If you’ve only got average credit but want cash rewards and benefits like those usually only available on travel cards for people with good credit, the Credit One Bank American Express® is an intriguing option. Competing cards offer bigger rewards, no annual fee, or a lower APR, but if you’re looking for a decent credit limit and a few extras, this low-maintenance card may be worthwhile.

Pros Explained

• A decent credit limit that may go up: The card’s minimum credit limit of $300 is as good or higher than you’ll find on some competing cards. Plus, Credit One will automatically review your account, so if you establish a good track record, you could be eligible for an increase.
• Amex benefits: Cardholders get access to some of the perks American Express is best known for: hotel amenities, dining and shopping discounts, travel and purchase protections, and special access to concert tickets.

Cons Explained

• Low cash-back rate: Getting 1% of all your purchases back in cash is better than nothing, but you can do better with some competitor cards.
• Annual fee and high APR: While annual fees are not unusual for cards marketed to people with bad to average credit, there are credit cards without one—even some with rewards. The APR is also on the high end, too, even among the suite of similar cards issued by Credit One. 
• No welcome offer or promotional APR: With an unimpressive cash-back rate and an annual fee, it would be nice to get some up-front value or bonus on this card. Without it, the card becomes less appealing than even some secured cards.

Redeeming Points & Rewards

The Credit One Bank American Express® Card is no fuss, but if you want to use your rewards for something else (or just hold cold hard cash in your hand), look for another card. There are no other redemption options beyond the automatic statement credit. You can’t request a check or buy gift cards like you can with many other rewards cards. 

How to Get the Most Out of This Card

Make the most of this card by keeping your spending in check and paying your bill in full each month, on time. If you do, you should eventually be rewarded with a higher credit limit from Credit One, and hopefully, a better credit score. Then, this card will have served its purpose, and you can shop around for cards that offer better value.

In the meantime, use the card to book hotels, flights, and rental cars through American Express’ travel site. You can get access to a travel concierge for booking flights, up to 30% off on certain hotels, and up to 25% off on car rentals from major rental companies.

Credit One Bank Amex Card’s Excellent Perks

Credit cards may offer a wide variety of benefits, but some stand out for their exceptional value. Our editors have deemed one of this card’s benefits as “excellent,” which is relatively rare for a card that targets people with average credit:

• Travel accident insurance: If your entire trip is paid for on your card, you’ll get accidental death or dismemberment coverage of up to $150,000 if there’s an accident while you’re traveling.

Credit One Bank Amex Card’s Other Features

Among the other features offered, some may be harder to find without an American Express card:

• Sports, music, and event ticket presales
• Discounts and special fares with certain travel partners
• Rental car collision insurance (secondary to your own policy)
• Insurance for stolen or damaged purchases
• Refund when merchant won’t accept returned item
• Extended warranties

Customer Experience

Credit One Bank scored quite poorly in J.D. Power’s 2021 credit card customer satisfaction survey, finishing last among 11 national card issuers. Credit One has a variety of customer service phone numbers, as well as a mobile app you can use to manage your account.

One nice service-related feature is that you can decide your payment due date. After you get your initial bill, just call customer service to choose a different due date that is at least six days before or after the originally assigned date. Also, cardholders have complimentary access to their Experian ScoreX credit score, a good feature for tracking progress as you look to strengthen your credit.

Security Features 

The Credit One Bank American Express® Card has standard security features (zero fraud liability, fraud alerts, etc.)

Credit One Bank Amex Card’s Fees to Watch For

Besides the annual fee, the Credit One Bank American Express® card charges a cash-advance fee (8% of the amount of the cash advance or $5, whichever is greater) and a fee for any foreign transactions (3% of your purchase or $1, whichever is greater). There isn’t a penalty APR, but given that the regular purchase APR is already high, it’s hardly a selling point.

