topic Re: Opinions on the CreditOne Bank Platinum Rewards Visa? in Credit Cards

Opinions on the CreditOne Bank Platinum Rewards Visa?

Anonymous — Fri, 21 Aug 2020 00:29:20 GMT

My credit score recently went up 32 points (recovered pretty quick from my app spree), and I pre-qual for all sorts of fun new cards now. One of them I am looking at is the CreditOne Platinum Rewards Visa, but I want to hear the opinions of the myFICO community on this card before I proceed.

The rewards structure on this card looks rather generous, but I see few people recommending it or looking at it. I'm worried I'm missing some big *GOTCHA* on this card. I know the interest rate is insane, but I pay balances in full every month, so this is irrelevant.

I am in the market for a good grocery store card, and this looks very compelling. I was looking at the American Express Blue Cash Preferred card, but the fact that is card also has 5% on gas, phone, and internet service seems to me like a better value overall. What are the thoughts of the amazing myFICO community?

5% Cash Back Rewards on the First $5,000 of Eligible Purchases Each Year*

Get big rewards on purchases you make every day! Earn 5% cash back rewards on the first $5,000 of eligible gas, grocery, internet, cable, satellite TV, and mobile phone service purchases each year, then 1% thereafter.

Unlimited 1% Cash Back Rewards On All Other Purchases*

For all other purchases you make with this card, you'll earn unlimited 1% cash back rewards. Every purchase, every day, with no limits on how much you can earn!

More Rewards

Get up to 10% More Cash Back Rewards from participating merchants! No offers to activate or points to redeem and offers include some of the nation's top retailers.*

Annual Fee: $95*

Re: Opinions on the CreditOne Bank Platinum Rewards Visa?

kerplunk — Fri, 21 Aug 2020 00:46:22 GMT

You're already in with top tier lenders; I wouldn't go with Credit One.

Here's the math:

Credit One Platinum Rewards

$5000 * 5% = $250

$250 - $95 fee = $155 cash back

Citi Double Cash

$5000 * 2% = $100 cash back

American Express Blue Cash Preferred

$5,000 * 6% = $300

$300 - 95 fee = $205 cash back

AmEx BCP also has a $300 SUB for a total of $505 cash back in the first year.

Personally, I would garden until next year at least. Three cards opened this year is plenty.

Re: Opinions on the CreditOne Bank Platinum Rewards Visa?

Anonymous — Fri, 21 Aug 2020 01:00:38 GMT

@kerplunk wrote:
You're already in with top tier lenders; I wouldn't go with Credit One.

Here's the math:

Credit One Platinum Rewards
$5000 * 5% = $250
$250 - $95 fee = $155 cash back

Citi Double Cash
$5000 * 2% = $100 cash back

American Express Blue Cash Preferred
$5,000 * 6% = $300
$300 - 95 fee = $205 cash back

AmEx BCP also has a $300 SUB for a total of $505 cash back in the first year.

Personally, I would garden until next year at least. Three cards opened this year is plenty.

Is there an inherent issue with Credit One as a lender?

Re: Opinions on the CreditOne Bank Platinum Rewards Visa?

Shaw83 — Fri, 21 Aug 2020 01:05:08 GMT

They're low tier lender that prey's on low credit people. And I hear they have a lot of fees. My wife had a credit one card and I had her close it because of all the fees.

Re: Opinions on the CreditOne Bank Platinum Rewards Visa?

K-in-Boston — Fri, 21 Aug 2020 01:13:36 GMT

Not all Credit One cards are created equally. They have made inroads into offering more traditional products with rewards, grace periods, and in some cases even no fees.

Certainly their name is synonymous with "fee harvester card," but those cards can serve a purpose for some applicants and there are certainly far more egregious fee harvester issuers.

Re: Opinions on the CreditOne Bank Platinum Rewards Visa?

Anonymous — Fri, 21 Aug 2020 19:33:33 GMT

@kerplunk wrote:
You're already in with top tier lenders; I wouldn't go with Credit One.

Here's the math:

Credit One Platinum Rewards
$5000 * 5% = $250
$250 - $95 fee = $155 cash back

Citi Double Cash
$5000 * 2% = $100 cash back

American Express Blue Cash Preferred
$5,000 * 6% = $300
$300 - 95 fee = $205 cash back

AmEx BCP also has a $300 SUB for a total of $505 cash back in the first year.

Personally, I would garden until next year at least. Three cards opened this year is plenty.

I think you are right. I'll probably stay in the garden and just do SP CLI's until 07/22/2021. I will do a product change on my Cash Magnet to the Blue Cash Everyday or Blue Cash Preferred when I'm eligible, depending on whether my spending patterns at the time make the annual fee a worthwhile proposition or not. I'll then apply for the US Bank Altitude Go for dining and food delivery, unless a better option pops up in a year.

I get impatient, and want all of the cards yesterday, but I've probably poked the bear enough for now, and I worry it will turn around and bite me if I don't back off.

Re: Opinions on the CreditOne Bank Platinum Rewards Visa?

kerplunk — Fri, 21 Aug 2020 21:02:56 GMT

Good plan. I would definitely garden, but next year you may want to think about a Chase credit card if they are one of the banks you'd like to have a relationship with since you are under 5/24.

Re: Opinions on the CreditOne Bank Platinum Rewards Visa?

CreditCrusader — Fri, 21 Aug 2020 21:31:57 GMT

For a building card, the rewards are pretty darn good. The 5% categories are solid...and if your spend is high enough, that $95 AF is a distant memory soon enough.

Nevertheless, I have to agree with the others. You have some pretty great cards in your wallet. The Credit One Platinum Rewards card probably isn't for you.

