Credit One Bank Unsecured Platinum Visa Credit Card Review

By Christina Majaski. Last updated 21 July 2017. 0 comments

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If you have bad credit, your options for credit cards are limited. We usually recommend getting a secured credit card to rebuild your credit. However, the idea of having your money tied up in a security deposit may not be appealing, so you may be tempted to take any credit card that will take you. The Credit One Bank® Unsecured Platinum Visa® is one of those cards. Credit One Bank will extend credit to almost anyone, but beware the costs.

How This Card Works

You'll find that it's hard to find the exact terms for the card. This is because they will offer different terms, depending on just how bad your credit is. And the terms aren't great.

You'll get 1% unlimited cash back on gas purchases, but you'd end up paying more than that for gas anyway since there is no grace period. The moment a purchase posts to your account, you're charged interest on it. The annual fee ranges as well. You won't know what you're getting until you're approved.

Costs

  • $0-$99 Annual Fee ($0-$75 annual fee for the first year)
  • 16.99%-24.99% Variable APR
  • No Balance Transfer Option
  • 3% Foreign Transaction Fee

Pros

Unsecured card for bad credit. This card is specifically designed for those who have bad credit. But the only reason to choose this over better secured card options is if you aren't able to produce the security deposit required for one of them. However, this card has no grace period, so no matter how fast you make a payment, you're still likely to incur some finance charges.

Cons

High fees. The annual fee of up to $99 is high for both unsecured and secured credit cards. There are a number of secured credit cards that carry much lower fees. (See also: 5 Best Secured Credit Cards with No Annual Fees)

Credit increase fee. In most cases credit limit increases are viewed as a reward for managing your account properly, but because of the fees in this case, this is something that should be avoided with this card.

High APR with no grace period. Usually, you can avoid paying interest on your purchases with credit cards if you pay your balance in full rather than carry from month to month. However, finance charges with this card are incurred immediately, on the date of purchase. Most other credit cards allow a grace period, which helps you to save money if you pay your balance in full. (See also: 5 Best Secured Credit Cards with Low APRs)

Foreign transaction fee. If you travel abroad frequently, you should instead carry a card with no foreign transaction fee. (See also: 5 Best Secured Credit Cards with No Foreign Transaction Fees)

Who This Card Is Best For

This card is best for those who have poor to bad credit but don't want get a secured card that requires a security deposit. However, if your score is in at least the mid 600s, there is a chance you can qualify for a better unsecured credit card. (See also: Best Credit Cards for People with Fair/Average Credit)

Click here to apply for the Credit One Bank® Unsecured Platinum Visa® today!


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