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Credit One Bank Visa Platinum Card Review

A High-Priced Card for People with Poor Credit

About.com Rating 2 Star Rating
User Rating 1.5 Star Rating (35 Reviews)

By

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Credit One Visa credit cards have high APRs, annual fees, and other fees.

Who the Credit One Bank Visa Platinum Card Is For

  • People with poor credit who want an unsecured credit card.

Credit Rating Required

  • Poor (below 620)

About the Credit One Bank Visa Platinum Card

Pros

  • Quick online approval process.
  • Monthly credit updates to all three major credit bureaus.

Cons

  • High annual fees.
  • High APRs.
  • Extremely high cash advance fee.
  • High credit-limit increase fees.

Rewards

  • None.

APRs

  • 23.90 percent or 26.90, depending on your credit history.

Fees

  • Annual fee: $75 to $99, depending on your credit limit.
  • Cash advance fee: 8 percent (waived the first year).
  • Late payment fee: $35.
  • Returned payment fee: $35.
  • Over-the-limit fee: None.

Credit One Bank Visa Platinum Card Review

The Credit One Bank Visa Platinum Card isn't the worst credit card aimed at people with poor credit - that distinction probably belongs to the First Premier Bank Gold MasterCard - but it's one of the most expensive.

Depending on the credit limit you get - which will range from $300 to as much as $1,500 - your annual fee will vary from $75 to $99, billable to you in monthly installments starting in the second year. Interest rates range from 23.9% to 26.9%, depending on your credit history.

Credit One advertises that it does automatic credit line increase reviews. But you won't know unless you read the fine print that it will charge you up to $49 if it grants an increase. And finding that fine print isn't easy; I really had to hunt around for a copy of its cardholder agreement.

In addition, it charges an 8% fee for cash advances, waived the first year. Most cards I've seen only charge 3%, even cards designed for people with poor credit. That said, you should NEVER use your credit card to get a cash advance, especially at that price.

Credit One says its online process will tell you in less than a minute which credit card you're pre-qualified for before you apply, and that the process won't affect your credit score. Based on its published prices, it looks like Credit One accepts just about everybody, at least those willing to pay.

Recommendation

If you're seriously considering getting this card, you really have to ask yourself: Do I really need a credit card this badly? You're better off getting a low-priced prepaid card instead.

User Reviews

Reviews for this section have been closed.

 1 out of 5
Rude, harassing, and not helpful., Member ktmaxattack

I have had this card for 5 years. Paid for the credit protection all this time as well. Always paid well above the minimum, and on time. In January I got laid off April, I was 2 days late. Got a harassing call, told them I would be a week late. Told me to borrow money from someone, since it was only $40.00. This month I realized I have this protection and called to initiate the assistance. I got another call today, because though my payment isn't due for 3 more days, the annual fee charged put me over lthe limit by $12.00. I mentioned that I signed up for the protection, and my payment isn't due yet. Again, they suggested I borrow money. Today, I cut up this card.

12 out of 12 people found this helpful.

See all 35 reviews

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