|Credit Building Rating:||2.2 / 5|
|Cost of Membership||2.0|
|Ease of Building Credit||3.0|
Average cost of membership per year ($3,600 annual spend)
Security deposit required
Initial credit limit
Access to higher credit line?
Other rates and fees
Features: Free Experian credit score and report summary, $0 fraud liability
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 $300 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 $300.
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 every year after that. Given the $300 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 Secured Mastercard® from Capital One. That card only requires a $49 minimum deposit, but still offers a credit limit of at least $200.
The Credit One Bank Visa assigned all cardholders a variable APR of 23.99%, 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 $.96 for every $100 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 23.99% 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 300-670. 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.
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