Please ensure Javascript is enabled for purposes of website accessibility

This device is too small

If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.

Skip to main content

Credit One Bank: What You Need to Know

Many or all of the products here are from our partners that pay us a commission. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

When you have a low credit score, it's not easy to find credit cards you can open. Many consumers in this position have gotten offers by mail or online from Credit One Bank, a card issuer specializing in credit cards for bad credit. Before you apply for a Credit One credit card, read this review to find out why this credit card company is considered one to avoid.

Is Credit One Bank reputable?

Credit One Bank is a credit card company with a poor reputation because of its fees and lack of basic services. It offers credit cards for consumers with bad credit. However, it charges so many fees that it arguably takes advantage of people who don't have many credit card options.

Here are a few examples of the problems with Credit One:

  • Credit One charges fees for credit limit increases and "express payments," meaning payments that post right away. Most card issuers offer these basic services free of charge.
  • The annual fees on Credit One credit cards are much higher than competitor credit cards with similar or better features.
  • After a year, Credit One may start charging you a monthly fee instead of an annual fee. That means you'll have a bill to pay every month, even if you aren't using the card.

Katrina Niemisto, an SEO Content Strategist at The Ascent, was a cardholder with Credit One Bank and gave a firsthand account of how expensive it can be.

"The biggest surprise for me with Credit One was the fees that kept popping up. I knew it wasn't a great credit card because my limit was only $600, but was still shocked to find that there was a monthly fee and more fees for things like paying your credit card statement. When they offered me an extended limit to $1,500, I thought it would be with the same card. But sure enough, raising my limit opened a SECOND credit card with them. I prioritized paying off these cards and closed them to stop the bleeding from my wallet."

Credit One Review

Credit One credit card
Rating image, 1.00 out of 5 stars.
1.00 stars
Info Icon Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor

Credit Score:
Poor Under(579) Info Icon Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Intro APR

Purchases: N/A

Balance Transfers: N/A

Regular APR

23.99%, variable

Rewards Info Icon Circle with letter I in it. 1% cash back on gas, groceries, and phone services

Up to 1% cash back

Annual Fee

$39

Welcome Offer

N/A

  • This is a credit card you want to avoid. With its litany of fees that other cards don't charge, it's not worth it. And with other secured credit cards for users with poor credit, this card is not your only option.

    • No minimum credit score
    • Cash back
    • Annual fee
    • Transparency is lacking
    • No minimum credit score
    • Ability to earn some cash back
Pros Cons
No minimum credit score Complicated application process
Cash back rewards Excessive fees

Top perks

To be fair, there are a couple of positives to note about the Credit One credit card.

No minimum credit score

You can get a Credit One credit card with any credit score. This is the card issuer's main draw. If you're working on your credit, a Credit One credit card could be one of the few you can open.

Cash back rewards

All the Credit One credit cards offer cash back rewards. No matter which card you have, you'll at least be able to earn cash back on some of your purchases.

What could be improved

Unfortunately, Credit One credit cards also have several frustrating drawbacks.

Complicated application process

Unlike most credit card companies, Credit One Bank doesn't let you decide which of its cards you want to apply for.

Instead, you first need to go through the prequalification process. This involves filling out a form with personal information so that Credit One Bank can run a soft credit check (which doesn't affect your credit). Based on that, it will show you which cards you prequalify for, as well as their terms and conditions.

Excessive fees

A big reason Credit One Bank gets a bad rap is its fees. If you make a free standard payment, it can take up to seven days before that payment is reflected in your available credit. If you want to pay off your balance more quickly, you need to pay $9.95 for an express payment.

Multiple cardholders have also reported a fee for a credit limit increase. The standard amount seems to be $24.99.

When you're rebuilding your credit, it's important to minimize the amount you spend on fees. Credit One credit cards don't help with that. For cards targeted at people with bad credit, that's a major flaw.

Not all cards have terms and conditions upfront

Credit One Bank also differs from other popular card issuers in only publishing some of its credit cards' terms and conditions online. The available terms and conditions for some cards are "for information purposes only," which aren't official and provide very broad information.

