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With this Credit One card you’ll potentially run into some unusual fees and an above-average APR, and you may have to deal with poor customer service. But if you have poor credit and you’d like an unsecured option, this last-resort card may work for you.
If you’re trying to rebuild poor credit and just need a basic card with a small credit line, you could consider this card… but be warned. You won’t see much in terms of benefits — there’s no signup bonus, no perks, some very meager rewards, and lots of negative consumer reviews.
You’ll earn just 1% cash back on gas and groceries, mobile phone services, internet, and cable/satellite TV services.
Your annual fee is $0–$99, and you’ll want to pay it off as soon as possible, for two reasons. If you have a $300 credit line and your annual fee is $75, your available credit will be limited to $225. You’ll also start paying interest as soon as your account is opened and until you pay off the balance (if you’re issued a card with an annual fee).
Take note that your card may come with no grace period for purchases, meaning as soon as you make a purchase you’ll begin accruing interest immediately. Most credit cards typically offer a grace period of around 25 days, but this card may not. Make sure to read the terms carefully if you get approved.
If you’re confused by the ambiguity and lack of transparency from Credit One Bank, don’t worry. We are too. Check out our post on Credit One vs. Capital One: Beware! They Are Very Different to see why we typically recommend steering clear of this issuer.