Credit One Credit Cards: What You Need to Know

Credit One Credit Cards: What You Need to Know

Credit One offers a wide range of cards for consumers trying to build credit. The terms can be a little confusing, so we take a look at the cards' cashback rewards, APRs and fees to help you decide if Credit One is right for you.

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.

If you're a consumer in the lower credit ranges trying to build up your credit score, you may have come across an online offer from Credit One bank. If you're wondering who Credit One Bank is, whether their offers are good or which of their offers is best for you, we've compiled the information you need to compare cards and make the best decision.

Credit One Platinum Rewards Visa with No Annual Fee

Our thoughts

This is the only card from Credit One with a $0 annual fee in its terms, and therefore one of the best options on this list. If you're a consumer with average credit, it's a decent choice for earning rewards while building credit: You'll earn 2% cash back on several shopping categories without having to pay an annual fee. Unfortunately, you don't earn any cash back outside of its limited earning categories. If you have better-than-average credit, you can find better cashback credit cards.

Score needed: Excellent/Good

Rewards: Get more value from regular expenses with 2% cash back rewards on eligible gas and grocery purchases as well as mobile phone, internet, cable and satellite TV services.*

Minimum credit line: $300

APR: 23.99% Variable

Annual fee: $0

Credit One Bank® Platinum Visa® with Cash Back Rewards

Our thoughts

The Credit One Bank® Platinum Visa® with Cash Back Rewards comes with a no annual fee, but also a good cashback rewards program that can easily make up for the annual fee. You earn 5% cash back on your first $5,000 in purchases each year from a variety of categories, including groceries. If you spend at least $5,000 on groceries in a year, that's $250 in cash back before you hit the earnings cap. And, you'll earn 1% cash back on other purchases on top of that. The card also comes with a higher minimum credit line of $500, making it a good way to go for someone with average credit.

By the way, if you have good to excellent credit and you love the idea of grocery rewards, you should check out the Blue Cash Preferred® Card from American Express. It offers a better cashback rate on U.S. supermarket purchases.

Score needed: Average to Excellent

Rewards: 5% cash back on first $5,000 of gas, grocery, mobile phone, internet, cable and satellite TV purchases each year; 1% cash back on all other purchases

Minimum credit line: $500

APR: 17.99% - 23.99% Variable

Annual fee: No Annual Fee

Credit One Platinum Visa

Our thoughts

For a $99 annual fee, the Credit One Platinum Visa includes a lesser rewards program than the two cards above: You only earn 1% cash back on a limited list of categories. However, it's not a terrible option for someone trying to build a credit history. If you can't qualify for the above offers, you should check this card out.

Score needed: Average

Rewards: 1% cash back on eligible purchases: gas, grocery stores, mobile phone services, internet, cable and satellite TV

Minimum credit line: $300

APR: 17.99% - 23.99% Variable

Annual fee: $99

Credit One Bank American Express Card

Our thoughts

The Credit One Bank American Express Card also charges a $39 annual fee, but offers a higher starting credit limit of $500, unlimited 1% cash back and most notably: travel benefits and purchase protections from American Express. You'll have to contend with slightly more limited merchant acceptance, since it's an Amex card. But, on the plus side, you'll be covered with travel and shopping benefits, including 90 day coverage against theft and damage on eligible items.

Score needed: Average to Excellent

Rewards: Unlimited 1% cash back

Minimum credit line: $500

APR: 23.99% variable

Annual fee: $39

Credit One Bank® NASCAR® Visa® Credit Card

Our thoughts

The Credit One Bank® NASCAR® Visa® Credit Card is one of several cards from Credit One targeted to consumers trying to rebuild their credit. It charges an annual fee of $0 to $99 and offers two different rewards schemes depending on your credit history. With either program, you'll earn 2% cash back on NASCAR purchases. The card also offers exclusive deals, discounts and special experiences for NASCAR. If you're a NASCAR fan, it could be a good way to build your credit score.

Score needed: Rebuilding to Excellent

Rewards (one of two programs):

  • 1% cash back on eligible gas and automotive purchases + 2% cash from the NASCAR Shop

Minimum credit line: $300 minimum credit line (reduced by annual fee that you are granted. E.g., if you have a $95 annual fee, your credit line will be about $205)

APR: 17.99% to 23.99% Variable

Annual fee: $0-$95 intro fee, after that $0-$99 annual fee (billed monthly for some accounts)

Vegas Golden Knights Credit Card

Our thoughts

Like the NASCAR Visa, this card is targeted to Vegas Golden Knights fans. Similar to the NASCAR Visa, it charges an annual fee of $0-$99. However, while it does include special deals and discounts for Golden Knights fans, it doesn't offer a cashback bonus on Golden Knights purchases. Instead, you'll be offered one of several rewards programs, just like the Credit One Bank® Unsecured Platinum Visa® for Rebuilding Credit.

