The Credit One Bank® Platinum Card is a credit card that is designed for individuals who want an unsecured credit card despite their poor or fair credit rating. There is an annual fee, but it is a competitive fee when compared to other credit cards of the same type.
There are a number of benefits to the Credit One Bank® Platinum Visa Solver. The first is the online application process. This is a process that is easy and it is very fast. All you have to do is fill out the online form to become pre-qualified or you can respond to a pre-approved mail offer and fill out the credit card application.
Once the application is complete, it only takes a matter of seconds to receive a credit decision. If a credit decision cannot be instantly made, Credit One will send a letter that will inform you of why a decision could not be made online and/or it will tell you if you were approved or not.
Once the card is received, you have the option of designing your own card. This process can be carried out online and allows you to personalize your card. For instance, you can choose one of Credit One's designs or you can upload your own photo and have it placed on the card.
Fees And APR
The fees and APR are typical of a fair credit product. There is an annual fee that can vary in amount and it is billed to the card upon approval. Starting the second year, the annual fee is billed in monthly installments and the second year annual fee is higher than the first year fee, but the monthly billing makes the fee much easier to manage.
Other fees include a cash advance fee that is waived the first year the account is open. There is also a late payment fee and a returned payment fee. There is not an over-the-limit fee because Credit One does not permit a card to go over its balance and does not charge a fee if its own fees cause the balance to go over its limit.
In regards to the APR, it is higher than it would be for a card that belonged to a cardholder with good or excellent credit. The exact APR is based upon creditworthiness, so it varies from cardholder-to-cardholder. The APR is also considered variable, which means it changes with the market. You will be notified as these changes occur. For instance, the rate could be 21.99% one quarter and be 23.90% the next. The APR on cash advances is comparable to the APR for purchases. There is no rate for balance transfers since this card does not allow them.
There is also a fee for credit line increases. While Credit One does automatic credit line increase reviews, it is your decision whether or not to take it and pay the fee. The purpose of this fee is to prevent individuals who would max out their credit cards from taking an increase just so they have more spending power. The fee is used as a way to help individuals utilize their credit line increases in a positive way.
The credit limit that is assigned to the card is based on a number of factors, such as creditworthiness and income. It can be as low as a few hundred dollars to over a thousand. As stated before, Credit One will do credit increase reviews to determine when you qualify and it can be a good opportunity for you to have more spending power if you would need it.
It can be beneficial to have a higher credit limit and keep as much of that money as free as possible, which is why it is always advised to pay off all or most of the balance every time a payment is due. This can give you something to consider when told that the account has been approved for a credit line increase.
While this credit card is not a rewards card, there are a number of rewards and benefits, such as the monthly reporting to the three major credit reporting agencies. Another benefit is the extra buying power that a person receives. If you need to rent a car, you have access to the Auto Rental Collision Damage Waiver, which means you receive additional protection if you would be in a car accident in a rental car that is charged to the card.
Cardholders also receive travel accident insurance when the tickets for the trip are charged to the card. Add this to the $0 fraud liability when fraudulent charges are made to the card and this is a credit card for fair credit that can make the fees worth it. Such incidents as a car accident in a rental car can be very expensive and far outweigh the costs of having the card.
Another benefit is the ability to enroll the account online so that the card usage, available credit, and balance can be tracked. Cardholders can also make payments and maintain the account in other ways. This keeps the cardholder from having to call the 24/7 hotline. Even statements can be evaluated and payment history reviewed.
The last benefit is the Credit Protection Program, which is designed to help cardholders who may be faced with unemployment or illness that interferes with their earning capacity. This protection gives the cardholder the opportunity to miss payments or make reduced payments during a specific period of time so they are not reported to the three major credit reporting agencies as making late payments.
The Credit One Bank® Platinum Card is a card that treats cardholders the way they want to be treated, even if they do have fair credit. With car rental protection, payment protection, and travel accident insurance, it is a card that can treat its cardholders like they have excellent credit.