Our Review on The Credit One Credit Card
Modified: September 6, 2023
The MOST comprehensive Credit One credit card guide online, BEST compared features and benefits for clients looking to rebuild their credit score.
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Being one of America’s leading credit card providers, Credit One Bank is committed to providing a credit card to card members that offer more value for them.
Credit One targets consumers with poor credit scores. The issuer’s main goal is to do things that are different from well-known issuers. Usually, the primary targets are higher-credit consumers. It may be good as it seems, but it is confusing.
Credit One offers non-secured credit cards for people with bad credit. But it’s the only issuer that allows cardholders to increase their credit score. However, with Credit One credit cards, the consumers don’t get what they deserve for their high fees.
Even so, they can still avoid annual fees by choosing the credit card that’s right for them. Credit One credit card is used for building up credit. Moreover, it offers additional benefits to cardholders to enjoy.
Types Of Credit One Cards
Credit One has different kinds of cards that offer variations depending on the creditworthiness of the consumers.
Credit One Bank Platinum Visa With Cash Back Rewards
This is a perfect choice for consumers to earn rewards while building and improving their credit score. And if they want to know how they can gain from the rewards program.
It allows cardholders to have 1% cashback on all his eligible purchases, which include gas and grocery purchases. This is automatically added to their balance every month. However, it comes with an annual fee. This annual fee depends on the cardholder’s initial credit line. It can affect what they will gain.
The annual fee is subject to change every year. Additionally, the credit limit will increase over time, and the amount of its increase depends on the payment history, income, and credit score of the cardholder.
This card gives flexible options for cardholders in paying their due dates. Cardholders are capable of selecting a new payment due date by calling after the initial billing period. They can choose their due dates after the initial statement.
However, it should be six days, before or after, the original due date. Moreover, to keep track of their due dates, they can take advantage of the email or text alerts.
Furthermore, rewards are practical. Eligible net purchases made with the card, which is equivalent to automatic statement credit, happens when the rewards program gives the cardholders their cashback.
Smart credit card decisions are made through this, as it causes funds to be applied automatically to their respective credit card balance. About free credit score, cardholders can enjoy free tracking of their credit scores. This will help them improve their credit score by having proper financial management.
It might get expensive when getting any kind of credit line if one is still working on his credit. However, it might become an alternative option if the cash needed for the security deposit is unavailable.
Nonetheless, it won’t be cheaper when the cardholder gets hit by the annual fees and any other fees such as late payments, cash advances, and credit increases. Annual fees are deducted from the cardholder’s credit line. He needs to make a calendar of reminders to avoid the surprise of higher fees.
Some rewards do not apply to some stores, so the cardholders tend to choose the store where to purchase. Furthermore, the consumer won’t be informed of the exact fees that will be charged to him and of the rewards unless his application is approved.
He should be aware of the hidden fees and read the terms and conditions carefully to avoid getting hit with unexpected charges.
Credit One Bank Unsecured Visa For Rebuilding Credit
This is the credit card for consumers with fair credit. Additionally, this will help him rebuilding the credit and enjoying the rewards at the same time. This offers no enrolment fee, which is unusual for many credit cards.
This card offers no enrollment fee. It means that if a consumer is not approved, he won’t have wasted his money, unlike any other credit card. He can also enjoy a minimum credit line of $300, as offered by other cards for people with fair credit.
The cardholder is also given unlimited cash back on gas purchases. He will be able to enjoy the “no fraud liability” policy, wherein if the card is stolen or lost or even used in fraudulent transactions, he will not be held liable and won’t pay even a single dollar.
The cardholder will also enjoy personalized cards, for he can choose from a wide variety of designs that will suit his personality and interests. It also offers travel accident insurance, which is suitable for people who love to travel.
Depending on the credit score, one may receive an annual fee ranging from $0-$99. This means that a cardholder may or may not pay an annual fee depending on his credit score.
Additionally, unless the cardholder opts for a secured credit card, a credit card with a very low annual fee would not be possible to have. This is if he doesn’t have good enough credit to apply for another credit card and doesn’t have spare or enough cash to provide a deposit on a secured credit card.
Creditworthiness will always be observed no matter the situation. With this, one may not qualify for a grace period. Which is a common problem that people face when it comes to cards for Fair credit that also includes some secured credit cards.
Thus, charging of interest on purchases and cash advances will start on the posting date. However, if the cardholder qualifies for a grace period, he won’t have a problem.
NASCAR Credit Card
This credit card is not exactly left behind. It best fits for die-hard NASCAR fans. This is because general rewards credit cards offer more value for NASCAR purchases.
Still, it’s an option for those with average or poor credit when alternatives are slim. However, if a consumer has great credit, this card is easy to top in value.
Additionally, this card doesn’t require a security deposit. Which makes it a great option while improving bad credit. The card gives interesting opportunities for new credit card applicants. For it offers decent interest rates, low fees, and rewards.
Cardholders will receive their rewards automatically in the form of statement credit every month.
This card offers two sets of rewards. One is 2% cashback in purchases in NASCAR.com and 1% back on eligible purchases in qualifying categories. Moreover, it provides credit protection to the cardholder.
Also, this allows the cancellation of payments for up to six months if the cardholder loses his job or become disabled. Credit One will also cancel up to $10,000 of the debts of the cardholder should he dies.
This can come with some costly fees compared to other cards. The annual fee can be $0 – $99 depending on the agreement. However, the fees will not be discussed unless the consumer prequalifies.
It tends to have a high cash advance fee compared to most credit cards. Also, there’s a limited chance of earning cashback.
Being Wise Is Key
Credit One offers an opportunity for consumers to rebuild or improve their credits. However, there are consequences that they might encounter when using their credit cards.
They should be wise in spending and make calendars of what to do and when it should be done concerning their payments. This way, they can avoid any late payments, which can lead to higher interest rates.
Responsible use, including limited purchasing and full, on-time payment every month, can help rebuild credit.