Sep 14, 2021

Earn rewards and cash back with 2021's best business credit cards for bad credit. We all know unexpected expenses can pop up and throw your finances into a tailspin, but the extra demands of a business owner can easily threaten to dampen even the brightest credit score. However, credit card companies understand the responsibilities that come with owning a business, so there are still several credit solutions available to you when you have bad credit. From cash back to special rewards on everyday purchases, you can score big with 2021"s best business credit cards for bad credit. Advertiser disclosure 26.99% variable Wells Fargo Business Secured Credit Card 15.5% variable First National Bank of Omaha Business Edition® Secured® Visa Card 20.24% variable Credit One Bank® Platinum Visa® for Rebuilding Credit  23.99% variable  Up to $300  1% cash back on eligible everyday purchase Discover it® Secured Credit Card  22.99% variable Unlimited 1% cash back on all other purchases Automatic first-year 2x Cashback Match  Recommended credit: Fair For this Mastercard, Capital One keeps its rewards structure very simple, making it easy for you to earn. There is unlimited 1% cash back on every purchase everywhere. Even better, there are no required category restrictions, minimums, limits, or expiration dates, giving you incredible freedom when it comes to your company's spending. To help you understand potential earnings, there is a convenient, user-friendly rewards calculator on the site to help you see potential earnings. For example, if you spend $24,975 each month, you could earn $2,997 in cash back for your business each year. It's an easy, quick way to earn money on the purchases you are already making each day. There are also year-end spending reports to help you better understand your pricing, plus easy integrations with popular accounting software like Microsoft Excel, Quicken, and QuickBooks. Security features are great, offering virtual card numbers for online payments, plus zero fraud liability for greater peace of mind. There is no annual fee, but a minimum payment does apply each month for your account, amounting to either $15 or 1% of your balance plus new interest, late payment fees, and past due amount. To get started, you can apply online for what Capital One promises is a quick ten-minute application process. Pros & Cons Recommended credit: Bad The Wells Fargo Business Secured Credit Card is designed to make purchases for everyday business expenses, like office supplies and online payments. You get up to 10 employee cards, automatic account alerts, and spending reports are made available online. Plus, your purchases are secured with Wells Fargo's Zero Liability protection, fraud monitoring, and chip technology. The Wells Fargo Business Secured Credit Card gives you the option of either cash back or rewards points, with the structure varying for both. Cash Back option Automatic quarterly credit to account 1 point for every $1 spent 1,000 bonus points every billing cycle for $1,000+ on qualifying purchases When you redeem your points online, you can receive an additional 10% points credit with extra bonus points or discounts from Earn More Mail. Regardless of which structure you choose, there are no annual fees, spending caps, or required spending categories. There is an available credit line of $500 to $2,500, depending on how much you want to put down at account opening. You cannot apply for a new Business Secured Credit Card at Wells Fargo Branches and instead must apply online . Pros & Cons Great for new credit No in-branch applications Recommended credit: Bad The First National Bank of Omaha Business Edition® Secured® Visa Card does not offer cash back rewards, but you do receive automatic discounts on qualifying purchases with Visa SavingsEdge. Your credit will ultimately determine how much of a credit limit you receive, but cards are available with limits from $2,000 to $100,000 in multiples of $50. You simply request the credit limit you want at application and wait to see what approval you receive. You will be required to make a security deposit that is 110% of the credit limit amount that you receive, but you receive interest on this amount. There is a $39 annual fee but no monthly fees. With your First National Bank of Omaha Business Edition® Secured® Visa Card, there is added security, including Visa® Zero Liability's 24/7 guarantee. Business owners also appreciate free management reports with easy cash flow management. To get started, you can pre-qualify online without impacting your credit. Pros & Cons Discounts on qualifying purchases Recommended credit:  Bad With the Credit One Bank® Platinum Visa®, there is up to 10% in cash back rewards from participating merchants, plus you can save with 1% cash back rewards on your everyday purchases. This includes gas and groceries, as well as your monthly mobile phone, internet, cable, and satellite TV services. There are also added security perks to protect your finances and keep your business safe. With your account, you also get Zero Fraud Liability, automatic notifications, and free online access to Experian so you can monitor your credit score. There is an annual fee, which is discounted to $75 for the first year and then $99 annually thereafter. There is an option to pay your annual fee in monthly installments if you qualify. A nice perk is that Credit One allows you to choose your own payment due date, and the bank will also regularly reward your account use and reward you with credit line increases when you meet the necessary requirements. Before you apply, you can prequalify online to see your options for the Credit One Bank® Platinum Visa. Pros & Cons No required security deposit Recommended credit:  Bad With Discover, there is a straightforward rewards structure that includes extra rewards for purchases at the pump or your favorite restaurants. You receive 2% cash back on gas and dining, up to $1,000 quarterly, with unlimited 1% cash back on all of your other purchases. Discover also offers a special introductory rewards rate that gives cardholders automatic 2x Cashback Match for the first year of having the card. You can redeem for cash at any time or use them directly at Amazon.com or PayPal. Either way, your cash back never expires. Plus, there is no annual fee. The Discover it Secured card comes with extra protections for added security. That includes Discover's zero fraud liability guarantee, as well as free social security number alerts and a free annual FICO credit score. Your credit line matches the amount of cash you put down, with your refundable security deposit starting at $200. There is an easy online pre-approval process that has no impact on your credit. You can also apply online. If approved, Discover will regularly review your account after eight months to identify areas for growth. Pros & Cons Line of credit When you receive a new business credit card, it comes with a specific line of credit that tells you how much you can spend. The line of credit can vary from card to card, with some issuers limiting spending to $2,000, while others allow up to $100,000 or more. Secured vs. unsecured cards A secured credit card is different from an unsecured card because it requires you to put down an upfront cash deposit that is then used to fund your credit card. This is a common practice for businesses with bad credit and can help you qualify for a credit card when you are turned down for the more traditional types of business credit cards. Rewards Each credit card has a different rewards structure. Some may offer extra rewards in certain categories, such as your gas purchases, while others may offer cash back on eligible purchases. Consider how your business spends, and find a card with a rewards structure that best suits your business. Fees Like personal credit cards, business credit cards for bad credit typically carry certain fees. There may be an annual fee that you pay for your account, and there are also typically transaction-related fees, such as fees for late payments, cash advances, or foreign transfers. Before you choose the right business credit card for bad credit, be sure to carefully review the terms and conditions of the card to ensure that it makes sense for your company. Which is the right one for you? Choose this card...

