The Credit One Bank(R) Platinum Visa(R) is one of the few bad credit credit cards to offer cash back rewards. It also gives cardholders free access to their credit score and potential credit line increases. Finally, you can see if you pre-qualify without hurting your credit score.
- Pre-Qualify: Yes. You can see if you pre-qualify without hurting your credit score
- Annual Fee: $0 for those who qualify, but could be as high as $95 the first year ($99 the second and future years).
- Rewards: Yes. Earn 1% cash back rewards on all purchases, terms apply
- View updates to your Experian credit score with free online access, terms apply
- Choose Your Payment Date: Make paying your bill easier with the ability to choose your payment due date, terms apply
- Mobile App: Access your account on-the-go with the Credit One Bank mobile app
- Alerts: Never miss an account update with customizable text and email alerts
- Build Credit: Credit One reports to all 3 major credit bureaus
Pros & Cons
- $0 annual fee for those who qualify
- 1% cash back rewards
- Free access to your credit score
- Reports to all 3 major credit bureaus
- No security deposit required
- Annual fee can be as high as $99
- Regular APR can be high
Who the card is best for
The Credit One Bank(R) Platinum Visa(R) is best for those with credit scores below 600. It could also be a good option for those discharged from bankruptcy. For those with poor credit, the card charges a reasonably annual fee (potentially as low as $0), offers cash back rewards, and gives each cardholder free access to their credit score.
There are of course reasonable alternatives. For unsecured cards, Credit One Bank(R) Platinum Visa(R) is one of the best bad credit credit cards. There are secured cards that charge no annual fee and offer cash back as well. Keep in mind, however, that secured cards require you to send in a deposit.
Credit card companies consider a number of factors when evaluating an application. These factors may include income, debt, existing credit cards and, of course, the applicant's credit score.
While credit card issuers do not publish the criteria for approval, we collect publicly available data on credit scores for those who have been either approved or denied for a credit card. Keep in mind that we cannot verify this information and an issuer's credit score requirements can change over time.
Here are some statistics on approvals and denials for the Credit One Bank(R) Platinum Visa(R). Note that the denial listed below with a credit score over 700 was an applicant who had just been discharged from bankruptcy.
- Approved (08/02/2012): 515 (TransUnion)
- Approved (08/02/2012): 550 (Experian)
- Approved (08/02/2012): 563 (Equifax)
- Approved (11/14/2009): 525 (Not Provided)
- Approved (01/04/2008): 550 (Not Provided)
- Denied (06/10/2020): 712 (Not Provided)