Credit One Bank Review

These credit cards could help people rebuild their credit and earn rewards

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Credit One

Credit One Bank is an online-only bank that exclusively offers credit cards. It is a technology and data-driven financial services company that is based in Las Vegas. The bank offers American Express, Mastercard, and Visa credit cards to millions of customers across the United States. This in-depth review can help you decide if Credit One Bank’s products are right for you.

  • Pros & Cons
  • Company Overview
Pros & Cons
Pros
  • Credit cards to help build credit

  • Rewards cards earn up to 5% cash back

  • Minimum credit line of $300

Cons
  • High interest rates

  • Variable annual fees based on creditworthiness (up to $99)

  • Foreign transaction fees of 3%

Company Overview
  • Year Founded 1984
  • Official Website www.creditonebank.com
  • Official Products Offered Credit cards
  • Customer Service Live support and secure messaging responses: Monday–Friday, 5 a.m. to 7 p.m. (PST); Saturday–Sunday, 6:30 a.m. to 5 p.m. (EST): 1-877-825-3242. Account access online or via app 24/7.

Pros Explained

  • Credit cards to help build credit – Credit One’s credit cards are designed for consumers who are rebuilding their credit. You may apply directly with the bank, while some potential customers are targeted through direct mail campaigns based on credit report criteria.
  • Rewards cards earn up to 5% cash back – Many credit cards focused on rebuilding credit are bare bones. However, Credit One offers multiple credit cards that offer cash back rewards and other benefits. Some credit cards offer rewards of up to 5% cash back on your purchases.
  • Minimum credit line of $300 – The bank explicitly states that the minimum credit limit offered is $300 in its terms and conditions. This sets the right expectations for potential customers and ensures that there is credit available after any annual fees are charged.

Cons Explained

  • High interest rates – Because Credit One targets customers with rebuilding credit, the risk of lending to these customers is higher than average. To compensate for this risk, the interest rate charged on its credit cards is higher.
  • Variable annual fees based on creditworthiness (up to $99) – Although Credit One offers one credit card with a guaranteed $0 annual fee, several others are variable based on your creditworthiness. This could lead to a surprise for customers who apply and are unsure of their credit situation.
  • Foreign transaction fees of 3% – All of the Credit One credit cards charge a 3% foreign transaction fee. This fee is levied for those making purchases while traveling internationally or buying from an online store based in another country.

Who Is Credit One Best For?

Credit One is best for consumers who are looking for a credit card to rebuild their credit and want the option to earn rewards on their purchases. Additionally, these customers should be satisfied with their current bank for deposit accounts and lending products, as Credit One does not offer checking, savings, and other deposit accounts, nor does it provide other lending solutions, such as mortgages or home equity loans and lines of credit.

What Does Credit One Offer?

The only product that Credit One offers is consumer credit cards. Its seven cards are geared toward consumers who are rebuilding their credit. At this time Credit One does not offer business credit cards. Some credit cards offer cash back rewards and bonuses for spending on certain products or up to a maximum dollar amount each year.

Credit cards for rebuilding credit:

Rewards credit cards with bonus offers:

  • Platinum Rewards Visa
  • Credit One Bank American Express Card
  • Platinum Rewards Visa With No Annual Fee
  • Platinum Visa

Credit One Customer Service

Customers are able to receive current account information at any time of day or night through the Credit One website, its mobile app, or automated telephone banking. Live customer support is available from 5 a.m. to 7 p.m. PST Monday through Friday at 1-877-825-3242. Weekend support is available from 6:30 a.m. to 5 p.m. on Saturday and Sunday.

The Credit One mobile app allows you to schedule payments, check balances and available credit, view your free Experian credit report, and more. It is available on both the iOS App Store and Google Play where both versions currently have a user rating of 4.6 stars or higher on more than 700,000 reviews. The app is currently ranked 39th overall in Finance apps on the App Store.

How to Bank With Credit One

To apply for a credit card with Credit One, the easiest method is through its website at CreditOne.com, where you can respond to a preapproved offer received by mail or check on your application status. You can also see if you’re preapproved for any credit cards without submitting a formal credit report inquiry. If you’re not preapproved, you can submit a formal application for the card of your choice.

Verdict

Credit One is a credit card lender whose products are geared toward consumers who are rebuilding their credit. Although some credit cards offer rewards, consumers with above-average credit can find more-rewarding credit card options at other banks. The bank does not offer any other deposit or lending products, and none of its products are available for businesses. Keep your existing bank, or look for another one, to meet your deposit account and other lending needs. If you need to rebuild your credit, Credit One is a good place to start. You’ll receive at least a $300 credit line if approved, and none of its credit cards have an annual fee higher than $99. Interest rates are higher than average, which provides an incentive for customers to pay off their balance in full each month to avoid being charged interest on purchases.

Methodology

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Article Sources

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  1. CreditOneBank.com. "DISCLOSURES AND TERMS & CONDITIONS FOR CREDIT ONE BANK'S CREDIT CARDS AND CREDIT PROTECTION PROGRAM: MINIMUM CREDIT LINE." Accessed April 20, 2020.

  2. CreditOneBank.com. "DISCLOSURES AND TERMS & CONDITIONS FOR CREDIT ONE BANK'S CREDIT CARDS AND CREDIT PROTECTION PROGRAM: Transaction fees." Accessed April 20, 2020.

  3. CreditOneBank.com. "Choosing a Credit Card." Accessed April 20, 2020.

  4. CreditOneBank.com. "Platinum Visa for Rebuilding Credit." Accessed April 20, 2020.

  5. CreditOneBank.com. "NASCAR Credit Card." Accessed April 20, 2020.

  6. CreditOneBank.com. "Vegas Golden Knights Credit Card." Accessed April 20, 2020.

  7. CreditOneBank.com. "Platinum Rewards Visa." Accessed April 20, 2020.

  8. CreditOneBank.com. "Credit One Bank American Express Card." Accessed April 20, 2020.

  9. CreditOneBank.com. "Platinum Rewards Visa With No Annual Fee." Accessed April 20, 2020.

  10. CreditOneBank.com. "Platinum Visa." Accessed April 20, 2020.

  11. CreditOneBank.com. "Credit One Bank Customer Service." Accessed April 20, 2020.