Review of the Credit One Bank® Cash Back Rewards Card and Platinum Visa® Cash Back Rewards Credit Card

Brendan Harkness

Brendan Harkness | Reviews

Feb 12, 2016 | Updated Aug 15, 2017

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Credit One Bank offers credit cards that are designed for people with fair or bad credit. If your credit is less than good (FICO® Score less than 700 or so) you won’t be able to get the most rewarding cards with the best terms, but you may be able to use a card from Credit One to start building your credit so you can get better cards later.

Cards like this tend to have lower approval requirements, but they also come with more fees and higher interest rates. If you take the time to understand the terms before applying and commit to using the card responsibly, it can be a good option if you want to earn some rewards while building up your credit.

Let’s take a look at the Credit One Bank Cash Back Rewards card. Cards designed for people with bad credit don’t usually offer rewards, so if you’re working on building up your credit this could be a nice bonus.

Credit One Bank® Cash Back Credit Card
Apply Now

Credit One Bank® Cash Back Credit Card

For People with
Bad Credit

  • Annual Fee: $0 - $99
  • Interest Rate: 16.15% - 24.65% Variable
Quick Card Facts
  • See if you Pre-Qualify without harming your credit score
  • 1% cash back on eligible purchases, terms apply
  • No deposit requirements and opportunities to build your credit
  • Enjoy the flexibility to choose your payment due date. Terms apply.
  • Receive opportunities for credit line increases, a fee may apply

The Rewards

If you apply for a card and are approved, you’ll be given one of the following cash back reward programs:

Either:

  • 1% cash back on purchases of gas and groceries OR
  • 1.1% cash back on dining purchases and 1% cash back on all other purchases

So you’ll wind up with either one of these programs. The reward program you get will depend on your creditworthiness.

The Benefits

Check your card’s Guide to Benefits to learn the exact benefits you have, and how to access them.

Perks

  • Free Credit Score

    Check your credit score online for free.

  • Credit Protection Program

    This optional program can suspend your minimum payments and limit access to your account if certain events happen to you. There is a $0.96 fee per $100.

  • Add An Authorized User

    Adding an authorized user will incur an annual fee of $19.

  • Pick a Card Design

    There are many to choose from, though some designs will require a fee.

Account Management

  • Account Alerts

    Get notifications about your account by email or text message.

  • Pick A Due Date

    You can call customer service to choose a new due date.

Security

  • Fraud Protection

    You won’t be held liable for fraudulent or unauthorized transactions.

The Costs & Fees

The interest rates and fees you get will be based on your credit history and financial status. Check your card’s terms and conditions to learn the exact details for your account.

Annual Fee Regular APR Regular Balance Transfer APR Cash Advance APR
$0 - $99 16.15% - 24.65% Variable See Terms See Terms
Balance Transfer Fee Cash Advance Fee Foreign Transaction Fee
See Terms See Terms See Terms
Penalty APR Late Fee Returned Payment Fee
See Terms See Terms See Terms

Take Note: For most credit cards, when you make a purchase you’ll have quite a while before you need to start paying for it. Usually you’ll be able to wait until the statement period is over, and then you’ll have a due date around 25 days later. This gap between the original payment and the due date is called the grace period. Learn more about grace periods here.

This Credit One card may not come with a grace period, however. Depending on your credit when you’re approved for the card, your interest rate may not include a grace period. If you don’t get a grace period, interest will start accruing from the date of the purchase.

If you don’t have a grace period on your account, be sure to pay off your balance ASAP so you will be charged as little interest as possible. And, if you have an annual fee, keep in mind that it will be charged to your card as soon as you open the account. This means that it will start accruing interest immediately, so you’ll want to pay it off quickly.

You may also find other fees associated with your card that we don’t list here. These could be charges for express payment or adding authorized users. Unfortunately Credit One doesn’t disclose much about the details of their cards.

So, be sure to check your card’s terms and conditions carefully so you know exactly what to expect when using this card. That means knowing your credit limit, your due dates, and when you will be charged interest or fees. This may seem like too much to deal with, but remember that by using this card you’ll be building up your credit so you can eventually qualify for some very rewarding cards.

The Bottom Line

The Credit One Bank Cash Back Rewards card can help you build up your credit while providing a small cash back reward on gas and groceries. Some of the card terms may seem unfair, but these are sub-prime credit products that are designed for people with fair to bad credit, who won’t qualify for more rewarding options.

If you apply, you’ll be given a chance to check your pre-qualification status first, without hurting your credit.

As long as you use them responsibly, you should be able to improve your credit because this card reports to all three of the credit bureaus. In time you can qualify for a higher-end rewards credit card.

Just be aware of the fees and restrictions associated with these cards, described above. And, take note that when you apply Credit One will keep your phone number to contact you at any time, and you’ll need to send a written notice to stop this:

While applying for a Credit One card

Want to apply for this card or learn more? Just click the name below.

Credit One Bank® Cash Back Credit Card
Apply Now

Credit One Bank® Cash Back Credit Card

For People with
Bad Credit

  • Annual Fee: $0 - $99
  • Interest Rate: 16.15% - 24.65% Variable
Quick Card Facts
  • See if you Pre-Qualify without harming your credit score
  • 1% cash back on eligible purchases, terms apply
  • No deposit requirements and opportunities to build your credit
  • Enjoy the flexibility to choose your payment due date. Terms apply.
  • Receive opportunities for credit line increases, a fee may apply
If you’d rather have a card designed to help build up your credit but with fewer fees, take a look at secured credit cards.

If you liked this review, share it with a friend! Do you have this card? How do you like it? Leave your own review of the Credit One Bank Cash Back Rewards card, we’d love to hear from you!

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