Credit One Bank: What You Need to Know

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Top perks

To be fair, there are a couple of positives to note about Credit One credit cards.

No minimum credit score

You can get Credit One Bank credit cards with any credit score. This is the card issuer’s main draw. If you’re working on your credit, a Credit One credit card could be one of the few you can open.

Cash back rewards

All the Credit One credit cards offer cash back rewards. No matter which card you have, you’ll at least be able to earn cash back on some of your purchases.

What could be improved

Unfortunately, Credit One credit cards also have several frustrating drawbacks.

Complicated application process

Unlike most credit card companies, Credit One Bank doesn’t let you decide which of its cards you want to apply for.

Instead, you first need to go through the prequalification process. This involves filling out a form with personal information so that Credit One Bank can run a soft credit check (which doesn’t affect your credit). Based on that, it will show you which cards you prequalify for, as well as their terms and conditions.

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Excessive fees

A big reason Credit One Bank gets a bad rap is its fees. If you make a free standard payment, it can take up to seven days before that payment is reflected in your available credit. If you want to pay off your balance more quickly, you need to pay $9.95 for an express payment.

Multiple cardholders have also reported a fee for a credit limit increase. The standard amount seems to be $24.99.

When you’re rebuilding your credit, it’s important to minimize the amount you spend on fees. Credit One credit cards don’t help with that. For cards targeted at people with bad credit, that’s a major flaw.

Not all cards have terms and conditions upfront

Credit One Bank also differs from other popular card issuers in only publishing some of its credit cards’ terms and conditions online. The available terms and conditions for some cards are “for information purposes only,” which aren’t official and provide very broad information.

For example, the Credit One Bank Platinum Visa lists its annual fee as anywhere from $0 to $95 in the first year, and from $0 to $99 after that. In the second year, the fee might also be charged annually or broken down into 12 monthly payments.

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Suggested credit score

There is no minimum credit score required to get a Credit One credit card. However, your credit score will determine the cards and terms you can get. Some of its cards are available to consumers with bad credit. Others require average or excellent credit.

Should I apply for a Credit One credit card if it’s my only option?

It’s unlikely that a Credit One credit card is your only option. Before you apply for one, you should shop around to see what better options may be available. There are other credit cards that are easy to get, such as secured credit cards, store credit cards, and student credit cards. If your credit score is poor, you can start with our list of expert-reviewed best credit cards for bad credit.

You can build your credit with a card from Credit One Bank. But for most consumers, there are alternatives, so it’s smart to look for cards that charge fewer fees.

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View more information: https://www.fool.com/the-ascent/credit-cards/articles/why-credit-one-credit-card-isnt-worth-it/

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