Does The Credit One Premier Card Improve My Credit?

If you have a lower credit score and want to find a card to get started on improving said credit score, the Credit One Premier Card is a good option. With 5% cashback on the first $5,000 worth of eligible purchases, as well as 1% cash on all other purchases, this card will provide a great start to improving anyone's credit score.

How Do I Get Started?

Upon getting your new credit card, you will have the option to make purchases at your own free will. You can spend your money however you like, and you can make $5,000 worth of purchases annually with 5% cashback added onto your card. In total, if used properly with all eligible purchases, this will add up to a credit sum of $250. Not a bad start for a beginner's card.

While making all of these purchases leading up to $5,000, you are simultaneously building up your credit so long as you make your payments on time. One of the great benefits this card offers is the 5% cashback being eligible for up to a full year upon account opening. With this benefit, people can make and pay their purchases as they please freely for a year. It’s not like you would need to make $5,000 worth of purchases in a few months in order to attain the full 5% cashback.

What’s The Catch?

Unfortunately, nothing in life is easy. This card comes with an annual fee of $95 which can be considered to be relatively high when looking at a beginner's card. When you weigh in the $250 maximum credit after the first $5,000 in purchases, in reality, you will receive a total of $155 credit for $5,000 in purchases, which may seem like a lot of spending to do for a beginners card.

Another downside to this card is the foreign transaction fees. If you are a college student or someone who has just graduated college looking to go abroad, we’d recommend trying to find a different credit card to accompany you on your travels. We would hate to see someone rack up expensive foreign fees on their first credit card.

Takeaways:

For someone simply trying to build up credit, this card does exactly that and more. While the annual fee and foreign transaction fees can be a nuisance, this card unquestionably does improve your credit score. So long as you make timely payments, along with this card’s no penalty APR, there is no reason to worry your credit score would do anything but go up. Make your purchases, pay your bills, and get that score up.