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Platinum Cards, Regular People: Credit One Platinum Visa Says Yes


Updated: October 16, 2013
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Platinum Cards, Regular People: Credit One Platinum Visa Says Yes

Silver, Gold, Platinum - we are used to seeing these names attached to credit cards, with the preciousness of the metal indicating the exclusivity of the card. Platinum cards, like platinum itself, are normally thought of as the best of the best - credit cards for people with the very best credit, the highest incomes, and the biggest spending profiles.

Usually that thinking holds true, but Credit One Bank now has a line of Platinum Visa cards that are available to the rest of us - platinum for the proletariat, if you will. Credit One Bank specializes in issuing Visa cards to people looking to establish or rebuild their credit, whether they are young people with thin credit history or older people with a few dings on their credit report.

No Inquiry, No Risk

When your credit score is already lower than you'd like, you don't want to risk lowering it even further by having a lot of inquiries made to your credit report - something that most credit card companies will do when you apply for a card with them. With Credit One, most people can be pre-qualified apply for a card without any negative effect on their credit score, because Credit One's prequalification process doesn't actually make an inquiry to the credit bureaus. The application will involve income verification and a general inquiry into your debt profile without actually pulling your credit score.

Three Levels of Platinum

There are three different cards offered by Credit One, and they'll assign you one depending on your personal profile and credit history. Keep in mind that cards offered to people with poor or limited credit are almost always going to carry a higher-than-usual APR and an annual fee and don't be scared off by that. The annual fee can be considered the price of admission when you don't have great credit, and as for the APR, if you pay your balance in full every month it won't matter. When you're building credit, you want to keep your balances low and pay them off every month anyway - that's the way to raise your score.

Credit One Bank® Credit Card with Gas Rewards for Fair Credit
Credit One Bank® Credit Card with Gas Rewards (for Fair Credit)

This card has an APR of 17.90% - 23.90% (Variable). It also carries an annual fee of $35-$75.

Credit One Bank® Credit Card with Gas Rewards for Poor/Bad Credit
Credit One Bank® Credit Card with Gas Rewards (for Poor/Bad Credit)

This one also has a Monthly APR of 17.90% - 23.90% (Variable). The annual fee is the same as the military card: $35-$75.

Your credit limit will depend on your history, but Credit One Platinum Visa card credit limits range from $300 to $1500. Again, credit cards for people with lower credit scores will always be low. That's good because the last thing you need is to get in over your head. Make small purchases, pay them off on time, and watch your credit slowly begin to soar.

Special Features

To help you keep track of how you're doing improving your credit score, Credit One's Monthly Credit Score Tracking will give you a summary of your credit report each month. It will include important information about things that may affect your score, so you can make all the right moves to get your credit score as high as it can be.

Get Online, Get a Text, Take Control

Platinum Visa card holders get full online access to their accounts 24 hours a day, seven days a week and can sign up for email and text alerts to notify them for various things: statement available, payment posted, payment due, credit limit exceeded, etc.

Design Your Own Card

This is just fun - you can choose your own photo for your Platinum Visa and play with Credit One's online graphic design tool until it looks just the way you'd like. Zoom in, zoom out, change pictures, choose from their many designs or upload your own photo. You're paying an annual fee, so you might as well make your card look exactly the way you want it! You won't even need to carry a picture of your sweetie in your wallet anymore; just put that sweet face on your credit card.

Make Payments Matter

Credit One may not pull a credit report from the major bureaus when you apply, but when you're a card member and you make payments, they'll always report the activity to all three major credit bureaus - Experian, Equifax, and TransUnion. This way you know that every single on-time payment you made is going to help you get that high credit score you're aiming for.

Express or Standard - How Fast Do You Like It?

When making a payment, choose from Express payments or Standard payments. Express payments can be made by debit card, ATM card, or bank account, and will usually make funds available to you on the next business day. Standard payments are made by bank account only and will make funds available in about five business days.

Raising the Limit

Credit One will automatically review your account from time to time to see if you're eligible for a credit line increase. Beware, though - if you receive an increased line of credit, there can be a $49 fee for the hike. Contact customer service to let them know if you don't want your account automatically reviewed for an increased line of credit.

The People Speak

So what do Credit One Visa Platinum members say about the card? Here are some quotes from card holders:

  • "I have had this card for almost four years and have had positive results, raising my credit score from the mid-500's up to the 720's on all three credit bureaus."
  • "The APR on this account is no higher than other cards out there designed to help people rebuild their credit. The annual fee is the only negative factor. It is a little high at $75 the first year, and $99 thereafter."
  • "My only negative feedback would be that in four years I have not seen a review of my payment history and rise in credit score for additional consideration of increased credit limit."
  • "I have no complaints about this card. If you are getting your credit back on track, and you have received an offer from Credit One Bank, I would take it."

Our expert opinion? For anyone trying to raise their credit score and having trouble being approved for a card, Credit One Bank's Platinum Visa line of cards is a good option. Keep purchases small, pay off the card in full every month, and soon you'll qualify for some other great credit cards, like rewards cards. Get your credit score up where it belongs, and the credit card companies will be competing with each other for your business. Credit One Bank can help you make that happen!

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