Score needed: Rebuilding to Excellent

Rewards (one of several rewards programs):

  • 1.0% cashback rewards on eligible gas, groceries, mobile phone service, internet service, and cable and satellite TV services purchases; or
  • 1.0% cashback rewards on eligible gas, groceries, dining, mobile phone service, internet service, and cable and satellite TV services purchases; or
  • 1.0% cashback rewards on eligible purchases; or
  • 2.0% cashback rewards on eligible gas, groceries, mobile phone service, internet service, and cable and satellite TV services purchases; or
  • 5.0% cashback rewards on eligible gas, groceries, mobile phone service, internet service, and cable and satellite TV services purchases for the first $5,000 per year, and then 1.0% thereafter. Plus 1.0% cashback rewards on all other purchases.

Minimum credit line: $300 minimum credit line (reduced by annual fee that you are granted. E.g., if you have a $95 annual fee, your credit line will be about $205)

APR: 17.99% - 23.99% Variable

Annual fee: $0-$95 intro fee, after that $0-$99 annual fee (billed monthly for some accounts)

Compare Credit One cards

Card
Best for
Credit required
Rewards
Annual fee
Platinum Rewards Visa with No Annual FeeNo annual feeExcellent/Good2% cash back on eligible purchases: gas, grocery stores, mobile phone services, internet, cable and satellite TVNo Annual Fee
Credit One Bank® Platinum Visa® with Cash Back RewardsGas and grocery bonusAverage to Excellent5% cash back on first $5,000 of gas, grocery, mobile phone, internet, cable and satellite TV purchases each year; 1% cash back on all other purchasesNo Annual Fee
Credit One Platinum VisaCardholders with lower credit scoresAverage1% cash back on eligible purchases: gas, grocery stores, mobile phone services, internet, cable and satellite TV$39
Credit One Bank American Express CardTravel and purchase protectionsAverage to ExcellentUnlimited 1% cash back$39
Credit One Bank® NASCAR® Visa® Credit CardNASCAR benefitsRebuilding to Excellent1% cash back on eligible gas and automotive purchases + 2% cash from the NASCAR Shop; or 1% cash back on eligible purchases + 2% cash back from the NASCAR Shop$0-$95 intro fee, after that $0-$99 annual fee (billed monthly for some accounts)
Vegas Golden Knights Credit CardVegas Golden Knights deals and discountsRebuilding to ExcellentOne of 6 rewards programs$0-$95 intro fee, after that $0-$99 annual fee (billed monthly for some accounts)
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Credit One card benefits

Cashback rewards

With all Credit One cards, including products for consumers with low credit scores, you'll earn cashback rewards on your purchases. Rewards range from 1% cash back on a few categories of purchases, to 5% cash back on some categories of purchases and 1% back on everything else.

No security deposit required

None of the cards above require a security deposit, which means you can start building credit without having to plunk down a large dollar amount (though you may have to pay an annual fee).

Free credit score

You can sign up for a free credit score service that lets you view your credit score and credit report summary online.

Reports to major credit bureaus

Credit One reports to all three major credit bureaus (Experian, TransUnion and Equifax) each month, helping you to build a credit history.

Credit line increases

Credit One reviews your account on a regular basis. With responsible credit card usage, you could boost your credit line, which can help improve your credit score.

Prequalify online

Credit One allows you to prequalify for all of its products online, with no hard pull to your credit. You can see whether you qualify for an offer, and what type of offer you may qualify for before you decide to apply.

Zero fraud liability

As long as you notify Credit One immediately of unauthorized charges, you aren't responsible for paying those charges.

Pick your payment due date

If Credit One's default due date doesn't work for you, you can pick your own due date.

More Rewards program

You can get 10% additional cash back when you opt in to special offers through Credit One's More Rewards program.

