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

Credit One Reviews
GUIDE
Ashley Dull
By: Ashley Dull
Updated: June 23, 2020
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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. And Credit One reviews reveal a card well-suited for the subprime credit card market. Below, we’ll take a closer look at the Credit One card as well as some other worthy options to consider.

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.

  • See if you Prequalify without harming your credit score
  • Earn 1% cash back rewards on eligible gas, grocery purchases and mobile phone service, internet, cable and satellite TV services, terms apply
  • With $0 Fraud Liability, you won’t be responsible for unauthorized charges
  • Automatic reviews for credit line increase opportunities
  • Looking to rebuild credit? We report to the major credit bureaus monthly
  • View your free online access to your Experian credit score, terms apply
  • This unsecured card requires no deposit and can help build your credit
  • Choose your monthly payment due date for added convenience, terms apply
  • Never miss an account update with customizable text and email alerts
  • Manage your account on-the-go with the Credit One Bank mobile app
  • Show off your personality by selecting from a variety of card designs, a fee may apply
  • Click here for official site, terms, and details.
★★★★

4.3

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
8 minutes 23.99% 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.

  • Choose which account management options are right for you.
  • Build credit with First PREMIER‡
  • Fill out an application and know in 60 seconds if you’re approved!
  • YOU’RE NOT ALONE - As the 12th largest issuer of Mastercard credit cards, First PREMIER Bank understands customer needs and is there for those who may be denied by other issuers.
  • Manageable credit limit, manageable payment, meant to fit your budget
  • ‡Build credit by keeping your balance low and paying all your bills on time every month.
  • Click here for official site, terms, and details.
★★★★★

4.8

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
4 minutes See Issuer Website Yes 9.0/10
  • Choose which account management options are right for you.
  • Build credit with First PREMIER‡
  • Fill out an application and know in 60 seconds if you’re approved!
  • YOU’RE NOT ALONE - As the 12th largest issuer of Mastercard credit cards, First PREMIER Bank understands customer needs and is there for those who may be denied by other issuers.
  • Manageable credit limit, manageable payment, meant to fit your budget
  • ‡Build credit by keeping your balance low and paying all your bills on time every month.
  • Click here for official site, terms, and details.
★★★★★

4.8

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
4 minutes See Issuer Website Yes 9.0/10
  • Earn 2% cash back on everyday purchases at Amazon, Uber, Uber Eats, Whole Foods, Netflix, Spotify, and more! And 1% cashback on everything else.
  • No credit check or U.S. credit history required. No SSN required for non-US citizens.
  • Build U.S. credit history from day 1 at major credit bureaus (get $25 when you build your credit score to a 700+ credit score within 12 months of use).
  • Get unsecured in as little as 4 months!
  • No annual fee, no foreign transaction fees, no minimum security deposit.
  • Premium benefits like Cell Phone Protection (including cracked screens) and Car Rental Insurance coverage.
  • Click here for terms and conditions.
  • Click here for official site and application.
   
★★★★★

4.8

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
10 minutes 10.24% (Variable) Yes 7.0/10
  • If approved, fund your Security Deposit to open your account.  Once open, you will have the opportunity to build your credit limit up to $5,000.
  • Opportunity to build your credit card limit over time by adding funds to your Security Deposit.
  • Reports to consumer reporting agencies help you monitor your financial progress to begin your credit building journey (build credit by keeping your balance low and paying all your bills on time every month)
  • You don't need perfect credit for a First PREMIER® Bank Secured Credit Card
  • Make your payments on time each month, and keep your balance low relative to the credit limit, for positive marks on your credit report.
  • If approved, make your first six monthly minimum payments on time and we may send you an offer to apply for an unsecured credit card. Some restrictions apply.‡
  • ‡If you apply for the second account, which is unsecured, you will be approved if you can demonstrate the ability to pay your bills, meet our minimum income requirements, do not reside in New York or Wisconsin and are not covered under the Military Lending Act.
  • FICO scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any First PREMIER® Bank product.
  • Click here for official site, terms, and details.
★★★★★

4.8

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
4 minutes See Issuer Website Yes 9.0/10
  • See if you’re Pre-Qualified with no impact to your credit score
  • All credit types welcome to apply
  • Up to $1,000 credit limit doubles up to $2,000! (Simply make your first 6 monthly minimum payments on time)
  • Free access to your Vantage 3.0 score from Experian* (When you sign up for e-statements)
  • Monthly reporting to the three major credit bureaus
  • Fast and easy application process; results in seconds
  • Use your card at locations everywhere Mastercard® is accepted
  • Mastercard Zero Fraud Liability Protection (subject to Mastercard guidelines)
  • 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 24.99% - 29.99% (Variable) 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.

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