I applied for this card in May 2017 as a second card to my capital one platinum (keep a full profile, Captial One cl $200 is mastercard, Credit One is Visa) - Credit score:580. Definitely needed repair.
Applied and approved for $300 CL no deposit needed. Took about 2 weeks to get my card. Created my online profile, saw a $75 balance - this is the annual fee. Noted. Used the card for a few purchases then made an online payment. Here is the kicker; The payment takes 5 full business days to post, this means that I have to make sure the balance is paid/under 10% 7 business days prior to the due date so it will post properly to my Credit Score as the appropriate usage OR pay $10 to have it post the next business days. They do like to make money lol!!
Continuing right along, it is now the beginning of June - CS is at a 605. Here comes end of June and i get an email that my credit limit has been raised to $500 - didnt ask. (I dont think its worth asking for a CL increase, they will come so long as you dot your i's and cross your t's properly when it comes to your credit score grade, so to speak.) Awesome!
Here we are in August and my CL is now at a 660. almost 100 point difference - cant complain! Figured what the heck - lets shoot for the Capital One Quicksilver One card and see what happens. Approved with $300 CL. Not bad, ill use that in place of my Capital One Platinum Visa. Next step - wait a few months to get my CS in the mid to high 700's then fingers crossed for a Discover card to round out my Credit Profile.
All in all this card does what it is meant to do - repair credit. SO if you need to repair your credit, this is a good Visa to do that with. Do you pay for it? Yes. But lets be honest, your score is tanked otherwise you wouldnt need this card, the little bit you are paying isnt much compared to horrific credit. Use this card as if it is cash/debit - dont use it unless you have it. If you have to, make multiple payments through out the month and definitely Pay your balance before the due date - 7 business days before to avoid an additional $10 charge - you wont be paying the ridiculous 24.99% interest on the full balance if you do. Then dont use it until you see that your account has been updated on Credit Karma with the current balance. Repeat the process.
I did get 1% rewards for gas and groceries. It's nice, but I didnt get the card for the rewards, there will be better ones for that later once my CS is a rockstar. I plan on keeping this card for small purchases while my CS continues to strive upwards and probably will for another year as ive heard closing might actually hurt more than help.
Hope this helps!!