What to watch out for with Credit One cards

While Credit One cards can be useful tools for consumers working on their credit scores, their terms can be a little confusing, since they can vary widely depending on your credit profile. There are a few items to keep an eye out for when applying for the cards:

  • Annual fee. Many Credit One cards charge an annual fee, and the fee can be very pricey for certain types of cardholders: up to $99 per year if you're trying to rebuild credit. Furthermore, you can't tell until you prequalify how high of an annual fee you'll get. There is also variability in how the fee is billed — some cardholders are billed all at once; for others, the annual fee may be divided by 12 and billed monthly. Make sure you check the terms of the offer when you prequalify to see if you can afford the annual fee.
  • Uncertain terms. Unlike most issuers, Credit One doesn't tell you up front what type of rewards program you'll get or what annual fee you'll be paying for many of its products. Reading through the terms and conditions on the Credit One site can be pretty confusing due to all the caveats in the terms. Fortunately, Credit One gives you more specifics once you fill out their prequalification form, so you don't have to commit to a card until you have an idea what you're in for.
  • Low initial credit limit in the first month. When applying for a credit building product with Credit One, you should also be aware that the card's annual fee is automatically charged to your account and comes out of your credit limit for the first month. If you have a $95 annual fee and a $300 credit limit, you'll only have $205 in remaining credit until you pay off your card that month.
  • Optional credit protection program. Credit One offers an optional credit protection program on some of its products. For a fee of $0.96 for every $100 of your balance, Credit One will help you make your payments in case of unemployment or disability. We suggest you spare yourself the fee and simply avoid carrying a balance on the card.
  • No grace period. For cardholders in the lower credit ranges, your card offer may not include a grace period for interest. This means you will immediately start accruing interest on your charges. Be sure to carefully review the terms of your offer to see if it mentions no grace period. If so, you should decide whether you want to pay interest each month. You might search instead for a card with a grace period — this is a standard feature on credit cards, including most secured cards.

How to make the most your Credit One card

With proper use of these cards you can boost your credit score and eventually qualify for larger credit lines and better cards. Here are some tips for making the most of your new card:

  • Use your card each month. You can't build a credit history without using your card. To make it easy, try putting an ongoing purchase — like a gym membership — on your card and then be sure to pay it off each month. You'll be well on your way to a better credit score.
  • Don't charge too much. It's easy to get in over your head with credit, so take it easy with your new card — instead of going on a spending spree, start with a few small expenses each month and build from there.
  • Don't carry a balance. Pay off your balance each month. Not only does this prevent you from developing debt, but it keeps your credit utilization low — a major factor in credit scoring.
  • Pay your balance as soon as your statement closes. It's a good idea to pay your card early to make sure your payment has time to process. This is especially true if your card doesn't have a grace period — you'll limit the interest that you have to pay.

What is the maximum credit line for Credit One?

The maximum credit line will vary, depending on the cardholder's credit history. You'll have an initial credit limit of at least $300 to $500.

How often does Credit One give increases?

Credit One doesn't specify how often they give increases, but they do review your account on a regular basis for credit line increases.

Is Credit One a good credit card?

When used carefully and responsibly, Credit One cards can be a good option for consumers who want an unsecured credit card to build credit.

Is Credit One bank legit?

Yes, Credit One bank is a legitimate bank located in Las Vegas. Founded as a full-service bank in 1984, Credit One now focuses on unsecured credit card products.

Is Credit One part of Capital One?

No – despite the similarity in names, Credit One has no affiliation with Capital One.

Is Credit One secured or unsecured?

All Credit One products are unsecured, which means you don't have to put down a security deposit to open a card.

Does Credit One have a monthly fee?

Not exactly. Credit One doesn't charge a monthly fee, but it does charge an annual fee on some of its cards, billed in monthly installments for some accounts. Whether you have to pay this fee depends on which offer you qualify for – if you have a higher credit score, you could qualify for a card with no annual fee, or you could pay an annual fee up to $99.

Does Credit One help your credit score?

Credit One reports to all three major credit bureaus. If you use your Credit One card responsibly, it can help you build your credit score.

The information related to the Platinum Rewards Visa with No Annual Fee, Credit One Bank® Platinum Visa® with Cash Back Rewards, Credit One Platinum Visa, Credit One Bank American Express Card, Credit One Bank® NASCAR® Visa® Credit Card , Credit One Bank® Unsecured Platinum Visa® and Vegas Golden Knights Credit Card has been collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.

Robin Ratcliff is a Managing Editor with ValuePenguin. Her obsession with credit cards began in 2005 at CreditCards.com, where she honed her card expertise by developing and launching the site’s expert reviews and card ratings system. Robin loves explaining the ins and outs of credit card rewards programs and how to maximize cards. She is currently juggling Chase Ultimate Rewards® cards, collecting points for her next great adventure. She earned her bachelor’s degree in English from the University of Texas at Austin.

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The products that appear on this site may be from companies from which ValuePenguin receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). ValuePenguin does not include all financial institutions or all products offered available in the marketplace.

How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).