Credit One Reviews: Credit One® Bank Credit Card (+ 5 Top Alternatives)

Credit One Reviews: Credit One® Bank Credit Card (+ 5 Top Alternatives)
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Ashley Dull
By: Ashley Dull
Posted: November 10, 2016
BadCredit.org's popular "How-To" series is for those who seek to improve, rebuild or better understand their subprime credit rating.

Whenever my old roommate and I would take a trip together, we would clash over the best way to pick a restaurant. While she was all in favor of just randomly choosing — she felt they all had an equal shot of being good — I was more of the do-a-little-research mentality. After all, if they have an equal chance to be good, they have an equal chance to suck, too.

When it comes to the subprime credit card market, borrowers may be inclined to use my roommate’s method to select a new card. If they’re all going to have the same high rates and fees, why bother researching?

While many cards geared toward those with bad credit will have similar downsides, they all have their own qualifications and perks that may make one a better fit than another. One example is the Credit One Bank Visa credit card, which stands apart from some of the competition by offering cash back rewards.

How to Apply | Benefits | Considerations | Top 5 Alternatives

Applying for a Credit One Credit Card

Applying for a Credit One card is done in two stages, with the first differing only by delivery method. To start, users go through a pre-qualification process to make sure they meet the minimum requirements for the card. The pre-qualification process does not affect your credit and can be completed through the link below.

  • Receive 1% cash back on eligible purchases, terms apply
  • Make paying your bill easier with the ability to choose your payment date. Terms apply.
  • See if you Pre-Qualify without harming your credit score
  • Zero fraud liability protects you from unauthorized charges
  • Monitor your credit with free online access to your credit score
  • Show off your style with a premium card design, a fee may apply
  • Receive opportunities for credit line increases, a fee may apply
  • Email or text alerts to remind you when your payment is due
  • Click here for official site, terms, and details.
★★★★

4.3

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
8 minutes 16.99% - 24.99% (Variable)* Yes 9.0/10

If you’ve already received a pre-approval letter in the mail, you can skip this initial step by entering the approval code on your letter here.

Once pre-qualified, you will fill out a full credit application and agree to an official credit check. In most cases, responses take only a few minutes, but may take longer under some circumstances.

The Best Reasons to Get a Credit One Card

Photo of Credit One Bank credit cardsCredit One Bank credit cards are designed specifically for subprime applicants, so the best reason to get one is to rebuild your bad credit. Responsible use, including limited purchasing and full, on-time payment every month, can help rebuild credit, as Credit One will report to all three credit agencies.

The Credit One Bank Visa is also an unsecured card, so you won’t need to put down a deposit in order to receive credit. Additionally, the Credit One Bank Visa offers 1% cash back on all of your purchases. This is an unusual perk for a subprime card, as most geared toward bad credit users don’t offer any rewards.

Considerations for the Credit One Bank Card

Because the Credit One Bank Visa is geared toward subprime borrowers, it will be easier to qualify for with bad credit than some other cards. However, this also means the terms are not going to be great. Expect to see a relatively high APR, especially if your credit score is particularly low.

You may also want to consider making multiple payments throughout the statement cycle, as, unlike most prime credit cards, Credit One starts charging interest as soon as you make a purchase. Keep in mind you can only make four payments per statement cycle.

Photo of Credit One Bank

Future Credit One Bank headquarters, Las Vegas, Nevada. Photo credits: reviewjournal.com.

You’ll also see your first annual fee as soon as you activate the card, with the amount dependent on your individual offer. After the first year, the annual fee will be charged to your card in monthly installments, so keep an eye out and pay them promptly.

5 Alternative Credit Card Options for Bad Credit

While the Credit One card is a solid contender in the subprime credit card market, it isn’t the only option. Here are our expert’s top five picks for credit cards for those with bad credit.

The First PREMIER MasterCard is one of the easier credit cards to be approved for with bad credit, so long as you meet a few qualifying criteria, such as having a checking account open in your name.

  • Checking account required
  • We may approve those currently building their credit history
  • Application response in 30 seconds
  • Know the score! Quarterly FICO score on your monthly billing statements
  • All credit types welcome to apply
  • Your First PREMIER Bank credit card activity is reported to the Consumer Reporting Agencies each month. Making your payment on time and keeping your balances low relative to the credit limit will result in positive marks on your credit report
  • Click here for official site, terms, and details.
★★★★★

4.8

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
6 minutes See issuer website Yes 9.5/10

The following two cards are also offered through First PREMIER Bank, one of the most reputable poor credit issuers in America.

  • Checking account required
  • A manageable credit limit can help you stay in control
  • This is a credit card - not a debit or prepaid card
  • Track your progress. Your quarterly FICO Score is provided for free on your monthly billing statement
  • Make your payments on time each month, and keep your balance low relative to the credit limit, for positive marks on your credit report
  • Click here for official site, terms, and details.
★★★★★

4.6

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
9 minutes See issuer website Yes 9.5/10
  • Checking account required
  • Monthly reporting to the major Consumer Reporting Agencies
  • We provide a response in 60 seconds or less
  • No security deposit required
  • Apply today, and if approved, pay a Program Fee to access your available credit (additional fees and charges apply)
  • Click here for official site, terms, and details.
★★★★★

4.6

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
9 minutes See issuer website Yes 9.5/10

The Total VISA card gives a response within minutes after submitting the application, so you don’t have to worry about whether you’ve been approved for a lengthy period of time.

  • Checking account required
  • Fast and easy application process; response provided in seconds
  • A genuine VISA card accepted by merchants nationwide across the USA and online
  • Manageable monthly payments
  • If approved, simply pay a processing fee to open your account and access your available credit
  • Reports monthly to all three major credit bureaus
  • Click here for official site, terms, and details.
★★★★★

4.7

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
9 Minutes See terms Yes 8.5/10

The Surge MasterCard is offered through Continental Finance, “one of America’s leading marketers and services of credit cards for consumers with less-than-perfect credit.”

  • All credit types welcome to apply
  • Monthly reporting to the three major credit bureaus
  • Initial credit limit of $500.00 (subject to available credit)
  • Fast and easy application process; results are provided online
  • Checking account required
  • Click here for official site, terms, and details.
★★★★★

4.7

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
9 Minutes See terms Yes 8.5/10

+See More Credit Cards for Bad Credit

Build Your Credit, Not Your Debt

While it may be tempting to use my old roommate’s method at decision-making and just select a credit card at random — don’t. Unlike a bad meal, it can take months, or even years, to recover from a bad credit decision.

However, no matter which method you use to select your next credit card, always, always, always pay it off in full every month. Carrying a balance, especially on a high-interest subprime credit card, will only make it more expensive, and much harder to maintain good credit-building behavior.