NASCAR American Express Credit Card Review

Full Review of NASCAR American Express Credit Card

Pros Explained

• No security deposit: If you have poor credit or no credit, you typically have to start with a secured credit card and put down hundreds of dollars as a security deposit to serve as your credit line. While the NASCAR American Express Credit Card is available to people rebuilding their credit, it doesn’t require a security deposit. You may qualify for this card even if you have a history of bad credit.
• Cash back on all purchases: Most cards for people rebuilding credit don’t offer rewards. But with the NASCAR American Express Credit Card, you’ll earn 1% cash back on all net purchases. You'll receive an automatic rewards credit on each statement that has at least one net purchase.
• No annual fee for excellent credit: If you have excellent credit, the NASCAR American Express Credit Card has no annual fee. For those with average credit, the annual fee is $39.

Cons Explained

• High fees: The NASCAR American Express Credit Card has high fees typical of cards designed for people with poor credit. Some fees to keep in mind include authorized user fees, cash advance fees, foreign transaction fees, and annual fees (for those with average credit).
  
• Low credit limit: The NASCAR American Express Credit Card has a very low minimum credit limit. Depending on your credit, you could be approved for a credit line of just $300 and your annual fee will further reduce this credit limit. Considering AAA estimates the average car repair costs $500 to $600, this card may not cover a single emergency, leaving you scrambling to find other financing. Another option if you have poor credit is the Blaze Mastercard. Depending on your creditworthiness, you could get approved for a credit limit between $350 and $1,500. But if you make your payments on time, you could qualify for a credit line increase in as little as six months. 
• Poor customer satisfaction ranking: Credit One Bank isn’t known for its customer service. J.D. Power ranked Credit One Bank last out of 11 national credit card issuers in its 2020 U.S. Credit Card Customer Satisfaction Study. Why is it so bad? One reason may be limited customer service.

Who This Card Is Best For

The NASCAR American Express Credit Card is best for someone with poor credit who is looking to rebuild their credit history and doesn’t want a secured card. With this unsecured card, you don’t need to put down a security deposit. Plus, you’ll earn 1% cash back on all purchases. 

Rewards Earning Details

With the NASCAR American Express Credit Card, you’ll earn 1% cash back on every purchase. 

Credit One Bank also occasionally partners with retailers and merchants. When you make a qualifying purchase from one of those partners with this card, you could earn up to 10% cash back. 

There’s no limit to how much you can earn in cash back rewards. 

Rewards Redemption Details

Credit One Bank only offers one redemption method: You’re automatically issued a statement credit for every month you’ve made a qualifying purchase. This statement credit reduces your credit card balance but doesn’t count as a payment on your account. You’re still responsible for making the minimum required payment by the statement due date. 

How to Maximize Your Rewards

The NASCAR American Express Credit Card offers a flat 1% cash back on all purchases.

To show you how your rewards can add up, consider that the U.S. Bureau of Labor Statistics reported that the average consumer spends $2,148 per year on gasoline and motor oil per year. If you use your card to just buy gas throughout the year, you’d earn 1% cash back, giving you $21.48 in rewards. 

Standard Benefits

You get free online access to your Experian credit score and there is a mobile app for constant access.

Cardholder Experience

As mentioned above, Credit One Bank has a poor reputation for customer service. Credit One Bank only has an automated phone line available around the clock; you can’t contact them online through secure email or chat. If you want to speak to a live representative, you have to call 1-877-825-3242.

If you have questions or issues outside of those hours or prefer not to use the phone, you may find Credit One Bank’s customer service experience to be frustrating. If that’s a major problem for you, look for another card issuer like Discover. Discover is consistently ranked as one of the best card issuers in regard to customer service. And while the Discover it Secured card does require a security deposit, it has no annual fee and offers rewards. 

Security Features

The NASCAR American Express Credit Card has standard security features that are typical for credit cards, including zero liability protection and fraud alerts. 

Fees to Watch Out For

Some fees to keep in mind include annual fees and foreign transaction fees. The annual fee is $0 only for those with excellent credit, otherwise it's $39. If you’re approved for a credit limit of $300 and your annual fee is $39, your credit limit will initially be reduced to $261. If you use this card outside of the United States, be prepared for foreign transaction fees. You’ll pay $1 or 3% of the transaction, whichever is greater. 

There are other unsecured credit cards available that charge fewer fees and offer rewards. For example, the Petal 2 card has no annual fee or foreign transaction fees. Plus, you can earn up to 1.5% cash back on purchases. 

Final Verdict

If you’re a NASCAR fan and need to build your credit after making mistakes in the past, the NASCAR American Express Credit Card can give you access to an unsecured credit card and allow you to earn rewards on every purchase. However, it can charges costly fees, has a low minimum credit limit, and offers few benefits.

You can shop around for other unsecured cards or apply for a highly-ranked secured credit card and put down a security deposit.