Credit One Bank Platinum Visa® for Rebuilding Credit

The Credit One Bank Platinum Visa® for Rebuilding Credit is positioned specifically for U.S. consumers who are working on rebuilding their credit. It is an unsecured Visa card, so it does not use a refundable security deposit as collateral. Credit One Bank also states that it reports to all three major credit bureaus each month. Responsible account management may contribute to a consumer's credit history, but opening or using the card does not guarantee an increase in credit score. The current official product page lists a 29.74% variable APR for purchases. Because this is a relatively high borrowing rate, the card is considerably less attractive for consumers who expect to carry balances from month to month. The APR is variable and therefore can change with the underlying benchmark rate and the terms of the account. The annual fee is $75 during the first year. After that, the annual fee rises to $99 and is billed at $8.25 per month. That recurring cost is an important consideration for a credit-building card, particularly because there are secured and unsecured alternatives in the market with lower or no annual fees. The card earns 1% cash back rewards on eligible purchases of gas and groceries, as well as eligible mobile phone, internet, cable, and satellite TV services. The reward structure can provide some value on common household expenses, although it is not a flat-rate cash back program on every purchase. Credit One Bank also promotes access to additional offers through Credit One ShopPerks, subject to the applicable program terms. Credit One Bank regularly reviews accounts for potential credit line increase opportunities. An increase is not guaranteed and depends on the bank's criteria. Other advertised features include the ability to choose a payment due date, customizable account notifications, contactless payments, mobile app access, and Zero Fraud Liability for qualifying unauthorized transactions. The published D503 cardholder agreement lists a balance transfer fee of the greater of $5 or 8% of the transfer, and the same fee structure for cash advances. It also lists a foreign transaction fee equal to the greater of $1 or 3% of the U.S.-dollar amount of each applicable purchase. Late and returned payment fees may be charged up to the limits disclosed in the agreement. These fees should be reviewed carefully before using the card for transactions beyond ordinary domestic purchases. Consumers can check for pre-qualified offers, but pre-qualification is not the same as final approval. Approval, the credit limit, and the terms ultimately offered depend on Credit One Bank's underwriting and verification criteria.