Credit One Bank Review: Pre-Qualify Without Hurting Your Credit

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Updated on Thursday, August 23, 2018

Credit One Bank offers several credit cards for consumers with less than perfect credit. These cards may seem tempting if you’ve struggled with taking out credit in the past, but there are major red flags that should be considered before applying. In this post, we’ll review what you should be aware of when considering a credit card from Credit One Bank and provide better alternatives.

Fees and fine print

Some cards have no grace period: Your card may not offer a grace period, which is a period of time — typically 21-25 days — from the close of your billing cycle where you won’t be charged interest. Without a grace period, you will incur interest charges from the date you make a purchase.

The annual fee is a shifting target: The annual fee ranges from $0-$95 your first year, then increases to $0-$99 in subsequent years. After you submit a pre-qualification form, you are provided with full product details including fees, APR, and rewards you will qualify for. That means if you are approved for a $300 credit limit and a $95 annual fee in year one, your initial available credit limit will be reduced to $205. After year one, some accounts may have the annual fee deducted all at once, or divided by 12 and spread out across the year.

Cashback rewards programs

Credit One Bank offers six different cashback programs where you may earn 1%-2% cash back on eligible purchases. The program you receive depends on your creditworthiness and looking at the terms and conditions, Credit One Bank states you won’t know the exact cashback rewards rate you receive until you submit a pre-qualification request.

The cashback options you may qualify for Credit One Bank credit cards include:

  • 1% cashback rewards on eligible gas, groceries, mobile phone service, internet service, and cable & satellite TV service
  • 1% cashback rewards on eligible gas, groceries, dining purchases, mobile phone service, internet service, and cable & satellite TV services
  • 1% cashback rewards on other eligible purchases; or
  • 5.0% Cash Back Rewards on eligible Gas, Groceries, Mobile Phone Service, Internet Service, and Cable & Satellite TV Services purchases for the first $5,000 per year, and then 1.0% thereafter. Plus 1.0% cash back rewards on all other purchases.
  • Terms apply

For Credit One Bank NASCAR credit cards, you may receive:

  • 1% cashback rewards on eligible gas and automotive purchases, double cashback rewards on NASCAR.com purchases
  • 1% cashback rewards on eligible purchases, double cashback rewards on NASCAR.com purchases
  • Terms apply

Card benefits

Beyond a cashback program, Credit One Bank credit cards offer a few additional benefits that are pretty common:

  • Zero fraud liability protection (standard among credit cards)
  • Free monthly credit score access (standard among credit cards)
  • Select insurances: Paying for eligible trips may allow you to benefit from travel accident and auto rental collision insurance, at no additional cost.
  • Shopping discounts: With the Visa Offers + benefits program, you can receive discounts at select merchants including food and clothing stores, available when you use your card.

How to pre-qualify for a Credit One Bank credit card

Credit One Bank offers a pre-qualification feature which provides you full product details including fees, APR, and rewards you will qualify for. This does not affect your credit score and is a helpful feature if you plan to shop around for credit cards — which we recommend doing. You can simply fill out the form on their site by entering select personal and financial information. After pre-qualification and before you submit a full application, carefully read the terms to make sure they’re worthwhile. Note, once you submit your actual application, a hard pull will be done on your credit.

Here are some credit cards offered by Credit One Bank:

Credit One Bank® Platinum Visa® with Cash Back Rewards

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on Credit One Bank’s secure website

Credit One Bank® Platinum Visa® with Cash Back Rewards

Regular Purchase APR
19.49% -25.49% Variable
Annual fee
$0-$99
Rewards Rate
1% on eligible purchases, terms apply
Credit required
good-credit
Official NASCAR® Credit Card from Credit One Bank®

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on Credit One Bank’s secure website

Official NASCAR® Credit Card from Credit One Bank®

Regular Purchase APR
19.49% -25.49% Variable
Annual fee
$0 - $99
Rewards Rate
1% Cash Bank on Eligible Gas and Automotive Purchases and Double Cash Back at the NASCAR.com Shop, terms apply
Credit required
bad-credit
Credit One Bank® Platinum Visa® for Rebuilding Credit

Apply Now Secured

on Credit One Bank’s secure website

Credit One Bank® Platinum Visa® for Rebuilding Credit

Regular Purchase APR
17.99% to 23.99% Variable
Annual fee
$0-$99
Rewards Rate
1% on eligible purchases, terms apply
Credit required
bad-credit
Bad/Poor

Alternatives to Credit One Bank

There are plenty of other credit cards available if you’re looking to build credit or earn rewards with a credit card. You can check out no-annual fee secured cards that are often tailored to consumers looking to build or rebuild credit, or our list of the best credit cards for bad credit, or a wide selection of rewards and cashback cards.

Credit union card for bad credit

Visa® Classic from Georgia's Own Credit Union

Regular Purchase APR
11.99%-16.99%

Fair Variable

Annual fee
$0 For First Year
$0 Ongoing
Credit required
fair-credit

Cashback card

Citi® Double Cash Card – 18 month BT offer

Read Full Review

The information related to Citi® Double Cash Card – 18 month BT offer has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Citi® Double Cash Card – 18 month BT offer

Regular Purchase APR
13.99% – 23.99% (Variable)
Intro BT APR
0% for 18 months on Balance Transfers
Annual fee
$0
Rewards Rate
Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
Balance Transfer Fee
3% of each balance transfer; $5 minimum.
Credit required
good-credit
Excellent

Alternative to a credit card

If you’re looking for cash and not a credit card, compare personal loans that offer a fixed amount of money, for a fixed time period, at a fixed interest rate. Personal loans can be a good option if you need cash, and often have options for people with bad credit. Our parent company LendingTree offers a great personal loan tool where you can compare offers from various lenders.

LendingTree

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on LendingTree’s secure website

LendingTree is our parent company

LendingTree

Loan Amount
up to $50,000
Term
24 to 60 Months
APR Range
As low as 2.49%
Origination Fee
Varies
Credit Required
Minimum 500 FICO®
Soft Pull
Compare offers without hurting your score.

LendingTree is not a lender. LendingTree is unique in that you may be able to compare up to five personal loan offers within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score. Terms Apply. NMLS #1136.



As of 17-May-19, LendingTree Personal Loan consumers were seeing match rates as low as 2.49% (2.49% APR) on a $20,000 loan amount for a term of three (3) years. Rates and APRs were based on a self-identified credit score of 700 or higher, zero down payment, origination fees of $0 to $100 (depending on loan amount and term selected). Terms Apply. NMLS #1136

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