Credit One Bank Review: A Bank To Help Improve Credit and Build Wealth
Written by
Brandy Woodfolk
Edited by
Joe Evans
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Our Take: Credit One offers several product options for consumers looking to improve their credit. There are also certificates of deposit available to those wanting an FDIC-insured way of growing their wealth. However, Credit One does not offer standard banking products and has no physical branch locations.
Pros
- No monthly fees
- Chance to rebuild credit
- Free credit scores
- Credit line increases
- Cash back and other rewards
Cons
- Interest rates can be high
- High annual fees
- Credit cards only
About Credit One Bank
Over 7 million credit card customers in the U.S. currently use a Credit One Bank credit card. Headquartered in Las Vegas, Credit One Bank has specialized in credit card products for over 30 years. Credit One Bank does not operate any brick-and-mortar locations. Credit card payments can be sent through the bank’s website or by mail.
Keep reading for a review of Credit One Bank’s products and services to decide if this bank is right for you.
Credit One Products
| Product | Key Details |
|---|---|
| Credit Building Cards |
|
| Rewards Cards |
|
| Fan Cards |
|
| CD Accounts |
|
Credit One Credit Cards
Credit One offers three basic types of credit cards: credit-building cards, rewards cards and fan cards. While technically separate, there are some overlapping features of each.
Credit Building Cards
If you have a tough time with credit, you can use a Credit One credit builder card to improve your situation. These cards are available for those with low credit scores who need the opportunity to improve.
Typically, there is no security deposit required for these cards, making it easy to sign up. When you have a credit builder card, you get access to your Experian credit score so that you can stay up to date on your current credit health.
The company does regular account reviews, helping you attain a higher credit limit. As a bonus, you get to choose your payment date so that it’s easier to make your payments.
The most significant downside is the fees. There is an annual fee that starts at $75 for the first year. Every year after that, it increases to $99.
Additionally, your interest rate can be as high as 23.99%. However, you can earn cash back with this card, which can help lighten the blow of the high interest rate.
Rewards Cards
Credit One’s rewards cards provide several benefits, starting with 1% cash back on most regular purchases. Some cards offer more for specific purchases, like gas and groceries. The Platinum Rewards Visa also provides 10% cash back on purchases from specific retailers.
Rewards cards come with annual fees of anywhere from $0 to $99, depending on the card. Interest is up to 23.99% but can be lower with good credit scores.
Fan Cards
Credit One also offers credit cards that let fans earn more while doing what they love. For example, the Six Flags Rewards Visa lets you earn points on Six Flags theme park admission and dining as well as gas, groceries and lodging.
You can earn three times the points on Six Flags purchases. You can then redeem your points for Six Flags park admission, food and more.
There are also cards designed specifically for fans of WWE, NASCAR and the Vegas Golden Knights hockey team. These cards charge anywhere from $0 to $99 in annual fees and have up to a 23.99% APR depending on credit.
Credit One CD Accounts
Credit One Bank offers high-yield jumbo certificates of deposit. They require a $100,000 minimum investment and are FDIC-insured. You can choose several terms options, including:
- 6 months
- 12 months
- 24 months
- 36 months
- 48 months
- 60 months
Currently, six-month CDs earn 0.35% APY, 12- to 48-month CDs earn 0.70% APY and 60-month CDs earn 0.90% APY. If you choose to renew your CD when it matures, you get an additional 0.05% Rate Loyalty Reward.
Credit One Bank Features
Top Features from Credit One Bank:
- Fraud Liability: Credit One Bank offers $0 fraud liability, meaning you will not be charged for fraudulent charges.
- Free Credit Score: Credit One Bank offers a free Experian credit score that also comes with a summary of what is impacting your credit.
- Credit Limit Increases: Credit One regularly monitors accounts to provide credit line increases.
- Mobile App: You can use the mobile app to check your balance and available credit, view transactions, schedule and cancel payments, change your payment due date and manage multiple accounts.
- Credit Protection: If you lose your job or become disabled, Credit One’s Credit Protection Program helps by covering up to six months of payments. Additionally, should the cardholder pass away, up to $10,000 of the balance gets canceled? This is an option that you can add to your account.
- Balance Transfers: Credit One Bank allows you to transfer balances from eligible third-party cards. These typically include other major credit cards, gas cards and retail cards.
Banking Experience
Customer Service
Credit One Bank offers a chat option online. You can also call their customer service department at 877-825-3242.
Accessibility
Credit One Bank is based in Las Vegas, Nevada, but there are no physical locations to visit. Everything can be done online and through the mobile app.
ATMs
Credit One offers Visa and American Express cards, so you can use any ATM that accepts those logos to perform a cash advance.
Mobile and Digital Experience
Credit One offers both an online and mobile platform to manage your account. The mobile app has earned 4.6 stars in the Google Play store, thanks to its easy access and features. The online platform is equally user-friendly.
How To Open a Credit One Account
Credit One Bank applications are sent out in mailers, or you can see if you pre-qualify for a new credit card on the bank’s website.
Key Information
Customer service: 877-825-3242
Hours: Live staff available Monday through Friday from 5 a.m. to 9 p.m. PST and Saturday and Sunday from 6:30 a.m. to 5 p.m. PST.
Login: Credit One Bank Login
Credit One Fees
Credit One Bank does not charge any monthly fees. However, there are annual fees that are determined by the card you have and your credit range. These fees can be as low as $0 and as high as $99.
Credit One vs. Competitors
| Bank | Key benefits |
|---|---|
| Capital One | A wider range of products, plus physical locations |
| Discover | $0 annual fee plus higher cash back |
Capital One
Capital One offers several secured and unsecured credit card options, as well as actual bank accounts. Their secured cards typically charge a deposit of $0 to $200, but you can pay the deposit in increments.
If handled responsibly, that security deposit is returned to you promptly. Additionally, Capital One has hundreds of bank locations to visit, or you can handle all business online.
Discover It
The Discover It card is secured. You must put down a deposit that is not necessary with Credit One. However, it’s important to note that the Discover It card also charges no annual fee and provides more cash back in most categories.
Final Take
Credit One does come with some high fees, making it a little less than desirable for those with great credit. However, it can be a great option for those looking to rebuild credit so they can achieve a lower interest rate.
Editor’s Favorite
Credit One can make an excellent credit-building resource. Using one of its cards, you can work to manage your credit more responsibly. Over time, you can qualify for a lower interest rate through Credit One or another credit card company.
Credit One Bank FAQ
Here are the answers to some of the most frequently asked questions about Credit One Bank.- What is the maximum amount of credit you can get?
- Most people begin with a credit limit of anywhere from $300 to $500. The maximum amount can vary between cardholders, and there is no specific amount set.
- How often do credit increases happen?
- There is no known schedule for this. It is an automatic process that its system regularly performs.
- Can Credit One Bank help build my credit?
- Yes, it can, but it's ultimately up to you. Credit One regularly reports your activity to all three credit bureaus. As long as you handle your credit responsibly and make timely payments, it can definitely improve your credit. If you are not making your payments on time, it can hurt your credit.
