When you have a low credit score, it's not easy to find credit cards you can open. Many consumers in this position have gotten offers by mail or online from Credit One Bank, a card issuer specializing in credit cards for bad credit. Before you apply for a Credit One Platinum credit card or any of its other cards, read this review to find out why this credit card company is considered one to avoid.
Is Credit One Bank reputable?
Credit One Bank is a credit card company with a poor reputation because of its fees and lack of basic services. It offers credit cards for consumers with bad credit. However, it charges so many fees that it arguably takes advantage of people who don't have many credit card options.
Here are a few examples of the problems with Credit One:
- Credit One has charged fees for credit limit increases and "express payments," meaning payments that post right away. Most card issuers offer these basic services free of charge.
- The annual fees on Credit One credit cards are much higher than competitor credit cards with similar or better features.
- After the first year, many Credit One credit cards start charging a monthly fee instead of an annual fee. That means you'll have a bill to pay every month, even if you aren't using the card.
Katrina Niemisto, a former SEO Content Strategist at The Ascent, was a cardholder with Credit One Bank and gave a firsthand account of how expensive it can be.
"The biggest surprise for me with Credit One was the fees that kept popping up. I knew it wasn't a great credit card because my limit was only $600, but was still shocked to find that there was a monthly fee and more fees for things like paying your credit card statement. When they offered me an extended limit to $1,500, I thought it would be with the same card. But sure enough, raising my limit opened a SECOND credit card with them. I prioritized paying off these cards and closed them to stop the bleeding from my wallet."
Credit One review
Ratings Methodology
Credit One Platinum credit card
Rating image, 1.00 out of 5 stars.
1.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 1.00 out of 5 stars.
1.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Credit Score:Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Poor Under(579)
Poor
Fair
Good
Excellent
300-579
580-669
670-739
740-850
Credit ScoreFalling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Poor Under(579)
Intro APR
Purchases: N/A
Balance Transfers: N/A
Regular APR
28.99% variable
Rewards1% cash back on gas, groceries, and phone services
Up to 1% cash back
Annual Fee
$75 the first year, then $99 annually, billed at $8.25 per month
This is a credit card you want to avoid. With its litany of fees that other cards don't charge, it's not worth it. And with other secured credit cards for users with poor credit, this card is not your only option.
- No minimum credit score
- Cash back
- Predatory fees
- Transparency is lacking
- Earn 1% cash back rewards on eligible gas, grocery purchases and mobile phone service, internet, cable and satellite TV services, terms apply.
- With $0 Fraud Liability, you won’t be responsible for unauthorized charges
- Automatic reviews for credit line increase opportunities
- View your Experian credit score online for free, terms apply
- Choose your monthly payment due date for added convenience, terms apply
- Never miss an account update with customizable text and email alerts
- Manage your account on-the-go with the Credit One Bank mobile app
- Show off your personality by selecting from a variety of card designs, a fee may apply
Top perks
To be fair, there are a couple of positives to note about Credit One credit cards.
No minimum credit score
Several Credit One credit cards are available to consumers with any credit score. This is the card issuer's main draw. If you're working on your credit, a Credit One credit card could be one of the few (but most likely not the only one) you can open.
Cash back rewards
All the Credit One credit cards offer cash back rewards or points. No matter which card you have, you'll at least be able to earn credit card rewards on some of your purchases.
Free credit score
Consumers with a card from Credit One can view their credit score online for free. The online tool also provides a summary of your credit report, updated monthly, and information on the factors that contribute to your credit score.
RELATED: How to Find Out Your Credit Score
Credit card comparison
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
| Offer | Our Rating | Welcome Offer | Rewards Program | APR | Learn More |
|---|---|---|---|---|---|
Chase Freedom Unlimited® Apply Now for Chase Freedom Unlimited® OnChase'sSecure Website. | Rating image, 5.00 out of 5 stars. 5.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Up to $300 cash backEarn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases. | 1.5% - 5% cash backEnjoy 5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases | Intro:0% Intro APR on Purchases and Balance Transfers for 15 months Purchases: 0% Intro APR on Purchases, 15 months Balance Transfers: 0% Intro APR on Balance Transfers, 15 months Regular:20.49% - 29.24% Variable | Apply Now for Chase Freedom Unlimited® OnChase'sSecure Website. |
Chase Sapphire Preferred® Card Apply Now for Chase Sapphire Preferred® Card OnChase'sSecure Website. | Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 60,000 bonus pointsEarn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Travel℠. | 5x on travel purchased through Chase Travel℠, 3x on dining and 2x on all other travel purchasesEnjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more. | Intro:N/A Purchases: N/A Balance Transfers: N/A Regular:21.49%-28.49% Variable | Apply Now for Chase Sapphire Preferred® Card OnChase'sSecure Website. |
Discover it® Cash Back | Rating image, 5.00 out of 5 stars. 5.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Discover will match all the cash back you’ve earned at the end of your first year.N/A | 1% - 5% CashbackEarn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically. | Intro: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months Regular:17.24% - 28.24% Variable APR |
What could be improved
Unfortunately, Credit One credit cards also have some frustrating drawbacks.
