What Is Credit One Bank, and Are Its Credit Cards Right for You?
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Credit One Bank is a Las Vegas-based financial services company. In addition to credit cards, it offers high-yield savings accounts and certificates of deposit.
Credit One’s cards are geared toward consumers across the spectrum of credit score ranges, from those who are rebuilding their credit to those with excellent credit.
However, if you have bad credit (FICO scores of 300 to 629) or average credit (scores of 630 to 689), be prepared to pay an annual fee for the cards you’d possibly qualify for. And as of this writing, all of the Credit One credit cards charged a variable APR topping 29%, which is quite high.
Though their names and logos are similar, it’s important to note that Credit One Bank and Capital One Bank aren't connected in any way.
Credit One issues several credit cards, including the following mix of cash-back, travel and co-branded products:
Credit One Platinum X5 Visa: $95 annual fee.
Credit One Bank American Express Card: $39 annual fee.
Platinum Visa For Rebuilding Credit: $75 for the first year, then $99 annually (billed monthly at $8.25).
Credit One Platinum E3 Visa: Annual fee varies based on the cardholder’s credit score.
Platinum Rewards Visa with No Annual Fee: $0 annual fee.
Platinum Visa: $39 annual fee.
Secured Card: $0 annual fee.
Credit One Bank Wander Card: $95 annual fee.
NASCAR American Express Card: Annual fee varies based on the cardholder’s credit score.
WWE Credit Card: Annual fee varies based on the cardholder’s credit score.
Vegas Golden Knights Credit Card: Annual fee varies based on the cardholder’s credit score.
Best Friends Credit Card: $0 annual fee.
Here’s a closer look at Credit One’s portfolio of credit cards.
For cash back
Credit One Platinum X5 Visa
The $95-annual-fee Credit One Platinum X5 Visa earns 5% cash back on up to $5,000 in total spending per year on gas and groceries, as well as internet, cable, satellite TV and mobile phone service purchases. After reaching that $5,000 limit, you’ll earn 1% cash back. All other purchases outside of those categories earn 1% cash back, too. You can choose to have your earned rewards redeem automatically for statement credits, or redeem them manually for statement credits, gift cards or merchandise. The Credit One Platinum X5 Visa is for people with average credit to excellent credit.
Credit One Bank American Express Card
The Credit One Bank American Express Card has a $39 annual fee and earns 1% cash back on all purchases. Cash back is automatically redeemed as a statement credit during any billing cycle where you’ve made a purchase with the card. The Credit One Bank American Express Card is for people with average to excellent credit.
Platinum Visa For Rebuilding Credit
The Platinum Visa For Rebuilding Credit is a credit-building option for those who’d prefer an unsecured credit card. The annual fee is $75 first year, then $99 annually, billed at $8.25 per month. You’ll earn 1% cash back on gas and groceries, as well as internet, cable, satellite TV and mobile phone service purchases, and cash back will be automatically redeemed as a statement credit. You may become eligible for credit line increases over time.
Credit One Platinum E3 Visa
If you want a credit card with an eco-friendly twist, the Credit One Platinum E3 Visa is made of partially recycled ocean-bound plastic and automatically enrolls you to receive paperless documents and statements. Every time you celebrate another year of carrying the card, Credit One will make a donation to an eco-friendly partner to help plant a tree (there’s no mention in the fine print of who that partner is or how large of a donation Credit One makes each year).
Otherwise, the card earns 3% cash back rewards on:
Eligible streaming services, cable and satellite TV services.
Entertainment, including movies and live theater performances.
Ridesharing, taxi and limousine services.
All other purchases earn 1% cash back.
The annual fee varies based on credit score. With excellent credit, you’ll pay $0. With average credit, the annual fee is $39. Those who are rebuilding credit pay $75 for the first year, and then $99 per year after that, billed monthly at $8.25.
Platinum Rewards Visa with No Annual Fee
Earn 2% cash back on gas and groceries, as well as internet, cable, satellite TV and mobile phone service purchases. Cash back will be automatically redeemed as a statement credit. As the card’s name implies, the annual fee is $0. It’s designed for applicants with average to excellent credit.
Platinum Visa
The Platinum Visa is a slightly different version of the Platinum Rewards Visa, only it’s intended for applicants with average credit. As such, it charges a $39 annual fee and earns a lower cash-back rate — 1% back on gas and groceries, as well as internet, cable, satellite TV and mobile phone service purchases. Cash back will automatically be redeemed as a statement credit.
Secured Card
A secured credit card is an option for those looking to build credit. Credit One’s Secured Card has a $0 annual fee and requires a security deposit of at least $200. It’s not common for secured cards to earn rewards, but the Secured Card earns 1% cash back on gas and groceries, as well as internet, cable, satellite TV and mobile phone service purchases.
For travel
Credit One Bank Wander Card
Credit One issues just one travel rewards card, the $95-annual-fee Credit One Bank Wander Card. Designed for those with average to excellent credit, it earns:
10 points per $1 on eligible hotels and car rentals booked using the Credit One Bank travel partner.
5 points per $1 on eligible travel, which includes flights, dining and gas purchases.
1 point per $1 on all other purchases.
The card also offers a sign-up bonus: 10,000 bonus points after spending $1,000 in the first 90 days, which can be redeemed for a $100 statement credit, gift cards or travel.
Points are worth 1 cent each and can be redeemed for travel, statement credits, gift cards and merchandise.
For brand loyalty
NASCAR American Express Card
The NASCAR American Express Card is available for applicants with average to excellent credit, though you’ll pay a $39 annual fee for the card if you have average credit. Those with excellent credit will have a $0 annual fee. The card earns 1% cash back on all purchases, which is automatically redeemed as a statement credit during any billing cycle where you’ve made a purchase with the card.
WWE Credit Card
The WWE Credit Card is geared toward those who are rebuilding their credit. The annual fee is $75 first year, then $99 annually, billed at $8.25 per month. If you have average credit, the annual fee drops to $39. The card earns 1% cash back on gas and groceries, as well as mobile phone, internet, cable and satellite TV services. Cash back is automatically redeemed as a statement credit during any billing cycle where you’ve made a purchase with the card. You’ll be granted a minimum credit line of $300, with periodic reviews to determine your eligibility for a credit limit increase.
Vegas Golden Knights Credit Card
The Vegas Golden Knights Credit Card also determines the annual fee it charges based on your credit score. Those who are rebuilding credit will pay $75 first year, then $99 annually, billed at $8.25 per month. Cardholders with average credit will pay a $39 annual fee, and those with excellent credit will pay $0.
The card earns 1% cash back on gas and groceries, as well as mobile phone, internet, cable and satellite TV services. Cash back is automatically redeemed as a statement credit during any billing cycle where you’ve made a purchase with the card. Vegas Golden Knights fans can also get access to merchandise discounts, along with other discounts and experiences.
Best Friends Credit Card
The Best Friends Credit Card has a $0 annual fee and is aimed at applicants with average to excellent credit. It earns 5% cash back on the first $5,000 spent at pet shops, pet foods, and supply stores per calendar year, and 1% after that. Credit One will donate 1% of your purchases to the Best Friends Animal Society. Cardholders are also eligible for pet-related discounts and merchandise.
Is a Credit One credit card right for you?
Credit One provides a wide variety of cards for credit rebuilders and those with average credit. But if you have good or excellent credit (FICO scores of 690 or higher), you potentially have many more cards to choose from. It’s likely you’ll find cards that are either just as rewarding with no annual fee, or cards with annual fees that offer significantly better perks.
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