American bank

Not to be confused with Capital One.

Credit One Bank, N.A., simply referred to as Credit One Bank, is a Las Vegas, Nevada-based bank and financial services company specializing in credit cards. It is a wholly-owned subsidiary of Credit One Financial, incorporated in Nevada. Credit One Financial is a Subchapter-S corporation that is affiliated with Sherman Financial Group, LLC through common beneficial ownership.^[1][2] As of 2020, Credit One Bank services more than 10 million cardholders across the United States.

National bank charter[edit]

Credit One Bank operates under a CEBA national bank charter (OCC Charter Number: 20291).^[3] This type of charter affects the bank's lending and deposit functions. Requirements are set forth in an amendment to the Bank Holding Company Act (BHCA), the Competitive Equality Banking Act of 1987, hence the term CEBA bank.^[4] Such an institution, including an institution that accepts collateral for extensions of credit by holding deposits under $100,000, and by other means can engage only in credit card operations; does not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others, does not accept any savings or time deposits of less than $100,000, maintains only one office that accepts deposits, and does not engage in the business of making commercial loans, other than credit card loans that are made to businesses that meet the criteria for a small business concern to be eligible for business loans under regulations established by the Small Business Administration under part 121 of title 13, Code of Federal Regulations.^[5][6] Any deposits are insured by the Federal Deposit Insurance Corporation (FDIC). Credit One's FDIC Certificate Number is 25620.^[7]

History[edit]

Credit One Bank began operations as a full-service bank under the name First National Bank of Marin (FNBM) in San Rafael, California, on July 30, 1984. FNBM maintained a wide range of products until 1995 when it began focusing primarily on two types of products, partially and fully secured credit cards. FNBM received a limited purpose designation from the Office of the Comptroller of the Currency (OCC), a bureau of the United States Department of the Treasury, in June 1996. Limited purpose banks offer only a narrow product line. The bank moved from San Rafael, California, to Las Vegas, Nevada, in November 1998. FNBM obtained its CEBA status in March 2005 and subsequently changed its name to Credit One Bank, N.A. on February 1, 2006.

In 2018, Credit One Bank relocated its headquarters to a 152,000-square-foot facility in Las Vegas eight miles to the west of its old headquarters, housing its corporate offices and its information technology, customer service, marketing, human resources, and finance departments.^[8][9] In 2021, Credit One Bank announced the completion of Phase II, expanding their corporate headquarters at 6801 Cimarron Road in Las Vegas Nevada. The new four story complex designed by Ed Vance & Associates Architects added 157,000 square feet of new office space and featured a two story 4,000 square foot "Town Hall" commons linking the two buildings into a unified whole.^[10]

Logo similarity[edit]

The Credit One Bank logo and the Capital One logo are very similar in that they both have an arcing "swoosh" above their names. This has led to some confusion among consumers who believe the two are the same company. Credit One Bank adopted their black and blue logo in 2006 after they changed their name, and Capital One adopted their blue and red logo in 2008.^[8]

[edit]

Credit One Bank first got involved with sponsorship with Chip Ganassi Racing in 2016. In 2017 Jamie McMurray sported a Credit One Bank No. 1 car for four races. The next year, the sponsor shifted to Kyle Larson who sported the No. 42 car in eight Monster Energy Cup events and two NASCAR Xfinity Series events. After Target’s departure from NASCAR after 2017, Credit One Bank became Larson's primary sponsor for the No. 42 Chevrolet starting the following season.^[11] Since 2016, Credit One Bank has been sponsoring the broadcast of the white flag lap of most NASCAR races. ^[12]

Starting in 2017, Credit One Bank became a sponsor of the National Hockey League's Vegas Golden Knights in their inaugural season.^[13]

Starting in 2019, Credit One Bank became a founding partner with Minor League Baseball'sLas Vegas Aviators, a Triple-A affiliate of the Oakland Athletics.^[14] Credit One Bank is also a sponsor of the NFLLas Vegas Raiders.^[15]

Credit One Bank sponsored a TV only 2020 women's tennis tournament, The Credit One Bank Invitational.

References[edit]

External links[edit]