A credit card is a valuable tool for establishing or rebuilding your credit because if you use it for purchases and make all your payments on time, your credit score will go up.
The challenge is getting approved for a card with low or non-existent credit. In that situation, you usually either need to pay a security deposit up front for a secured credit card or have someone with better credit co-sign to help you get a card. Those aren’t your only options, though, because Credit One Bank offers an Unsecured Platinum Visa card. The card is designed to assist cardholder in rebuilding their credit, and it has several useful features.
Terms and Benefits of the CreditOne Bank Visa
If you’re trying to decide whether to apply for the Credit One Bank Unsecured Platinum Visa, here are key terms and benefits you should know about:
• A variable annual percentage rate (APR) between 16.99 and 24.99 percent
• An annual fee between $0 and $75 for the first year and between $0 and $99 for all subsequent years
• Cash back rewards for certain purchases
• Free credit score tracking every month and a credit report summary available to you online
• Fraud protection with account alerts
• A minimum credit limit of $300
Let’s take a closer look at a few of those benefits.
Cash Back Rewards
With this card, there are three separate cash back rewards programs available, and the bank assigns every cardholder to a rewards program depending on their creditworthiness. Although your rewards program is finalized when you’re approved for a card, you can also see which program you’ll be in by going through the pre-qualification process. The most limited cash back rewards program offers 1-percent cash back on all your purchases in select spending categories. These categories are:
• Internet service
• Cell phone service
• Cable and satellite television service
The standard cash back rewards program will have you earning 1-percent cash back on all your purchases. The final cash back rewards program offers 1.1-percent cash back on dining purchases and 1-percent cash back on all other purchases. An extra 0.1-percent cash back is a minimal difference, but overall, this card has a solid cash back rate considering it’s an unsecured card for those with bad credit.
Credit Score Monitoring and Fraud Protection
When you have this credit card, you can log in to your account every month and check your credit score. This allows you to keep track of your progress in building your credit. From your account, you can also check out a summary of your credit report. If your credit card is ever lost or stolen, there is zero fraud liability, which means you won’t be on the hook for any unauthorized charges. All you need to do is make sure that you report the lost or stolen card as soon as you notice it. Credit One Bank also sends you account alerts related to your Unsecured Platinum Visa. If they notice any suspicious activity, they will notify you either by email or with a text message, and you can then respond to let them know if it’s an authorized or unauthorized transaction. You can choose whether you want to email or text message alerts in your account settings.
Applying for the Card
If you received a pre-approval for the CreditOne Bank Visa in the mail, you can respond to that offer by mail to accept it and get your card. Another option is applying online. First, you need to go through a pre-qualification to see what card offers are available to you. If the Platinum Visa comes up, then you can fill out an online application. Both the pre-qualification process and the application process should only take a few minutes at most. Overall, this Platinum Visa card is a very good choice if you have a low credit score and you need a card that doesn’t have strict applicant requirements.
The fact that it’s an unsecured credit card is a major perk because you don’t need to pay hundreds of dollars as a security deposit before you can use your card. The $300 credit limit to start is higher than similar types of cards would have, and it will go up if you use your card responsibly. The cash back rewards programs offer a solid return on your spending, especially if you get into either of the top-two programs. Most important, though, are the credit score monitoring and the protection from fraudulent transactions. These help you stay on top of your credit situation, which is what you need when you’re working on getting a better credit score. With this card, you’ll have all the tools necessary to improve your financial situation.