Best Credit One credit cards

Credit One Bank is a financial services company founded in 1984 based in Las Vegas, Nevada. Credit One Bank offers cash back and points-earning credit cards as well as high-yield CDs and savings accounts. It’s also an official partner of the Las Vegas Raiders, the Vegas Golden Knights and the official credit card of NASCAR and Best Friends Animal Society.

Unlike major issuers, Credit One Bank focuses most of its products toward people with fair or limited credit, and most options are useful only for a short term. High fees, low credit limits and limited rewards mean these cards serve better as stepping stones to better financial health and stronger credit cards rather than long-term solutions.

Top Credit One credit cards

Best for cash back

Credit One Bank® Platinum X5 Visa Signature®

• Bankrate’s view

  The Credit One Bank® Platinum X5 Visa Signature® is the best cash back card option from Credit One Bank. You’ll earn 5 percent cash back on the first $5,000 in eligible bonus category purchases each year (then 1 percent) and 1 percent back on everything else.

  While this is a solid option for people with fair credit for everyday spending, this card doesn’t measure up well with cards at a similar price. Other cards with a $95 annual fee offer better uncapped rewards, perks and welcome bonuses to provide much greater value.

• Pros and cons

  

  Pros

  • You’ll get one of the highest cash back rates available for a fair credit card.
  • You can easily offset the annual fee if you maximize the 5 percent categories.

  

  Cons

  • Many competing cards deliver better value for the same annual fee.
  • The annual fee can make credit utilization difficult if you have a low initial spending limit.

Best for fair credit

Credit One Bank American Express® Card

• Bankrate’s view

  The Credit One Bank American Express® Card is best suited for people with fair credit, meaning a FICO Score of 580 or higher. Although it has a $39 annual fee, you’ll earn a flat rate of 1 percent cash back on all purchases and can improve your credit score through responsible credit use.

  You can also take advantage of Amex Offers, which include discounts or the chance to earn more points when shopping with participating merchants.

• Pros and cons

  

  Pros

  • You can offset your annual fee if you average $325 in spending each month.
  • Flat-rate rewards and Amex benefits make this a solid option for people with fair credit.

  

  Cons

  • Your rewards are automatically redeemed for statement credits, which doesn’t offer flexibility compared to other options.
  • You may start with a low credit limit, which can make offsetting the annual fee with rewards difficult.

Best for travel rewards

Credit One Bank® Wander® American Express® with Dining, Gas & Travel Rewards

• Bankrate’s view

  The Credit One Bank® Wander® American Express® with Dining, Gas & Travel Rewards is one of the few travel cards for people with fair credit. Although it has a $95 annual fee, it offers surprisingly competitive rewards rates for many travel-centric categories and is a solid option if you don’t have good enough credit for the best travel cards.

  You’ll earn:

  • 10X points on eligible hotel and car rentals booked using the Credit One Bank travel partner
  • 5X points on eligible dining, gas, and travel purchases
  • 1X points on all other purchases

  Points are worth one cent each and can be redeemed for cash back, gift cards and more in increments of 1,000 points.

• Pros and cons

  

  Pros

  • Few cards for fair credit rival the travel rewards offered by this card.
  • It’s one of the rare travel options with tangible value for people with fair credit.

  

  Cons

  • You can’t redeem rewards directly for travel, and the card doesn’t have transfer partners.
  • It has a high annual fee for a fair credit card.

Best for no annual fee

Credit One Bank® Platinum Rewards Visa® with No Annual Fee

• Bankrate’s view

  The Credit One Bank® Platinum Rewards Visa® with No Annual Fee offers a flat unlimited 1 percent cash back rate in several everyday spending categories for no annual fee.

  However, if you have the good credit needed to qualify for this card, you’ll likely find stronger options offering better rewards, welcome bonuses or intro APR offers.

• Pros and cons

  

  Pros

  • There’s no annual fee to cut into your earnings.
  • There’s no limit to how much cash back you can earn.

  

  Cons

  • The rewards fall short of many competing no-fee cards for good credit.
  • You won’t get any additional value from a welcome bonus or intro APR offer, which many competitors offer.

Best for rebuilding credit

Credit One Bank® Platinum Visa® for Rebuilding Credit

• Bankrate’s view

  The Credit One Bank® Platinum Visa® for Rebuilding Credit* might be worth considering if you want an unsecured credit card that earns rewards while helping rebuild your credit.

