Home » Top Picks » Best Credit One Credit Cards

Best Credit One Credit Cards

Best Credit One Credit Cards

*Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

This article was last updated Aug 21, 2020. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.

If you’re thinking of applying for a Credit One Bank credit card to build credit, but are confused about which card you’ll be approved for, you’re not alone.

Credit One issues several credit cards, but consumers won’t know which card(s) they can apply for until they go through a prequalification process. On top of that, there’s a history of Credit One not processing payments promptly, as well as getting mixed up with Capital One, a separate credit card issuer with a similar-sounding name and similar-looking logo.

To help clear things up, we’ll take a look at a selection of Credit One card offers, pitfalls to be aware of when considering a Credit One card, and alternatives for people looking to rebuild or improve their credit score.

Compare Credit One credit cards

 Credit One Credit One Bank® Platinum Rewards VisaCredit One Credit One Bank® Platinum Rewards Visa With No Annual FeeCredit One Bank® Platinum Visa® for Rebuilding Credit
Best forConsumers looking to earn a high cashback rate on eligible purchases.Those who want to earn cash back but don’t want to pay an annual fee.People working to improve their credit score.
Credit neededGoodExcellentBad/Poor
Rewardsearn 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.Earn 2% cash back rewards on eligible gas and grocery purchases as well as mobile phone, internet, cable, and satellite TV services, terms applyEarn 1% cash back rewards on eligible gas, grocery purchases and mobile phone, internet, cable and satellite TV services. Terms apply.
Annual fee$95$0$0-$99
Regular purchase APR23.99% variable 23.99% variable17.99% to 23.99% variable

Best Credit One credit cards

There are several Credit One credit cards, and the issuer allows consumers to check online if they prequalify before applying. Prequalification doesn’t guarantee approval, but it indicates a better chance — and unlike applying for a credit card, it doesn’t generate a hard inquiry that dings your credit score.

With most issuers that offer prequalification tools, checking if you’re prequalified is just a helpful way to see if you have a shot at the credit card you want. But with Credit One, it’s a required part of the process before you can apply for a card.

And you won’t know which Credit One card you’ll be able to apply for until you’ve submitted the prequalification form. The bank’s website offers a disclosures and terms and conditions document “for informational purposes only,” stating that if you’re prequalified for a card, you’ll get the actual disclosures and terms and conditions for your offer after prequalification.

The other way to apply for a Credit One card is after receiving an offer in the mail. Credit One’s website has an “accept mail offer” option, which asks for an approval code and your zip code.

For consumers willing to deal with Credit One’s application process, we break down the best Credit One cards for earning 5% cash back, for earning cash back with no annual fee, and for rebuilding credit. These cards were chosen after a review of Credit One cards available on CompareCards and listed on the issuer’s website.

Best for cash back: Credit One Credit One Bank® Platinum Rewards Visa

Earn earn 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. If you hit the spending cap, you’ll earn $250 in cash back. That’s enough to recoup the $95 annual fee and leave $155 in net cash back.

Categories that Credit One lists for earning 5% cash back include:

  • Gas
  • Grocery
  • Internet
  • Cable
  • Satellite TV
  • Mobile phone service

However, there are better cards that earn 5% cash back with no annual fee:

  • Chase Freedom®: Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases.
  • Discover it® Cash Back: 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate, 1% unlimited cash back on all other purchases - automatically

With either the Chase Freedom® or the Discover it® Cash Back, if you max out the 5% category each quarter, that’s $75 in cash back — for a total of $300 over the course of the year.

Chase Freedom® vs. Discover it® Cash Back

Finally, both of the above cards offer better terms on interest than the Credit One Credit One Bank® Platinum Rewards Visa, which has a high 23.99% variable APR. The Chase Freedom® has a 14.99% to 23.74% variable APR range, while the Discover it® Cash Back’s APR is from 11.99% - 22.99% variable apr.

  • 0% for 14 months on purchases and Balance Transfers, then 11.99% - 22.99% Variable APR.

  • 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate, 1% unlimited cash back on all other purchases - automatically*

  • 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. You could turn $150 cash back into $300.

Highlights
  • 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. You could turn $150 cash back into $300.
  • Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate.
  • Plus, earn unlimited 1% cash back on all other purchases - automatically.
  • Redeem cash back in any amount, any time. Rewards never expire.
  • Use your rewards at Amazon.com checkout.
  • #1 Most Trusted Credit Card according to Investor’s Business Daily.
  • No annual fee.
  • Discover is accepted nationwide by 99% of the places that take credit cards.
  • See Rates & Fees

See additional details for Discover it® Cash Back

More Info

Best for no annual fee: Credit One Credit One Bank® Platinum Rewards Visa With No Annual Fee

Earn 2% cash back rewards on eligible gas and grocery purchases as well as mobile phone, internet, cable, and satellite TV services, terms apply

The card’s annual fee is $0.

However, it’s worth noting there are cards available that have no annual fee and earn 2% back on every purchase. For example, with the Citi® Double Cash Card – 18 month BT offer, you’ll earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.

The APR for the Credit One Credit One Bank® Platinum Rewards Visa With No Annual Fee is a stiff 23.99% variable. The Citi® Double Cash Card – 18 month BT offer has a more reasonable APR range of 13.99% – 23.99% (variable), with your interest rate being set based on your creditworthiness.

Best for rebuilding credit: Credit One Bank® Platinum Visa® for Rebuilding Credit

 

The Credit One Bank® Platinum Visa® for Rebuilding Credit is accessible to applicants with bad/poor credit, so if you’re working to improve your credit score, this card might be worth considering. Credit One reports your usage to the three major credit bureaus — Equifax, Experian and TransUnion. However, note that there’s a $0-$99 annual fee, and you won’t know what your annual fee will be until you apply.

