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.

  • Interested in growing or rebuilding your credit? We report monthly to all three major credit bureaus. Take advantage of free online access to your credit score and credit report summary.
  • See if you're Pre-Qualified in less than 60 seconds.
  • This is a fully functional, unsecured credit card - not a debit, prepaid, or secured card. No need to load funds or tie up cash in deposits. There are no out-of-pocket costs to open your account.
  • Click here for official site, terms, and details.
★★★★

4.3

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
8 minutes 15.65% - 24.15% (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.

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

Credit 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.

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.

  • Checking account and $10,000 gross annual income required
  • Unlike some other issuers, good credit is not required
  • All credit types welcome to apply
  • Reports to the major Consumer Reporting Agencies
  • Application response in 30 seconds
  • A credit card offer for those currently building credit history
  • Click here for official site, terms, and details.
★★★★★

4.7

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
9 minutes See issuer website Yes 9.5/10
  • Up to $5,000 spending limit in less than 60 seconds
  • Shop from over 100,000 brand name products such as Apple, Samsung, Sony, Gucci, Prada and much more with low easy payments.
  • Less than perfect credit accepted. Approval is quick and easy
  • Must be 18 years or older, have a valid checking account and a verifiable source of income
  • Up to 12 months same as cash
  • 50% Early Payoff discount
  • No hidden fees
  • Return at any time
  • Click here for official site, terms, and details.
★★★★★

4.7

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
8 Minutes See website No New Offer
  • 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 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
  • Response provided in 60 seconds or less
  • No security deposit required
  • Apply today, and if approved, pay a Processing Fee and you can 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
  • 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.
★★★★★

4.5

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
9 Minutes 29.99% Yes 8.5/10

+See More Top 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.