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Ever since Orchard Bank credit cards got the axe from Capital One years ago, many consumers with poor credit have been looking to the Credit One Bank® Unsecured Visa® for Rebuilding Credit instead. Let's face it, there unfortunately aren't many credit card options left on the market for those with poor credit. And if you prefer to use an unsecured credit card over a secured credit card, your options are even more limited!

Fortunately, Credit One Bank still offers a decent unsecured alternative if you're willing to play the game and deal with the high fees for a period of time. So if you're prepared to enter credit-rebuilding mode and thinking about pulling the trigger on a Credit One Bank® Unsecured Visa® for Rebuilding Credit application, here are the most important pros and cons you should consider.

Pros of Credit One Bank® Unsecured Visa® for Rebuilding Credit

1.) Potential to secure a credit limit of up to $1,500: Your limit will of course depend on your credit scores, but the good news is you have the potential to land a decent credit limit right out of the gate.

2.) No security deposit is required

3.) No enrollment fees

4.) Pre-qualification won't hurt your credit scores at all

5.) Monthly payment history is reported to all the major credit bureaus

Cons of Credit One Bank® Unsecured Visa® for Rebuilding Credit

1.) Rather hefty annual fee of up to $99

2.) Interest rate is based on your credit worthiness, so it could potentially be high

3.) No grace period, so you'll want to pay off your balances every week

It's no secret that the Credit One Bank® Unsecured Visa® for Rebuilding Credit has a big annual fee and high interest rates too, but frankly that's to be expected in the subprime space. If you have poor credit, you simply have to come to terms with the fact that it's going to be awhile before you can get approved for a no annual fee credit card with a rewards program.

You may not like it, but that's just the way it's going to be if you want another shot at proving you can manage your credit responsibly. To make the Credit One card work for you, keep your balances low and pay the card off as often as you possibly can. Never carry a balance beyond your due date! As your on-time payments are reported to the major credit bureaus, you should begin to see a positive effect on your FICO scores. Plan on using the card until your FICO scores reach the 650 range again, after which you should apply for a fair credit credit card with the intent to close your Credit One card as soon as you're approved for a better card.

Remember, the goal should be to only use this card as long as you have to. It's a stepping stone on your way back to great credit, so treat it as such and you should be able to avoid any problems along the way. For more detailed information on this card offer, check out our complete review of the Credit One Bank Unsecured Visa Card and consider getting pre-qualified before completing your application online.