Credit One Bank® Credit Card with Gas Rewards Review

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Editor's Rating: 3.0/5.0
A subprime card that is an alternative to Orchard Bank and First Premier. Ranks slightly behind Orchard in terms of fees and rates. But it does not charge any processing fee and it does report to the three major credit bureaus. Comes with standard Visa benefits like travel insurance etc. One of the only alternatives for those with bad credit who have been repeatedly turned down for regular no annual fee cards.
Intro Purchase APR Regular APR Annual Fee Issuer Credit Needed
N.A. 17.9% to 23.9%*Variable $35 to $75 Credit One Poor
PROS
  • Reports to three major credit bureaus
  • Does not charge any one-time processing fee
CONS
  • Interest rate is fixed at one rate (not a range and is rather high

Summary - Is there any other bad credit cards besides Orchard Bank and First Premier? Yes, Credit One is one of the rare issuers that still exists in the subprime market. It has a slightly different annual fee and interest rate structure than Orchard or First Premier. But more importantly, they report to all three major credit bureaus (Experian, Equifax and TransUnion).

But First - Who is Credit One Bank? - Before we look into the card details, I thought it would be important to look at who is Credit One Bank since there have been so many instances where the FTC has gone after subprime issuers for deceptive marketing practices. According to Wikipedia, Credit One is held by Credit One Financial, which itself is a wholly owned subsidiary of Sherman Financial Group. It is registered in Nevada. Credit One services approximately 2 million cardholders across the United States.

How Do The Fees and Rate Look Like? - That is probably the important fees can easily gorge up a portion of your initial credit limit. For this card, For this card, the annual fee is $35-75. The APR is 17.90%-23.90% variable.

Credit One also claims to give up to a $1,500 credit line. It also comes with some usual Visa benefits like auto rental and travel insurance.

How Does Credit One Compare With It's Peers?

The two most prominent card in the subprime world today are the Orchard Bank Cards and the First Premier Cards. The Orchard Bank card has various versions and one will be approved for one of the versions depend on their credit. Their annual fee tops out at $59. So in this regard, Orchard has a lower annual fee than Credit One. However, Orchard Bank may charge you a one-time processing fee of up to $59 depending on which version of the card you get approved for. Orchard's APR ranges from 14.99% to 24.99%, so it means that you have a chance of a lower interest rate if you opt for Orchard compared to Credit One.

The comparison against First Premier Bank is more interesting. First Premier charges a one-time processing fee of $75. Their annual fee is $75 for the first year and $45 thereafter. But from the second year onwards, they charge a monthly processing fee of $6.25 (which works out to $75 a year). Their APR is a staggering 36%! So compared to First Premier, Credit One certainly looks like an angel!

Credit Card strategy if you have bad credit - Before I go on summing up my thoughts on this card, I think it is worthwhile to pause a bit and talk about credit card strategies to rebuild your credit. There are a couple of options you can choose. The most cost effective way is to get a secured credit card. The annual fee is relatively low, and there are no other hidden fees. The only issue is that many folks do not have (or are not willing to put up) the cash to deposit into the bank as collateral.

If you choose to go the unsecured route, you have to be aware that the fees and rates tend to be higher. As long as you are aware of this, then you should not get any sticker shock.

So Is Credit One A Good Card To Get? - Let's just start off by saying that Credit One is one of the few alternatives today in world of unsecured subprime cards. In terms of fees and rates, the Orchard Bank is probably the better card to get. But if for some reason you do not want to get an Orchard Bank card, then the Credit One is probably the next best alternative out there.

Screen Shots of Application Page - Below are two screen shots of the application page when you click on the links on this page. It is quite intuitive. We advice you to read the terms and conditions again before you apply (if you decide to).

credit one application first page

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