Credit One Bank Wander® Card review: Earn travel rewards with fair credit

The Credit One Wander Credit Card is a superb choice if you want reward flexibility without having to wait for better credit. Also, you can offset the card’s annual fee thanks to the card’s rewards on everyday expenses such as gas and dining.

Recommended credit score: An accessible travel card

Since nearly all travel cards require you to have at least good credit for approval, the Credit One Wander Card is a rare find on the market and a boon if you have less than good credit. This is especially true if you spend a lot of time on the road or in hotels, thanks to its elevated rewards rates on eligible hotel and rental car bookings, as well as eligible travel and gas.

Rewards rate: Big on travel and shopping

Credit One Bank Wander cardholders earn 10X points on eligible hotels and car rentals booked using the Credit One Bank travel partner, 5X points on eligible travel, including flights, dining, and gas purchases, and 1X points on all other purchases. For a credit card available to consumers with fair credit, the Credit One Bank Wander Card offers very generous rewards rates — perhaps the highest and widest-reaching rates available in a credit-building card category. The card’s rates even rival those of some of the premier travel rewards cards on the market, making it a competitive rewards option for frequent travelers who don’t prioritize travel perks like credits for expedited security screening or transferring points to travel partners (neither of which are available with the Wander card).

Credit One Bank Wander cardholders earn 10X points on eligible hotels and car rentals booked using the Credit One Bank travel partner, 5X points on eligible travel, including flights, dining, and gas purchases, and 1X points on all other purchases. That’s an impressive set of rewards rates and a solid mix of bonus categories, which could help you accumulate a lot of points.

The Credit One Bank Wander Card also comes with a bonus program called the More Cash Back Rewards Program that lets you earn up to 10 percent more cash back with participating merchants (depending on the terms of the offer). Credit One frequently adds new offers to the program, similar to other issuers’ card-linked offer programs, such as Amex Offers.

While the rewards rate and accessibility of this card are great, the $95 annual fee still stings because of the lack of card benefits. Plus, redeeming the points you earn with this card can be challenging because of its redemption limitations.

Annual fee: A bit high for what’s included

The Credit One Bank Wander Card charges a $95 annual fee, which is higher than what you'd find on many credit cards for fair credit (some cards charge no fees at all). This fee is worth factoring into your budget ahead of time since it can potentially offset a sizable chunk of your yearly rewards.

If your primary goal is to build credit, you can find a lower-cost card option if you have fair credit. Still, the fee may be worth it if you want to earn rewards and think you’ll spend enough in the Wander card’s categories.

Benefits: Only has the basics

This card includes essential card protections and features, including zero liability, contactless payments and access to free credit scores. These perks can provide you with peace of mind and are easy to use, especially if you’re just getting the hang of using a credit card. However, these perks are industry standard, so they’re not unique enough reason to sell the card. Considering the annual fee of this card, these benefits are lacking.

The only standout feature is Credit One’s Credit Protection Program. In the event of involuntary unemployment or disability, you can waive your minimum payment for up to six months if you pay 96 cents per $100 of your new monthly balance. For example, if you have a $1000 balance on your card, you’ll only be required to pay $9.60 under the Protection Program.

However, there's a notable catch. Rather than activating immediately, it will take 30 days for your policy to take effect. During this time, your account will be frozen, but compound interest will continue to accrue. Since this can snowball your balance when you might not be able to make your minimum payment to begin with, you might consider a more cost-effective debt management plan that won’t pose the risk of overextending and closing your account.

Welcome offer: No intro bonus

Unlike most travel rewards cards, especially those that come with an annual fee, the Credit One Bank Wander Card does not offer a welcome bonus. In the past, the card has offered bonuses as high as 10,000 points after you spend $1,000 in the first 90 days (equivalent to $100 toward a statement credit, gift cards or travel), so now may not be the best time to apply if your priority is earning rewards rather than building credit.

That said, sign-up bonuses are hard to find on cards for fair credit. There's also no telling if Credit One will offer a bonus on this card again, so it's still worth a look if the Wander card aligns with your goals.

Redemption: Not the best with travel

When redeeming your rewards, there are several options on the table. You can redeem your points for statement credits (in 1,000-point increments), gift cards, merchandise and travel.

However, while the statement credit, gift card and merchandise options are pretty cut and dry, travel redemptions come with a few caveats. While many travel card rewards programs guarantee at least 1 cent per point in redemption value when you redeem for travel, the value you receive from your Wander card points will vary depending on your booking details.

Plus, you can only redeem for travel through Credit One Bank’s travel portal, which partners with Aspire Loyalty Travel Solutions, LLC. This means you can’t use or transfer your points to book directly with airlines, hotels and other travel vendors for a better deal.

It’s best to compare the Credit One Wander card to other cards that accept people with fair credit. Here, we can see what the Wander card may be missing and the benefits it offers over other cards.

If you’re still working on building your credit, it may be better to hold off on applying for multiple credit cards. Doing so can make it easier to keep your balances low and avoid unnecessary dings to your score due to hard credit inquiries. If you’re confident in your score and ready to optimize your rewards strategy, a second card can help you earn more rewards and lower your credit utilization ratio by providing more available credit.

If you fall into either of these consumer categories, the Credit One Bank Wander Card might be the perfect addition to your wallet.

The Credit One Bank Wander Card is worth considering if you’re focused on earning travel rewards while improving your credit score. Its generous earning rates in several categories, along with its standard card protections, are a huge advantage for potential cardholders with fair credit.

However, you’ll have to pay a $95 annual fee with the card, which will cut into your reward earnings. The card’s reward rate on non-category purchases is also low, making it a poor card for earning rewards outside of travel. . Considering the lack of perks, you may be better off building your credit score with a more cost-effective credit-building option.

*The information about Bank of America® Customized Cash Rewards Secured Credit Card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.

We rate credit cards using a proprietary card scoring system that ranks each card’s estimated average rewards rate, estimated annual earnings, welcome bonus value, APR, fees, perks and more against those of other cards in its primary category.

Each card feature is assigned a weighting based on how important it is to people looking for a card in a given category. These features are then scored based on how they rank relative to the features on other cards in the category. Based on these calculations, each card receives an overall rating of 1-5 stars (with 5 being the highest possible score and 1 being the lowest). 

We analyzed over 150 of the most popular rewards and cash back cards to determine where each stacked up based on their value, cost, benefits and more. Here are some of the key factors that influenced this card’s overall score and how the score influenced our review: