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Credit One Bank

Credit One Bank

 1.3/5 (89 ratings)
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  • 1 stars
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About Credit One Bank

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

Pros

  • Regular credit line increases
  • Free credit score summaries
  • Options for bad credit

Cons

  • High annual fee
  • High interest rates

Bottom Line

Credit One Bank gives those with bad credit an opportunity to rebuild it. Interest rates and annual fees are higher, but cardholders can earn cash back rewards and track their credit score through Experian.

Top Credit One Bank Reviews

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Rated with 5 stars
Verified

Credit One gave me a credit card when no one else would. I admit, their rates are high, but if your credit is bad, what do you expect. If you pay on time, they WILL NOT bother you...

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Rated with 2 stars
Verified

Credit One charges you a yearly fee. This I did not see prior to getting card - my fault not theirs as it is in the fine print - but once you have the card you get the charge rega...

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What is Credit One Bank?

Credit One Bank helps people with less-than-perfect credit get secured and unsecured credit cards, which can help improve credit scores over time with responsible use. Through the Credit One Bank mobile app, cardholders can track their credit scores for free and access their accounts from anywhere.

About Credit One Bank credit cards

Credit One Bank offers seven credit cards with varying cash back benefits and fees for those with limited or bad credit. People with credit scores from 300 to 670 can qualify for a secured or unsecured Credit One credit card. You can find out if you pre-qualify on the Credit One Bank website.

The Credit One Bank Platinum Visa an unsecured option that doesn’t require a deposit and is available to those with fair credit. Since most credit-building cards require a security deposit, Credit One Bank Platinum Visa might be a good option for people who don’t have extra money and want a larger credit limit. It’s also a fit for people who have trouble getting approved for other cards. The Platinum Visa allows you to build credit and earn cash back rewards at the same time.

Credit One Bank benefits

Credit One Bank offers a variety of benefits to its cardholders. Cardholders have the option of choosing their payment due date. After a few months of responsible credit usage, Credit One reviews your accounts to see if you’re eligible for a credit limit increase. Other benefits include:

  • Cash back rewards: Credit One cardholders can qualify for different cash back rewards programs. Credit One Bank Platinum Visas for rebuilding credit earn up to 2% cash back on eligible purchases, including gas, groceries, mobile phone service, internet service and cable or satellite services.
  • Zero fraud liability: You are not responsible for unauthorized charges if your card is stolen or lost.
  • Free credit score: View your Experian credit score and credit report summary for free each month online.
  • Credit limit increases: Credit One automatically reviews your accounts for credit limit increase opportunities.

Credit One Bank fees

Credit One annual fees
Credit One Bank’s annual fees range from $0 to $99. Credit One charges the first annual fee when you open your account, which decreases your initial credit limit. After the first year, Credit One bills the annual fee once a year or divides it into 12 equal portions and bills it monthly. If your credit score improves, you may qualify for a lower annual cost.
Credit One ATM withdrawal fees
Since Credit One Bank only issues credit cards and doesn’t offer checking or savings accounts, you’re taking out a cash advance when you withdraw cash at an ATM with your Credit One credit card. Depending on the card you have, cash advance fees are either $5 or 8% of the amount of each cash advance, whichever is greater, or $10 or 3% to 5% of each cash advance, whichever is greater. Most banks also charge non-account holders a fee to use their ATMs.
Credit One foreign transaction fees
Foreign transaction fees are either $1 or 3% of each purchase in U.S. dollars, whichever is greater.
Credit One penalty fees
The fee per late payment or returned payment is up to $39.

Credit One Bank credit card FAQ

What is the minimum credit limit for Credit One?
If approved, the minimum credit limit is $300. Your credit limit amount depends on your financial history and creditworthiness at the time of your card application. Credit One does not publicly disclose a maximum credit limit for any of its cards.
How do I request a credit limit increase with Credit One?
Credit One automatically reviews accounts for credit limit increases. If you aren’t notified of an available increase offer, you can request a credit limit increase by calling customer service.
How can I check on my Credit One Bank application status?
You can check on your application status on the Credit One Bank website. Select “Application Status” on the menu of the home page.
How long does it take Credit One to send my card?
It takes Credit One up to 10 business days to deliver a new card.
Are Capital One and Credit One the same bank?
No, Capital One and Credit One are not the same. Capital One is one of the largest banks in the U.S. and offers bank accounts, credit cards, loans, and investment products, while Credit One only issues credit cards. It's easy to confuse the two since they have similar names and logos.

