- Monitor your credit score for free.
- Choose your own due date.
- Benefits of a Visa credit card, including fraud liability protection and shopping discounts.
- 20.24% – 26.24% Variable.
- Cash advance APR: 26.24% Variable.
- Rewards automatically post to your account each month.
- Customize your account notifications and even your due date.
- Integrates with Apply Pay.
- You don’t actually know what you’ll qualify for until you apply.
- You might end up with an annual fee, depending on the card you qualify for.
- Figuring out the product you actually end up with can be confusing.
- Your initial credit limit is likely to be relatively low.
There are no bonus rewards for signing up to the Credit One Bank Cash Back Rewards credit card.
You earn rewards on all purchases if you qualify. It’s also possible to rebuild credit with one of Credit One’s cash back rewards offerings, but you might not get cash back rewards on all the purchases. Finally, if you qualify for the NASCAR version of this credit card, you could get double the cash back rewards on purchases at the NASCAR.com Superstore.
There is no introductory APR with this credit card.
Recommended Credit Score
You can qualify for one of these credit cards with fair credit, and even poor credit, if you get the card for the purpose of rebuilding your credit.
For those who have a thin credit file or need to rebuild their credit, the Credit One Bank Cash Back Rewards credit card can be helpful. There’s a fairly low barrier to entry, but that also means you might not get the credit limit you’re looking for.
You can expect fairly standard benefits, like fraud protection and online account management, but this card is fairly stripped down, even if you can get 1 percent cash back rewards.
Benefits of the Credit One® Bank Cash Back Rewards Credit Card
The main benefit to this credit card is the fact that you might be able to qualify even if you’ve had credit problems in the past. For those who are having trouble getting other credit cards, this card can actually provide a way for you to start improving your credit score.
Because the credit line is so low to begin with, you are limited in your ability to do further damage to your debt situation. Plus, after making on-time payments and showing you can handle it, Credit One will increase your credit limit.
This is a credit card meant for poor credit that offers cash back rewards, which is a good benefit. Plus, if you decide to get the NASCAR version of the Credit One Bank Cash Back Rewards credit card, you can get double cash back rewards when you make purchases at the NASCAR.com Superstore.
You also get the regular perks expected with almost any credit card, including:
- Fraud liability protection.
- Online credit score tracking and account monitoring.
- Integration with Apple Pay.
- Access to the Visa network worldwide.
The Credit One credit card also comes with the ability to customize your due date, which is another nice touch, especially for those working to improve their credit.
Downsides of the Credit One® Bank Cash Back Rewards Credit Card
Confusion over what you’re applying for and what you’ll end up with is the biggest drawback to the Credit One Bank Cash Back Rewards credit card.
There are three different versions, and you can see what they offer, but you apply for them all at once. In order to see what terms and rates you’re being offered, you have to complete an application.
As a result, some applicants won’t have to pay an annual fee, but other applicants will find that they could pay between $0 – $99.
Additionally, standard APRs are relatively high, and you’ll find that your cash advance fee might be steep. This card also comes with foreign transaction fees. There’s even a fee if you want to add an authorized user.
>> Read More: Best Credit Cards for Authorized Users
Because this card is so basic, you won’t find anything like a zero percent APR introductory offer or a signing bonus. Plus, if you don’t get the “top” card offer, your 1 percent cash back rewards might only apply to“eligible” purchases instead of every purchase.
How It Compares to Similar Cards
There are many credit cards, like Deserve credit cards, aimed at helping consumers build or rebuild their credit. However, most don’t come with rewards at all, so having the rewards component is a nice touch. The annual fee is in line with what you can expect from similar cards aimed at subprime consumers.
However, if you’re a prime consumer, the annual fee probably isn’t worth paying; the best rewards cards with annual fees often come with additional perks that benefit the user.
As a subprime consumer looking for a higher credit limit to start, you might be better served with a Capital One credit card, which might provide you with a better credit line, especially if you choose a secured card.
There’s not a lot to see with the Credit One Bank Cash Back Rewards credit card. For the most part, this credit card is best for those struggling with their credit. You’ll be able to use the Credit One card to boost your score to the point where you can apply for a card that might offer more robust benefits and perks.
If you would like to compare additional options, check out our Best Credit Cards page.
Author: Miranda Marquit
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