If you’re researching “Is Credit One a good credit card?”, you’re likely working to rebuild or establish credit. Credit One targets borrowers with fair to poor credit scores, but its high fees and mixed reviews make it a controversial choice. Let’s dive into the details to help you decide if it’s right for you—or if a better alternative exists.
What Is Credit One Bank?
Credit One Bank offers unsecured credit cards (no security deposit required) primarily for borrowers with low credit scores (FICO 630 or below). Unlike many secured cards, it provides rewards on some cards and reports to all three credit bureaus. However, it’s often confused with Capital One—a larger issuer with better terms and lower fees.
Pros of Credit One Credit Cards
- Accessible for Poor Credit
- Pre-qualify without a hard credit check.
- Unsecured options avoid upfront deposits.
- Credit-Building Tools
- Free FICO score tracking and credit alerts.
- Potential credit limit increases with responsible use.
- Rewards on Select Cards
- Example: The Platinum X5 Visa earns 5% cash back on gas, groceries, and phone/internet bills (up to $5,000/year).
- Variety of Cards
- Options include cashback, travel (Wander Card), and co-branded cards (e.g., NASCAR, Vegas Golden Knights).
Cons of Credit One Credit Cards
- High Fees
- Annual fees range from 0to0to99; some cards charge monthly maintenance fees.
- APRs up to 29% variable—well above the national average.
- Low Credit Limits
- Initial limits often start at 300–300–500, limiting spending power.
- Mixed Customer Reviews
- Complaints cite unexpected fees, poor customer service, and confusing websites (BBB Rating: 1.1/5).
- Experian reviews show a 4.2/5 rating, but negative feedback highlights billing issues and poor app functionality.
- No Sign-Up Bonuses
- Unlike competitors, Credit One offers no welcome bonuses.
Credit One vs. Capital One: Key Differences
| Feature | Credit One | Capital One |
|---|---|---|
| Target Audience | Poor/fair credit (scores <670) | All credit tiers, including premium options |
| Annual Fees | Common (39–39–99) | Many 0−feecards;premiumcardsupto0−feecards;premiumcardsupto395 |
| Rewards | Up to 5% cash back (capped) | Up to 10x miles on travel, 2%+ unlimited |
| Foreign Fees | Often charged | No foreign fees on most cards |
| Customer Satisfaction | Low (frequent complaints) | Higher (better app, perks, transparency) |
Verdict: Capital One’s cards (e.g., Quicksilver Secured, Platinum Secured) are superior for most users, offering lower fees, better rewards, and stronger customer support.
Top Alternatives to Credit One
- Discover It® Secured
- $0 annual fee, 2% cash back at gas/restaurants, and refundable deposit.
- Capital One Platinum Secured
- No annual fee, credit limit increases are possible, and easier upgrade paths.
- Petal® 2 Visa®
- No fees, 1–1.5% cash back, and uses income/spending habits to approve applicants.
- Chime Secured Credit Builder Visa®
- No credit check, no interest, and no annual fee.
When to Consider Credit One
- You’ve been denied by other issuers and need an unsecured card.
- You can pay balances in full monthly to avoid high interest.
- You prioritize credit monitoring tools over rewards.
The Bottom Line
Credit One fills a niche for borrowers with very poor credit who need an unsecured card. However, its fees, high APR, and subpar customer service make it a last-resort option. If you qualify, prioritize secured cards from Discover or Capital One—they’re cheaper, more reliable, and better for long-term credit growth.
Before Applying: Use pre-qualification tools, read the fine print on fees, and compare APRs.
FAQs: Credit One Cards
Does Credit One approve bad credit?
Yes—it’s designed for scores below 630, but approval isn’t guaranteed.
Can I upgrade my Credit One card later?
Possible, but alternatives like Capital One offer smoother transitions to premium cards.
Are there a $0 annual fee Credit One cards?
A few (e.g., Platinum Rewards Visa), but they require good credit.