Credit One Bank has a generous reputation for helping people with a bad credit score. The bank accepts many applicants who in need for a credit but they don’t have an excellent credit score. Usually, other banks will offer secured credit card. But Credit One has another strategy to help their member. The bank did not offer Credit One secured credit card. Instead, the bank offers Credit One Bank Platinum Visa.
What is Credit One Bank Platinum Visa Actually?
Though Credit One secured credit card is not existed, the perks of a secured credit card can be tasted from the Credit One Bank Platinum Visa. The Platinum Visa card works best for building a disastrous credit score as well as other secured credit cards.
However, Platinum Visa card obviously will not work fully as a Credit One secured credit card. The card has differences with other secured credit cards. There are plenty considerations should be noticed from the card for example like fees, annual rates, APR and soon. The card still works amazingly for building credit card but it comes with fairly high prices, unfortunately.
The reason why Platinum Visa card regarded as a Credit One secured credit card replacement is pretty simple. Credit One reports your transaction history to three major credit score bureaus. Therefore, your credit score will be boosted up quickly. In addition, the card has a credit limit and the minimum amount for the credit limit is for about $300. It is pretty similar with other secured credit card products out there. It almost feels like the Platinum Visa is the real Credit One secured credit card.
If you request for advancement in terms of credit limits, Credit One charges the request starts from $0 up to $49. However, the credit card limit can be increased by the Credit One without your request.
This Credit One secured credit card also charges their member for annual fees. The annual fees are frequently changing through time. When the account is first opened, the annual fee is $75. Each years later, the fee will be added up to $99. The payment due dates the same with the date your account is opened. For a Credit One secured credit card replacement, this fee is rather expensive.
With the annual fees, the credit card limit will only be available for around $225. In addition, the Platinum Visa as the Credit One secured credit card alternative will distribute the annual fees as a monthly payment in the second year. This way, the burden of paying such a high cost annual fees can be lowered. Late payments will have its consequences. The charge will be $35 for each transaction. So, be careful for your bill due date and make payment on-time.
To manage your credit card, it is strongly advised to keep your transactions as minimum as possible, especially if you only have a low credit score. The best way is to keep your expense at 30% of the credit limit. Therefore, Platinum Visa card can be your Credit One secured credit card to increase your credit score.