Having bad credit is the ultimate chicken-and-egg dilemma. How do you build a credit score when most lenders won’t give you a chance?
Enter Credit One Bank®. They specialize in issuing credit cards to people with average or even poor credit. And while most credit cards aimed at those with lower credit typically come with higher rates and fees and fewer perks, Credit One cards offer cash back rewards and other benefits.
So, if you have impaired credit, one of these Credit One cards may be ideal for you.
Overview: Best Credit Bank® One Credit Cards
- Best overall: Credit One Bank® Platinum X5 Visa Credit Card
- Best for travel and entertainment: Credit One Bank American Express® Credit Card
- Best for groceries and gas: Credit One Bank® Platinum Visa®
- Best for no annual fee: Credit One Bank® Rewards Visa with No Annual Fee Credit Card
Credit One Bank American Express® Card
In A Nutshell
You’ll feel like a VIP with this American Express® card, with exclusive savings and 1% cash back on every purchase – with no limit – throughout the year. Plus you’ll be covered with up to $150,000 in travel accident insurance – which is great assurance while you’re traveling.
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What We Like:
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Unlike other rewards-based credit cards, the 1% cash back applies to ALL purchases, with no purchase amount limits
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When you travel, you’ll have $150,000 in travel accident insurance coverage
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American Express cardholders have access to exclusive offers on shopping, travel, dining out, and more
- Earn unlimited 1% cash back rewards on all purchases, terms apply.
- $0 Fraud Liability ensures you won’t be responsible for unauthorized charges
- Retail Protection covers you if an eligible item is accidentally damaged or stolen, terms apply
- Get deals on shopping, dining, travel, and entertainment through Amex Offers
- Enjoy exclusive access to pre-sale tickets for some of the hottest nationwide concerts and events
- Know you’re covered when the unexpected happens while traveling with Travel Accident Insurance, terms apply
- If you are a Covered Borrower under the Military Lending Act, you may get a different offer
- See Rates & Fees
Credit One Bank® Platinum Visa®
In A Nutshell
If you’ve got less-than-exceptional credit, the Credit One Bank® Platinum Visa® is a great option. You will pay an annual fee, but be building credit with every purchase. Enjoy 1% cash back on purchases within eligible categories, and free access to Experian.
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What We Like:
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Approval for offered for some lower-than-average credit scores
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Watch your Experian credit score improve in the Credit One Bank® app
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1% cash back on eligible purchases with no annual limit
- Receive 1% cash back rewards on eligible gas and grocery purchases as well as mobile phone, internet, cable and satellite TV services. Terms apply.
- Enjoy peace of mind with $0 Fraud Liability.
- Free Online Credit Score and Credit Report summary, terms apply
- Make paying your bill easier with the ability to choose your payment due date, terms apply.
- Access your account on-the-go with the Credit One Bank mobile app.
- Never miss an account update with customizable text and email alerts.
- See Rates & Fees
Credit One Bank® Platinum Rewards Visa® with No Annual Fee
In A Nutshell
If you’re flexible on your spending, you’re likely to find the Credit One Bank® Platinum Rewards Visa® with No Annual Fee rewards enticing. You’ll get 2% on items you buy in qualifying categories, and 10% off purchases in qualifying categories in the More Rewards program.
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2% cash back on purchases in select categories and up to 10% back from participating merchants
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No annual fee and as your credit score improves, you may qualify for a credit limit increase
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Customize your notifications account alerts and monitor your credit score with Experian’s free online access
- No annual fee for qualified applicants. Terms apply.
- Get 2% cash back rewards on eligible gas and grocery purchases as well as mobile phone, internet, cable, and satellite TV services. Terms apply.
- Choose your monthly payment due date for added convenience. Terms apply.
- Free Online Credit Score and Credit Report summary, terms apply
- Enjoy peace of mind with $0 Fraud Liability.
- Stay in-the-know with customizable account alerts via email and text.
- Manage your account on-the-go with the Credit One Bank mobile app.
- If you are a Covered Borrower under the Military Lending Act, you may get a different offer
- See Rates & Fees
Credit One Bank® Platinum X5 Visa®
In A Nutshell
If you’re trying to improve your credit score, this is the card for you. Not only will they approve those with less-than-excellent credit, but you’ll also get free access to Experian online. Plus enjoy 5% cash back on purchases with a limit of up to $5,000 in purchases each year, and get 1% back on all qualifying purchases for the remainder of the year.
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What We Like:
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5% cash back on the first $5,000 in eligible purchases annually, 1% cash back thereafter
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Watch your Experian score improve month to month through free access
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Prequalify for free through Credit One’s website without dinging your credit score
- Get 5% cash back rewards on the first $5,000 of eligible gas, grocery, internet, cable, satellite TV, and mobile phone service purchases each year, and then 1% thereafter. Plus 1% cash back rewards on all other purchases, terms apply
- Zero Fraud Liability protects you from unauthorized charges
- Free Online Credit Score and Credit Report summary, terms apply
- Automatically earn More Cash Back Rewards for using your Credit One Bank card at participating merchants, terms apply
- If you are a Covered Borrower under the Military Lending Act, you may get a different offer
- See Rates & Fees
In-depth analysis of the best Credit One Credit Cards
Credit One Bank American Express® Credit Card
- Annual fee: $39.