For example, the Credit One Bank Platinum Visa lists its annual fee as anywhere from $0 to $95 in the first year, and from $0 to $99 after that. In the second year, the fee might also be charged annually or broken down into 12 monthly payments.

Suggested credit score

There is no minimum credit score required to get a Credit One credit card. However, your credit score will determine the cards and terms you can get. Some of its cards are available to consumers with bad credit. Others require average or excellent credit.

Should I apply for a Credit One credit card if it’s my only option?

It's unlikely that a Credit One credit card is your only option. Before you apply for one, you should shop around to see what better options may be available. There are other credit cards that are easy to get, such as secured credit cards, store credit cards, and student credit cards. If your credit score is poor, you can start with our list of expert-reviewed best credit cards for bad credit.

You can build your credit with a card from Credit One Bank. But for most consumers, there are alternatives, so it's smart to look for cards that charge fewer fees.

Why do some sites give Credit One good reviews?

Credit One looks like a decent option on the surface. It has credit cards almost anyone can get. They all earn cash back. You don't need to pay a security deposit to get a card. And its annual fees can be as low as $0 -- if you qualify.

That seems like everything you'd want when you have bad credit. But those highlights don't capture the reality of Credit One credit cards. Here's what you can expect:

  • You probably won't qualify for a $0 annual fee.
  • Credit One will likely charge you fees for services that should be free.
  • Your card's cash back may only apply to eligible purchases, meaning purchases from a limited number of categories.

Alternatives to Credit One Bank

If you're considering Credit One credit cards because you have bad credit, secured credit cards are a great alternative. These credit cards require a security deposit upfront, so they're often available to consumers with bad credit. You can get your deposit back when you either upgrade the card or close it.

Here are a few secured cards worth checking out:

If you don't have much credit history yet, you may also qualify for select unsecured credit cards (cards that don't require a security deposit). One such option is the Petal® 2 "Cash Back, No Fees" Visa® Credit Card. Petal lets you link your bank accounts when you apply for this card. It can then use the bill payment history from those accounts to decide whether to approve you.

What should I do if I have a Credit One Bank credit card?

You don't need to get rid of a Credit One credit card right away. If you already have one, it makes sense to build your credit with it.

If you have a credit card with Credit One Bank, here's what you should do:

  • Only charge what you can afford to pay so you won't go into credit card debt.
  • Pay your full statement balance on time every month.
  • Track your credit score. Credit One Bank offers free monthly credit score tracking to its cardholders. There are also plenty of other ways to get your credit score for free.
  • As you raise your credit score, look for new credit cards with no fees and/or more benefits.

Within a year or two, your credit should be good enough that you can qualify for better credit cards. At that point, you should upgrade. After you get a new credit card, cancel your Credit One credit card so you don't need to pay any more of its fees.

How can I cancel a Credit One credit card?

To cancel a Credit One credit card, call the card issuer at 1-877-825-3242. Go through the automated menu to reach customer service, and then tell the representative that you want to cancel your credit card.

Still have questions?

Here are some other questions we've answered:

FAQs

  • Credit One Bank doesn't have a good reputation. It's known for charging excessive fees. These include fees for payments to post more quickly and to raise your credit limit. Unlike most credit card companies, it doesn't publish all of its fees or terms and conditions on its website.

  • Credit One credit cards have annual fees of up to $99. After the first year, Credit One Bank may charge one annual fee per year or break it down into equal monthly payments. Credit One cards tend to have low credit limits, which can be under $500.

    Every Credit One card earns cash back rewards. However, several only offer cash back on eligible purchases. Eligible purchases, in this case, means purchases in select spending categories.

  • No, our experts don’t recommend Credit One Bank because of its fees and predatory practices. The annual fees that Credit One Bank charges are expensive for what its cards offer. It tacks on fees for services that are free from reputable credit card companies, including express payments and credit limit increases.

About the Author