Home » Credit Card Reviews » Credit One Credit Cards: Are They Worth the Confusion?

Credit One Credit Cards: Are They Worth the Confusion?

*Editorial Note: This content is not provided or commissioned by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and 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 Sep 07, 2018, but some terms and conditions may have changed or are no longer available. For the most accurate and up to date information please consult the terms and conditions found on the issuer website.

Credit One Bank has a logo that’s strikingly similar to that of Capital One, but don’t get the two confused when you’re looking for a new credit card. Credit One Bank offers several credit cards that have tricky terms and are laden with fees that you typically won’t encounter with credit cards from major issuers (like Capital One, for instance).

Credit One Bank gets away with higher fees and APRs because it tends to target consumers with less-than-stellar credit scores who aren’t able to get approved for better financing deals elsewhere. Before you sign up for one of their cards, it’s important to understand how they work and, of course, if you can find better options out there.

In this review, we’ll discuss the ins and outs of their offerings, and provide better alternatives that have simpler and fairer terms.

Credit One Bank cards

Credit One Bank provides several cards for consumers that have similar names to each other. The main three cards they offer include:

  • 1% cash back on purchases for qualified applicants, terms apply

  • Pick your due date & choose your card design

  • 19.99% - 25.99% Variable

Highlights
  • 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® Platinum Visa® with Cash Back Rewards

More Info

  • Choose a design from our premium gallery

  • 1% on eligible purchases, terms apply

  • 19.99% - 25.99% Variable

Highlights
  • See if you Pre-Qualify without harming your credit score
  • Track your progress with free online access to your Experian credit score, terms apply 
  • Looking to rebuild credit? We report to the major credit bureaus monthly 
  • Accounts are automatically reviewed for credit line increase opportunities 
  • Make paying your bill easier with the ability to choose your payment due date, terms apply  
  • Stay in-the-know with customizable account alerts via email and text 
  • Receive 1% cash back rewards on eligible purchases, terms apply
  • Enjoy peace of mind with $0 Fraud Liability

See additional details for Credit One Bank® Platinum Visa® for Rebuilding Credit

More Info

  • 1% Cash Bank on Eligible Gas and Automotive Purchases, terms apply*

  • DoubleCash Back at the NASCAR.com Superstore, terms apply*

  • 24/7 fraud monitoring & free credit score tracking*

Highlights
  • See if you Pre-Qualify without harming your credit score 
  • Get 1% cash back rewards on eligible purchases and double cash back rewards at the NASCAR.com Superstore, terms apply 
  • No need to fret—you’re covered by $0 Fraud Liability 
  • Accounts are automatically reviewed for credit line increase opportunities 
  • Choose your monthly payment due date for added convenience, terms apply 
  • Monitor your credit with free online access to your Experian credit score, terms apply 
  • Looking to rebuild credit? We report to the major credit bureaus monthly 
  • Never miss an account update with customizable text and email alerts

See additional details for Official NASCAR® Credit Card from Credit One Bank®

More Info

Credit One Bank fees and fine print

At the very top of Credit One Bank’s credit card terms and conditions is this disclaimer:

“These Disclosures and Terms & Conditions are for informational purposes only.”

Right away that should be a red flag since you won’t find that disclaimer on T&Cs from major banks. Credit One Bank’s disclaimer means any information you see in the T&C may or may not be accurate when you receive your official credit card agreement. Unfortunately, you won’t know the exact terms you receive until you submit a prequalification application.

The annual fee varies. While most credit cards have a predetermined annual fee that all cardholders will receive, Credit One Bank has a varying annual fee that fluctuates from the first and second years your account is open that also depends on your creditworthiness. The annual fee is $0-$75 for the first year. After that, $0-$99.

 You may not receive a grace period. Typically when you read the “paying interest” section of your card’s T&Cs, you’ll see a period of time — usually 21-25 days — from the close of each billing cycle where you won’t be charged interest. However, Credit One Bank states “if your account has a grace period” — meaning you may not be so lucky to receive one. That means interest will start accruing on your purchases from the date they post to your account.

Considering adding an authorized user? Think twice. This card charges a $19 annual fee for adding an authorized user. This is uncommon for mainstream credit cards and adds to the list of many fees you’re charged as a Credit One Bank cardmember.

Don’t wait until the last minute to pay your bill. Credit One Bank is sneaky about how long it takes for your payment to be processed. Searching their FAQs under “Pay Bill,” differences between express and standard payments are detailed in a somewhat confusing way. They use the term “funds” a lot, which means your available credit limit.

With a standard payment, “funds will be available within 7 days.” That means your payment will post within those seven days and you can access the amount of your credit limit you just paid. For express payments, your “funds” will be available sooner — typically the next business day, but it’ll cost you $9.95. Typically, credit card payments made with the major issuers post the same or next day without an additional charge.

Cashback rewards programs

Credit One Bank offers cashback rewards programs for all of their cards where you can earn 1%-2% cash back on eligible purchases. Compared with other cashback cards that can offer up to 6%, those provided by Credit One Bank are subpar — especially since you can only receive double cash back on NASCAR.com purchases with select cards.

In addition to different cashback programs, you won’t know the exact program you qualify for until after you submit a prequalification request. This is a drawback of Credit One Bank credit cards since cards from major issuers disclose the rewards rate prior submitting a prequalification request or applying for a card.