Is Credit One Bank a legitimate company?

Yes. Credit One Bank is a major credit card company that operates online and does not have any physical branch locations. Credit One Bank was founded in 1984 and issues secured and unsecured credit cards to people with limited or bad credit.

Credit One Bank Reviews

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How do I know I can trust these reviews about Credit One Bank?
How do I know I can trust these reviews about Credit One Bank?
  • 3,525,288 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 5
Rated with 4 stars
Verified Reviewer
Original review: Nov. 8, 2021

Long story short, huge mistakes in my youth and missed chances to grow because of ignorance caused me to not only make my life harder, but to also scare me away from thinking any bank in the world will even talk to me. I have finally opened a successful bank account with a local credit union, started looking at credit much more seriously and developed a huge drive to not only fix my credit, but to get approved for the best cards I NEVER DREAMED of getting approved for before, and all of this is thank to Credit One giving me a yes on my application.

Just like the fear of rejection from a person, running your credit and putting yourself out there is a hard thing to do, especially when you always see or hear a no, but a closed mouth doesn't get fed and eventually, someone will say yes and that someone's is Credit One. Don't listen to the talk about the fees (unless you genuinely cannot afford them), don't let the APR deter you (do everything you can to pay it off monthly!). This card started my growth, and in just shy of 2 years since I started I now have 4 other cards with limits exceeding 4k a piece, a used car loan, and a fico score on the verge of 710. You can do it, you can fix it, don't run from a future where you have options for help and rewards you've earned, it all starts somewhere.

4 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Oct. 26, 2021

I've only been doing business with Credit One for a few months but thus far, I have had nothing but positive experiences with them. Their website is easy to navigate and their customer service is friendly. Yes, the rates are a bit high but for those of us rebuilding our credit, that's the nature of the beast. I appreciate them for taking a chance on me when no one else would. All-in-all, I think Credit One is a great bank to do business with if you're trying to rebuild your credit or trying to establish credit.

4 people found this review helpful

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    Rated with 5 stars
    Verified Reviewer
    Original review: Aug. 15, 2021

    This is my second card with Credit One. I see a lot of people bashing this bank. But they tell you everything upfront...you just have to do your part and read it. Yes there a lot of fees, but they take risks on a lot of people and get shafted by a lot of people. They gave me a card when most wouldn't. I have had ZERO issues with them. I know when I make a payment, it will take a few days to show on my available credit. No problem. These cards were not designed to live off of. If you can be responsible, this is a good card to rebuild your credit. Every time I check my credit file, both Credit One and Capitol One show exceptional payment history. It is allowing me to slowly build back the credit I so foolishly ruined.

    14 people found this review helpful
    Rated with 5 stars
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    Verified Reviewer
    Original review: April 15, 2021

    Let me start by saying I am very thankful to Credit One for giving me the chance with no deposit on my initial card. I have had their card since December of 2019 and love it! I started with a $300 limit and used it wisely paying all fees on time and as of now have about 11 cards as they just approved me for $1500 on another card! I see many people complaining about fees and such, they make this VERY clear when you apply for the card. If you can't afford the fees...don't get the card. There are cards out there with no fees like the Capital One Secured Visa which is what I started on with a $250 deposit over a year ago.

    Since I have been with Credit One I have had absolutely ZERO issues with this company and will continue to use their services. I have approximately 14 accounts in total and have not missed one payment. This is because if I have an issue I don't wait until my closing date or due date to address it. I check all my accounts daily even if it is tedious, it's responsibility. If you can't afford $99 a year then you probably shouldn't have a credit card as the interest on a card adds to that and this is MADE CLEAR WHEN YOU APPLY. If you dont have the income, do what I have done, go work at Sonic and put in 50-60 hours a week.

    These companies take a high risk as most people are NOT honest about their actual income then blame the card companies because they don't do the math BEFORE getting a card to see what the interest would be with a $300 card maxed with $99 in fees every year so let me try to help. So, if you have $300 and it's maxed with a 29% interest rate that's about $87, then you have the $99 fee every year. So that's actually $186. If you make the minimum payments of $30 it will take FOREVER to pay off that balance. So in total you would have $486 for that year if you maxed the card. In order to pay that card off in 12 months you would have to have a minimum payment of about $45 each month. These are rough numbers but it's to give a general idea.

