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Credit One Bank

Credit One Bank
Overall Satisfaction Rating 3.75/5
  • 5 stars
    385
  • 4 stars
    593
  • 3 stars
    292
  • 2 stars
    70
  • 1 stars
    168
Based on 1,508 ratings submitted in the last year

This company is not yet accredited. See reviews below to learn more or submit your own review.

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.

PROS

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

CONS

  • High annual fee
  • High interest rates

Top Credit One Bank Reviews We Found

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Rated with 5 stars
Verified Reviewer

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. I have nothing bad to say about them, because they were there for me.

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Rated with 2 stars
Verified Reviewer

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 regardless if you decide you do not want the card.

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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?
  • 2,778,162 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 - 10
Rated with 5 stars
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Verified Reviewer
Original review: Oct. 12, 2020

I read a lot of reviews when deciding to apply for this card. Most of them were negative. I read that if you make multiple payments in a month they give you a hassle. Not true, I make 2-4 payments a month usually paying in full each time, never had a issue. I read payments do not post on time, not true, they post the same day made. Although the available credit sometimes takes 2-3 days to become available that was never a problem for me as we got this card to build credit not to live off of.

Here is my thoughts, yes there is high fees, yes they are a little slower in releasing available credit (because they want to make sure the payment is not returned) and yes they are a little antiquated. If you are looking to build credit and use it and pay as you agree, this card is great, it serves the very purpose it is designed for and most people intend on using it for. With that said I find the low review rating and negative reviews are so many because so many of us poor people with crap or no credit get this card, then can't afford to pay on time or keep too high of a balance and get mad when there are fees or no credit. If you want o fix or build your credit follow the rules and this card is perfect. If you want a no fee card Discover offers a secured card for as little as $200 and will return your deposit after 8 months if you behave! We did both and it's working excellent.

22 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: June 10, 2020

I didn't get a credit card in my teens/early 20s. BIG mistake. NO ONE would take a chance on me at 25+; not because of bad credit, but "insufficient credit history." Credit One at age 31 gave me a chance! Kept the card almost 3 years, now onto "bigger and better" cards with a score 700+. Had they not given me a chance, I'd be SOL as now my dad is passed on and I only have my own credit to rely on if I need it. Thank you Credit One! Product A+++; does as intended--CREDIT BUILDER (even at 31!).

23 people found this review helpful

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    Rated with 5 stars
    Verified Reviewer
    Original review: May 2, 2020

    I’m reading these reviews. Smh at the self entitled irresponsible people complaining about getting late fees when paying their bill late. Whether it be an hr or a month late is late. I was given a $2k limit and two months later they gave me a small but appreciated cli of $200 which brought my new cl to $2200. Since owning this card I have paid a total of $2 if I’m not mistaken. My credit score was in the 640’s when I decided to get back in the credit game because my wife and I were buying a house and would carry a relatively modest mortgage.

    In 10 months all of my scores have increased by a lot, Fico 8 Experian 725, Equifax 740, & Trans Union 737, Vantage 3.0 Experian 738, Equifax 744, & Trans Union 738 and one reason is because Credit One reports my onetime payments every single month like clockwork just like they would if you were late. And by the way credit card banks are not allowed to report a late payment to the credit bureaus unless you are at least 30 days late. Some of these reviews are exaggeration and or flat out lies and you only know the rules these cc issuers play by to know when some reviews are laughable!

    Btw I have never used the express payment and have had no trouble paying on time. Yep they take a few days to credit back posted payments to your cl but so does many other highly thought of banks. If you’re going to pay late and only pay a minimum balance every month by all means stay away from Credit One!! And Capital One, Chase, Citi, Wells, Amex, Apple Card, etc etc.. Thx & good luck.

    42 people found this review helpful
    Rated with 5 stars
    profile pic of the author
    Verified Reviewer
    Original review: April 3, 2020

    This company provided me two credit cards! One after I showed them after six months I was responsible with one account. I’m very thankful for this bank as they were my last resort to reestablishing my credit along with my Capital One that I have! When nobody else would approve me, This Bank was there for me when I needed them the most! If you’re going to have credit cards to pay interest and late fees and be Irresponsible, then of course you’re going to give a bad review... But if you are responsible and pay all your bills on time and not occur interest and late fees then I’m sure that you would give this company a four-star like I am!

    42 people found this review helpful
    Rated with 5 stars
    profile pic of the author
    Verified Reviewer
    Original review: March 21, 2020

    So anyone who knows of this company, may have pre-conceived ideas of who they are and what they offer. They were a company who helped me grow and establish my credit, the card offered great credit limits and pay dates and they have never given me problems with anything regarding my account. Yes they are fee driven and their rates are high, but well worth the time I have been with them. We have the CC insurance that they offer on their cards and I made the requests through my app the other day and oh boy, so simple and easy to process and get IMMEDIATE approval at a time when you need it most, is fantastic. I don't need to use the cards the 6 months of payments that will be made by the insurance coverage and that is no problemo. We APPRECIATE Credit One very much.

