In-depth analysis of the best Credit One Credit Cards
Credit One Bank American Express® Credit Card
- Annual fee: $39.
- APR range: 28.24% Variable.
- 0% introductory APR: N/A.
- Sign-up bonus: N/A.
- Rewards: Unlimited 1% on all purchases.
- Other features: Get deals on shopping, dining, travel, and entertainment; travel accident insurance.
Why the Credit One Bank American Express® Credit Card is good for travel and entertainment
The Credit One Bank American Express® Credit Card is designed for those with fair or better credit. It will help you to improve your credit score, while providing you with unlimited 1% cash back on all purchases, as well as special deals on shopping, dining, travel, and entertainment through American Express.
Why you might not want to consider the Credit One Bank American Express® Credit Card
The Credit One Bank American Express® Credit Card is designed for those with fair, good, or excellent credit. If you fall into the poor credit category, you’re unlikely to qualify for this card and will need to choose another.
Credit One Bank® Platinum Visa®
- Annual fee: $39.
- APR range: 28.24% Variable.
- 0% introductory APR: N/A.
- Sign-up bonus: N/A.
- Rewards: 1% cash back on gas, groceries, and communication services like mobile phone, Internet, and cable and satellite TV.
- Other features: Access your Experian credit score and credit report summary.
Why the Credit One Bank® Platinum Visa® is good for cash back on groceries, gas, and communication services
The Credit One Bank® Platinum Visa® also provides 1% cash back, but they’re concentrated on gas, groceries, and communication services, like mobile phone service, Internet, and cable and satellite TV. It’ll be an opportunity to improve your credit while getting a bit of a discount on your communication services.
Why you might not want to consider the Credit One Bank® Platinum Visa®
First, you may not qualify for this card if you have poor credit. It’s designed for those with fair credit or better. Second, you may also prefer a credit card that offers less restricted cash back, such as 1% cash back on all purchases.
Credit One Bank® Platinum Rewards Visa® With No Annual Fee Credit Card
- Annual fee: $0.
- APR range: 28.24% Variable.
- 0% introductory APR: N/A.
- Sign-up bonus: N/A.
- Rewards: 2% cash back on purchases in select categories; up to 10% cash back from participating merchants.
- Other features: Choose your own monthly payment date; access your Experian credit score and credit report summary.
Why the Credit One Bank® Rewards Visa with No Annual Fee Credit Card is good for double cash back on select purchases with no annual fee
You’ll need to have fair or better credit with the Credit One Bank® Rewards Visa with No Annual Fee Credit Card. But if you do, you’ll get enhanced rewards. First, you’ll get 2% cash back on purchases in select categories. Those include gas stations, grocery stores, and communication services. Then you’ll also get up to 10% cash back on purchases at select merchants. And it all comes with no annual fee.
Why you might not want to consider the Credit One Bank® Rewards Visa with No Annual Fee Credit Card
This is another Credit One card that requires at least fair credit. If you have poor credit, you probably won’t be eligible. But you may also prefer a general rewards card that offers cash back on all purchases, rather than one limited just to gas, groceries, and communication services.
Credit One Bank® Platinum X5 Visa® Credit Card
- Annual fee: $95.
- APR range:28.24% Variable.
- 0% introductory APR: N/A.
- Sign-up bonus: N/A.
- Rewards: 5% cash back on the first $5,000 for gas, groceries, and communication services; unlimited 1% cash back on all other purchases.
- Other features: Access your Experian credit score and credit report summary.
Why the Credit One Bank® Platinum X5 Visa Credit Card is good for overall cash back rewards
Keeping in mind that the Credit One Bank® Platinum X5 Visa Credit Card is designed for those with fair or better credit, it offers a surprisingly generous cash back package. You can earn an incredible 5% cash back on purchases of gas, groceries, and communication services for a combined total of up to $5,000 per year. That’s $250 each year if you make the maximum amount of purchases.
But after that, you’ll earn unlimited 1% cash back on all other purchases. And you can be doing all of this while you are gradually working to improve your credit score.
Why you might not want to consider the Credit One Bank® Platinum X5 Visa Credit Card
Probably the only drawback we could think of with this card is the annual fee. It’s at the higher end of the range for Credit One credit cards. But if you can max out those 5% spending categories, the annual fee will be well worth paying anyway.
Should you consider Credit One?
This is a tough call. Credit One’s products don’t offer very competitive terms, and the possibility of having a credit card with no grace period is troubling. In addition, these cards can have very high annual fees.
On the other hand, Credit One’s cards aren’t meant for those who can qualify for most other credit cards. They are made for people with serious credit problems. The other kind of card that meets this need is called a secured card.
Summary
If you want to rebuild your credit at the lowest possible cost, then a secured card is the product for you. But if you have poor credit, and you simply want to avoid paying a security deposit, then Credit One can be an option to consider.
But with secured cards available that require as little as $49 as a refundable deposit, which is likely less than Credit One’s non-refundable annual fee of up to $75, most would be better off applying for a secured card rather than an unsecured card from Credit One. By understanding exactly what Credit One offers, you can make the best choice for your needs.
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Source: moneyunder30.com