From the mail to email, it can seem like every bank or financial institution on the planet and on the Internet is offering credit card deals. Even well-known banks tweak offers into new lines of credit.
With that in mind, Credit One Bank offers a new Platinum Visa card, and while overextending credit is a concern for everyone, careful examination of the features, advantages and potential disadvantages of this credit card can help you determine if this is one for which you may want to apply.
Use the FREE credit card chaser tool above now for a comparison of a variety of options.
Credit One Bank is best known for issuing lots of credit card lines. They seem to specialize in the “starter credit kits” for people who are attempting to rebuild credit scores or need to establish revolving credit histories. Most cardholders understand that low-credit-limit cards are for building credit, not for paying living expenses or for expensive shopping sprees.
As such, the Platinum Visa card from this bank has fairly easy acceptance standards and an easy online application process.
Maximum credit limits on the Platinum Visa increase as you build a solid credit responsibility history. If you use the card a few times each month and pay the balance in full and on time when invoiced, you might see a $400 credit increase in six months.
The key is to spend responsibly and to pay on time and with little or no balance carried forward from month to month.
By using that strategy, one cardholder’s credit score increased from 602 to 649 in the same time period.
Figures and Details
The Platinum Visa card does have an annual fee. The Annual fee ranges from $35 to $75. The fee is added to your invoice automatically when it’s due, so don’t be terribly surprised. Simply note the anniversary date, and plan for the expense.
You get to pick your due date with this card, which can be an advantage is scheduled properly. You might, for instance, arrange an automatic payment by your bank; just ensure it arrives at least 10 days before your due date if sending a check. There is no grace period, and you could get charged a maximum of a $35.00 late fee.
For the good news, your annual percentage rate is up to 23.9 percent for purchases, and there are no monthly fees or other one-time fees.
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Annual fees for cash advances could cost between 17.9 – 23.9 percent during your first year. Thereafter, you are charged either a maximum of $5.00 or 8 percent.
In an apparent trade-off, you don’t get special rewards with this card, such as frequent flier miles, but you also have no over-maximum penalty fees and no over-maximum penalty annual percentage rate.
Possible Card Uses
Many cardholders use this Platinum card to build or rebuild credit. However, others use it for smaller business expenses like office supplies and during college terms.
The low starting limit avoids massive splurges and can tremendously aid in tracking expenses.
In choosing a credit card, comparing features and terms with those of other cards is always a good idea. Here are a few Visa card plans and the applicable data from the Platinum Visa from Credit One Bank.
Chase Sapphire(r) Card
Like so many other credit card companies, Chase requires an excellent credit score for your application for a Sapphire Visa card to be considered. The Sapphire card has no annual fee vs. $75 or $99 with Credit One’s card. The regular annual percentage rate is 15.24 percent variable vs. 23.9 percent with Credit One.
Reward points are awarded according to spending habit and mandatory spending minimums during your first three months as a cardholder.
If you do spend $500 during that period, you are awarded 10,000 bonus points and earn from one to two points per dollar spent thereafter vs. no rewards with Credit One’s Platinum Visa. The Chase Sapphire Card offers no non-interest periods for new accounts.
Capital One VentureOne Rewards Card
This card has 0 percent annual interest on purchases until August 2014 vs. 23.9 percent with Credit One’s Platinum Visa; thereafter, Capital One charges anywhere from 11.9 percent to 19.9 percent variable interest.
Rewards are offered with Capital One’s card, depending on spent amount.
American Express Gold Card
Balances must be paid in full every month, so you have no annual percentage rate of interest. You pay no annual fee for the first year but $125 per year thereafter. Cash back rewards from 1 to 10 percent of your total spending are paid annually.
Amalgamated Bank of Chicago Union Credit Card
You need an excellent credit rating to have an application seriously considered for this card. It does not offer a 0-interest period for new cardholders; interest accrues on carried balances. Balance transfers do not gain a no-interest period and accrue a variable interest rate of 14.25 percent.
Members enjoy an annual percentage rate of only 9.25 percent, variable rate with no annual fee or reward plan, on purchases made Members do get free travel insurance when the card is used for travel fares A maximum late fee of $35 can be charged.
If you enroll in the optional AmalgaMiles program, you will be charged a $15 annual fee and can enjoy a $1 per mile reward program that has no black-out dates or many of the restrictions of other travel programs.
Ace Rewards Visa Credit Card
This Visa card requires an excellent credit rating for application consideration. The regular interest rate lies between 13.99 percent and 22.99 percent annually, but no other interest deferral for new members is offered.
There is no annual fee with this card, and you can earn from 1 to 10 percent on qualified purchases in the cash back rewards plan, paid quarterly. You get 5 percent back on Ace product purchases, 2 percent on gas and 1 percent rewards on other purchases.
Arvest Bank Visa Premium Credit Card
There is no extended introductory interest offers on balance transfer and purchases, so interest accrues on open balances after the billing periods, but the regular annual percentage rate charged is currently a variable 10.9 percent on open balances.
There is no annual fee associated with this card, but there is no rewards program offered either.
Chase Freedom Visa
Unlike many other cards, this credit card does offer new accounts a 0-interest plan for balance transfers and purchases for 15 months. However, the balance transfers incur a 3 percent fee in lieu of interest accrual.
The variable annual percentage rate this plan charges is between 13.99 and 22.99 percent, depending on credit history. New cardholders receive a $100 cash back bonus then earn between 1 and 5 percent cash back annually.
BankAmericard Travel Rewards Credit Card
This credit plan has a merging of scattered benefits. New cardholders are offered 0 percent interest on purchases for the first 12 months. However, there is no interest declination on balance transfers.
The regular variable interest rate runs from 14.99 percent to 22.99 percent, depending on the prime interest rate during the billing period.
The rewards program associated with this card runs a little differently than most; cardholders aren’t enrolled in a standard cash back program where money is paid back, based on qualified purchases.
Instead, they earn bonus points that can accrue at a rate of three points per dollar “earned.”
While there is no dollar limit noted with this pay-back system, the only accrual rate is the three-to-one ratio.
China Airlines Credit Card
The credit standard for this credit card is high; it is not one for weak, bad or non-existent credit histories. It offers no introductory, zero-interest, and its regular annual percentage rate charged is a variable 15.99 percent to 24.99 percent. Cash advances incur a minimum $5 fee with 25.24 variable interest.
Balance transfers incur a 4-percent fee and is subject to the same annual rate as purchases. While this MasterCard is a standard credit card for purchases, transfers and cash advances, the rewards program is tailored only for qualified travel.
Each cardholder is gifted a starting bonus of 2,500 miles then accrues bonus miles that can reduce or eliminate air fares from one mile per $0.50 to $1 spent on China Airlines fares and one mile for $2 spent on other airlines. On the positive side, the travel mile bonus has no upper miles or dollar limits.
Is this the card for you?
As you can see by the sample comparison list, above, there is no drought in possible credit cards available across the credit market. However, even a brief glimpse will reveal that not all cards are created equally.
From application and credit history requirements to interest rates and conditions to reward programs and more, the need for the Platinum Visa credit card from Credit One Bank is sorely apparent for many people as they continue to dig themselves out from under the burden left from the global financial crash of 2008.
Whether you want a student credit card, a casual business-use card or are eyeing improving your credit score, this just may be the perfect credit vehicle for you.
Use our FREE chaser tool above to find and compare various credit card options now!