Discover if Credit One is a good credit card through our detailed analysis of fees, rewards, and benefits. Learn what you need to know before applying
is credit one a good credit card ? Did you know the Credit One American Express card only gets 3 out of 5 stars from Bankrate? This shows we need to take a closer look at this card from Credit One Bank. Credit One Bank aims at people with fair to good credit. Their cards have gotten mixed reviews.
In this honest review, we’ll look at the good and bad sides of Credit One credit cards. We’ll see if they’re right for your credit needs.
Key Takeaways
- Credit One Bank offers credit cards with annual fees from $39 to $95 and high variable APRs around 29.24%.
- The Credit One American Express card gives 1% cash back on all purchases and reports to all three major credit bureaus.
- Cardholder ratings for the Credit One American Express card are 4.4 out of 5 for overall satisfaction, online tools, and customer service.
- Credit One cards are mainly for those trying to build or rebuild their credit. But, the high fees and interest rates might be a worry.
- Customers have shared mixed feelings about Credit One’s customer service and account management. Some have complained about hidden fees and unclear terms.
Understanding Credit One Bank’s Card Offerings
Credit One Bank has many credit cards for people with fair to good credit scores. These scores are usually between 580 and 740. They offer the Platinum Visa and American Express cards, each with special features and benefits.
Types of Credit One Credit Cards Available
The Credit One Bank® Platinum Visa® for Rebuilding Credit is great for those with bad credit. It helps them improve their credit score. Credit One also has other cards for different credit profiles, with various score needs and rewards.
Credit One’s Position in the Credit Card Market
Credit One is a mid-tier credit card issuer. It competes with others in credit-building and second-chance banking. While it’s not as big as Capital One, Citibank, or Discover, it’s a good choice for those who can’t get cards from major banks.
Target Customer Base and Requirements
Credit One aims at people with fair to good credit scores, from 500 to 700. The credit score needed can change with each card. This makes their cards available to many different credit profiles.
| Credit Card | Minimum Credit Score | Annual Fee |
|---|---|---|
| Credit One Bank® Platinum Visa® for Rebuilding Credit | 500-700 | $95 |
| Credit One Bank® Platinum Rewards Visa | 580-740 | $0-$99 |
| Credit One Bank® American Express® Card | 580-740 | $0-$99 |
Credit One Card Benefits and Rewards Structure
Credit One Bank offers different cash back options for its credit cards. The Credit One Bank Platinum X5 Visa stands out, giving 5% cash back on gas, groceries, internet, cable, and mobile phone service. This is for the first $5,000 spent each year. After that, the rate drops to 1% on those categories.
Other Credit One cards also offer cash back, but at lower rates. The Credit One Bank Platinum Rewards Visa with No Annual Fee gives 1% cash back on all purchases. The Credit One Bank Platinum E3 Visa offers 2% cash back on gas, groceries, and some streaming and entertainment services.
All cash back rewards are automatically turned into statement credits. This makes it simple for cardholders to enjoy the rewards of their spending. You might also get free credit score access, fraud protection, and special benefits from Visa or American Express.
Credit One’s rewards structure offers great cash back chances, especially with the Platinum X5 Visa’s 5% rate. But, remember to think about the annual fees. Make sure the rewards are worth the cost.
Annual Fees and Interest Rates Analysis
Understanding the credit one credit card fees is key. The annual fee ranges from $39 to $95. This can be a big deal for those on a tight budget or trying to build credit.
The APR for Credit One cards is usually high, at 29.24%. This rate can change with the market. There are also fees for foreign transactions, late payments, and cash advances.
Breakdown of Annual Fee Structure
Credit One’s fees vary by card. Some cards cost $39 a year, while others are $95. This fee is paid upfront and every year.
Understanding the Variable APR
The APR for Credit One cards is often 29.24%. This can make it hard to pay off balances quickly. The APR can also change, adding uncertainty.
Additional Fees to Consider
- Foreign transaction fees: 3% or $1, whichever is greater
- Late payment fees: Up to $39
- Cash advance fees: Either $5 or 8%, whichever is greater
- Credit limit increase fees: Some cards may charge a fee for increasing the credit limit
These extra fees can quickly increase the cost of using a Credit One card. It’s important to know about these fees and how they might affect your finances.
