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The Credit One Bank® Visa® Cash Back Rewards is touted as a card for those with excellent/good credit, but for a card with an annual fee, the rewards are lackluster and the APR is high.
We’ll examine the Credit One Bank® Visa® Cash Back Rewards card’s pros and cons and offer some alternatives.
- Credit One Bank® Visa® Cash Back Rewards pros
- Credit One Bank® Visa® Cash Back Rewards cons
- Alternative credit cards to consider
- Is the Credit One Bank® Visa® Cash Back Rewards right for you?
- Credit One® Bank FAQs
1% cash back on purchases for qualified applicants, terms apply
Pick your due date & choose your card design
17.99% to 23.99% Variable
- 1% cash back rewards on all purchases, no annual fee, and a competitive APR are just a few of the benefits qualified applicants will enjoy. Terms apply.
- With $0 Fraud Liability, you won’t be responsible for unauthorized charges
- Managing your account is easy with the Credit One Bank mobile app
- Pick a card that fits your style. Multiple card designs are available, a fee may apply
- Monitor your credit with free online access to your Experian credit score, terms apply
- Never miss an account update with customizable text and email alerts
- Do your part to help the environment with the option to go paperless
See additional details for Credit One Bank® Visa® Cash Back Rewards
Credit One Bank® Visa® Cash Back Rewards pros
Check if you prequalify. You can check if you’re prequalified without hurting your credit score as just a “soft pull” of your credit is performed. While prequalification doesn’t guarantee approval, it does mean you’re more likely to be approved once you apply. Note that once you decide to formally apply, a hard inquiry will be placed on your credit report, which can temporarily knock points off your credit score.
Earn cash back. The Credit One Bank® Visa® Cash Back Rewards offers 1% cash back on purchases for qualified applicants, terms apply. You’ll also get the opportunity to earn up to 10% more cash back when shopping with participating merchants.
Free credit score. Cardholders get free online access to their Experian credit score.
Credit One Bank® Visa® Cash Back Rewards cons
Annual fee. There’s an annual fee ranging from $0-$99 to carry the Credit One Bank® Visa® Cash Back Rewards . It’s a drawback that you won’t know how much of an annual fee you will be charged until you are approved. You can recoup the annual fee if you earn enough cash back – for example, if you get a card with a $99 annual fee, spending $9,900 a year on purchases that earn cash back will earn $99 in rewards.
However, it’s worth repeating that there are cards with no annual fee that earn higher cashback rates.
Foreign transaction fee. If you’re traveling outside the United States, be aware this card charges a foreign transaction fee: Either $1 or 3% of each purchase in U.S. dollars, whichever is greater.. You can save money by leaving the Credit One Bank® Visa® Cash Back Rewards at home and taking a card with no foreign transaction fee.
High APR. This card’s APR is 17.99% to 23.99% variable, which falls on the high end of the spectrum.
Alternative credit cards to consider
Depending on your credit profile, there are two alternative cards to consider — the Citi® Double Cash Card – 18 month BT offer and the Discover it® Secured. The former is aimed at applicants with excellent credit while the latter is meant for those who have limited/bad/poor credit.
Here’s how they stack up:
Credit One Bank® Visa® Cash Back Rewards vs. the Citi® Double Cash Card – 18 month BT offer and Discover it® Secured
|Credit One Bank® Visa® Cash Back Rewards||Citi® Double Cash Card – 18 month BT offer||Discover it® Secured|
|Rewards||1% cash back on purchases for qualified applicants, terms apply.||Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.||2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically.|
|Sign-up bonus||No bonus.||No bonus.||For new cardmembers, Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.|
|Minimum deposit||No deposit.||No deposit.||$200|
|Regular purchase APR||17.99% to 23.99% variable||13.99% – 23.99% (variable)||22.99% variable|
Neither of these cards charges an annual fee, and both offer higher cashback rates than the Credit One Bank® Visa® Cash Back Rewards . Plus, with the Discover it® Secured, Discover conducts monthly reviews of your account (starting after eight months) to see if you’re eligible to upgrade to an unsecured credit card and get your deposit refunded.
2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically
Credit line will equal your security deposit of $200 or more*
No annual fee, no late fee on your first late payment. No penalty APR*
- No Annual Fee, earn cash back, and build your credit with responsible use.
- It's a real credit card. You can build a credit history with the three major credit bureaus. Generally, debit and prepaid cards can't help you build a credit history.
- Establish your credit line by providing a refundable security deposit of at least $200 after being approved. Bank information must be provided when submitting your deposit.
- Automatic reviews starting at 8 months to see if we can transition you to an unsecured line of credit and return your deposit.
- Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases – automatically.
- Get 100% U.S. based customer service & get your free Credit Scorecard with your FICO® Credit Score
- INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
- Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
- See Rates & Fees
See additional details for Discover it® Secured
Is the Credit One Bank® Visa® Cash Back Rewards right for you?
If you already have great credit, there are better cards than the Credit One Bank® Visa® Cash Back Rewards , offering generous cash back or premium travel benefits for no annual fee. And for those seeking to rebuild from bad credit, a good secured card with a refundable deposit is a better choice than the Credit One Bank® Visa® Cash Back Rewards – if you graduate to an unsecured card or you pay off your card and close the account, you won’t be out any money in the long run.
Credit One Bank FAQs
Is Credit One Bank legit? Though Credit One Bank is a legitimate credit card issuer, most consumers will do well to avoid them – Credit One cards are likely to come with high interest rates and expensive fees. There are better options, whether you’re looking for a card to help you build credit or you need a card for good credit that offers rewards.
Is Credit One Bank the same as Capital One? No, Credit One Bank and Capital One are not the same company – though their logos look rather similar.
Is a Credit One Bank credit card good for rebuilding credit? Rather than apply for a Credit One card, we recommend building credit with a good secured card. It’s true that secured cards require some money up front, because you must put down a security deposit, but they’re likely to be cheaper over time compared to an unsecured card with an annual fee. Plus, secured cards will typically refund your deposit if you pay the card off in full and close the account.