It’s true that the card can earn Earn 1% cash back rewards on eligible gas, grocery purchases and mobile phone, internet, cable and satellite TV services. Terms apply. But depending on your annual fee, it could require a large amount of spending on the card to recoup that fee. For example, with a $99 annual fee, it would take $9,900 spent on purchases earning cash back to cover the annual fee.

If you’re able to afford a one-time security deposit, a secured credit card with no annual fee could be a better way to rebuild credit than this Credit One card. Typically, your security deposit can be refunded if you pay off your card in full and close the account, or if the card issuer allows you to graduate to an unsecured card after you’ve demonstrated responsible behavior.

Alternatives to Credit One credit cards

While you might be considering a Credit One card if you have bad credit and are looking to improve your credit score, know that Credit One cards may come with expensive fees, payment processing times of up to seven days (which can tie up your credit limit and may cause a risk of a late fee) and other issues (see below). Here are a few alternative cards for building credit:

AvantCard Credit Card

  • Fast and easy application process

  • No deposit required and no penalty APR

  • 24.99%* Variable APR

Highlights
  • Fast and easy application process
  • No deposit required
  • No hidden fees
  • No penalty APR
  • Report to all three major credit bureaus
  • Zero fraud liability for unauthorized charges
  • Avant branded credit products are issued by WebBank, member FDIC
  • Disclosure: If you are charged interest, the charge will be no less than $1.00
  • Late Fee up to $39

See additional details for AvantCard Credit Card

More Info

The AvantCard Credit Card is a no-frills unsecured card (unsecured meaning it doesn’t require a security deposit) that can help people with fair/limited/bad/poor credit build a positive credit history.

There’s a $59 annual fee, and the regular purchase APR is 24.99%* variable apr.

Note that the card’s not available to residents of Colorado, Iowa, Vermont, West Virginia or Wisconsin.

AvantCard Credit Card review

Capital One QuicksilverOne Cash Rewards Credit Card

  • 1.5% Cash Back on every purchase, every day

  • No rotating categories, cash back won't expire for the life of the account and no limit to how much you can earn

  • 26.99% (Variable)

Highlights
  • Earn unlimited 1.5% cash back on every purchase, every day
  • Earn cash rewards without signing up for rotating categories
  • Be automatically considered for a higher credit line in as little as 6 months
  • Monitor your credit profile with the CreditWise® app, free for everyone
  • $0 fraud liability if your card is ever lost or stolen
  • No limit to how much cash back you can earn, and cash back doesn't expire for the life of the account
  • Help strengthen your credit for the future with responsible card use
  • Get customized alerts and manage your account with the Capital One mobile app

See additional details for Capital One QuicksilverOne Cash Rewards Credit Card

More Info

Capital One and Credit One are easy to confuse, due to similar names and logos — however, they are separate credit card companies. And if you’re looking for a card to build credit and earn rewards with, and you have average/fair/limited credit, the Capital One QuicksilverOne Cash Rewards Credit Card is a great choice.

Cardholders earn 1.5% cash back on every purchase, every day. There is an annual fee of $39, but you can recoup that much in cash back if you spend at least $217 a month on the card. The regular purchase APR is 26.99% (variable).

Capital One QuicksilverOne Cash Rewards Credit Card review

Discover it® Secured Credit Card

  • 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*

Highlights
  • No Annual Fee, earn cash back, and build your credit with responsible use.
  • Using your secured credit card helps build a credit history with the three major credit bureaus. Generally, prepaid and debit cards can’t do that.
  • Establish your credit line with your tax return 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.
  • Discover is accepted nationwide by 99% of the places that take credit cards.
  • 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 Credit Card

More Info

This is a secured credit card, meaning you must submit a security deposit in the amount of your credit limit to the issuer. If you don’t pay back what you charge to the card, the deposit protects the bank. The Discover it Secured requires a deposit ranging from $200 to $2,500.

Applicants with limited/bad/poor credit can apply for this card. And though it’s a secured card, it does earn cash back — 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.

There’s also a sign-up 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.

Where the card stands out from competitors is its monthly account reviews, which start after eight months. Discover will examine your account (and consider your behavior on all your credit products) to see if you qualify to graduate to an unsecured card and get your deposit back.

The Discover it® Secured Credit Card’s annual fee is $0, and the regular purchase APR is 22.99% variable apr.

Discover it® Secured Credit Card review

Is a Credit One credit card right for you?

Credit One credit cards historically have been marketed as a way for people with bad credit to rebuild their credit. However, there are a variety of pitfalls you may encounter if you get a Credit One card:

  • The annual fee for your Credit One card can vary widely.
  • You may be charged a fee for credit limit increases.
  • There might be an additional annual fee for authorized users.
  • You’re not guaranteed a grace period on incurring interest.
  • Payments can take up to seven days to post to your account.
  • Speedier payments incur an Express Payment fee of $9.95.

It is possible to build credit using a Credit One card, but for the reasons outlined above, we typically recommend consumers consider a different option, such as a good secured credit card. And for people with good or excellent credit, there are cards with better rewards and benefits.

The information related to the Chase Freedom® has been independently collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication.


Recommended Posts:

Read More

Best Credit Cards for New Homeowners

If you’ve just closed on a new home, your first thought was probably one of celebration. Your second might have been about how you’re going to manage your new mortgage payment alongside other financial obligations — but don’t stress out just yet. The right credit card, used wisely, can help you face the challenges of […]

Read More

Read More

Easiest Credit Cards To Get Approved For

Whether you’re new to credit, recovering from bad credit, or just don’t want to risk a hard inquiry on your credit report only to get a rejection notice, you have options. CompareCards editors evaluated credit cards that are easiest to get approved for with straightforward terms so you won’t be smacked with expensive and often […]

Read More