The Credit One Visa annual fee is $75 intro 1st yr, $99 after. Credit One Visa’s $75 intro 1st yr, $99 after annual fee is higher than the average annual fee among new credit card offers right now. It’s not the only fee you need to worry about with the Credit One Bank® Platinum Visa® for Rebuilding Credit, either.
Credit One Visa Fees
Annual Fee: $75 intro 1st yr, $99 after
Cash Advance Fee: $5/8%, whichever is greater (see terms)
Foreign Fee: 3% or $1, whichever is greater
Balance Transfer Fee: N/A
Max Late Fee: $39
Credit One Bank® Platinum Visa® for Rebuilding Credit
If your Credit One card has an annual fee the first year, Credit One will bill the fee to your account when you open it. Keep in mind that this will reduce your initial available credit until you pay it off. For the second and future years, the annual fee will be billed to your account in 12 monthly installments. For example, if your annual fee is $99, your statement will reflect a monthly charge of $8.25.
Credit One’s annual fees are high for cards designed to rebuild or establish credit. For less expensive options, consider secured cards instead. There are many good secured cards without annual fees. You’ll have to pay a deposit to secure a credit limit. But unlike an annual fee, the deposit is fully refundable once you close the account with a $0 balance.
You should have at least one credit card for good credit because simply having an open credit card account is the most efficient way to build and maintain a good (or even excellent) credit score. But the actual number of credit cards you have doesn’t make up a huge part of your credit score – roughly 5%-10%. The … read full answermore important factors are your payment history, the total amount of your debts, and the total of your credit limits.
As a result, having fewer credit cards that you use responsibly is better than having more cards yet worse performance. But if you have multiple credit cards and use them all responsibly, by paying your bills in full by the due date every month and not maxing out your credit limits, then having multiple credit cards will absolutely help promote good credit.
Here’s how that works: Multiple credit cards means more total credit. More total credit gives you a bit more leeway with your credit utilization (the amount of credit you’re using vs. the amount extended to you). Utilization – overall and of each credit account separately – makes up about 20% of your credit score, so it’s best to keep that number low. And simply paying your bill on-time makes up about 35%-40% of a good credit score. The more on-time payments you have on your credit report, the better it is for your credit score.
If you’re planning on getting multiple credit cards to boost your credit score, it’s worth considering that the age of your credit accounts makes up roughly 15% of your score. Credit age matters because a longer credit history means you have more experience with credit in general, and lenders have more information to assess when determining your creditworthiness. If you add a few new cards to your history, your score may take a hit because your average credit age will get younger.
The maximum credit line for a Credit One credit card is not publicly disclosed by the issuer. If approved for a Credit One card, applicants can expect a minimum credit line of $300 to $500 initially, depending on the card and their credit standing.
Credit One cards are designed primarily for people with bad credit (score of 639 or less) or no credit. The lower your credit score is, the lower your Credit One account’s maximum spending amount is likely to be. Credit One may periodically review your account for an automatic credit line increase. This usually occurs after you’ve had the card for at least 6 months. Credit One doesn’t release specific criteria for granting automatic increases.… read full answer
It’s important to know that if you’re approved, the amount of your credit line that’s available for spending may be reduced before you even use the card. Credit One charges an annual fee of $0 - $95 for the first year (up to $99 after). If there is an annual fee, it will be automatically applied against your credit line. So, if your initial credit line is $300, you could start out with as little as $205.
If Credit One’s maximum credit lines aren’t enough to meet your needs, focus on rebuilding your credit to the point where you can apply for a card with the potential for a higher credit line and lower fees.
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