When it comes to selecting the right credit card, people with poor or bad credit have little to no real choice. Most credit cards offered to this group are either expensive (APR-wise), have annual fees, require deposit, or all of the above. With the Credit One® Platinum Visa® Credit Card, Capital One aims to extend the credit to almost anyone, but that comes with a price tag. Perhaps, we think, you are better off getting a secured credit card… Perhaps not. Let’s see what this Visa is all about, shall we?
- Free credit score
- 1% cash back on gas purchases
- Unsecured card for those with bad credit
- 15.65% – 24.15% variable APR, incurred immediately.
- $0-$99 annual fee ($0-$75 for the first year)
How It Works?
Cash back: The Credit One® Platinum Visa® Credit Card offers 1% unlimited cash back on gas purchases.
Free credit score: Each month you can check your credit score for free. Use this feature to get back on track.
APR: 15.65% – 24.15% variable, incurred immediately. Even if you make your payments on time, you will be charged some interest. That way the cash back rewards practically disappear.
Annual fee: $0-$99 based on your creditworthiness and other factors. In the first year, it’s slightly lower, ranging from $0 to $75.
Costs
- 15.65%-24.15% Variable APR
- No Balance Transfer Option
- 3% Foreign Transaction Fee
- $0-$99 Annual Fee ($0-$75 for the first year)
At Credit One Bank’s secure website
Pros
- Unsecured card for bad credit – this card is designed to extend the credit to people with poor or bad credit score. But we are not confident it’s a better option than some secured card.
Cons
- High annual fee makes this card a hard sell, especially for its target market (folks with low credit rating).
- High APR (up to 24.15%) with no grace period means that interest is incurred immediately, on the date of purchase. Most other credit cards allow a grace period of at least 25 days, which helps you to save money if you pay your balance in full.
- No balance transfer option – which seems ludicrous with a card like this. You’ll want to transfer your balance to some other card as soon as you have the option to do so.
Is This The Card For You?
We are hoping that the answer is NO. If we are wrong, you are in problem with a poor or bad credit, and little to no choice on the market. If you want a credit rather than secured card, this is what you get. And again, we suggest you to consider getting some secured card, instead. But it’s your call.