Visa Petal 1 vs Visa Platinum Credit One Bank

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If you need access to a card for construction credit, the “No Annual Fee” Petal 1 Visa credit card and Credit One Bank Visa Platinum credit card for rebuilding credit can be useful tools. throughout your credit journey. Both cards are available to consumers with low to fair credit scores, and the Visa Petal 1 card application process can even help you qualify based on your banking history in addition to your credit history.

But these cards differ in several important ways. The Petal 1 Visa credit card only offers cash back rewards on purchases made at select merchants, while the Credit One Platinum Visa card allows users to earn cash in bonus daily expense categories. However, the Petal 1 card does not charge any annual fees, while the Credit One Platinum Visa card requires an annual fee that could potentially exceed the value of any rewards you earn in a year.

Here’s how these cards stack up and how to choose the best option for you.

Side by side comparison

Petal 1 Visa Card Credit One Bank Platinum Visa
Annual subscription $ 0 $ 75 the first year, then $ 99
Welcome offer Nothing Nothing
Cash back Earn 2% to 10% cash back at select merchants with Petal offers Earn 1% cash back on gas and groceries as well as your monthly mobile phone, internet, cable and satellite TV service payments

Earn up to 10% cash back at select merchants

Other benefits • Be pre-qualified without impacting your credit score

• Possibilities of increasing the credit line available

• Be pre-qualified without impacting your credit score

• Possibilities of increasing the credit line available

Comparison of rewards and benefits

Because Petal 1 and Credit One Bank Platinum Visa are both for construction credit, you won’t get a ton of extra value in rewards and perks. But there are some advantages to consider.

The biggest advantage of the Petal 1 Visa credit card is its alternative approval option – Petal creates a “Cash Score” using the bank account information you can provide to assess your creditworthiness beyond your simple credit score. credit. There are also more traditional perks, such as reduced fees and the ability to earn 2-10% on purchases made from selected merchants through Petal offers.

In contrast, the Credit One Bank Platinum Visa card earns 1% in a few daily bonus categories, including gasoline, groceries, and your monthly mobile phone, internet, cable, and satellite TV services. It’s not a good rate compared to more traditional cash back credit cards, but even 1% cash back in some categories is more than what you’ll find on many credit cards. You can also earn up to 10% cashback with some merchants with this card.

Pro tip

If you want to earn rewards while you build up credit, you should also consider the Petal 2 visa. This credit card option allows you to recoup 1% to 1.5% on your spending with no annual fee.

The main disadvantage of the Credit One Bank Platinum Visa card compared to the Petal 1 card is its annual fee. You will pay an annual fee of $ 75 the first year and $ 99 per year thereafter. To earn enough rewards to offset the annual fee, you will need to spend $ 7,500 in the card’s bonus categories in the first year and $ 10,000 per year in qualifying fees thereafter. And remember, this is only the threshold to break even on annual fees; you will have to spend a lot more than that on your card to earn a significant amount in rewards.

You will also get a few additional perks with either of these cards. Both allow you to check for prequalification offers without impacting your credit score and offer the same minimum credit limit of $ 300, with the option to increase your credit limit after regular account reviews.

APR

Both of these cards have relatively high open APRs if you have a balance. The Visa Petal 1 card charges a variable APR between 19.99% and 29.49%, depending on your creditworthiness. Credit One Bank Platinum Visa charges the same variable interest rate of 23.99% for everyone.

Since both cards charge higher interest rates than the industry average, you should avoid carrying a revolving balance whenever possible. Charging only what you can afford and paying your balance in full and on time each month will also help you build and maintain good credit.

Costs

The Visa Petal 1 card leads the way when it comes to fees, as it charges very little fees. There are no annual fees or other management fees, and no foreign transaction fees for purchases you make abroad. This card charges a late payment fee of up to $ 40, and you can take over a fee of $ 29 for returned payments.

Meanwhile, the One Bank Platinum Visa Credit can be much more expensive. It charges an annual fee of $ 75 the first year, followed by an annual fee of $ 99 each year thereafter. You will pay an overseas transaction fee of 3% (minimum $ 1) on any overseas purchases you make, and late fees and return payment fees can be up to $ 39.

Petale® 1

Visa® Petal® 1 “no annual fee” credit card

Editor’s Note: (3.3 / 5)
  • Introductory bonus:

    N / A

  • Annual subscription :

    $ 0

  • Regular APR:

    19.99% – 29.49% (variable)

  • Recommended credit:

    (No credit history)

  • Apply now external link icon On the secure WebBank site
Credit One Bank® Platinum Visa® for credit rebuilding

Credit One Bank® Platinum Visa® for credit rebuilding

Editor’s Note: (2.7 / 5)
  • Introductory bonus:

    N / A

  • Annual subscription :

    $ 75 for the first year. After that, $ 99 per year ($ 8.25 per month)

  • Regular APR:

    23.99% variable

  • Recommended credit:

    300-670 (Poor to Fair)

  • Apply now external link icon On the secure site of Credit One Bank See rates and fees, conditions apply.
Petale® 2

Visa® Petal® 2 “Cash Back, No Fee” credit card

Editor’s Note: (4.0 / 5)
  • Introductory bonus:

    N / A

  • Annual subscription :

    $ 0

  • Regular APR:

    12.99% – 26.99% (Variable)

  • Recommended credit:

    (No credit history)

  • Apply now external link icon On the secure WebBank site

Decide between the Visa Petal 1 card and the Visa Platinum Credit One Bank card

Editorial independence

As with all our credit card notice, our analysis is not influenced by any partnership or advertising relationship.

Either of these credit cards can help you build credit if you have a poor credit history or a low credit rating. Since both cards provide the ability to increase your line of credit with on-time payments (which can improve your credit utilization rate) and report the payments to all three credit bureaus, you’ll get a better score. credit using either card, with responsible use.

At the end of the day, we think the Visa Petal 1 card is the best choice for most people, thanks to its low fees, alternative approval process, and credit creation incentives.

Although the Credit One Bank Platinum Visa card has the potential for rewards (with 1% cash back in some categories), you will have to spend very high amounts in the qualifying bonus categories to get real value, after taking into account the annual fees that you will have to pay. To pay.

Both cards provide the ability to prequalify without a serious credit check, so you can also see any prequalification offers you might be eligible for before submitting a full application. Whichever card you choose, make sure you practice good credit habits by paying off your balance in full and on time each month, so you can qualify for more lucrative rewards cards and better bank terms. share of lenders in the future.


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