Credit One Bank American Express Card

Andrew Reyes  | 
  • Annual percentage rate (APR): 23.99% (variable).
  • Purchase intro APR: None.
  • Rewards: 1% cash back.
  • Annual fee: $39.
  • Late fee: Up to $39.
  • Credit score: Poor to Fair (350-670).
  • Compare cards here.

Benefits

  • Cash-back rewards: For every eligible purchase you make with the Credit One Bank American Express Card, you earn 1% cash back. These rewards are automatically applied to your account balance when you qualify.
  • Change payment due date: After your first successful billing period, you can contact Credit One Bank to change your payment due date to one that works better for you. The date must be six days before or after your current due date.
  • Retail and fraud protection: If a qualifying retail purchase you make using your Credit One Bank American Express Card is accidentally damaged or stolen, you may be reimbursed for the total charges. If you’ve been the victim of credit card fraud and you contact Credit One Bank immediately to report fraudulent charges, you may be reimbursed for the total.
  • American Express cardholder benefits: When you become a Credit One Bank American Express Card account holder, you’re eligible for all the exclusive offers and discounts provided to Amex cardholders. This may include special offers on travel, events, dining, and shopping.

Drawbacks

  • Low cash-back rewards: Many credit cards offer double rewards points on certain purchases. The Credit One Bank American Express Card only offers 1% cash-back rewards on all purchases. While it may take you a while to earn statement credit with these rewards, the program is meant to be simple and easy to understand.
  • High APR: The APR associated with the Credit One Bank American Express Card is 23.99%, which is a bit high when compared to other cards. If you have a good credit score, you’re not rewarded with a lower APR since creditworthiness isn’t taken into account.
  • No introductory offers: When you activate your Credit One Bank American Express Card, you’re not rewarded with an introductory APR, $0 annual fee, or extra cash-back rewards like some other credit cards offer to new cardholders.
  • Additional fees: You’re responsible for a $39 annual fee and you’ll also pay $5 or 8% on a cash advance, whichever is greater. The foreign transaction fee is $1 or 3% of the total purchase in dollars and if you make a late payment or your payment is returned, you’ll owe a fee of up to $39.

What Can You Expect From the Credit One Bank American Express Card?

When you become a Credit One Bank American Express Card account holder, you’ll gain access to several useful features.

Updated Credit Score

When you sign into your online account with Credit One Bank, you can check your Experian credit score for free. Your score is updated monthly so you can keep tabs on improvements or decreases. By keeping an eye on your credit score, you can identify any drastic drops, which may be a sign of identity theft or credit reporting errors.

Mobile App

Download the Credit One Bank Android or iOS mobile app to review your recent transactions and statement balance. When you sign into the mobile app on your smartphone or tablet, you can also review Amex offers and exclusive deals or sign up for paperless document delivery.

Through your online account, you can sign up for customized alerts that will send you emails or push notifications when your balance reaches a certain limit or a transaction is charged to your account.

Travel Insurance

When you book travel with your Credit One Bank American Express Card, your trip may be eligible for travel insurance. The card automatically provides a maximum of $150,000 in travel insurance coverage for eligible purchases.

Who Should Get the Credit One Bank American Express Card?

If you have a poor credit score but want the perks of being an American Express cardholder, the Credit One Bank American Express Card may be right for you. Since the APR and annual fee aren’t determined by creditworthiness, you may find better alternate card options if you have good or excellent credit.

The cash-back rewards you earn can only be redeemed for statement credit and it’s important to keep the foreign transaction and cash advance fees in mind. With a hefty late payment fee, this card is best for responsible borrowers who plan to make payments on time.

Compare other cash back credit cards and learn more here.


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