updated Aug 31, 2016
The Credit One Bank® Cash Back Rewards is a Visa (V) card that offers its cardholders Platinum Visa benefits reserved for Visa users. Below I do a detailed review of this credit card for bad credit so that you can make a more informed decision.
See if you Pre-Qualify without harming your credit score.
No enrollment fee. Unlike many credit cards for bad credit, this card has no enrollment fee when you sign up for the card. This is great news for you since if you're not approved for the card, you won't have wasted your money on any fee when applying for this credit card, as is the case with many other cards in the market.
Enjoy a minimum credit line of $300. When approved for this card, you will get a line of credit of at least $300. This is a similar credit line as many other cards for people with bad credit.
1% cash back rewards on gas. You get unlimited 1% cash back gas rewards for gas purchases you make with this card. You receive these rewards as statement credit which can be used to reduce your balance.
Pre-qualifying for this card won't have a negative impact on your credit score. You can see if you would be pre-approved for this card without it affecting your credit.
Choose your own credit card design from a wide variety of options. When applying for this card, you can personalize it by choosing a card design that suits your personality and interests.
No fraud liability. If your card gets lost or stolen, and fraudulent transactions are made through it, you won't be liable to pay a single dollar.
Choose your payment due date. This perk will help you reduce your late payments and ensure that you pay your credit card bill on time, as you can choose the most convenient day for you to make your credit card payments. You can change your payment due date once every 6 months.
Platinum Visa benefits. With this card, you will enjoy travel accident insurance when you're on the road as well as auto rental collision insurance and many more perks.
Introductory cash advance fee waiver. This card comes with an introductory period on cash advance charges. If your credit line is less than $400 you won't get a cash advance transaction fee in the first year. Just note that when the first year intro period is over, you will pay either 8% of the amount of each cash advance or $5 (whichever is greater), which is quite high.
No over-the-limit fee. If you go over your spending limit, you won't have to pay any fee. Most cards charge a $35 over-the-limit fee. Keep in mind that if you want to avoid paying high interest rates, you should make sure to pay your bills on time every month, because even if you don't have to pay an over-the-limit fee, overspending and not paying your bills on time could cost you even more in the long run.
USAA Cash Rewards® Visa® is a credit card especially designed for U.S. military service members and their families. If you or a family member are a veteran who has received an honorable discharge you could be eligible for this card. With the USAA Cash Rewards® Visa® you can earn rebates of up to 1.25% on the purchases you make every day, and what's more is that there is absolutely no limit to the amount of rebates you can earn. This card has a low 10.15% - 26.15% variable APR and no annual fee. Also enjoy state of the art chip technology that ensures your card will receive greater acceptance world wide. Although this card gives you more cash rebates than Credit One Bank® Cash Back Rewards you can only apply for it if you are a U.S. military service member or if you or a family member are a veteran who has received an honorable discharge, so if you don't fit that quota then Credit One Bank® Cash Back Rewards would probably be a better card for you.
$0-$99 annual fee. You'll have an annual fee of $0 - $99 depending on your credit score. That means you may pay no annual fee for this card in the best case, but if you have a bad credit score you may end up paying a high annual fee. Still if you don't have good enough credit to get another credit card and don't have spare cash to put down a deposit on a secured credit card, you won't likely find a credit card with a very low annual fee, unless you opt for a secured credit card.
You may not get a grace period. Here again, it all comes down to your creditworthiness. You may or may not qualify for a grace period, which is a common problem on many cards for bad credit, including some secured credit cards. If you don't qualify for a grace period, credit One will begin charging interest on purchases and cash advances on the posting date. That means you will beging paying interest from the time you make a purchase, so you will have a tough time getting away without paying at least something towards the 15.65% - 24.15% variable APR. If you qualify for a grace period, then that won't be a problem. But make sure to check into this when getting a pre-approval.
The Credit One Bank® Cash Back Rewards is for people with bad credit who want to improve their credit score and have a line of credit. Although this card has a $0-$99 annual fee, you won't have to pay any enrollment fee, as is the case with some other credit cards for bad credit. If you qualify for a grace period (and a low annual fee), this card could be quite cost-effective. Since it isn't a secured credit card, you won't have to tie your money up in a deposit in order to use it. On the other hand, if you only qualify for the highest annual fee and don't get a grace period, you will end up paying a lot just to have a credit card.