“40% of the reviews cited issues with receiving or activating their Credit One card, and 60% of users who rated Credit One negatively were dissatisfied with the customer service.”
Credit Building Features and Reporting
When it comes to credit one credit building, Credit One Bank has both good and bad points. The bank reports to Equifax, Experian, and TransUnion, which helps you build credit. But, you must use the card wisely and pay on time.
Some Credit One cards let you check your free credit score and monitor your credit report. Yet, the high fees and APRs over 29% might be a problem. The credit-building tools are not as advanced as some other cards.
| Credit One Card | Annual Fee | Cash Back Earnings |
|---|---|---|
| Platinum X5 Visa | $0 – $99 | 5% on up to $5,000 in select categories |
| American Express Card | $39 | 1% on all purchases |
| Platinum Visa for Rebuilding Credit | $75 first year, then $99 | 1% on select categories |
| Platinum E3 Visa | Varies based on credit | 3% on select categories |
| Platinum Rewards Visa | $0 | 2% on select categories |
| Secured Card | $0 | 1% on select categories |
When looking at a credit one credit reporting card, think about the benefits and costs. High fees and interest rates are risks. Always use the card wisely and pay on time to improve your credit.
Is Credit One a Good Credit Card for Your Needs?
The Credit One Bank American Express® Card is a good choice for those with fair credit. It’s important to compare it with other credit-building cards. This helps you decide if it’s right for you.
Comparing Credit One to Other Credit Building Cards
The Credit One card offers cash back rewards. But, it has higher annual fees and interest rates than some cards. Cards like the Discover it® Secured and Capital One QuicksilverOne Cash Rewards Credit Card might be better for rebuilding credit.
- The Credit One Bank American Express® Card has an annual fee of $39, while the Discover it® Secured and Capital One QuicksilverOne cards have no annual fee.
- The variable purchase APR for the Credit One card is 29.24%, which is significantly higher than the 24.99% APR for the Discover it® Secured and 26.99% for the Capital One QuicksilverOne.
- The Credit One card offers 1% cash back on all purchases, while the Discover it® Secured and Capital One QuicksilverOne provide 1.5% and 1.5% cash back, respectively.
Ideal User Profile
The Credit One Bank American Express® Card is best for those rebuilding their credit. It’s okay to accept higher fees and APR for cash back rewards. It’s good for those with fair credit who pay their balances in full each month.
But, if you have poor credit or can’t pay your balances, you might prefer a secured card or a no-annual-fee card. These cards often have lower interest rates and fees. Always think about your financial situation and goals when picking a card.
| Credit Card | Annual Fee | Purchase APR | Cash Back |
|---|---|---|---|
| Credit One Bank American Express® Card | $39 | 29.24% | 1% on all purchases |
| Discover it® Secured Credit Card | $0 | 24.99% | 1.5% on all purchases |
| Capital One QuicksilverOne Cash Rewards Credit Card | $0 | 26.99% | 1.5% on all purchases |
In summary, the Credit One Bank American Express® Card is good for those with fair credit who want to rebuild their credit and earn cash back rewards. But, consider the higher fees and APR. Cards like the Discover it® Secured or Capital One QuicksilverOne might be better for credit-building purposes.
Credit One Card Application Process
Applying for a Credit One credit card is easy. First, check if you’re pre-qualified on their website. This check doesn’t hurt your credit score. It’s a way to see if you might get approved.
If you’re pre-qualified, you’ll see the Credit One cards you can get. Then, you can fill out the full application. You’ll need to give personal and financial details like your name, address, and income. This helps them decide if you’re a good candidate and what credit limit you might get.
Some people find the application process tricky. They say it’s hard to know which card they’re approved for. Also, the first credit limit can be as low as $300. Plus, there’s an annual fee that can lower your limit even more.
| Key Steps in the Credit One Card Application Process |
|---|
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The Credit One card application is simple. But, be aware of the challenges like low credit limits and fees. Knowing these things helps you decide if a Credit One card is right for you.
Customer Service Experience and Support
Credit One Bank’s customer service gets mixed reviews. They offer online account management and a mobile app for easy access. But, users often face technical problems and find the platform hard to use.
