Credit Cards

Petal 1 Visa vs Credit One Bank Platinum Visa

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If you need access to a card to build credit, both the “No Annual Fee” Petal 1® Visa® Credit Card and the Credit One Bank® Platinum Visa® Credit Rebuilding Card can be helpful tools along your credit journey. . Both cards are available to consumers who have low to fair credit scores, and the Petal 1 Visa card application process can even help you qualify based on your banking history in addition to your credit history.

But these cards differ in some important ways. The Petal 1 Visa Credit Card only offers cash back savings on purchases with select merchants, while Credit One Platinum Visa allows users to earn cash back on additional categories of everyday spending. However, the Petal 1 card does not charge an annual fee, while Credit One Platinum Visa requires an annual fee that could exceed the value of any rewards you earn within a year.

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

side by side comparison

Petal Visa Card 1 Credit One Bank Platinum Visa
Annual quota $0 $75 the first year, then $99
Welcome Offer None None
Cash Back Rewards 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 payments

Earn up to 10% cash back at select merchants

Other benefits • Get prequalified with no impact on your credit score

• Opportunities for an increase in the available line of credit

• Get prequalified with no impact on your credit score

• Opportunities for an increase in the available line of credit

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Comparison of rewards and benefits

Because both Petal 1 and Credit One Bank Platinum Visa are for building credit, you won’t get much extra value in rewards and benefits. But there are some advantages to consider.

The biggest benefit of the Petal 1 Visa Credit Card is its alternative approval option: Petal creates a “cash score” using bank account information you can provide to assess your creditworthiness beyond your credit score. There are also some more traditional benefits, like reduced rates and the opportunity to earn 2%-10% back on purchases made with select merchants through Petal Offers.

By contrast, Credit One Bank Platinum Visa earns 1% on a few daily bonus categories, including gas, groceries, and your monthly cell phone, Internet, cable, and satellite TV services. That’s not a great rate compared to more traditional cash-back credit cards, but even 1% back on select categories is more than you’ll find on many credit-building cards. You can also earn up to 10% back at select merchants with this card.

pro tip

If you want to earn rewards while building credit, you should also consider the Petal 2 Visa. This credit-building card option allows you to earn back 1% to 1.5% of your spending with no annual fee.

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

There are also a few more benefits that you will get with either card. Both allow you to shop for pre-qualification offers without affecting your credit score and offer the same $300 minimum credit limit, with the opportunity to increase your credit limit after regular account reviews.

APR

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

Since both cards charge interest rates that are higher 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.

Rate

The Petal 1 Visa Card stands out when it comes to fees, charging very few fees. There is no annual fee or other maintenance fees, and there are no foreign transaction fees for purchases you make abroad. This card charges a late payment fee of up to $40, and may charge a $29 fee for returned payments.

Meanwhile, Credit One Bank’s Visa Platinum can be much more expensive. It charges an annual fee of $75 the first year, followed by an annual fee of $99 each year after that. You’ll pay a 3% foreign transaction fee (minimum $1) on purchases you make abroad, and both late payment fees and returned payment fees can be up to $39.

More information external link icon

Visa® Petal® Credit Card 1 “No Annual Fee”

Editor’s Score: (3.3/5)

Editor’s Score: (3.3/5)

annual fee: 5.0

prequalification: 5.0

rewards and benefits: 2.5

credit building incentives: 3.0

automatic issuer verification: 3.5

annual percentage rate: 2.0

other fines for charges: 3.0

Last updated January 21, 2022

All reviews are prepared by NextAdvisor staff. The opinions expressed therein are solely those of the reviewer. Information, including card rates and fees, presented in the review is accurate as of the review date.

  • Introductory Offer:

    N/A

  • Annual quota:

    $0

  • ordinary APR:

    19.99% – 29.49% (variable)

  • Recommended Credit:

    (No Credit History)

  • Apply nowexternal link icon On WebBank’s secure site

More information external link icon Credit One Bank® Platinum Visa® to rebuild credit

Credit One Bank® Platinum Visa® to rebuild credit

Editor’s Score: (2.7/5)

Editor’s Score: (2.7/5)

annual fee: 1.0

prequalification: 5.0

rewards and benefits: 4.0

credit building tools: 2.0

automatic issuer verification: 3.5

current april: 2.5

other fines for charges: 3.0

Last updated January 21, 2022

All reviews are prepared by NextAdvisor staff. The opinions expressed therein are solely those of the reviewer. Information, including card rates and fees, presented in the review is accurate as of the review date.

  • Introductory Offer:

    N/A

  • Annual quota:

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

  • ordinary APR:

    23.99% Variable

  • Recommended Credit:

    300-670 (bad to fair)

  • Apply nowexternal link icon On Credit One Bank’s secure site See Rates & Charges, terms apply.

More information external link icon Petal® 2

Petal® 2 “Cash Back, No Fees” Visa® Credit Card

Editor’s Score: (4.0/5)

Editor’s Score: (4.0/5)

annual fee: 5.0

prequalification: 5.0

rewards and benefits: 4.5

credit building tools: 4.0

automatic issuer verification: 3.0

April in progress: 3.0

other fines for charges: 4.0

Last updated January 21, 2022

All reviews are prepared by NextAdvisor staff. The opinions expressed therein are solely those of the reviewer. Information, including card rates and fees, presented in the review is accurate as of the review date.

  • Introductory Offer:

    N/A

  • Annual quota:

    $0

  • ordinary APR:

    12.99% – 26.99% (varies)

  • Recommended Credit:

    (No Credit History)

  • Apply nowexternal link icon On WebBank’s secure site

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

Editorial Independence

As with all of our credit card reviews, our analysis is not influenced by any association or advertising relationship.

Any of these credit cards can help you build credit if you have little credit history or a low credit score. Since both cards offer the opportunity to increase your credit line with on-time payments (which can help your credit utilization ratio) and report payments to all three credit bureaus, you’ll get a better credit score using either card. cards, with responsible use.

Ultimately, we believe the Petal 1 Visa Card is the best option for most people, thanks to the lack of fees, alternative approval process, and credit-building incentives.

While Visa Platinum from Credit One Bank has rewards potential (with 1% cash back in certain categories), you’d have to spend very high amounts in eligible bonus categories to get real value, after you factor in the annual fee. which will pay to pay.

Both cards offer the opportunity to prequalify without a hard credit check, so you can also view prequalification offers you might be eligible for before submitting a full application. Regardless of which card you choose, be sure to practice good credit habits by paying your balance in full and on time each month, so you can qualify for more lucrative rewards cards and better terms from lenders in the future.

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