- APR range: 28.74% Variable.
- 0% introductory APR: N/A.
- Sign-up bonus: N/A.
- Rewards: Unlimited 1% on all purchases.
- Other features: Get deals on shopping, dining, travel, and entertainment; travel accident insurance.
Why the Credit One Bank American Express® Credit Card is good for travel and entertainment
The Credit One Bank American Express® Credit Card is designed for those with fair or better credit. It will help you to improve your credit score, while providing you with unlimited 1% cash back on all purchases, as well as special deals on shopping, dining, travel, and entertainment through American Express.
Why you might not want to consider the Credit One Bank American Express® Credit Card
The Credit One Bank American Express® Credit Card is designed for those with fair, good, or excellent credit. If you fall into the poor credit category, you’re unlikely to qualify for this card and will need to choose another.
Credit One Bank® Platinum Visa®
- Annual fee: $39.
- APR range: 28.74% Variable.
- 0% introductory APR: N/A.
- Sign-up bonus: N/A.
- Rewards: 1% cash back on gas, groceries, and communication services like mobile phone, Internet, and cable and satellite TV.
- Other features: Access your Experian credit score and credit report summary.
Why the Credit One Bank® Platinum Visa® is good for cash back on groceries, gas, and communication services
The Credit One Bank® Platinum Visa® also provides 1% cash back, but they’re concentrated on gas, groceries, and communication services, like mobile phone service, Internet, and cable and satellite TV. It’ll be an opportunity to improve your credit while getting a bit of a discount on your communication services.
Why you might not want to consider the Credit One Bank® Platinum Visa®
First, you may not qualify for this card if you have poor credit. It’s designed for those with fair credit or better. Second, you may also prefer a credit card that offers less restricted cash back, such as 1% cash back on all purchases.
Credit One Bank® Platinum Rewards Visa® With No Annual Fee Credit Card
- Annual fee: $0.
- APR range: 28.74% Variable.
- 0% introductory APR: N/A.
- Sign-up bonus: N/A.
- Rewards: 2% cash back on purchases in select categories; up to 10% cash back from participating merchants.
- Other features: Choose your own monthly payment date; access your Experian credit score and credit report summary.
Why the Credit One Bank® Rewards Visa with No Annual Fee Credit Card is good for double cash back on select purchases with no annual fee
You’ll need to have fair or better credit with the Credit One Bank® Rewards Visa with No Annual Fee Credit Card. But if you do, you’ll get enhanced rewards. First, you’ll get 2% cash back on purchases in select categories. Those include gas stations, grocery stores, and communication services. Then you’ll also get up to 10% cash back on purchases at select merchants. And it all comes with no annual fee.
Why you might not want to consider the Credit One Bank® Rewards Visa with No Annual Fee Credit Card
This is another Credit One card that requires at least fair credit. If you have poor credit, you probably won’t be eligible. But you may also prefer a general rewards card that offers cash back on all purchases, rather than one limited just to gas, groceries, and communication services.
Credit One Bank® Platinum X5 Visa® Credit Card
- Annual fee: $95.
- APR range:28.74% Variable.
- 0% introductory APR: N/A.
- Sign-up bonus: N/A.
- Rewards: 5% cash back on the first $5,000 for gas, groceries, and communication services; unlimited 1% cash back on all other purchases.
- Other features: Access your Experian credit score and credit report summary.
Why the Credit One Bank® Platinum X5 Visa Credit Card is good for overall cash back rewards
Keeping in mind that the Credit One Bank® Platinum X5 Visa Credit Card is designed for those with fair or better credit, it offers a surprisingly generous cash back package. You can earn an incredible 5% cash back on purchases of gas, groceries, and communication services for a combined total of up to $5,000 per year. That’s $250 each year if you make the maximum amount of purchases.
But after that, you’ll earn unlimited 1% cash back on all other purchases. And you can be doing all of this while you are gradually working to improve your credit score.
Why you might not want to consider the Credit One Bank® Platinum X5 Visa Credit Card
Probably the only drawback we could think of with this card is the annual fee. It’s at the higher end of the range for Credit One credit cards. But if you can max out those 5% spending categories, the annual fee will be well worth paying anyway.
Should you consider Credit One?
This is a tough call. Credit One’s products don’t offer very competitive terms, and the possibility of having a credit card with no grace period is troubling. In addition, these cards can have very high annual fees.
On the other hand, Credit One’s cards aren’t meant for those who can qualify for most other credit cards. They are made for people with serious credit problems. The other kind of card that meets this need is called a secured card.
Summary
If you want to rebuild your credit at the lowest possible cost, then a secured card is the product for you. But if you have poor credit, and you simply want to avoid paying a security deposit, then Credit One can be an option to consider.
But with secured cards available that require as little as $49 as a refundable deposit, which is likely less than Credit One’s non-refundable annual fee of up to $75, most would be better off applying for a secured card rather than an unsecured card from Credit One. By understanding exactly what Credit One offers, you can make the best choice for your needs.
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