Many complain about long wait times, language issues, and unhelpful reps. This has hurt the company’s reputation.
Online Account Management
Credit One’s online tools and mobile app aim to make managing accounts easy. But, many users run into technical issues and find it hard to navigate. This has caused frustration among some cardholders.
Customer Service Quality Reports
Many have complained about Credit One’s customer service. They often wait a long time to speak with a rep. Some face language barriers, making communication tough.
Users also say the customer service team is not helpful. They struggle to get clear answers about their accounts.
The Better Business Bureau gives Credit One a low rating of 1.2 out of 5. This shows many cardholders are unhappy. They’ve complained about billing problems, identity theft, poor communication, and trouble closing accounts.
Technical issues and poor customer service have frustrated many. Some want to cancel their accounts. Credit One needs to fix these problems to keep its customers and improve its reputation.
Credit Limit and Increase Policies
Understanding Credit One Bank’s credit limit policies is crucial. The initial credit limit for credit one credit limit can start as low as $300. Yet, Credit One may increase your limit over time based on your account history and creditworthiness.
Credit One doesn’t guarantee automatic credit limit increases. However, they might review accounts for potential increases. To qualify for a credit one limit increase, you need to show responsible borrowing, make timely payments, and keep credit utilization reasonable.
To ask for a credit limit increase, you can call the issuer or submit an online request. This might lead to a hard credit inquiry, which could temporarily lower your score. Experts suggest keeping your credit utilization under 30% for better scores.
If your request for a credit one limit increase is turned down, don’t lose hope. You can improve your credit score, update your income with Credit One, and use the card wisely before trying again. Making consistent, on-time payments and keeping utilization low are essential for a good credit history and higher approval chances.
| Key Highlights | Credit One Bank |
|---|---|
| Initial Credit Limit | Often starts as low as $300 |
| Credit Limit Increases | Periodic increases possible based on account history and creditworthiness |
| Automatic Increases | Not guaranteed, but Credit One may review accounts for increase opportunities |
| Increase Request Process | Can be done by calling the card issuer or submitting an online request |
| Credit Inquiry Impact | Increase requests may result in a hard credit inquiry |
| Experts’ Recommendation | Keep credit utilization below 30% for optimal credit score effects |
Knowing Credit One’s credit one credit limit and credit one limit increase policies helps you manage your account better. By practicing responsible credit behavior and monitoring your utilization ratio, you can increase your credit limits and reach your financial goals.
Common Complaints and Red Flags
Credit One Bank has seen its share of complaints and red flags. Looking at user reviews and the Better Business Bureau (BBB) rating gives us insight into common issues. These include high fees, poor customer service, and unclear account terms.
User Reviews Analysis
Many customers have complained about Credit One Bank. They mention high fees, bad customer service, and unclear terms. People are upset about unexpected charges and trouble canceling their accounts.
Reviewers often say the company lacks transparency and communication. This has led to a negative view of Credit One Bank.
Better Business Bureau Rating
The Better Business Bureau has given Credit One Bank a low rating of 1.2 out of 5 stars. This shows a lot of unresolved complaints. Customers have had problems with billing, reaching customer service, and issues with the online and mobile apps.
Some users also say their accounts were closed without notice, even after they complained. This adds to the list of issues.
| Complaint Category | Number of Complaints |
|---|---|
| Billing/Collection Issues | 1,239 |
| Problems with Product/Service | 901 |
| Customer Service Issues | 692 |
These complaints and red flags suggest potential customers should think carefully before getting a credit card from Credit One Bank. It’s important to do your research and understand the terms and conditions. This way, you can avoid problems and disappointments.
Conclusion
The Credit One Bank credit card might seem like a good way to build credit. But, it has many downsides that might not be worth it. It has a low Bankrate rating of 3.2 out of 5 stars, high fees, and APRs that can go up to nearly 30%.
Many people have complained about the card’s high costs and poor service. Even though it’s available to those with fair credit, it’s not seen as a top choice. This is because of its high fees and the hassle of dealing with customer service.
Before getting a credit one card, think about the pros and cons. It’s important to see if it fits your financial needs. You might find better options with other credit one card review summary cards that treat customers better and offer more benefits.