    In closing, Credit Cards are not YOUR MONEY. It is BORROWED money and should only be used sparingly, in an emergency, or to invest bringing in more than what your TOTAL credit line is. Literally, 11 cards and 3 merchant accounts all above 25% interest on a median income of $52k a year with about $1500 in car, truck, and insurance payments and never missed a payment. Stop blaming these companies for y'all's shady practices for not reading and doing the math BEFORE getting these cards. They make it VERY clear if you READ about the $7 design fee.

    19 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: April 7, 2021

    I don't have anything negative to say about Credit One, I've never had a problem with them, I love my card. Simple application process and my card came in the mail quickly. I've read a few bad reviews therefore I was skeptical but so far I've never had a problem with them.

    5 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 20, 2022

    Credit One Bank customer service is lacking. Small things like a change in address are time consuming. The company outsources to India from what I can gather. The people have some issues communicating and many times leave the customer on hold for too long. The bank almost never increases account limits without some sort of payment by the consumer. They prey on people who seem to have no other choice. I called the automated line. There is no choice for cancelling the card or just plain "Customer Service". I ended up pressing "7" for reporting lost or stolen cards. I was on hold for about 5 minutes waiting and when I did get an agent, he sounded drugged.

    Cancelling the card took 20 minutes! It is concerning that in this day and age when most people work from home, companies are still outsourcing labor to outside the United States. I am sure many single mothers in the states would appreciate a job they could do from home. At least the consumer would stand a chance at communicating.

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    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 20, 2022

    I should've done my research and I now regret it. The WORST card I have ever had. I opened the card summer of 2021, received a limit raise after two months, always paid on time. By November 2021 there was a hold on my card. I tried to use my card and it was denied with no warning. Embarrassing. No fraudulent activity, no letter in the mail. I called their customer service. Just awful, it sounds like everyone is working from home and could not care less about their jobs. I've asked what I needed to do, "submit a copy of your ID so we can verify your info." Ok, no problem. I do it right when we hang up. I'm told 7-10 business days. I call back two weeks later. "We need a copy of a utility bill with your name and address on it."

    My address on my license matches everything I have done with this company but ok. I ask if they were going to let me know that they needed additional information. I'm told "we mailed you a letter," I asked two different reps to tell me what date this letter was sent. Neither can provide a date. Also, they have zero issues sending me my card statement. I've submitted my driver's license & gas bill to them 6 times. Days later, I get a notification online, not by email, I have to log into their website, that there's an internal issue and to upload my documents again. I will probably take the hit on my credit and close my card just to never have to deal with them again. If they ever lift the block on my card, to begin with, that is...

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    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 15, 2022

    I have been attempting to contact customer service for 2 months just to set up my online access. I have been unable to do so. I keep getting transferred around to more people that don't know what to do. I have to pay $8 just to make a payment on the phone. No one knows what to do. Apparently they don't want me to have access to my account and want me to pay the fee to speak to a rep that I can't even understand.

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    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 15, 2022

    No one speaks or understands English, they say they will look into it and call you back but never call back. I attempted to use my card 12/12/2021. My account was current, I was not over limit and had received no notification of any issue with my account. When I called I was told they needed to verify my identification. I needed to send a copy of my driver's license and current utility bill thru the website. I have now sent the documents 12 times by fax, email and the website.

    Several days after each submittal I receive a notice they could not open the documents due to an “internal error” please resend! I have spoken to general staff supervisors and managers. I have written 2 letters and still my account is restricted. Today someone promised to look into it and call me back. I’m still waiting for that call. I am filing a complaint with the Better Business Bureau in hopes they can help. If not I will probably close my account and take the hit in my credit that I have been trying to rebuild. Going forward I will research reviews before applying for another card. My advise is to stay away from Credit One Bank.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 14, 2022

    The company says that you're approved then does nothing to finish the process for certain individuals. Even if they need more information they just do not contact you. When you call there you get no information. They put a hard inquiry on my credit report twice for being approved and I still have not received a card or been contacted. After they falsely pre approve you for a marketing scam they sift through the applications and pick and choose certain ones, while just ignoring others. After they do the hard inquiry and lower your score there is no information available. I tried calling and all you get is it's in process, with no answers or guidance. Then they did a 2nd hard inquiry on my credit report for no reason. What a scam! Stay away from this company at all costs.

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    Credit One Bank Company Information

    Company Name:
    Credit One Bank
    Website:
    www.creditonebank.com