    26 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 24, 2021

    I’m going to mail their card back them and have them sign for the card back to show them this will reach them within a few days like my 1st payment did in November. I feel this business is shady, unethical, uses trickery, and I don’t need them and reminded them they need me. They decided to be bullies and not post my payment. I take photos of the outside of the postmarked envelope in which I mail my money order. They tried getting even further express payment fees, NOT happening. They also wanted to see if I would give them access to my other accounts for payments, NOT happening! They received any posted my first payment within 3 business days.

    I let December’s posting issues slide due to Christmas holiday. They have had 9 days and they are trying to see if I need my payments to post quickly for some other reason in order to get me to either use some other form of payment to allow them access into more of my personal information and to help their 3rd parties get their little monthly nine dollars etc. None of these tactics are going to work. They blew their chances into making any further money off me. There are other cards out there and I keep a monthly check of my credit which is good. I want to close my account with them and they are not allowed to check my credit ever. They really are an awful credit card company. All they had to do was post my damn payment but they were stupidly short-sighted. I will post complaints through the BBB and on Facebook and other sites as well. Thank you. Best regards.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 21, 2021

    Be careful when signing up. Chances are they will give you a credit card no matter what. You may get a $300 credit line. The fine print will say that they will charge you for a annual fee for $75 and chances are you will miss that. So right off the back you will be charged for 25% of your credit line. The interest is insane and you will be hit with it no matter what. DON'T sign up for a card. You are better off without it.

    2 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: Jan. 14, 2021

    My initial payment was $30 on an $81 balance. The due date was 1/14 and I made the payment on 1/7. I got a notification on 1/12 that my payment was returned without explanation. I checked my account to make sure there were sufficient fees, as I rarely carry a balance under $500 in that checking account. The fees were there, and every other transaction I made that day and since had gone through. What’s more, the money was never charged or returned. So while it may have been an error, if my first payment to a company is the only returned transaction I’ve had in years? I'm not comfortable with their standards. I called customer service and got no clear answer on why the payment was returned. I stated that if pay off the balance and to close my account immediately, as I won't be subjected to a $9 instant payment to avoid late fees when I paid a week in advance and wasn't notified until the last minute.

    2 people found this review helpful
    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: Jan. 10, 2021

    Signed up for the credit card and in 3 months they cancel my card for late payments. First off their payment methods are stupid. They charge $10 to make a payment right away or you can make a regular payment that takes several days to process. On top of that they will call you 10 times a day, even after I talked to someone they still call. Horrible bank.

    2 people found this review helpful
    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: Jan. 2, 2021

    I have had a Credit One card since June 2020. Since becoming a customer I have always paid my balance due in full every month, but one. That one time was my November payment, which happened to be the first time I was late due to the way payments are processed. I say process, but usually, that implies the customer knows how it works. Credit One does whatever they want in that regard. Let's explain.

    When you make a payment to Credit One the money is not taken out of your bank account instantly or the next day. I never knew how long the money would sit in my account before they processed it, on average it was 5 plus days. As confusing as that is I just learned to deal with it. It required constantly checking my account to make sure the money the payment was there whenever they finally processed it. I'm not rich and live from month to month like a lot of people. Some months all the money left in my account would be for my Credit One payment.

    The only time I was ever “technically” late with my payment I made the money was in my bank account for six days. So for six days, I checked just in case something I forgot about paying came out. Well, that month it did. Conveniently on the seventh day, Credit one finally decided to take it out, just after my monthly Apple music payment I forgot about has proceeded. It was also 3 days after my due date with Credit one, so I was charged a late fee. I was a little upset! It was my fault I know, but if Credit One processed payments in a reasonable way it would not have happened. Again, it ultimately was on me for that.

    Well, it's a month, after all, that and I “made my payment” four days before the due date. This time I made sure I had more than enough in my bank account. Just in case the same issue last month came up. Still, I checked my account every day to make sure I knew it had been processed. The due date came and passed with the same result. A few days after that the money still hadn't processed, so I logged into my Credit one app to check. To my surprise I couldn't log in, all I got was a message that my account had been suspended.

    When I called Credit One to find out what was going on, I was told the account had been closed! I was shocked and confused, so I asked why it had been closed. After a brief hold, the rep informs me that it was because I was late too many times. I argued that technically I had only been late once and even if that was true I had received no notice of the issue. I mean not an email, text, phone call, or message through the app. They just closed my account.

    After calming down I asked what I needed to do to get this corrected because I could prove that it wasn't true. They wanted me to send bank statements showing my account balance every month they claimed I was late. I guess the fact that their system would show only one time I ever paid a late fee wasn't enough. I would have done it for them, but all my Credit One statements were electronic and I can't log in. I thought about going through all that trouble to fix it, but if they how they do business it's not worth it! I really that it had more to do with always paying my balance monthly in full. I was not accruing interest, so they weren't making money.

    4 people found this review helpful
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    Credit One Bank Company Information

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