Credit One Bank Credit Card Reviews – 2021 Update

Credit One Bank (that's Credit One, not to be confused with Capital One) is a bank dedicated to providing credit cards for those looking to either establish or rebuild their credit. It has grown to become one of America's leading credit card providers, with more than 7 million credit cardholders nationwide.

Credit One Bank began operations in 1984 and is currently based in Las Vegas, Nevada. Though their credit cards are provided for consumers with credit issues, they offer many of the same benefits offered by banks providing credit cards to prime credit customers.

One of the biggest is cashback rewards. Credit One Bank takes pride in that it has provided more than $50 million in cashback rewards to its credit cardholders. As well, the credit cards enable consumers to rebuild credit with unsecured credit lines.

Read on my review on Credit One Bank credit cards and why I believe they are worth investigating if you're looking to either build or reestablish your credit.

Credit One Bank Credit Cards

Credit One Bank currently offers several different credit cards to help consumers establish or rebuild credit. The cards are all very similar but there are a couple of differences worth noting, usually around some of the listed features above.

Credit One Bank® Visa® Credit Card

If you know your credit is considered poor and you want to build it back, the Credit One Bank® Visa® Credit Card will give you cashback on eligible purchases while helping you build credit. The card is unsecured, so you won't need to put down a deposit, but the credit line will be anywhere from $300 to $3,000 based on your credit history.

The Credit One Platinum Visa offers the followings features:

  • 1% cash back on eligible purchases
  • Free credit score and credit report summary
  • Customizable account notifications by text or email
  • Zero fraud liability, with 24/7 account monitoring
  • Access via mobile phone app and mobile optimized website
  • Make purchases securely using Apply Pay
  • Choose your payment due date
  • Add an authorized user on the card
  • Travel and auto rental collision insurance
  • Credit line increase opportunities

Get the Credit One Bank® Visa® Credit Card

Credit One Bank® Unsecured Visa® with Free Credit Score Access

If your credit history is a little stronger, the Credit One Bank® Unsecured Visa® with Free Credit Score Access gets you free credit score tracking in addition to the 1% cash back on eligible purchases.

The Credit One Bank Unsecured Visa with Free Credit Score Tracking offers the followings features:

  • 1% cash back on eligible purchases including gas, groceries, and services such as mobile phone, internet, cable and satellite TV, terms apply.
  • Free Experian credit score and credit report summary
  • Customizable account notifications by text or email
  • Zero fraud liability, with 24/7 account monitoring
  • Access via mobile phone app and mobile optimized website
  • Make purchases securely using Apply Pay
  • Choose your payment due date
  • Add an authorized user on the card
  • Travel and auto rental collision insurance
  • Credit line increase opportunities

Get the Credit One Bank® Unsecured Visa® with Free Credit Score Access

Credit One Bank® Visa® Credit Card

The Credit One Bank® Visa® Credit Card offers the following features:

  • 1% cash back on eligible purchases
  • Free credit score and credit report summary
  • Customizable account notifications by text or email
  • Zero fraud liability, with 24/7 account monitoring
  • Access via mobile phone app and mobile optimized website
  • Make purchases securely using Apply Pay
  • Choose your payment due date
  • Add an authorized user on the card
  • Get access to exclusive offers and discounts from NASCAR partners
  • Travel and auto rental collision insurance
  • Credit line increase opportunities

Get the Credit One Bank® Visa® Credit Card

Features & Benefits

Many of the Credit One Bank cards offer similar features and so we'll start by outlining some common features, followed by specifics for each card.

  • Credit One Bank credit reporting. Credit One Bank provides monthly reports of your payment history to the major credit bureaus. This will allow you to improve your credit score using one of the credit cards offered.
  • Personalized cards. You can choose from one of more than 20 different card designs, that best complements your lifestyle.
  • 1% Cash Back Rewards. You can be entitled to cashback rewards either for general purchase activity or for specific eligible purchases. The rewards will post your account as a monthly credit.
  • Free credit score. This will be of particular interest to anyone who is looking to establish or rebuild their credit. Capital One Bank credit cards come with access to your monthly Experian credit score and credit report summary online.
  • Credit line increases. Your credit line will be periodically reviewed for credit line increase opportunities. A fee may apply when this happens. But this is an excellent way to start with a small credit line, and gradually increase it as your payment history allows.
  • $0 fraud liability. You won't have responsibility for paying any unauthorized charges made on your credit card. This gives you protection from fraudulent charges, and peace of mind that your card can't be misused.
  • Customizable account notifications. With this feature, you can choose the notifications that are most important to you. These can include transaction alerts or payment reminders.