Re: Opinions on the CreditOne Bank Platinum Rewards Visa?

Tomatoshadow2 — Fri, 21 Aug 2020 22:08:15 GMT

Yes, do whatever you can to never do anything with Credit One.

Re: Opinions on the CreditOne Bank Platinum Rewards Visa?

Remedios — Fri, 21 Aug 2020 22:35:57 GMT

@Tomatoshadow2 wrote:
Yes, do whatever you can to never do anything with Credit One.

Why?

Re: Opinions on the CreditOne Bank Platinum Rewards Visa?

Tomatoshadow2 — Fri, 21 Aug 2020 22:46:50 GMT

@Remedios wrote:
@Tomatoshadow2 wrote:
Yes, do whatever you can to never do anything with Credit One.
Why?

Because Credit One, is a preditory lender and they seem to charge fees that a reputable issuer wouldn't charge someone. I would always recommend someone starting with a secured card, and to never get a Credit One account.

Re: Opinions on the CreditOne Bank Platinum Rewards Visa?

Conraddj — Thu, 22 Jul 2021 00:44:50 GMT

I have the card , no fees other than annual fee. They started me with a $500 limit but I pay in full and use it as a revolver should be used , so I can charge any where from 1000 to 1500 a month through it. Processing payments take a little long 2-3 for available credit to update but it's a good starter card. The rewards are pretty good and they always seem to have a promo going on like get an extra $10 if you spend 200. So the card is decent if you ask me the only other reward card I have is the capital one QS1 and that has a limit of $5000 . But I still pay for my groceries and gas with the credit one. I don't qualify for chase or Amex trifecta so I made my own trifecta . With the QS1 , Credit one rewards visa , and my debit card which give me .10cent back on all transactions over $10. Overall I'm satisfied . If you can maximize the rewards of other cards with this card I think it's a good bet

Re: Opinions on the CreditOne Bank Platinum Rewards Visa?

gingerflower — Thu, 22 Jul 2021 03:19:02 GMT

@Tomatoshadow2

Why??

Re: Opinions on the CreditOne Bank Platinum Rewards Visa?

gingerflower — Thu, 22 Jul 2021 03:29:08 GMT

@Tomatoshadow2

Odd because my Sister been with Credit one for 3 years started with $500 and now her limit is $3000 the only fee she has been charged is the annual fee. 2 weeks ago she got an invite for the Credit one Amx card with an invitation code and was approved with no annual fee with a limit of $1000 so as you can see I think it depends on the customer itself on how you handle your account with Credit One!!

Re: Opinions on the CreditOne Bank Platinum Rewards Visa?

Maker_Bayfield — Thu, 22 Jul 2021 14:40:06 GMT

My BK was discharged 7/2/19, on 7/28/19 Credit One gave me a card with a SL of 2000. The only fee I have ever paid is the annual fee, which I agreed to, the line is $2400. I had to dispute an unauthorized charge a VRBO company made, Credit One handled the dispute promptly, credited my account the amount of the dispute while it was under investigation, and has never taken advantage or been predatory to me in any way that I have been with the company.

I have since gotten an offer for another card, $1500 limit with standard grace period. My point being is yes they are a subprime lender, but generally they will give someone a leg up start when no one else will. Based on my own personal experience with them, I have never understood the hate they get from some on this board. I genuinely think that people piggy back off of what others say rather than their own experience.

Re: Opinions on the CreditOne Bank Platinum Rewards Visa?

Anonymous — Thu, 22 Jul 2021 15:18:47 GMT

@Maker_Bayfield wrote:
My point being is yes they are a subprime lender, but generally they will give someone a leg up start when no one else will.

Right, and as was said earlier in the thread (a year ago), not alll their cards are created equal. Some as still fee harvester, but others are somewhat decent, so look at the card rather than just the issuer.

I recently dumped on someone pushing First Premier, because all their cards are horrible. If they produced a card like the Platinum Rewards Visa, while it wouldn't be a FotM, it would go some way to changing their image.

Re: Opinions on the CreditOne Bank Platinum Rewards Visa?

jcooks — Thu, 22 Jul 2021 19:41:22 GMT

You pay for each CLI and also you pay for each card that gets lost. I never received a card when mine expired and I was charged to replace it.

Re: Opinions on the CreditOne Bank Platinum Rewards Visa?

Anonymous — Thu, 22 Jul 2021 20:39:57 GMT

How interesting a card is to a specific person is a function of both (1) the card's terms, and (2) the person's other options. It's easy to assume every credit card product is on the table, and focus only on (1).

For someone who doesn't have a lot of rewards options, the credit1 platinum doesn't look too bad. But I think it's more accurate to think of it as a 3% (best-case) card, rather than a 5% card. Others have done the math. If you use 100% of that $5k cap, your return (after AF) is $155. About 3%.

If that's the only option, then maybe it makes sense. But lots of issuers, including a lot of credit unions, have "3/2/1" cards with no annual fee, 3% on one category, and 2% on the other. I'd favor that over a credit1 product. I'd also look at the Amex prequal page to see if there are offers for the everyday BlueCash card, which is also 3% at supermarkets, has a $6k cap, no annual fee. Also, it usually has a signup bonus. But even if Amex decides you're marginally qualified, and doesn't offer you the bonus . . . credit1 platinum has no bonus, either, and I'd favor BlueCash.

Short version: Depending on credit situation, I wouldn't completely rule it out, but it's more of a 3% card than a 5% card, and there's lots of competition in the "3% rewards with spending cap" space. Definitely explore all options before taking a credit1 offer. My $.02