Did you know that from our Credit One credit cards review, Credit One credit cards have unclear terms, come loaded with fees, and don’t offer many cashback rewards. However, the focus will be more on the credit card fees and rewards for customers.
Credit One Credit Cards Review
Credit cards from Credit One Bank are, across the board, fairly poor deals for consumers.
They include Credit One Bank Unsecured Platinum Visa, Credit One Bank Unsecured Visa for Rebuilding Credit, Credit One Bank Platinum Visa, and the NASCAR Credit Card
The four cards all provide very similar, and limited, rewards and high fees. The Credit One Bank Platinum Visa Card is an unsecured credit card option for people with poor credit.
The terms you’ll be offered vary depending on your creditworthiness, and you won’t even find out what they are until you’re approved.
Still on Credit One credit cards review, in most cases, you can find something less expensive if you opt for a secured credit card.
Credit One Credit Cards Cashback Rewards
Credit One Bank delivers cashback rewards programs for all of their cards where you can earn 1%-2% cash back on eligible purchases.
If you have poor credit, and you simply desire to avoid paying a security deposit, then these Credit One credit cards can be an option to consider.
1. Credit One Bank Platinum Visa for Rebuilding Credit
The Credit One Bank Platinum Visa for Rebuilding Credit is a pretty good unsecured credit card for individuals with bad credit.
The Credit One Visa Card can be beneficial because it gives users a $300 initial spending limit, with no security deposit needed, in return for up to $99 in annual fees ($75 the first year).
It also delivers cash-back rewards and monthly credit bureau reporting.
2. Credit One Bank Platinum Visa
The Credit One Bank Platinum Visa is a decent unsecured credit card for individuals with fair credit that offers 1% cash back on eligible purchases and charges an annual fee of $39.
Although it does not demand a security deposit, the Credit One Bank Credit Card is not cheap.
For example, it levies interest at an annual rate of 29.74% (V), while the market average is 22.9%.
3. Credit One Bank NASCAR Credit Card
The Credit One Bank NASCAR Credit Card is an unsecured rewards credit card for individuals with fair credit.
It presents a starting credit limit of $300 in return for an annual fee that could be $0 – $39, depending on creditworthiness.
However, any balance that you take from month to month with the NASCAR Card will accrue interest at a very high rate.
Compared with other cashback cards that can offer up to 6%, those provided by Credit One Bank are inadequate. Especially since you can only obtain double cash back on NASCAR.com purchases with select cards.
However, don’t get too excited since the additional “perks” provided by Credit One Bank credit cards are pretty standard when compared with offerings from other 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 to submitting a prequalification request or applying for a card.
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Credit One Credit Card Fees
Credit One Bank has a varying annual fee that fluctuates from the first and second years your account is open. That depends on your creditworthiness.
The annual fee is $0-$75 for the first year. After that, $0-$99. Meanwhile, most credit cards have a predetermined annual fee that all cardholders will receive.
Alternatives to Credit One Credit Cards
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.
1. Discover it Secured
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 as 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.
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 each quarter, and 1% unlimited cash back on all other purchases.
Additionally, for new cardholders, Discover automatically matches all the cash back you’ve earned at the end of your first year.
2. Bank of America Secured Credit Card
Good for people who want a low annual fee and extensive rewards.
Bank of America’s Customized Cash Rewards Secured Credit Card took the second spot on our list for its zero-dollar annual fee, high credit limit, and rewards structure.
This option lets cardholders choose how they want to earn rewards.
You can gain 3% on the category of your choice, 2% cash back at grocery stores and wholesale club purchases, and 1% unlimited cash back on all other purchases.
3. UNITY Visa Secured Credit Card
Good for people who don’t mind a higher annual fee for a higher credit limit.
The UNITY Visa Secured Credit Card was the only credit card on our list that charged an annual payment.
At $39, it’s still significantly lower than other, unsecured cards, but this is an expense to be mindful of nonetheless.
However, if you can look past the annual fee, this card delivers the highest possible credit limit at $10,000 and a fixed rate APR which implies that you get to avoid the uncertainty of fluctuating APRs in a high-inflation environment.
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Should You Consider Credit One?
This is a tough call. Credit One’s products don’t offer very competitive terms, and the possibility of having a credit card with no grace period is very troubling.
In addition, these cards can have very high annual fees. On the other hand, Credit One’s cards aren’t meant for those who can qualify for most other credit cards.
They are made for people with serious credit problems. The other kind of card that meets this need is called a secured card.
Secured cards work like other credit cards, except that they require the payment of a refundable security deposit before you can open an account.
In most cases, the amount of the security deposit becomes your credit limit. However, you still have to pay your statement balances every month.
So if you can come up with a security deposit, then you can open a secured card account with nearly any credit profile. And thankfully, there are secured card accounts with low annual fees or no fees at all.
For example, the Capital One Secured Mastercard requires a minimum deposit of at least $49 and has no annual fee. The Discover it Secured has a minimum deposit of $200 and no annual fee either.
In summary of Credit One credit cards review, if you want to rebuild your credit at the lowest possible cost, then a secured card is the product for you.
Meanwhile, with secured cards available that require as little as $49 as a refundable deposit, most would be better off applying for a secured card rather than an unsecured card from Credit One.
We believe that by understanding exactly what Credit One offers, you can make the best choice for your needs.