Credit One Bank Platinum Visa Card Review [2025]: A Solid Choice for Low-Credit Borrowers

Card basics

Who should get this card?

The Credit One Platinum Visa is a good option for someone who has poor or fair credit. This means your FICO scores are likely in the 300 to 669 range, and you may have some collections, defaults, or even bankruptcy on your record. It could also be useful to students and those who are new to building a credit history.

When your credit isn't perfect or you're just starting to build a credit history, getting a credit card can be a challenge. Secured cards — which require you to put down a deposit that serves as your credit limit — are often the easiest to get. Traditional unsecured credit cards that approve those with low credit scores are few and far between.

This Credit One credit card is specifically designed to help you build good credit by reporting your payments to credit bureaus. By using the card and paying on-time, your credit line can also increase, which could also help boost your credit score, so long as you don't use up too much of that credit line. Keeping your credit card balances low can have a positive impact on scoring.

This card is also a good option for people who are looking to earn cashback rewards while building credit or who don't want to put down a deposit like you would with a secured card.

Credit One Platinum Visa benefits

Simple rewards

The rewards program for Credit One's Platinum Visa is pretty simple. You earn 1% cash back on eligible gas, grocery, mobile phone service, internet service, and cable and satellite TV service purchases, applied automatically in the form of statement credits that will reduce the balance on your account, but not count as a payment.

You could be approved even with poor credit

Because this card is designed for those with limited or poor credit, your chances of being approved could be pretty good. You can fill out a pre-approval application on the website to estimate what kind of offer Credit One may make you. This application will not show up on your credit report as a hard credit pull. If you want to move forward to the full application, you can do so after seeing what you qualify for; this will count as a hard inquiry on your credit reports.

Free credit score

As a Credit One customer, you'll have access to your Experian credit score and credit report summary online for free. I really like this feature because it allows you to track your score's improvement over time .

Regular credit review

Your account will be reviewed regularly. This is a good thing because if you're spending and paying responsibly, you could be approved for increases to your credit limit.

This can have a positive impact on your scores. When looking for a credit-building card, this is something that I would rank highly in terms of importance.

Drawbacks of the Credit One Bank Platinum Visa

Annual fee

The Credit One Bank Platinum Visa has an annual fee of $39. While this is relatively low, there are other cards out there that may not charge an annual fee at all.

Modest cashback rewards

You could argue that the 1% cash back cashback earn rate is low, and you wouldn't be wrong. However, I see the fact that you can earn any cash back at all as a huge perk. If your main goal is to build credit and you have a low credit score, you'll likely find it difficult to find a card that offers rewards on your spending. However, if your main goal is to earn cash back, there are many other cards you could consider.

Limited redemption options

Unfortunately, your options for redeeming cash back earned on this card are pretty limited. You can only access your rewards in the form of automatic statement credits to your account. While this is a bit of a drawback, as other cards provide a range of ways you can redeem your earnings, I also appreciate the simplicity of this cashback rewards program.

Foreign transaction fees

This card will also charge you a Either $1 or 3%, whichever is greater foreign transaction fee if you use it while traveling abroad. I see this as a small price to pay if your main priority is building credit, and you can always use a different card or local currency while traveling to avoid this.

Credit One Platinum Visa credit limit

Credit One doesn't publish information about the maximum limit available on this card, but there is a minimum credit line of $300 on new accounts. Your limit may increase thereafter as a result of regular reviews of your account and good credit performance.

Earning and redeeming

As we've noted, the Credit One Platinum Visa distinguishes itself from similar credit builder cards by offering cashback rewards on certain spending.

The card doesn't deliver a ton of value on that front, but that's alright. You should focus on using the card to build credit, any rewards you earn along the way are just an extra perk.

Potential earnings in years one and two

Here's a look at how your rewards can add up with the Credit One Platinum. To calculate these values, we used a valuation of 1 cent per point.

Remember, this is an estimation. The actual value will be determined by how much you spend and in which categories you spend.

Year one earnings: $146

Year two earnings: $146

These values are based on the FinanceBuzz Credit Card Rewards Valuation Model, which takes a look at points earned via spending, the card's welcome bonus (if it has one), and the annual fee.

Best ways to earn

The Credit One Platinum Visa offers 1% cash back on eligible gas, grocery, mobile phone service, internet service, and cable and satellite TV service purchases. Use your card when making purchases to fill up your gas tank, getting your weekly groceries from the supermarket, or paying your internet or cable bills.

Maximizing your redemptions

Unfortunately, there's no strategic way to increase the value of your cashback redemptions with this card — you earn what you earn and it's automatically applied to your statement balance.

The best you can do to optimize your use of the Credit One Platinum Visa is to use the card for purchases made in the spending categories that earn cash back.

Other cards to consider

While the Credit One Platinum Visa is a decent choice for an unsecured credit card you can get with less-than-stellar credit, here are a few other options for credit cards to consider before completing an application.

QuicksilverOne from Capital One

The QuicksilverOne from Capital One is pretty comparable to the Credit One Platinum Visa, with a few extra perks. You get unlimited 1.5% cash back on every purchase; plus 5% unlimited cash back on hotels and rental cars booked through Capital One Travel, an annual fee of $39, unlimited access to your credit score, and automatic consideration for a credit line increase in as few as six months.

You can use your cash back as statement credits, to cover the cost of a recent purchase, or purchase gift cards. All this is steps ahead of what Credit One offers, but you do have to have what Capital One defines as average credit to be approved.

Citi^® Secured Mastercard^®

The Citi^® Secured Mastercard^® is designed for those with limited or poor credit and comes with a $0 annual fee.

This is a secured card, which works differently than the Credit One Platinum Visa. You will have to put down a deposit, which will serve as your credit limit. The deposit is refundable if you close the account in good standing.

FAQs

Bottom line

As an unsecured credit card aimed at those looking to build or improve their credit that also earns cashback rewards, the Credit One Bank Platinum Visa is fairly unique. It's got a manageable annual fee and comes with free access to your credit score, something you'll want to get in the habit of monitoring as you work on your credit.

Sure, the rewards rate isn't stellar, but if you're primarily looking to improve your credit, a little cashback icing on that cake can't hurt. For more options, including cards with no annual fee at all, check out our list of the best cards for bad credit.