much are cash rewards worth?

Credit One’s rewards system works like many other cash back programs. You’ll earn 1 cent back per dollar on eligible gas, grocery purchases and mobile phone service, internet, cable and satellite TV services (Terms apply)

Benefits

Outside of basic features like account alerts, zero fraud liability and free monthly credit score access, the Credit One Bank® Platinum Visa® for Rebuilding Credit doesn’t carry many extra perks — even for building your credit.

The card’s most prominent benefits include its two card-linked rewards programs and a “Credit Protection Program” of questionable value. It also comes with some standard Visa perks that may be useful.

Credit One More Cash Back Rewards and Visa Offers + Perks

Credit One Visa cards have access to two programs that can get you extra cash back rewards and discounts by linking your card and shopping with participating retailers.

Like Amex Offers or Chase Offers, Credit One More Rewards and Visa Offers + Perks stack extra rewards or discounts on top of your original earnings for eligible purchases.

More Rewards cycles in deals that can net you up to 10 percent bonus cash back while Visa Offers + Perks is tailored toward online shopping, apparel and dining discounts with select businesses.

Select Visa Traditional perks

As a basic Visa Traditional credit card, your Credit One Bank® Platinum Visa® for Rebuilding Credit comes with a few standard benefits like travel accident insurance, pay-per-use 24/7 roadside dispatch, zero fraud liability and an auto rental collision damage waiver coverage when renting with your card.

Be sure to check with your issuer, however, because the exact Visa benefits you qualify for may be different from the terms on Visa’s website.

Credit Protection Program

The optional Credit Protection Program outlined in the Platinum Visa cards’ prequalification terms is meant to prevent your credit score from dropping for up to six months in case you lose your job or become disabled by covering your card’s minimum payment.

It works like an insurance policy by charging 96 cents per $ of your balance each month after enrollment (up to $10,), whether you decide to use the protection or not.

You’ll have to wait at least 30 days after enrolling, however, to activate your protection – and you’ll still accrue interest on your account (an account that will be frozen while you receive benefits).

Combined with this card’s laundry list of rates and fees, the mounting interest could lead to a more dangerous cycle since your protection and account can be forcibly closed if you’re 60 days past due or 20 percent overlimit.

All things considered, Credit One’s protection plan could end up costing more than other debt management options.

Rates and fees

Although it doesn’t require a big security deposit, the Credit One Bank® Platinum Visa® for Rebuilding Credit is far from a low-cost card.

The biggest potential cost to consider is the annual fee: $75 for the first year, then $99 per year thereafter ($ per month).

Since the rewards rate is relatively low, these fees could make it hard to pocket any cash back since you’ll need to spend at least $ per month (or $9, per year) just to offset the $99 annual fee.

Other rates and fees buried in the fine print could also end up costing you if you aren’t careful.

For example, the percent variable APR is higher than the current average credit card interest rate (not horrible for a card designed for people with damaged credit) but the catch is that the Credit One Bank® Platinum Visa® for Rebuilding Credit may not have the day grace period for you to make your minimum payment that you’ll find on most other cards.

It’s also important to note that if you make a card payment on your due date after p.m. PT, your payment might not be processed the same day – unless you pay the optional express payment service fee.

If you’re not careful, that means you could accumulate interest on the balance you’ve already submitted a payment for and incur a late payment fee (up to $39).

Here are a few other potential rates and fees to be aware of before you apply:

  • 3 percent (or $1, whichever is greater) foreign transaction fee
  • Credit limit increase fee (based on your payment history and creditworthiness; disclosed in advance if imposed for processing a request)
  • Optional express payment service fee if you get live representative assistance (standard payment is free)
  • Up to $39 returned payment fee
  • Cash Advance Fee: Either $5 or 8% of the amount of each transaction, whichever is greater.

How the Credit One Bank® Platinum Visa® for Rebuilding Credit compares to other cards for bad credit

Despite its higher upfront cost (keep in mind that you’ll get the deposit back later), a secured credit card will likely be a better option for building credit with fewer potential ongoing costs than the Credit One Bank® Platinum Visa® for Rebuilding Credit and other unsecured cards for bad credit.

