Personal Finance
Advertiser Disclosure

Petal 1 Visa vs. Credit One Bank Platinum Visa: Detailed Showdown 2024

Our evaluations and opinions are not influenced by our advertising relationships, but we may earn a commission from our partners’ links. This content is created independently from TIME’s editorial staff. Learn more about it.

Updated April 4, 2024

If you have poor or limited credit, you may not qualify for many traditional credit cards. The card_name and Credit One Bank® Platinum Visa® for Rebuilding Credit are unsecured credit cards designed to help individuals build their credit. The two cards offer similar benefits, including reporting card payments to the three major credit bureaus.

Keep reading for a side-by-side comparison of these credit-building credit cards to help you decide which is right for you.

How the Cards Stack Up

If you're looking for a way to build your credit, the card_name and Credit One Bank Platinum Visa offer features and tools to build your credit profile with responsible use. Below is a side-by-side overview of both cards. Consider these and other factors when deciding whether either card is a good fit for you.

Welcome Bonus

Like many credit-building cards, card_name and Credit One Bank Platinum Visa do not come with a welcome bonus offer. Welcome bonuses are limited-time offers for new cardholders who meet spending or other offer requirements to earn a one-time bonus, usually related to the card's rewards program structure.

Welcome bonus winner: Tie


card_name doesn't offer a traditional rewards structure that earns points or cash back for all card spending. Instead, cardholders can earn cash back with select local and regional merchants. Cash back amounts range from 2% to 10% based on the offer terms. Merchant offers are automatically loaded to your Petal account. They're also personalized and vary throughout the year, so the offers you see may be different from what’s given to another cardholder.

Cash back earned is loaded into your Cash Back Wallet the following billing cycle as Cash Back Points. Cash Back Points are redeemable for a statement credit, ACH transfer, or paper check by mail.

Credit One Bank Platinum Visa earns unlimited 1% cash back on eligible purchases of gas, grocery, internet, cable, satellite TV, and mobile phone service. Rewards are automatically redeemed as a statement credit equal to 1% of eligible purchases made during the billing period.

The card also earns up to 10% cash back at select merchants through the More Cash Back Rewards Program. This program runs separately from the card's primary cash back offer.

Available offers are found online at the More Program website or sent to cardholders via email. You'll automatically earn cash back if your card purchases meet the offer requirements. You earn an automatic statement credit based on the cash back earned from qualifying purchases.

Both cards' merchant cash back programs can be hit or miss depending on the offers available and your spending habits. With unlimited 1% cash back in popular spending categories, the Platinum Visa is the clear winner for earning rewards.

Rewards winner: Credit One Bank Platinum Visa

Annual fee

Some credit cards come with an annual fee, the yearly cost for access to the card account and benefits. Consider whether the card offers enough value through rewards, card features and perks to justify paying the additional cost.

Credit One charges a $39 annual fee on the Platinum Visa. The card_name doesn't charge an annual fee. However, when you apply for preapproval through Petal, you're evaluated for multiple cards. If you don't meet the credit or other eligibility requirements for the card_name, Petal may pre approve you for the Petal 1 Rise Visa, which has a $59 annual fee.

With preapproval, you can choose whether to apply, knowing in advance if you meet the basic requirements for the no-fee version.

Annual fee winner: card_name


The annual percentage rate (APR) is the cost of borrowing money annually expressed as a percentage. The higher a card's APR, the higher the interest rate charged if you carry a balance.

The card_name has a variable APR range of 24.99% to 34.49% based on your creditworthiness and other factors. The Credit One Bank Platinum Visa has a variable APR of 28.99%. Both cards feature variable APRs, which can change at any time based on the market.

With either card, you will pay a fairly high APR if you carry a monthly balance. card_name Visa gets the nod because it offers a potentially lower APR, but you'll need to meet credit requirements to earn it.

APR winner: card_name

Foreign transaction fee

Some credit cards charge a fee on purchases made outside of the U.S., called a foreign transaction fee. These fees could add up quickly if you're a frequent international traveler.

The card_name wins in this category because it has no foreign transaction fees. The Credit One Platinum Visa charges either $1 or 3% of each purchase in U.S. dollars, whichever is greater, on purchases made outside of the U.S.

Foreign transaction fee winner: card_name

Other card benefits

Typically, you need good-to-excellent credit to qualify for credit cards that offer many benefits and perks. As credit-building cards, the card_name and Credit One Bank Platinum Visa offer only the basic benefits generally offered with most credit cards. These basic benefits include fraud protection, autopay, mobile access, account notifications, and payment reporting to the major credit bureaus.

Both cards offer potential credit line increases, giving you access to more credit. With the card_name, you may qualify for an invitation from Petal to its Leap program, which allows you to increase your credit limit through a history of qualifying on-time payments and maintaining a qualifying credit score.

Credit One Bank offers automatic account reviews for credit line increases based on your overall credit performance. Cardholders have the option to choose their payment date once every six months. The Platinum Visa comes with optional credit protections for an additional fee. The optional benefit provides financial protection if you become involuntarily unemployed or disabled.

Additional perks winner: Tie

Which Card earns the most?

The Credit One Bank Platinum Visa offers higher earning potential, primarily because it's the only one that offers cash back rewards on everyday spending in bonus categories. Considering the spending habits of the average American, a cardholder's monthly budget may include trips to the gas station or grocery store or line items for mobile devices, internet, cable or satellite TV services. The amount of cash back you could earn depends on your spending habits.

Both cards earn cash back at select retailers. Neither program requires activating offers, so you'll earn rewards automatically with qualifying purchases. Still, these promotional offers change often and may vary based on location. Predicting how much cash back you could earn through promotional offers with either card is impossible.

Our recommendations

Why we recommend card_name

card_name has no annual fee and comes with a potentially lower APR, depending on your credit score. It's also a great option for people who may not meet the credit requirements for other credit cards. The card issuer allows you to apply for a card without a credit check when you link a bank account(s). Instead, Petal looks at your monthly bills and income when determining eligibility, which could help you qualify despite past credit mistakes or limited credit history.

Why you would still opt for Credit One Bank Platinum Visa

The Credit One Bank Platinum Visa is still an excellent option to help build credit. While it carries a $39 annual fee, it may be worth paying to access credit and start building your credit profile. Also, the Platinum Visa earns unlimited cash back rewards, allowing you to recoup some of your spending while building credit.

TIME Stamp: Prequalification allows you to check offers

The card_name and the Credit One Bank Platinum Visa are viable tools for building or rebuilding your credit. Both card issuers report payments to the three major credit bureaus, allowing you to build your credit profile with responsible card use.

Petal and Credit One offer prequalification, allowing you to check card offers without negatively affecting your credit score. Prequalification does not guarantee approval for the card_name or Credit One Bank Platinum Visa or other cards available through the card issuers. Still, it gives you a clearer picture of your standing and whether you meet the basic criteria to qualify for these or other cards.

Frequently asked questions (FAQs)

Does the card_name credit card do a hard inquiry?

The card_name does not require a hard inquiry when you apply. You can instead apply using a linked bank account(s). Petal will look at other factors, such as your monthly bills and income, to determine eligibility for a credit card.

Does the Petal 1 card have preapproval?

Yes, Petal offers preapproval for its credit cards. Pre approval won't impact your credit score but doesn't guarantee approval for a card.

How can I check my Credit One Visa Platinum application status?

Applicants can check the status of card applications online at Credit One Bank's website.

The information presented here is created independently from the TIME editorial staff. To learn more, see our About page.