Credit One Bank Platinum Visa with No Annual Fee | The Perfect Starter Card For Those With Fair Credit

Written By
Kevin Payne

Credit One Bank® Platinum Visa® with No Annual Fee is a great starter card for individuals with fair-to-good credit.

Credit One Bank Platinum Visa
 
Rating: 2.65 out of 5 stars

The Credit One Bank Platinum Visa with No Annual Fee card may not earn the highest rewards in the industry but it's a good card for those who have fair credit. 

It earns 2% cash back on eligible purchases but considering it has no annual fee, that's free money. It also gives you access to your Experian credit report for free. 

Highlights
  • Earns 2% cash back on eligible purchases and 10% from select merchants

  • Free online access to Experian credit score each month

  • Choice of monthly payment due date 

  • No annual fee

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Best for Those With Fair Credit

  • Annual Fee: $0
  • Intro Offer/Welcome Offer: NA
  • Intro APR: NA
  • Regular APR: 23.99% Variable
  • Credit Score Requirements: Good to Excellent (670 - 850)
Terms and Conditions Apply 

OUR RATING: 2.65

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Why We Love the Credit One Bank® Platinum Visa® with No Annual Fee

Credit One Bank® Platinum Visa® with No Annual Fee is a great starter card for individuals with fair-to-good credit. The best rewards credit cards obviously come with higher credit score requirements, but few rewards options exist for those with less than stellar credit. 

However, this no-fee Platinum Rewards card earns 2% cash back on spending in popular categories like gas, groceries, phone, internet, cable, and satellite TV services. Cardholders can also earn 10% more cash back at select retailers.

Highlights of the Credit One Bank® Platinum Visa® with No Annual Fee

  • Earns 2% cash back on eligible purchases
  • Earns 10% more on purchases from select merchants
  • Free online access to Experian credit score each month
  • Choice of monthly payment due date 
  • Individuals covered under the Military Lending Act may get a different offer
  • No annual fee
  • Automatic rewards statement credits

Who The Credit One Bank® Platinum Visa® with No Annual Fee Is Best For

Credit One Bank® Platinum Visa® with No Annual Fee is geared towards individuals with fair-to-good credit (a FICO score between 580-739). While it’s one of the few credit cards that offers decent cash back rates without strict credit requirements, it’s also a great way to build credit in order to qualify for rewards cards from Credit One or other card issuers. It also comes with free monthly credit score access, so you can track your progress and make monthly payments. 

This version of the Platinum credit card comes with no annual fee – so there’s no upfront cost that dips into the value of rewards earned. While this card doesn’t offer a ton of extra perks, what it does, it does well. 

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The Full Breakdown of the Credit One Bank® Platinum Visa® with No Annual Fee

Credit One Bank® Platinum Visa® with No Annual Fee is a cash back credit card – but there’s more to this Credit One rewards card than meets the eye.

Annual Fees

As its name suggests, Credit One Bank® Platinum Visa® with No Annual Fee has zero annual fees. Understandably, it would be hard to justify paying a fee to carry a card with such few benefits.

Intro APR Offer

It’s rare to find a starter credit card that features an introductory 0% APR offer, and that’s the case with Credit One Bank® Platinum Visa® with No Annual Fee too. There are currently no intro APR offers for purchases or balance transfers available with this card.

Ongoing APR

Credit One Bank® Platinum Visa® with No Annual Fee carries a variable 23.99% APR, which is higher than average.

Welcome Bonus

A welcome bonus is notably missing from the Credit One Bank® Platinum Visa® with No Annual Fee. It’s rare, however, to find a starter credit card that offers one.

Credit Score Requirements

Although they don’t publish credit score requirements, to qualify for Credit One Bank® Platinum Visa® with No Annual Fee, you may need a credit score between 670-850 (which is considered good-to-excellent credit).

Credit One lets you prequalify to see which cards you’re eligible for, which only requires a soft credit pull. The prequalification process won’t negatively impact your credit score. If you don’t like the options presented, you can try another card issuer or work to boost your credit score by paying off your full balance each month (which will also help you avoid costly late fees).

Point Conversion/ Redemption

Rewards credit cards often come with several redemption options to provide cardholders with more flexibility for rewards earned. Cash back rewards earned with Credit One Bank® Platinum Visa® with No Annual Fee have one redemption option: All cash back rewards earned are redeemed automatically for statement credits. You’ll receive an automatic statement credit for every month that has at least one qualifying purchase. 

Note: While statement credits can reduce your card balance, they don’t qualify as payments. If a balance exists after the statement credit, you’ll still need to make at least your minimum monthly payment to avoid a late fee.