This is a card for people who want to rebuild their credit and enjoy Visa Platinum perks, as well as $0 fraud liability. If you are someone who is just looking for a card to make regular purchases while rebuilding your credit score, this might be the card for you.
Katrina Gutierrez is a writer at GET.com, a lifestyle and personal finance website. Email: email@example.com.
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I just got off of the phone with one of Credit One Bank’s customer service reps. (I would’ve emailed them but that is not an option on their antiquated site.) I’ve had my card for nearly two years, have never missed a payment or been late. Not once, not ever. Despite my credit score of 722, I still am charged an annual fee, have a high interest rate, and a very low credit limit. I’ve been a loyal customer and have other cards with much lower rates, no annual fee and high credit limits. This card offers no perks / rewards to boot. The customer service rep I spoke to today informed me that their bank refuses to remove my annual fee or lower my credit score. I wouldn’t recommend this card to anyone. Ever.
January 23 2016 at 19:06
This is my second year having the credit one bank credit card. I have been reading the negative reviews online and I have to say that my experience has been more positive. My personal history summarized: worked hard to build my credit; met guy, got married, a couple years and a few bad moral & credit decisions later, my credit was ruined. I am now divorced and single. I signed up for this card in 2014. Facts about this card: 1. For people with bad to below average credit; 2. $75 annual fee upon sign up (introductory fee); is immediately tacked unto account as soon as you activate the card and must be paid in full; will increase to $99 annual fee after 1st year, in which it shows as small fee each month on your statement to make it easier to pay than paying in full like the 1st year; 3. High interest rates (they are extending credit to individuals that are denied at every other turn by competitors such as Discover, Citi, American Express, typically due to negative payment history reported in their credit reports); 4. They report your account to the major credit bureaus; 5. 1% cash back on gas and groceries. I have read reviews that state that "the interest rates are unreasonable; the customer service is rude; the annual fees are blasphemous; they keep charging unknown fees, credit one bank are frauds", etc. First off, Credit One Bank are not frauds. I will agree that I feel the annual fees are on the high side. I cannot comment on the mannerisms of customer service because I have never had to call them for anything so far. As far as the high interest rates, think about it from a creditors perspective: the only thing they know about you is what is in your credit report. Whether you have 1 delinquent account or 20, it pulls your score down and labels you as a high credit risk. Would you extend free credit to someone with a documented track record of either being grossly late on payments or not paying their debts at all? You cannot carry a balance on a high interest rate credit card and expect it to be free or cheap for that matter. If you cannot afford to pay the balance in full and pay the interest rate on the balance, it would be best to not sign up for this card. Pay for everything you buy in cash or borrow money from friends or family and pay them back without interest. Creditors are not our friends and our personal problems are not their concern. On the other side, here is catch with interest: If you pay your entire balance prior to the due date, you can beat those high rates. They really only present a problem when you are only paying the minimum amounts due because the interest carries over to the next billing statements. Also think about this: how do you think folks who work for banks and credit card companies get paid? If they extend free credit and never charge interest no matter what, how would they make any money? Would you work for free? My point: I only charge what I can afford to pay off immediately upon posting and I NEVER get charged those ungodly rates. I linked my checking account to the credit account and they have never charged me a payment fee this way. If you want to pay with your debit/credit card, they will charge some sort of express payment fee of $9.95 I believe. It is not worth paying this way in my opinion because it still takes the same amount of time to post the payment as it does paying with your linked checking account (which is FREE). Summary: Credit One Bank credit card has high interest rates and annual fees but this company is not a fraud. They extend credit to people who would not get it otherwise. If you want to rebuild your credit with an unsecured credit card, this is the card for you. Suck up the fees and pay off your entire balances before the due dates. Over time, your credit rating will improve once you get your finances straightened out. The and only then will you be approved for low interest credit cards and $0 annual fees.
November 15 2015 at 14:56
Just got this myself and there is also no fee for cash advance for the first year either. And cash advance is at the same APR as purchases.
April 05 2015 at 08:28
Thank you for posting some positives about this card. I was sure I was good with it until I googled it (after signing up like a dork) and could only find negative reviews.
March 04 2015 at 02:41
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At GET.com we compare credit cards and rate them objectively based on the credit card's features, interest rates and fees.
Cards are rated by our team based primarily on the basis of value for money to the cardholder. The GET.com team rates each card based on its annual fee, rewards, benefits, bonus, introductory APR, ongoing APR, flexibility (in how its benefits can be used and how rewards are earned and redeemed), and other card features.