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Best Credit One Cards
27 May 2018

The Best Credit One Cards

Credit One Bank currently serves over 7 million customers who have no credit or poor credit. Getting a credit card is a great way to build your credit score. If you have already been turned down for bad credit loans, then this will be essential to get you on the road to recovery.

It can be tough finding a card to approve you if you have no or poor credit. Find one that allows you to easily fill out a request online and then manage your account. Credit One Bank offers a selection of cards designed to help you build your credit score.

CREDIT ONE BANK PLATINUM VISA

For those who have no credit or very poor credit this credit card is an answer to your needs. It’s unique from other no and low credit cards because it doesn’t require you to make a security deposit.

Pros

This is an unsecured credit card, which means that you do not need to make a security deposit before you can start using the card. This is good for people who do not have the money to make the deposit.

There is no credit card request processing fee, making it affordable to request for anyone. Similar to a no credit check loan, if you have a credit score lower than 649 you will have access to this credit card.

Rewards

The Credit One Platinum card offers rewards beyond just the opportunity to build your credit. You’ll earn cash back at a rate of 1% cash back on anything else you purchase. Double cash back is earned on all dining purchases.

Monitoring

The most important part of building credit is to have your monthly on-time payments reported to the major credit bureaus. Monthly credit score reporting is included on your monthly statement.

As you make on-time payments Credit One will automatically review your account for the possibility to increase your credit line. You’ll also have zero fraud liability.

Use the Credit One website and mobile up to get notifications of your account activity. You can track events like when payments post, when purchases are made, or when you are nearing your credit limit.

Flexibility

Payments are very easy with the ability to pay online, through WesternUnion, or MoneyGram. You can also integrate the card with ApplePay for easy purchasing.

You can pick your own payment date by calling customer service that is up to 6 days before or after your original date. The new due date will appear on your next statement.

Power of Visa

The card comes with the benefits of having a Visa card such as travel accident insurance. You’ll also have auto rental insurance from Visa.

Discounts are also offered for shopping and dining locally. Locations like Cold Stone or Target are included on the list for eligible discounts.

Cons

The downside of the Credit One Platinum card is that you’ll most likely be paying an annual fee. The amount charged for the first year can be $0-$75 based on your creditworthiness.

For the following years, your annual fee could be anywhere from $0 to $99. The subsequent annual fee is also determined based on your creditworthiness.

You will have no grace period for making your payments on time. Each payment made after the payment deadline incurs a fee of $37. If you make a payment and it’s returned a fee of $35 is assessed to your account.

Introductory periods are not offered for purchases and balance transfer APRs. Your APR could be anywhere from 15.90% to 24.40% based on your current credit status.

The card is for those with no or low credit you’re beginning credit line will only be a few hundred dollars. There is a limitation on large value purchases as a result of the low credit limit.

If you plan on using the card out of the country your foreign transaction fees are 3% or $1.00. You will be charged whichever one is great each time you use the card.

The amount you owe can accumulate quickly from interest and fees if you do not make on-time payments. This card can hinder those who are not fully committed to building their credit.

Official NASCAR Visa

Credit One offers the perfect credit card for the ultimate NASCAR fan. The card comes with a unique and stylized design featuring race cars.

Pros

First, you get a sweet looking credit card that matches your passion, NASCAR. The card will get you exclusive offers and discounts from NASCAR partners.

Rewards

You will also earn 1% cash back on all purchases you make with the card. Eligible gas and automotive purchases will earn you double cash back.

If you shop at the NASCAR.com superstore you’ll earn double cash back. The rewards you’ve earned will post to your account each month.

Monitoring

You’ll be able to monitor your credit score online through the Credit One website or mobile app. Track how your credit score changes over time through on-time monthly payments.

Set up custom alerts for your account so you’re notified of the things that are important to you. Notifications can be sent by text or email.

Changes can be made to your notification settings in your online account at any time. Some of the things you can be notified of are when your payment is due, confirmation of payment posted, general notices about posting activity.

You’ll have zero fraud liability and be protected with EMV chip technology. Your account will also be monitored 24/7 for suspicious activity.

Manage your account online or through the mobile app at any time. You can make payments and check recent purchases. Your card can also be linked to Apple Pay.

Flexibility

Choose when you want to pay with the flexibility of changing your payment due date up to 6 days before or after your original date. Just call customer service and your change will appear on your next billing statement.

You have the ability to get a second card for a friend or family member to use. Just remember you are responsible for the changes they make on the card.

Power of Visa

Credit One’s credit cards are through Visa, which is accepted at millions of stores worldwide. Visa’s travel accident and auto rental collision insurance is provided at no extra cost.