If you’re a college student looking for your first card, a student credit card would probably be the best choice since they’re typically lower-cost cards with better benefits and rewards.

But there are also plenty of cards for those with no credit history that may be more straightforward and even easier to get than Credit One’s cards.

One of the best all-around picks as you work on beefing up your credit profile is the Discover it® Secured Credit Card. It earns 2 percent cash back at gas stations and restaurants (on up to $1, in spending each quarter, then 1 percent) and 1 percent back on all other purchases — all for no annual fee ($ to $2, security deposit required).

Plus, Discover matches all the cash back you earn in your first year. Even better, Discover will consider you for an upgrade to a full unsecured card after just eight months of responsible use.

And in case you miss a payment, you’ll also have a safety net since Discover waives your first late payment fee (up to $40 late fee after that).

If you have an average credit score and want to stick with Credit One, it’s worth stepping up to the Credit One Bank® Visa® Cash Back Rewards card over the Credit One Bank® Platinum Visa® for Rebuilding Credit.

At that credit level, though, it might be a wiser move to look into the Capital One QuicksilverOne Cash Rewards Credit Card — a better cash back card for the same annual fee.

Credit One Bank Visa Cash Back Rewards
  • 1% cash back rewards on eligible gas, grocery, mobile phone service, internet service and cable, and satellite TV service purchases
$39None
Discover it Secured Credit Card
  • 2% cash back on gas station and restaurant purchases (up to $1, in combined spending per quarter, then 1%)
  • 1% cash back on all other purchases
$0 ($ minimum refundable security deposit required, available up to $2,)All cash back earned by the end of your first year will be matched 
Capital One QuicksilverOne Cash Rewards Credit Card
  • % cash back on all purchases
$39None

Bankrate’s take – Is the Credit One Bank® Platinum Visa® for Rebuilding Credit worth it?

The Credit One Bank® Platinum Visa® for Rebuilding Credit doesn’t carry the same upfront cost as a secured credit card but its limited 1 percent cash back isn’t worth being nickel and dimed over by the swarm of fees you’ll find in its complicated terms and conditions.

The card may be a decent option if you have bad credit but ponying up for a secured card with a larger credit limit will be a much more effective tool as you work on improving your credit.

Simply put, there are better credit cards available that accept applicants with a less-than-ideal credit history, and your pool of better options deepens considerably if you have fair credit.

Pros

  • 1 percent cash back on eligible gas, grocery, mobile phone service, internet service and cable and satellite TV service purchases (Terms apply)
  • One of the few unsecured cards available for bad credit
  • Includes Visa Traditional benefits, plus the Credit One More Rewards program

Cons

  • $75 annual fee the first year, then $99 ($ per month)
  • Confusing card terms and application process filled with additional fees and restrictions
  • Limited cash back compared to some other credit-building cards
  • The Credit Protection Program can be more of a risk than a protection

COMPARE THE BEST CREDIT CARDS FOR BAD CREDIT

Bankrate.com is an independent, advertising-supported comparison service. The offers that appear on this site are from companies from which Bankrate.com receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories. Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. Bankrate.com does not include the entire universe of available financial or credit offers.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

about the author

Bankrate expert Garrett Yarbrough strives to make navigating credit cards and credit building smooth sailing for his readers. After regularly featuring his credit card, credit monitoring and identity theft analysis on NextAdvisor.com, he joined the CreditCards.com and Bankrate.com teams as a staff writer to develop product reviews and comprehensive credit

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about the editor

Nouri Zarrugh is a writer and editor for CreditCards.com and Bankrate.com, focusing on product news, guides and reviews. His areas of expertise include credit card strategy, rewards programs, point valuation and credit scores, and his stories on building credit have been cited by Mic.com, LifeHacker, People.com and more. Through his thorough card reviews and

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Sours: https://www.bankrate.com/finance/credit-cards/reviews/credit-one-bank-visa-credit-card-review/

One reviews credit

If you have bad credit and are looking to boost your credit score, but don’t have the money for a security deposit, the Credit One Bank Visa for Rebuilding Credit can be a decent option, especially if you still want to earn rewards. The card carries a high annual fee, but you’ll continue to improve your credit with regular opportunities to increase your credit line.