Predatory fees
A big reason Credit One Bank gets a bad rap is its fees. If you make a free standard payment, it can take up to seven days before that payment is reflected in your available credit. If you want to pay off your balance more quickly, you need to pay $4.95 for an express payment.
Multiple cardholders have also reported a fee for a credit limit increase. The standard amount seems to be $24.99.
When you're rebuilding your credit, it's important to minimize the amount you spend on fees. Credit One credit cards don't help with that. For cards targeted at people with bad credit, that's a major flaw.
Poor customer service
Customer service isn't a strong suit of Credit One Bank. Many cardholders have complained about it online. It was also the lowest-rated credit card issuer in the 2023 J.D. Power U.S. Credit Card Satisfaction Survey™.
Credit One Bank received a satisfaction score of 496 out of 1,000, compared to an average of 609. In addition, it had the three lowest-rated rewards credit cards with an annual fee, ranked according to customer satisfaction.
Suggested credit score
There is no minimum credit score required to get a Credit One Platinum credit card. However, your credit score will determine the cards and terms you can get. Some of its cards are available to consumers with bad credit. Others require average or excellent credit.
Should I apply for a Credit One credit card if it's my only option?
It's unlikely that a Credit One credit card is your only option. Before you apply for one, you should shop around to see what better options may be available. There are other credit cards that are easy to get, such as secured credit cards, store credit cards, and student credit cards. If your credit score is poor, you can start with our list of expert-reviewed best credit cards for bad credit.
You can build your credit with a card from Credit One Bank. But for most consumers, there are alternatives, so it's smart to look at more credit card reviews for cards that charge fewer fees.
Why do some sites give Credit One good reviews?
Credit One looks like a decent option on the surface. It has credit cards almost anyone can get. They all earn rewards. You don't need to pay a security deposit to get most of its cards. And its annual fees can be as low as $0 -- if you qualify.
That seems like everything you'd want when you have bad credit. But those highlights don't capture the reality of Credit One credit cards. Here's what you can expect:
- You probably won't qualify for a $0 annual fee.
- Credit One will likely charge you fees for services that should be free.
- Your card's cash back may only apply to eligible purchases, meaning purchases from a limited number of categories.
What should I do if I have a Credit One Bank credit card?
You don't need to get rid of a Credit One Bank credit card right away. If you already have one, it makes sense to build your credit with it.
If you have a credit card with Credit One Bank, here's what you should do:
- Only charge what you can afford to pay so you won't go into credit card debt.
- Pay your full statement balance on time every month.
- Track your credit score. You can do this with Credit One Bank or with any free online credit score service.
- As you raise your credit score, look for new credit cards with no fees and/or more benefits.
Within a year or two, your credit should be good enough that you can qualify for better credit cards. At that point, you should upgrade. After you get a new credit card, cancel your Credit One credit card so you don't need to pay any more of its fees.
How can I cancel a Credit One credit card?
To cancel a Credit One credit card, call the card issuer at 1-877-825-3242. Go through the automated menu to reach customer service, and then tell the representative that you want to cancel your credit card.
Still have questions?
Here are some other questions we've answered:
- How to Get Your First Credit Card
- What Is a Secured Credit Card?
- What Are the Best Starter Credit Cards for No Credit History?
FAQs
Credit One Bank doesn't have a good reputation. It's known for charging excessive fees. These include fees for payments to post more quickly and to raise your credit limit. It has also scored poorly in customer satisfaction surveys.
Credit One credit cards tend to have expensive annual fees for what they offer. Annual fees range from $0 to $99. After the first year, many credit cards from Credit One Bank charge an annual fee that's broken down into equal monthly payments. That means you'll have a bill to pay every month, even if you don't use your card.
No, our experts don’t recommend Credit One Bank because of its fees and predatory practices. The annual fees that Credit One Bank charges are expensive for what its cards offer. It tacks on fees for services that are free from reputable credit card companies, including express payments and credit limit increases.
Our Credit Cards Experts
By:Lyle Daly
Writer
Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking. He writes for The Ascent and The Motley Fool, and his work has appeared in USA Today and Yahoo! Finance. He was born in California but currently lives as a digital nomad with a home base in Colombia.
Fact CheckedNathan Alderman
Fact checker
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