Member Perks

Most starter credit cards aren’t packed with extra benefits, and that’s certainly the case with this Credit One card. The biggest benefits of the Credit One Bank® Platinum Visa® with No Annual Fee include:

Free Credit Score

Cardholders get free monthly access to their Experian credit score.

Choose Your Own Due Date

When it comes to paying your monthly Credit One bill, you’re in control. Change your payment due date to one that works better for you. Be aware, however, that some limitations apply.

Zero Fraud Liability

You’re protected against unauthorized charges if your card is ever lost or stolen.

Automatic Account Reviews

Credit One automatically reviews credit card accounts which can lead to credit line increases

Foreign Transaction Fees

Credit One Bank® Platinum Visa® with No Annual Fee may be a good card for improving your credit, but it’s not ideal to use when traveling internationally. The card charges a foreign transaction fee of either $1 or 3% (whichever is greater) on all purchases outside the US.

Reward Expiration

Because there’s only one redemption option (and it occurs automatically), there’s no expiration on cash back rewards earned with your Credit One card.

Customer Service/Ease of Access

Credit One provides 24/7 customer support through an automated phone line. You can also reach the card issuer by mail, but there is no option to send secure messages or emails through your online account. 

Customers can also download Credit One’s mobile app (available for iOS and Android) to access their account, set up payment reminders, alerts, and make payments. 

How The Credit One Bank® Platinum Visa® with No Annual Fee Compares to Others

Credit One Bank® Platinum Visa® with No Annual Fee, but it may not be right for everyone. Here’s a look at how it compares to other credit cards:

Credit One Bank® Platinum Visa® with No Annual Fee vs. Credit One Bank® Platinum Rewards Visa®

Credit One actually offers two versions of its Platinum Visa card. Qualification is based on a credit check during the application process, so you won't know which one you’ll receive until you go through a credit check. 

The cards are very similar in terms of the benefits and perks included. There are two primary differences between the two card options: the rewards structure and the annual fee. 

Credit One Bank® Platinum Rewards Visa® earns 5% cash back on the first $5,000 of eligible gas, grocery, internet, cable, satellite TV, and mobile phone service purchases annually (then 1% after that). All other eligible purchases earn 1% cash back. With the potential to earn more cash back also comes a $95 annual fee. Outside of those two differences, the cards are essentially the same.

Credit One Bank® Platinum Visa® with No Annual Fee vs. Citi Double Cash Back Card

If you have excellent credit, you’re probably better off opting for top cash back cards like Citi Double Cash®. Like Credit One Bank® Platinum Visa® with No Annual Fee, Citi Double Cash carries no annual fee. It also comes with a unique cash back structure where cardholders earn unlimited 1% cash back on all purchases – plus another 1% back when they pay them off. 

The Citi Double Cash Card also features an introductory 0% APR offer on balance transfers for 18 months. Intro offers are a great way to move existing credit card debt and pay it down over time without annoying interest fees.

Is This Credit Card Worth It?

Like any credit card, Credit One Bank® Platinum Visa® with No Annual Fee has benefits and drawbacks to consider.

Pros

  • No annual fee
  • Decent cash back rate in popular spending categories

Cons

  • Higher-than-average ongoing APR
  • Foreign transaction fees
  • You won’t know which Platinum Card you'll receive until you prequalify.  
  • Rewards are only redeemable as automatic statement credits
  • Few extra card benefits

Our Final Take on the Credit One Bank® Platinum Visa® with No Annual Fee

Make no mistake: Credit One Bank® Platinum Visa® with No Annual Fee doesn’t offer as many perks as most rewards credit cards – and no travel benefits at all. But if you’re looking for a card with no annual fee that still earns rewards and can help you build your credit, this Credit One credit card could be an excellent choice for you. 

Before making a decision, compare Credit One Bank® Platinum Visa® with No Annual Fee to other credit card offers

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Highlights
  • Earns 2% cash back on eligible purchases and 10% from select merchants

  • Free online access to Experian credit score each month

  • Choice of monthly payment due date 

  • No annual fee

Visit Website
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The Credit One Bank® Platinum Visa with No Annual Fee is worth considering if you have fair credit. Click the green button to learn more.
Highlights
  • Earns 2% cash back on eligible purchases and 10% from select merchants

  • Free online access to Experian credit score each month

  • Choice of monthly payment due date 

  • No annual fee

Visit Website

Editorial Disclosure

All of the opinions expressed herein are the author's alone, and not those of any bank, brokerage, credit card issuer, lender, insurance company, outside financial institution, or any other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post or any other third parties.