When you have good credit it can help you to get a home, vehicles, and jobs. You want to make sure that you keep your credit good, and you will want to get a credit card to build your credit file. Make sure that you understand how to use the credit card before you decide to get it. You will need to be responsible with how you spend the money and always pay it back on time. 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%
- 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% 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. Extra 0.1% 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.
Facts About Credit One Bank Unsecured Platinum Visa Card
You are probably wanting to know all about the facts about Credit One Bank Unsecured Platinum Visa card. Here is a list of facts about Credit One Bank Unsecured Platinum Visa card:
- A Benefit – You will benefit from having this card. It will build your credit file.
- Free Fraud Protection – This is a feature that will give you peace of mind. You will be able to tell if something is wrong with your account.
- Credit Score – You will also get to receive a free credit score. You should take advantage of this plus.
- Set Credit Limit – With this card, you will receive a credit limit that you can borrow against. Make sure that you don’t go over the credit limit, and spend wisely.
- Can Pay Online – You will be able to pay online with this card. This is for your convenience.
- Great Customer Service – This card provides excellent, customer service. If you ever need help with the card or have questions, you will be able to get the answers that you need.
What To Watch Out For When You Are Using This Card
You may what to watch out for when using this card so that you are sure that you are getting the most out of it. Many people wonder what to watch out for when using this card so they don’t get into trouble. Here is a list of what to watch out for when using this card:
- Pay On Time – Always pay on time. You will want to build up your credit. If you are late, it will be recorded so that it will affect your credit rating. This can be very bad for you. Make sure that you give yourself a reminder so that you are never late with the payments so that you can avoid any negative marks on your credit rating.
- Watch Credit Limit – Keep an eye on your credit limit. Make sure that you do not go over it. You want to know that you can handle the payments that you agreed when you first got the credit card without going over the limit.
- Keep Track Of Any Fees – If you are going to owe fees, you need to make sure that you account for them. Make sure that you pay them right away so that you can keep the card in good standing.
- Pay More Than Minimum Payment – You should pay more than your minimum payment every month, although you don’t have to. It is a good idea too because it will give you a better credit score.
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.
How To Benefit From This Card
You will also want to know how to benefit from this card. Since there are ways for how to benefit this card, you will want to pay attention to them. To make it easier for you, here is a list of how to benefit from this card:
- Fraud Protection – You want to take advantage of the fraud protection. This can help you immensely because no one will be able to use your card but you. The fraud protection is excellent, and you will be notified if anything goes wrong on your account.
- Free Credit Score – Knowing your credit score can help you with other financial opportunities in the future. Be sure that you take advantage of knowing what yours is through this card. It is free for you to do.
- Get What You Need – With this card, you will be able to buy the things that you need. It is a must to have a budget in mind so that you are sure that you can pay what you borrow from the card back. Make a budget and stick to it to get the most from using your card.
- Customer Service – You will find that the customer service agents are knowledgeable professionals. They know everything that there is to know about the card and using it. If you should ever have a question, they will be able to give you the answer in a clear and concise manner.
- Increase In Credit Limit – If you find that you need more credit with this card, you can put in for a credit increase. The company will look over your request to see if they will increase it for you. This can help you out when you want to get something and you are nearing your credit limit.
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.