Credit One Bank® Unsecured Visa® with Cash Back Rewards Review
This is a perfect solution to help users build their credit score while benefiting from cash back rewards. Credit One Bank® also offers credit education and free credit scores to help cardholders focus on financial milestones.
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Key Features
descriptionEditor Analysis:
- This is a rare card that does not require a security deposit to establish a line of credit for folks with bad to fair credit.
- It offers cash back in non-rotating categories that cardholders receive in the form of statement credits.
- Cardholders can pick their own due date after the initial statement as long as the date is within six days, before or after, of the original due date.
- This card doesn't offer a grace period on your purchases, so you'll begin accruing interest on your purchases from the moment they post to your account.
CardName Essentials
The CardName card is a perfect solution for credit card users who need to build their credit score, and also want to explore how a cash back rewards program works. Credit One Bank® offers card holders credit education and free monthly access to their credit scores — a great way to help cardholders focus on financial milestones.
The CardName card gives card holders the opportunity to earn unlimited 1% cash back on eligible gas, grocery purchases and mobile phone, internet, cable and satellite TV services. Credit One Bank’s® Visa® comes with an annual membership fee, which varies depending on your initial available credit line. The annual membership fees range from $0 to $99 the first year but is subject to change each subsequent year.
What Our Editors Like Most About CardName
- Rewards Are Practical: The rewards’ program gives cardholders their cash back in the form of an automatic statement credit equal to what it calls "eligible net purchases" made with the card. Having funds automatically applied toward your credit card balance can make it easier to stick to smart credit card decisions
- Pick Your Own Due Date: After the initial billing period, card holders can call and select a new payment due date. As long as it’s at least six days before or six days after the original assigned date, you can change the due date to make it easier when handling monthly payments. Card holders can also take advantage of the email/text alerts on payment due dates to help keep track.
- Free Credit Scores: Card holders get free monthly online credit score tracking which helps you to see in real time how your credit score is improving with proper money management.
Potential Downsides of CardName
- Rewards Aren’t Available from Stores Like Wal-Mart or Target: If you are a frequent spender at warehouse clubs or discount super centers like Walmart or Target, be aware, these locations are not eligible for the cash back bonus with CardName. See issuer’s terms to verify if your shopping habits match with this rewards program.
- Sky-high APR Rate: Because this card is designed to helping build and rebuild credit scores, the APR tends to be a bit higher to accommodate the higher risk group of card holders. The high APR should incentivize cardholders to pay their balance off each month to avoid accruing APR rates.
- Automatic application of your annual fee: Each year the annual fee is deducted from your credit line. So when this pesky fee comes around, it may be outside of your budget. Set a reminder in your calendar to avoid any surprises.
How CardName Compares to Other Cash Rewards Cards:
CardName vs. OpenSky® Secured Visa
OpenSky® and CardName tout an application process that lasts less than a minute and causes minimal to no impact on your credit score. The major difference between these cards becomes the secured portion of the OpenSky® Secured Visa name: OpenSky® requires a deposit to establish a line of credit, and Credit One does not. Credit One does charge an annual fee, though. The major advantage Credit One has over OpenSky® is the opportunity for cardholders to participate in a cash back program.
CardName vs. CardName
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The Chase Freedom Flex℠ card requires a higher credit score for eligibility so it tends to offer some cool bonuses that Credit One can’t: a $200 bonus after you spend $500 on purchases within the first three months of opening an account; plus, earn 5% back on grocery store purchases (excluding Target and Walmart) up to $12,000 spent in your first year. While Credit One Bank® has a rewards program, Chase Freedom Flex℠ card holders reap more benefits: 5% back on purchases in rotating quarterly categories that you activate, 5% on travel purchased through Chase Ultimate Rewards, 3% on dining at restaurants, including takeout and eligible delivery services and 3% on drugstore purchases. All other purchases on the card bring the card holder 1% cash back. There is no annual fee with the Chase Freedom Flex℠ card. Keep these benefits in mind when it’s time to apply for a credit card that grows with your credit score.
Information related to Chase Freedom FlexSM has been collected independently by CardRatings and was neither reviewed nor provided by the card issuer
Who Should Get CardName?
If you don’t have stellar credit and are working on rebuilding your credit, then the Credit One Bank® Visa® is a good card for you. Card holders will receive credit education while dabbling in an entry-level rewards program. This Visa® doesn’t offer lots of bells and whistles, but it helps cardholders learn responsible credit card usage. And that’s a lesson that’s as good as gold.
Our Methodology
Survey methodology: CardRatings commissioned Op4G in September 2023 to conduct surveys among 1,869 cardholders nationwide. CardRatings website analytics from Jan. 1, 2023-Aug. 31, 2023 were used to determine a selection of the most popular cards and additional cards were included to add survey breadth. Responses to each of nine questions were given on a scale of 1-10 and respondents’ scores were then averaged under broad topics. To determine the overall score, responses from questions 1-8 were summed and the answer to "How likely are you to recommend this card to a friend, coworker or family member?" was double weighted. Current Scores reflect scores from the most recent survey (2023); “Past Scores” reflect scores from the 2022 survey.
Disclaimer:The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we cannot guarantee the accuracy of the information in this article. Reasonable efforts are made to maintain accurate information. See the online credit card application for full terms and conditions on offers and rewards. Please verify all terms and conditions of any credit card prior to applying.
This content is not provided by any company mentioned in this article. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any such company. CardRatings.com does not review every company or every offer available on the market.
