The Credit One Bank Platinum Visa (Excellent Credit) is a different type of credit card for those with good credit. It contains travel benefits, a high degree of buying power, and offers a great deal of convenience to its cardholders in the way of online account management and 24/7 customer service.
One of the primary benefits to the card is the buying power that is given to the cardholder. The initial credit line is rather low, but it can be increased later after an automatic credit line increase review. This increase is not a mandatory increase, as Credit One gives cardholders the option to accept it, as there may be a fee associated with the credit line increase, but the benefits can far outweigh this fact.
But when you first apply for the card, you will find that the application process is very easy. You become pre-qualified to fill out a long application on the website. Because this is an instant decision card, you will receive a decision rather quickly. It is rare that a decision is not provided immediately. If it isn’t, more time may need to be given for consideration. If that is the case, cardholders can check the status of their application on the Credit One website. If the card is denied, Credit One will send a letter stating why.
Some individuals may consider the APR to be high, but this is a rate that is typical for cardholders holding a good credit rating as opposed to an excellent credit rating. Elite pricing isn’t typically included in this particular market, but there are some things that Credit One does that make the card a good credit investment for those individuals with good credit.
The APR is typical of the card type, but it is variable. This means the rate can change based on market conditions, creditworthiness, and a number of other factors. This is important to know, as it will affect monthly payments. It is also important to know that variable APRs are typical with credit cards. It should be noted that the purchase APR and the cash advance APR are typically the same with the cash advance APR being accompanied by a cash advance fee.
If payments are made late, Credit One does reserve the right to raise the APR. Whether they lower the APR after the account remains in good standing for a specific amount of time is up to their discretion.
Speaking of fees, it is important to understand what incurs fees. As for how those fees happen, it depends upon what you are doing with the card. When the account is opened, there is an automatic annual fee billed to the card, which means the available credit reduces by that amount. It is only billed in full the first year. The second year, the fee increases but it is billed in monthly installments rather than all at once. This is a way in which Credit One works to keep available credit on the card. Rather than billing the annual fee in full every year and consuming what available credit is on the card, they only bill a small amount per month.
Another fee is the late fee. If the payment is made late, the late fee is going to be assessed to the account. There is no over-the-limit fee because the card cannot go over its limit and Credit One will not allow their fees to incur another fee. The last fee, other than the cash advance fee previously mentioned, is the returned check fee. If a payment is made by paper or electronic check and it bounces, the returned check fee is assessed to the account.
There are a number of perks to Credit One Bank Platinum credit card, which is not typical of a card that doesn’t cater to cardholders with excellent credit. The first benefit is the $0 fraud liability. This benefit means that you do not have to pay for fraudulent charges on the card. If the card is lost or stolen, those charges are reimbursed. There are even instances when card details can be taken online. Regardless, proof of fraud means that the accountholder doesn’t have to pay.
The second benefit is that a rental car charged to the card is subject to the Auto Rental Collision Damage Waiver. This means that you have added protection when renting a rental care. If in an accident, then that is more coverage that you have protecting your wallet. Factor in the travel accident insurance when transit tickets are charged to the card and you have to protections that are typically seen on card for people with excellent credit.
The last perk is the Payment Protection Plan, which is a plan that protects individuals who may be facing a hardship that renders them unable to make their payments. Illness and unemployment are qualifying hardships.
Customer service can be considered a benefit because it is very helpful in receiving answers to specific questions, responding to credit line increase offers, and more. But just like with the 24/7 customer service, you have online access to the website any time you need to access it from anywhere. You can make payments, review transactions, look at your statements, check your balance, check available credit, and take advantage of a number of tools on the website that are designed to help you put your credit into perspective. You have a full suite of account tools that allow you to effectively manage your account and keep it in check at your convenience and from the privacy of your computer.
The Credit One Bank Platinum Visa (Excellent Credit) is a credit card for cardholders with good credit that contains perks that are not typical of credit cards within its class. Through travel benefits, payment protection, fraud protection, and automatic credit line increase reviews, it is a card that treats the cardholder the way they want to be treated.