Petal 1 Visa Card vs. Credit One Bank Platinum Visa: No Annual Fee Makes Petal 1 the Better Choice for Building Credit

A photo to accompany a comparison of the Petal 1 Visa and Credit One Bank Platinum Visa credit cards Illustration/NextAdvisor
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If you need access to a card for building credit, both the Petal 1® “No Annual Fee” Visa® Credit Card and the Credit One Bank® Platinum Visa® for Rebuilding Credit can make for 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 get qualified 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 the Credit One Platinum Visa lets users earn cash back in bonus everyday spending categories. However, the Petal 1 Card charges no annual fee, while the Credit One Platinum Visa requires an annual fee that could potentially surpass the value of any rewards you earn within a year. 

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

Side-by-Side Comparison

Petal 1 Visa CardCredit One Bank Platinum Visa
Annual Fee$0$75 the first year, then $99
Welcome OfferNoneNone
Cash Back RewardsEarn 2% to 10% cash back at select merchants with Petal OffersEarn 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• Get pre-qualified with no impact on your credit score

• Opportunities for a credit line increase available
• Get pre-qualified with no impact on your credit score

• Opportunities for a credit line increase available

Rewards and Benefits Comparison

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

The Petal 1 Visa Credit Card’s biggest benefit is its alternative approval option — Petal creates a “Cash Score” using bank account information you may provide to assess your creditworthiness beyond just your credit score. There are also some more traditional benefits, such as few fees and the opportunity to earn 2% to 10% back on purchases made with select merchants through Petal Offers. 

By contrast, the Credit One Bank Platinum Visa earns 1% back in a few everyday bonus categories, including gas, groceries, and your monthly mobile 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 in select categories is more than you’ll find from many credit-building cards. You can also earn up to 10% back with select merchants with this card.

Pro Tip

If you want to earn rewards while you build credit, you should also consider the Petal 2 Visa. This credit-building card option lets you earn 1% to 1.5% back on your spending without an annual fee.

The biggest downside of the Credit One Bank Platinum Visa in comparison to the Petal 1 Card is its annual fee. You’ll pay a $75 annual fee the first year and $99 annually thereafter. To earn enough rewards to make up for the annual fee, you would 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 a lot more than that on your card to earn a meaningful amount in rewards. 

There are a few more benefits you’ll get with either card, too. Both let you check for prequalification offers without an impact on your credit score and offer the same minimum credit limit of $300, with the opportunity to increase your credit limit after regular account reviews.

APRs

Both of these 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. The Credit One Bank Platinum Visa charges the same 23.99% variable interest rate for everyone.

Since both cards charge interest rates that are higher than the industry average, you should steer clear of 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.

Fees

The Petal 1 Visa Card comes out ahead when it comes to fees, since it charges very few fees at all. There’s no annual fee or other maintenance fees, and no foreign transaction fees for purchases you make abroad.  This card does charge a late payment fee of up to $40, and you could take on a $29 fee for returned payments.

Meanwhile, the Credit One Bank Platinum Visa can be much more expensive. It charges a $75 annual fee the first year, followed by $99 annual fee 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 a returned payment fees can be up to $39. 

Petal® 1

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

Editor’s Score: (3.3/5)
  • Intro bonus:
    N/A
  • Annual fee:
    $0
  • Regular APR:
    19.99% – 29.49% (Variable)
  • Recommended credit:
    (No Credit History)
  • Apply Now externa link icon At WebBank’s secure site
Credit One Bank® Platinum Visa® for Rebuilding Credit

Credit One Bank® Platinum Visa® for Rebuilding Credit

Editor’s Score: (2.7/5)
  • Intro bonus:
    N/A
  • Annual fee:
    $75 for the first year. After that, $99 annually ($8.25 per month)
  • Regular APR:
    23.99% Variable
  • Recommended credit:
    300-670 (Bad to Fair)
  • Apply Now externa link icon At Credit One Bank’s secure site See Rates & Fees, Terms Apply.
Petal® 2

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

Editor’s Score: (4.0/5)
  • Intro bonus:
    N/A
  • Annual fee:
    $0
  • Regular APR:
    12.99% – 26.99% (Variable)
  • Recommended credit:
    (No Credit History)
  • Apply Now externa link icon At WebBank’s secure site

Deciding Between Petal 1 Visa Card vs Credit One Bank Platinum Visa

Editorial Independence

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

Either 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 the three credit bureaus, you’ll achieve a better credit score using either card, with responsible use.

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

While the Credit One Bank Platinum Visa does have rewards potential (with 1% cash back in certain categories), you’d have to spend very high amounts in eligible bonus categories to get any real value, after accounting for the annual fee you’ll pay. 

Both cards offer the opportunity to prequalify without a hard credit check, so you can also see the prequalification offers you might be eligible for before you submit a full application. No matter which card you choose, make sure you 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.