Visa rewards shopping discounts are available to cardholders. Discounts are offered for travel, food, wine, shopping, events purchases.

Cons

The annual percentage rate can be high with the Credit One NASCAR card at 17.24% to 25.24% based on your creditworthiness at the time of submission of a request for a card. For cash advances, the percentage rate can be higher at 19.15% to 26.15%.

Purchases and balance transfers do not have an introductory period.

If you are charged interest the minimum charge will be $1.00. If you don’t have a grace period interest will be charged on purchases form the posting date.

You will have to pay an annual fee each year that you have the card starting the first year at $0 to $75. Each year after will have an annual fee anywhere from $0 to $99 depending on your credit score.

Cash advances will be charged the greater of $10 or 3% on each advance. Foreign charges have a fee of the great of $1 or 3% on each transaction.

Don’t make late payments or you will be charged $37 or each one. If you make a payment and it’s returned you will be charged $35.

Your beginning credit limit will be low, just a few hundred dollars. Your first annual fee will be charged to your card upon approval, meaning your starting your card owing money.

Cash Back Rewards Visa

The Credit One cash back credit card combines the best of both worlds by helping you build credit while rewarding you for using the card. You also get to customize the card by choosing from over 20 different designs.

Pros

Credit cards that are unsecured do not require you to make a security deposit to be able to start using the card. This is a major difference from other credit cards available to people with no or poor credit scores.

People with a credit score lower than 649 are encouraged to submit a request for this credit card. You have the ability to see if you pre-qualify online which doesn’t ding your credit score.

There is no credit card request fee when you submit your request for a card. If you want to check the status of your submission you can do so online.

Rewards

The cash back rewards card gives you 1% cash on all qualified purchases. The rewards you earn will post to your account each month so you can easily see what you’ve earned.

Monitoring

Credit One reports your payment history and account status to all three credit reporting agencies each month. This monthly reporting will help build your credit score.

Your credit score will be available online to check each month. Your account status will be automatically checked for possible credit line increases.

Flexibility

If you don’t like your repayment date you can talk to customer service at Credit One and have it changed. Just picked a day within 6 days before or after your original date.

You have the ability to make payments a number of different ways. Pay online, through MoneyGram, or WesternUnion. you can also link your card to Apple Pay.

Power of Visa

Because your card is powered by Visa, you get all of the benefits that having a Visa credit card has to offer. Book your travel with your card and you’ll have travel accident insurance through Visa.

Auto rental insurance for collision is provided through visa. You also will have access to exclusive discounts through Visa when shopping.

Get shopping discounts at retail stores like the Container Store, Overstock.com, and Target. Travel discounts include rental cars, flights, and hotels.

Food discounts include restaurants like Papa John’s Cold Stone, Krispy Kreme and Pizz hut. Get discounts for experiences like movie tickets, concerts, luxury car rentals, museums, and theme parks.

Cons

Similar to other credit cards in this article, you will have to pay an annual fee with the rewards card. The first annual fee is charged upon approval of your credit card.

The annual fee will depend on your creditworthiness and can be anywhere from $0-$75. Each following year the annual fee is charged to your card. The amount is $0 to $99 depending on your credit score.

There are no introductory periods offered for the annual percentage rate. The apr charged will vary based on your creditworthiness. The apr percentage charged will range from 15.90% to 24.40%.

There are no grace periods offered for payments. There will be a late fee applied to your account of $37 when you miss your payment date.

The beginning credit lines offered are usually only a couple hundred dollars. This means you won’t be making any large purchases with your credit card.

If you decide to use this card outside of the United States Credit One charges a foreign transaction fee. The fee will be the greater of $1.00 or 3% each time you use the card.

Because of the high interest rates and multiple fees, the amount you owe can accumulate quickly. This is something to consider if you do not have the ability to pay your monthly statement on time.

Choose the Card Right for You

Credit One Bank gives the opportunity to people with low and poor credit to have a credit card. This allows them to slowly build their credit over time through monthly on-time payments.

The NASCAR card is great if you are a fan or make a lot of automotive and gas related purchases. The Platinum rebuilding card is perfect for those who have very poor credit.

The rewards card is good for those who have lower credit but qualify for greater rewards. All three cards come with easy online account management and customization.

The drawback with these cards is a high interest rate and fees. There is a danger that you will end up in greater debt if you are not responsible in making your payments.

Check out these other credit cards perfect for people needing to build credit. If you need additional advice on choosing the right quick loans or small personal loans, be sure to look through the rest of the Bonsai Finance website. We are here to provide you with the information you need to make the right decisions on your personal financial situation.