The cashback options you may qualify for with a Credit One Bank credit card include:

  • 1% cash back rewards on eligible gas, groceries, mobile phone service, internet service, and cable & satellite tv service; or
  • 1% cashback rewards on eligible gas, groceries, dining purchases, mobile phone service, internet service and cable & satellite tv service; or
  • 1.1% cashback rewards on eligible dining purchases and 1% cash back rewards on other eligible purchases; or
  • 1% cash back rewards on eligible purchases

For Credit One Bank NASCAR credit cards, you may receive:

  • 1% cashback rewards on eligible purchases, eligible gas and automotive purchases, double cashback rewards on NASCAR.com purchases; or
  • 1% cash back rewards on eligible purchases, double cashback rewards on nascar.com purchases

Card benefits

Don’t get too excited — the additional “perks” provided by Credit One Bank credit cards are pretty standard when compared with offerings from other cards.

  • Zero fraud liability protection
  • Free monthly Experian ScoreX credit score
  • Select insurances: When you use your card to pay for eligible trips, you may receive travel accident and auto rental collision insurance, at no additional cost
  • Shopping discounts: The Visa Offers + Perks program provides discounts at select merchants including food and clothing stores, available when you use your card

Better alternatives

Taking into consideration the tricky terms and numerous fees of Credit One Bank’s credit cards, there are plenty of alternative credit cards that can help you build or rebuild credit. There are cashback and rewards cards that can earn you more than 1%, secured cards that help build credit and even cards with better terms for people with bad or limited/no credit.

Here are some of our top picks:

A secured card:

  • 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically. 1% unlimited cash back on all other purchases.

  • 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.
  • 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 from $200-$2500 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.
  • 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically. Plus, earn unlimited 1% cash back on all other purchases.
  • Get 100% U.S. based customer service & get your free Credit Scorecard with your FICO® Credit Score
  • We automatically match all the cash back you’ve earned at the end of your first year.
  • Receive FREE Social Security number alerts-Discover will monitor thousands of risky websites when you sign up.
  • See Rates & Fees

See additional details for Discover it® Secured

More Info

A $0 annual fee secured card like the Discover it® Secured is a great way for you to build or rebuild credit. It has all the same features of a regular, unsecured card but requires a security deposit that becomes your line of credit. For the Discover it® Secured, there is a minimum $200 security deposit. But don’t worry about losing the deposit — if you pay your balance in full and close your account or Discover decides you’re eligible to receive an unsecured card during one of their monthly account reviews (starting at eight months from account opening), your deposit will be refunded.

This card also comes with a cashback program where you can earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically. 1% unlimited cash back on all other purchases. Plus, for new cardholders, Discover will automatically match all the cash back you earn at the end of your first year.

For average/fair/limited credit:

  • Unlimited 1.5% Cash Back

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

  • 24.99% (Variable)

Highlights
  • Earn unlimited 1.5% cash back on every purchase, every day
  • Earn cash rewards without signing up for rotating categories
  • Get access to a higher credit line after making your first 5 monthly payments on time
  • 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

If you have average/fair/limited, the Capital One® QuicksilverOne® Cash Rewards Credit Card is a good cashback card. You can earn a straightforward 1.5% cash back on every purchase, every day — which is better than the cashback offerings of Credit One Bank credit cards. Plus, cash back can conveniently be redeemed at any time and for any amount.

There is a $39 annual fee, but spend $2,600 annually and you earn enough cash back to pay for the card. Additional perks of this card include Platinum Mastercard® benefits such as auto rental and travel accident insurance, 24/7 roadside and travel assistance services and more.


Recommended Posts:

Discover it Student Cash Back Review

  • 0% for 6 Months*

  • Earn 5% cash back at different places each quarter up to the quarterly maximum, when you activate*

  • 14.99% - 23.99% Variable*

Highlights
  • INTRO OFFER: Discover will match ALL the cash back you've earned at the end of your first year, automatically. There's no signing up. And no limit to how much is matched. 
  • Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants or Amazon.com up to the quarterly maximum each time you activate. Plus, earn unlimited 1% cash back on all other purchases - automatically. 
  • Good Grades Rewards: $20 statement credit each school year your GPA is 3.0 or higher for up to the next 5 years. 
  • No annual fee. No late fee on first late payment. No APR change for paying late. 
  • Get 100% U.S. based customer service & get your free Credit Scorecard with your FICO® Credit Score, number of recent inquiries and more. 
  • Freeze It® on/off switch for your account that prevents new purchases, cash advances & balance transfers in seconds. 
  • Receive FREE Social Security number alerts-Discover will monitor thousands of risky websites when you sign up. 
  • 0% intro APR on purchases for 6 months, then the standard variable purchase APR of 14.99% - 23.99%.
  • See Rates & Fees

See additional details for Discover it® Student Cash Back

More Info

Who the card is best for The Discover it® Student Cash Back is a good choice for students looking to build credit and maximize their cash back with rotating bonus categories. At a $0 annual fee, this card provides a robust cash back program as well as the opportunity to monitor your credit score and hopefully see it […]

Read More

Read More

Target REDcard Review

Target offers the Target REDcard Credit Card, a $0 annual fee store card that can be used at Target stores and Target.com. The main draw of the Target REDcard Credit Card is the 5% discount on Target and Target.com purchases. This is a great perk compared with other store cards that offer lower discounts or inconsistent special offers. Target customers can choose between the Target REDcard Debit Card or Target REDcard Credit Card. […]

Read More

Capital One Platinum Credit Card Review

Who the card is best for The Capital One® Platinum Credit Card is a good choice for people with Average/Fair/Limited credit that want to improve their credit. It has a $0 annual fee, and you can also use CreditWise® from Capital One, a tool that lets you see your credit score and get credit tips on how to manage […]

Read More