  You’ll get the same rewards as the no-fee Platinum card, free access to your Experian credit score on your monthly statement (enrollment required), regular reviews for credit increases and the ability to pick your payment due date. Your annual fee will be $75 for the first year. After that, $99 annually ($8.25 per month).

  Because this card is designed to help you build or rebuild credit, your goal should be to use the card responsibly to improve your credit so that you have access to better card options down the line.

   

• Pros and cons

  

  Pros

  • You’ll earn rewards in multiple categories, a rarity for cards geared toward rebuilding credit.
  • You won’t need a security deposit to open this card.

  

  Cons

  • You’ll likely start with a lower credit limit compared to opening a secured card.
  • The annual fee increases in the second year and can significantly reduce your credit limit.

Comparing the best Credit One credit cards

Here’s a look at Credit One’s best card options.

Clicking on a card name in the table above will direct you to its Bankrate review to learn more.

How to choose the best Credit One credit cards

If you’re considering a Credit One credit card, make sure what it offers will benefit and help you improve your credit. Here are some factors to determine if a Credit One credit card can help you.

• Credit score

  The best use of Credit One credit cards is to help you improve your credit score. Focus on paying your bill on time and maintaining a good credit utilization ratio.

  Your goal should be to responsibly manage your card to improve your credit and qualify for more valuable and rewarding cards.

• Spending habits

  Most Credit One cards only offer bonus rewards in limited categories:

  • Gas stations
  • Grocery stores
  • Internet, cable, satellite TV and mobile phone services

  The Wander card only offers bonus categories for travel-related purchases (including dining and gas). Otherwise, you’re only going to earn 1 percent cash back at best. If your spending needs don’t align with Credit One’s bonus categories, you’re going to leave a lot of potential earnings on the table.

• Striking the right balance

  The majority of Credit One’s product offerings are geared toward people with fair credit. If you’re in this range, you should be able to strike a balance between earning rewards, building credit and not overpaying in annual fees. These are all important factors to help you get to a good credit score, so you shouldn’t sacrifice one at the expense of another.

  All of Credit One’s card offerings are generally lacking in at least one of these areas, so examine how each would work for you and pick the one that works best for your credit journey.

Drawbacks of Credit One credit cards

Credit One credit cards don’t measure up well with cards from major issuers like American Express, Chase and Citi. Here are some potential drawbacks you’ll run into with these cards.

• Low minimum credit limits: Many cards have minimum credit limits as low as $300. That can severely limit your ability to improve your credit score through credit utilization, especially if you have a card with a higher annual fee.

  Find out: What is a good credit utilization ratio?

• High interest rates: Credit One cards have high interest rates across the board. Carrying a balance on these cards can quickly become costly and slow down your ability to build your credit.
• High annual fees: Most of Credit One’s cards come with annual fees, which can be as high as $95. Justifying the annual fee on these cards is difficult if you can’t fully maximize the rewards offered. Also, the higher-fee cards don’t provide anywhere near as much value as cards with a similar fee from other issuers.
• Poor rewards categories: While there are decent rewards opportunities, most cards offer a limited set of bonus categories or a low flat rewards rate. You may also run into a low yearly cap that limits your earning potential. While this may be a short-term solution if your credit isn’t great, these rewards categories shouldn’t be considered long-term keepers.

What’s next?

Check out these Bankrate tools to match your next card.

The bottom line

While Credit One cards can help you build your credit, they shouldn’t be your final stop on your credit journey. Once you’ve built better credit, reevaluate your options and find better cards with higher rewards and fewer fees with other issuers to get better overall value.

Frequently asked questions

• How do I get in touch with Credit One Bank?

  You can contact Credit One Bank over the phone or through the mail. Visit the customer service page to see all the options. For a pending application, you can call 800-752-5493. You can also send general correspondence to this address:

  Credit One Bank
  P.O. Box 98873
  Las Vegas, NV 89193-8873

• Can you get a credit line increase with Credit One Bank?

  According to Credit One Bank, it will review your account regularly to see if you can qualify for a higher credit limit based on your usage. You can also request a credit limit increase online or over the phone.

  Discover: How to request a credit line increase with Credit One

• What credit limit can I get with Credit One Bank?

  Credit One cards tend to be on the lower side. Some cards have a minimum credit limit as low as $300. While the maximum credit limit varies based on your creditworthiness and could be as high as $5,000, many of their cards won’t offer above $2,000. These lower limits can make having a good credit utilization ratio difficult.

*Information about Credit One Bank® Platinum Visa® for Rebuilding Credit has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.