Credit One Bank is a company based in Paradise, Nevada that specializes in credit cards for people with fair and bad credit. Initially launched as First National Bank of Marin in 1984 as a full-service bank, the company offered numerous financial services in California. In 1995, it changed its business model and narrowed its product line in order to become a niche bank that caters to those looking to establish and rebuild credit. In 1998, it relocated from California to Nevada, and in 2005, changed the company name from First National Bank of Marin to Credit One Bank, N.A. Credit One Bank currently provides services to well over 6 million people across the country, with a specific emphasis on their Platinum Visa card.
For customer support, Credit One Bank does a good job of making itself available to cardholders, offering several toll-free phone numbers to meet a customer’s specific needs:
- Automated Account Information (24/7)
- Application Information (Mon–Sat, 7:00 a.m. to 7:00 p.m. PST)
- Lost or Stolen Cards (24/7)
- Credit Protection (Mon–Fri, 9:00 a.m. to 8:00 p.m. EST)
- Collections (Mon–Fri, 5:00 a.m. to 9:00 p.m. PST | Saturday, 5:00 a.m. to 3:00 p.m. PST | Sunday, 11:00 a.m. to 9:00 p.m. PST)
- Website Related Inquiries (Mon–Fri, 6:00 a.m. to 9:00 p.m. PST | Saturday, 6:30 a.m. to 5:00 p.m. PST)
Credit One also offers support through postal mail for payments, general correspondence, errors or questions about your bill, and credit protection. Some credit card companies offer only one phone number, others offer 24/7 services for all of their numbers; however, Credit One Bank is on-par with most companies in this area.
Foreign Transaction Fees
Customers traveling abroad have to pay Foreign Transaction fees at 3%. This is the same as the majority of credit card companies. There are a few companies who offer no foreign transaction fees for certain cards. For example, City National Bank offers their VISA® CRYSTAL COMMERCIAL CREDIT CARD that has zero foreign transaction fees. But for the most part, a 3% Foreign Transaction fee is standard protocol in the credit card industry.
Credit One Bank offers seven credit card products:
- Credit One® Cash Back Rewards
- Credit One Bank® Visa® – No Deposit Required
- Credit One Bank® Platinum Visa® for Building Credit
- Credit One Bank® Unsecured Visa® Credit Card
- Credit One Bank® – Earn More Credit Fast
- NASCAR® Credit Card from Credit One Bank®
- Official NASCAR® Credit Card from Credit One Bank®
Options for Rewards
Credit One offers cardholders some favorable rewards options:
- 1.0% cash back on eligible gas, groceries, mobile phone service, inter net service, and cable & satellite TV service; or
- 1.1 cash back on eligible dining purchases and 1.0% cash back on all other eligible purchases
For Credit One Bank NASCAR credit cards, you will receive the following:
- 1.0% cash back on eligible gas and automotive purchases, double cash back on NASCAR.com purchases; or
- 1.0% cash back on all eligible purchases, double cash back on NASCAR.com purchases
Rewards post automatically to your account each month. Currently, Credit One offers customers a bonus offer with any of its cards: the chance to win a $10,000 grand prize if customers sign in and go paperless.
Regarding security protection, the Credit One® Cash Back Rewards card offers customers “zero fraud liability”—meaning you won’t be responsible for unauthorized charges. Meanwhile, the Credit One Bank® Unsecured Visa® Credit Card card lets you keep an eye on your credit information with free online monthly credit score tracking. Custom email or text alerts notify you of your payment due date, when a payment posts, or if your available balance runs low. Credit One Bank’s Visa card offers security measures through its partnership with Visa, which scans for suspicious activity alerting your bank about questionable transactions, temporarily putting suspicious charges on hold and notifies you to verify the legitimacy of questionable charges.
One unique feature of Credit One is its status as the official credit card of NASCAR. This means you can earn 1% cash back on eligible purchases and double cash back on NASCAR.com purchases. You also get access to exclusive offers, promotions and special experiences created for NASCAR fans.
For customers wanting to build their credit, Credit One has tiered its card benefits to suit their situation. For instance, the NASCAR card offers those rebuilding their credit a variable APR of 16.65% to 23.90% and an annual fee of $0 to $99 plus the same rewards as unsecured credit customers. This surpasses some competitors who do not offer opportunities to build their credit, and is on-par with secured credit companies who specialize in offering secured credit cards.
The APR for all of Credit One’s cards ranges from 15.65% to 24.15%. The APR is variable, based on the Prime Rate and is determined on what Credit One calls your “creditworthiness” when you open your account. This APR will vary with the market based on the Prime Rate. The problem with a variable APR is that your interest rate is unpredictable, often ballooning to a higher percentage than originally signed up for. It is also a higher rate than some competitors, although many fall within the 23% APR range.
Credit One offers this APR as “for informational purposes only.” This means if Credit One deems you pre-qualified for one of their credit card offers, you will be provided with the actual Disclosures and Terms & Conditions of the offer. This can prove to be more beneficial to new customers or less, depending on the pre-qualification terms.
Annual Fee Range
Annual credit card fees for all of Credit One’s cards start at $0 to $75 for the first year (Introductory period) and then $0 to $99 thereafter. For some Accounts, the Annual Membership Fee for the second and each further year gets divided into 12 equal portions and one portion will be billed each month of the applicable year. For other Accounts, the Annual Membership Fee for the second year and each further year will be billed annually.
Annual percentage rate (APR) for cash advances is 17.90% to 25.15%. This is the same for all of Credit One’s cards and is variable, and is also based on the going Prime Rate, and dependent upon your creditworthiness.
If a customer’s account has an Annual Membership Fee, it will be billed to the account when it is opened and will reduce the amount of their initial available credit. For example, if an account is established with a credit line of $300 and the First-year Annual Membership Fee is $75, your initial available credit will be $225.
There is also an Authorized User Participation Fee in cases where you want to give someone else access to your card. This fee is $19 per year and may also be billed to your account upon opening. Credit One does not specify in exact terms what determines where your fees will fall within this nominal range but it will be determined once you complete the application process.
The downside is that the introductory pricing may be more favorable for the first year than afterward. Some credit cards offer an annual fee that does not change or increase over time, making it more predictable for customers needing to know exactly how much the annual fee is before they apply. Another downside is the affordability of the card for certain customers.
If you make a late payment, Credit One Bank charges up to $37 in late fees. While this penalty is comparable to most credit card providers (including Amex, Chase, and Discover), some companies charge much less.