Terms & Conditions

  • Credit line: The minimum credit line is $300 and some can have limits as high as $3,000.
  • Interest rate APR on Purchases: Between 17.24% and 25.24%, based on your creditworthiness at the time your account is opened. This is a variable rate APR that will change with the Prime Rate. You will be charged a minimum of $1 for any month in which interest is due on your account.
  • Interest rate APR on Cash Advances: Between 19.15% and 26.15%, based on your creditworthiness when you open your account. This interest rate will also change with changes in the Prime Rate.
  • Annual Fee: In your first year, the annual fee will range between $0 and $75, based on your creditworthiness. For example, if your initial credit line is $300, your available credit will be only $225. In subsequent years, the annual fee will range between $0 and $99. For some accounts, this will be divided into 12 equal portions, with one charged for each month.
  • Grace period: 24 days after the close of each billing cycle. No interest will be charged on purchases if your entire balance is paid by the due date each month. Some accounts, however, may have no grace period. When that's the case, interest is charged on purchases from the posting date.
  • Transaction fees: There are two fee structures for cash advances. One is the greater of 8% of the amount of the advance, or $5, the other is the greater of 3% or $10.
  • Penalty fees: Late fees are up to $37, while a return to payment fee is up to $35.
  • Authorized user participation fee: If an authorized user is added to your card, there is a participation fee of $19 per year is charged.

Optional Credit Protection Program

This is an optional debt cancellation program offered with Credit One credit card accounts. If you experience either involuntary unemployment or disability, the program provides up to six benefit payments for the primary cardholder and cancels the full balance due in the event of death. (The program does not extend to authorized users or a joint cardholder.)

In the event of involuntary unemployment or disability, the minimum payment due is canceled for a maximum of six payments. The total amount eligible for cancellation during the entire benefit period is the full balance owed on the account at the time the qualifying event took place.

In the event of death, the outstanding balance as of the date of death can be canceled. It applies to balances of up to $10,000.

In the case of either involuntary unemployment, disability or death, any changes made to the account after the date of the qualifying event are not covered by the program.

This benefit is optional and comes at a small cost. The fee is $0.96 for each $100 owed on your credit card and charged every month. For example, if you have an account balance of $500, the Credit Protection Program payment will be $4.80 for that month. The fee is added to the monthly balance owed on the card.

Credit One Bank Credit Cards Pros and Cons

Credit One Bank Credit Cards Pros:

  • Credit One Bank credit cards offer an opportunity to rebuild your credit.
  • Credit cards are unsecured – unlike other credit builder cards, you're not required to put up a savings account or security deposit.
  • Cards come with perks and benefits similar to traditional credit cards.
  • Ability to automatically increase your credit line as your payment history warrants.
  • Optional Credit Protection Program to cover involuntary unemployment, disability and death.
  • Free monthly credit score, which is perfect for anyone looking to establish or rebuild credit.

Credit One Bank Credit Cards Cons:

  • High interest rates, even for those with good credit.
  • Credit limits are low, starting at $300.
  • High annual fees, that significantly reduce the already low credit limit. The annual fee can be anywhere from $0 – $99, so keep a close eye on this fee before you apply.

Should You Sign Up for a Credit One Bank Credit Card?

If you're looking to establish or rebuild your credit, you are usually forced to open a secured credit card. That's where you deposit money with a company and then they give you access to it. They're expensive but necessary because you're in credit building mode.

Credit One Bank credit cards should be on your shortlist because they offer unsecured credit cards. So you get all the benefits typically found with traditional credit cards but you don't have to give them a deposit.

The added benefits of the free credit score and the optional Credit Protection Program are made to order for those looking to re-establish credit.

The low credit limits and high fees are definite negatives. But if you have fair or poor credit, they may be a price worth paying for an opportunity to rebuild. (and it's a tradeoff with not giving them a deposit)

If you'd like more information, or if you'd like to apply for a credit card, visit the Credit One Bank website.

Credit One Credit Cards

8

Product Rating

8.0/10

Strengths

  • Variable credit line ($300 - $3,000)
  • 1% cashback on eligible purchases
  • Unsecured cards (do not require deposit)
  • Free credit scores & report summary

Weaknesses

  • Varying annual fee but can be as high as $75
  • High interest rates

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Kevin Mercadante

About Kevin Mercadante

Since 2009, Kevin Mercadante has been sharing his journey from a washed-up mortgage loan officer emerging from the Financial Meltdown as a contract/self-employed "slash worker" – accountant/blogger/freelance blog writer – on OutofYourRut.com. He offers career strategies, from dealing with under-employment to transitioning into self-employment, and provides "Alt-retirement strategies" for the vast majority who won’t retire to the beach as millionaires.

He also frequently discusses the big-picture trends that are putting the squeeze on the bottom 90%, offering workarounds and expense cutting tips to help readers carve out more money to save in their budgets – a.k.a., breaking the "savings barrier" and transitioning from debtor to saver.

Kevin has a B.S. in Accounting and Finance from Montclair State University.

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