No security deposit

In most cases, credit-building cards require a security deposit of at least $ and only match your initial credit limit to what you contribute. But with the Credit One Bank Platinum Visa, you don’t have to make a deposit and will receive a minimum credit limit of $

While this is not a very high limit to start with, your account will be automatically reviewed for credit line increases regularly. As long as you make your payments on time and don’t carry a balance, you should be able to increase your limit without a hefty deposit.

High annual fees

One major downside to the Credit One Bank Platinum Visa is that you will need to pay a high annual fee. You’ll be charged a fee of $75 in your first year and $99 per year ($ per month) every year after that. Given the $ minimum starting credit limit, the cost of holding this card is likely to eclipse any cash back rewards you earn.

If you don’t want to sign up for an annual fee,  you may instead want to opt for a secured card, such as the Capital One Platinum Secured Credit Card. That card only requires a $49 minimum deposit, but still offers a credit limit of at least $

High APR

The Credit One Bank Visa assigned all cardholders a variable APR of %, so if you don&#;t manage to pay off your balance in full each month, you could end up paying quite a bit in interest.

Customizable cash back rewards

One of the great features of the Credit One Bank Visa is the cash back rewards program. Even with a lower credit score, you’ll have the opportunity to earn 1 percent cash back on eligible purchases. Once you are approved for the card, you’ll choose between six categories of rewards programs which include cash back for gas, groceries, phone services, dining, automotive purchases and more. This lets you choose the categories that work best for you and maximize your reward potential.

Benefits that help manage your credit

On top of cash back rewards, the Credit One Bank Visa offers perks such as $0 fraud liability and a free monthly credit score and credit report through Experian. This is a great resource for those trying to build their credit, since you can keep a close eye on your progress.

The Credit One Bank Visa also offers optional credit protection in case of involuntary unemployment or disability, although it does come at an extra charge.  The plan costs $  for every $ of new balance, which can add up quickly if you are making significant charges. If you choose to invest in this option, you should expect to need it.

Additional fees and penalties

In addition to the annual fee, the Credit One Bank Visa has a few other charges to look out for when choosing this card. For cash advances, there is a fee of $5 or 8 percent of the amount of each transaction (whichever is greater) as well as a % APR (variable). You’ll also be charged 3 percent on all foreign transactions. If you are looking for a card to use while you travel, this might not be the best choice for you.

Other fees for this card include a $19 annual charge to add an authorized user, a $1 minimum on interest charges and up to a $39 fee for late or returned payments.

Great approval odds

The Credit One Bank Visa is a great credit building option, with a recommended credit score of Even if you aren’t sure you’ll get approved, you can see if you pre-qualify on the Credit One website without hurting your credit score.

Why get the Credit One Bank Visa for Rebuilding Credit?

  • You have bad to fair credit.
  • You can’t afford or don’t want to pay a security deposit.
  • You are willing to invest in an annual fee to build your credit.
  • You want to earn cash back rewards in the best categories for you.

How to use the Credit One Bank Visa for Rebuilding Credit:

  • Make your payments on time to avoid high interest charges and increase your chances for a higher credit limit.
  • Use this card for purchases within your rewards program to maximize cash back.
  • Take advantage of your monthly credit report to keep an eye on your credit-building progress.

Our reviews and best card recommendations are based on an objective rating process and are not driven by advertising dollars. However, we do receive compensation when you click on links to products from our partners. Learn more about our advertising policy

Sours: https://www.creditcards.com/reviews/credit-one-bank-visa-credit-card-review/
2021 EASY APPROVAL CREDIT CARD! Honest Review: Credit One Platinum Visa

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