Credit One Bank® Unsecured Visa® with Cash Back Rewards review
A credit-building option but be careful of its annual fee.
- Get this card if you’re rebuilding credit and want an unsecured card
- Pick something else if you don’t want the possibility of paying an annual fee, or if you want a grace period.
- You can get prequalified with any credit score, though prequalification doesn’t guarantee approval.
How to apply for the Credit One Bank® Unsecured Visa® with Cash Back Rewards
- Click Apply now.
- Complete the pre-qualification form with your name, contact details, Social Security number and total monthly income.
- Review your information and click See card offers.
- If you qualify, you’ll see the option to apply for a Credit One product. You may need to submit an additional application or other details. If you’re approved for a card, you can typically expect it in the mail within 7 to 10 business days.
- Potential $0 annual fee.
Depending on your credit, you may pay no annual fee for your card.
- Rewards: 1% cash back on all purchases if you qualify.
You may receive 1% cash back in other categories — such as gas, groceries and dining — based on Credit One Bank’s discretion.
- You’ll get at least a $300 credit line.
You’ll also be regularly considered for a higher credit limit, though the bank does not disclose how often its customers will be considered or how the final evaluation is made.
- Monitor your credit score.
You can check your Experian Scorex credit score for free each month. This can help you track your progress as you build your credit. Note that this isn’t a FICO score, which is what most banks use to make lending decisions. Other providers will give you access to your FICO score.
You’ll also like …
- Visa benefits. You’re covered by travel accident and auto rental collision insurance when you pay for eligible itineraries with this card. You’ll also receive shopping discounts from Visa.
- Credit One extras.
You can opt in for Credit Protection, which helps cover your card payments if you’re involuntarily unemployed or disabled.
What to watch out for
- You may pay a fee for a credit limit increase.
According to the credit card’s terms, this fee can be anywhere from $0 to $49. This fee can be incurred even if you did not request the increase.
- Benefits depend on your credit.
Your annual fee may range from $0 to $99. With weaker credit, you may pay an annual fee at the higher end of these ranges, which will be deducted from your credit line. Your credit also affects your ability to earn cash back in select categories. With weaker credit, you might not qualify for 1% cash back on all purchases.
- You might not receive a grace period.
With most credit cards, you’ll receive a grace period of at least 21 days to pay your card balance. If you do, your balance won’t accrue interest. This card may or may not have a grace period. If it has one, the grace period will be at least 24 days after the close of each billing cycle. If it doesn’t, your purchases will accrue interest immediately after they post to your account.
Compare cards for building credit
What should I know before I apply?
To apply for this card, you’ll need just a few pieces of information.
- 18 years of age or older
- United States resident, residents of US territories aren’t eligible
- You have a valid Social Security number
Information you’ll need
- First and last name
- Email and phone number
- Mailing address
- Social Security number
- Date of birth
- Total monthly income
Credit One Bank® Unsecured Visa® with Cash Back Rewards reviews and complaints
Many cardholders say they’ve encountered poor customer service and technical issues on Credit One Bank’s website. Others say the bank charges very high fees.
Credit One Bank has been accredited with the Better Business Bureau (BBB) since 2011. BBB rates the bank with an A-. However, the customers aren’t so generous. As of October 2020, more than 400 customers have rated the bank at around 1 out of 5 stars.
As of this writing, there’s an alert on the BBB website, about a pattern of consumer complaints. These revolve around billing/collection issues, and some complaints allege that they were charged without authorization. Some customers complained that Credit One Bank forwarded incorrect information to the credit reporting bureaus.
I got the card. Now what?
- Call Credit One to activate your card. The activation code will be printed on a sticker attached to your new card.
- Check if your card has a grace period. If it doesn’t, consider paying off your purchases soon after you make them. This will keep your balance from accruing too much interest.
- Set up your online account Go to the Credit One website and click Set up online account access in the login box.
- Avoid payment fees. There are two types of online payments: Standard Payment and Express Payment.
Standard Payment is free, but it may take up to seven days for your payment to post to your account. Express Payment costs $9.95, but your payments will typically post within two days.
- Contact customer service. If you have issues with your account, call the number on the back of your card.
- Avoid fees. There are few fees to watch out for. For instance, you might want to avoid making foreign transactions with this card as each transaction will incur a fee of $1 or 3%, whichever is greater. Late and returned payments come with fees of up to $39 per infraction. You’ll also incur high fees with cash advances.
The Credit One Bank® Unsecured Visa® with Cash Back Rewards may be an option if you’re having trouble getting approved for other unsecured credit cards.
However, one of its biggest weaknesses is you won’t know your terms until you apply and are approved. Prepare for the possibility of limited cash back, high annual fees and no interest grace period.
If you need another option for building credit, consider a market-leading secured credit card.
Frequently asked questions
Kliment Dukovski is a credit cards writer. He's written over 600 articles to help readers find and compare the best credit cards. Kliment has also written on money transfers, home loans and more. Previously, he ghostwrote guides and articles on foreign exchange, stock market trading and cryptocurrencies.
The Credit One Bank® Unsecured Visa® with Cash Back Rewards is a credit-building card that comes with an annual fee between $0 and $99, depending on your credit score and a possible rewards program. This means you may earn 1% cash back on gas, groceries and dining purchases. But it’s not guaranteed; You won’t know your exact terms until after you apply for the card and are approved.
Another uncertainty is the fact that you may not receive a grace period. This makes your credit card purchases more expensive unless you pay them off at the moment you make the purchase.
On the positive side, you can request prequalification. This way, you’ll know your chances for credit card approval without taking a hit on your credit score. But if you have a really bad credit score, chances are you’ll incur most of these fees and pay an annual fee. Make sure to shop around before you apply for a card to get the best possible option for your financial situation.