Credit One Bank® Platinum Visa® with Cash Back Rewards review: Rewards offset by potential fees

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In a Nutshell

The Credit One Bank® Platinum Visa® with Cash Back Rewards can help you earn rewards while you work on building your credit — but there’s potential for high fees that can wipe out any value you might get.

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Pros Cons
Up to 1.1% cash back rewards on eligible purchases Potential annual fee (based on your creditworthiness)
Prequalification check won’t hurt your credit Limits on cash back rewards
Potential credit line increases Potential for low initial credit limit
Monthly access to a free Experian credit score Expensive fees and high APR

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What you should know about the Credit One Bank® Platinum Visa® with Cash Back Rewards

The Credit One Bank® Platinum Visa® with Cash Back Rewards can earn you cash back while you work on building your credit. But keep an eye on the expensive fees and high variable purchase APR of 19.49% - 25.49% — these can quickly eat into anything you might earn.

1% cash back rewards

If you’re working on your credit, you may not see as many cards out there that come with rewards. How much you can earn with the Credit One Bank® Platinum Visa® with Cash Back Rewards depends on your creditworthiness, but the cash back rewards are a nice draw.

You’ll receive the rewards as automatic statement credits, which can help you pay down your account balance. Based on your credit, you’ll be assigned one of the following rewards categories:

  • 1% cash back on eligible gas, groceries, mobile phone services, internet service, and cable and satellite TV services
  • 1% cash back on all of the above and on eligible dining purchases
  • 1.1% cash back on eligible dining purchases and 1% cash back on other eligible purchases
  • 1% cash back rewards on eligible purchases

Prequalification check

When shopping for cards, you might be tempted to apply for as many as possible in hopes you’ll be approved for one. But the lender will check your credit when you submit an application, which will result in a hard inquiry — and a hard inquiry can impact your credit scores.

With the Credit One Bank® Platinum Visa® with Cash Back Rewards, you can find out if you’re prequalified for this card before actually applying. A prequalification is when the lender does a soft pull on your credit, meaning the credit inquiry may appear on your reports but will only be visible to you, and it won’t ding your credit scores. Based on your prequalification, you can then decide whether to submit a formal application (remember that prequalification doesn’t guarantee approval).

Read more: How to get a credit card

Expensive fees and APR

This card can charge a lot of fees, starting with an annual fee that initially reduces your available credit limit and ranges from $0 to $75 for the first year, and $0 to $99 after that. You won’t know upfront if you’ll be charged an annual fee or not.

You may also be charged a fee if your credit line increases, a fee up to $39 (terms apply) when you make a late payment, $19 to add an authorized user and up to $39 (terms apply) for returned payments.

There are also cash advance and foreign transaction fees — and the card offers no intro APR for purchases. Based on your creditworthiness, your variable APR on purchases will range from 19.49% - 25.49%.

Low credit limit to start

If your application is approved, the minimum credit line on this card is $300, which is on the low side. Credit One says it may increase your limit “based on your overall credit performance,” but it’s not clear what that means specifically — and Credit One doesn’t make any promises.

Generally, paying your bill on time every month (in full if you can), along with using only 30% or less of your available credit, can help you start building credit.

Even if you don’t get a higher credit limit with this card, you’ll still be building a positive payment history and contributing to a healthy credit profile overall if you stick with these habits.

Access to your Experian credit score

An additional feature from the Credit One Bank® Platinum Visa® with Cash Back Rewards that you might find helpful is the access you get to a free monthly Experian Scorex credit score. Scorex is just one of many credit scores that exist in the world of credit reporting, and it’s just that — a score, not a full credit report. But it can’t hurt to have it as one indicator or measure of your credit health.

Learn how to dispute an error on your credit report

Who this card is good for

Getting any kind of credit line can be expensive when you’re still working on your credit. If you don’t have the cash for the security deposit needed on a secured card, then the Credit One Bank® Platinum Visa® with Cash Back Rewards could be a cheaper option.

It won’t be cheaper though, if you get hit with all the fees the Credit One Bank® Platinum Visa® with Cash Back Rewards can come with. An annual fee along with other possible fees for things like credit increases, late payments and cash advances could quickly wipe out any gains from the cash back rewards.

Once your credit improves, you can consider moving on to a cash back credit card that offers a higher limit and no annual fee. And if you’re still building your credit, you can look for a secured card with better terms and a refundable deposit.

Not sure this is the card for you? Consider these alternatives.

The Credit One Bank® Platinum Visa® with Cash Back Rewards isn’t the only way to help you build your credit with a credit card. If you go with a secured card instead, it may require an upfront deposit — but some secured cards don’t charge an annual fee, and some even come with rewards.