Credit One Bank® Unsecured Visa® for Rebuilding Credit

Robin Saks Frankel  in  No Credit History How we rate our cards  |  Advertiser Disclosure
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Recommended Credit Score

Bad Credit (300 - 670)

A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Apply Now On Credit One Bank's secure website

Best for 24/7 roadside and travel assistance

Annual Fee:
$0 - $99
Purchase Intro APR:
N/A
Regular APR:
20.24% - 26.24% Variable
Terms and Restrictions Apply

Bankrate Rating

The Credit One Bank Unsecured Visa for Rebuilding Credit review was last updated on Mar. 22, 2019.

If it’s difficult to understand what a credit card has to offer, that’s usually a bad sign. Credit One Bank does not make it easy to examine the features of its cards, and muddies the water even more when it comes to what you’ll pay in annual fees and what you can earn in rewards.

And so, while it’s nice to find a credit card offering cash-back for those with no credit history, the terms of the Credit One Bank Unsecured Visa for Rebuilding Credit are so confusing that it’s a bit of a gamble to apply.

Rather than wading through this card’s terms and conditions, it may be best just to move along to better options.

Review

So what does Credit One offer? You’ll earn 1% cash back on “eligible purchases.” Those include gas and grocery store purchases from merchants using specific “Standard Industrial Classification Codes.” No consumer should have to figure this out on their own.

What’s clear is you won’t earn any rewards from warehouse clubs and “discount supercenters” such as Wal-Mart and Target.

Even worse, consumers have no idea what annual fee they might have to pay – until after they apply. Annual fees run from $0 annually (reserved only for people with excellent credit) to $99. If you get tagged for the $99 fee, you’ll only have to pay $75 in the first year, which is hardly a break.

Cardholders with decent credit could pay as little as $45 a year.

Who should get this card

If you’re in a pinch and need access to credit, this card is better than the outrageously high interest rates charged by payday lenders. This is one of the few unsecured credit cards available for applicants with no credit history. It’s also one of the only credit cards in this category that offers cash-back rewards.

Advantages
  • Earn 1% back on certain purchases.
  • If your application for this card is approved, you’ll receive a minimum of $300 as a credit line.
Disadvantages
  • Not all cardholders are granted a grace period on interest. This means that you could start accruing interest immediately after purchases, instead of starting at your statement due date.
  • You won’t know what your annual fee will be and what rewards plan you qualify for until the issuer approves your application.
  • The annual fee will reduce your initial line of credit. For example, if you receive a $300 line of credit and your annual fee is $75, you’ll only be able to charge $225 on the card.

Fees and APR

  • The annual fee varies based on creditworthiness from $0 to $75 the first year and $0 to $99 thereafter.
  • The variable APR is 20.24% to 26.24%.
  • Additional authorized users have an annual fee of $19 per card.
  • There’s a $49 fee for requesting a higher credit limit.
  • There’s an express payment fee of $9.95 for each expedited payment.

Extras, perks and using points

Rewards are automatically redeemed as a statement credit each month.

You can personalize your card by choosing from one of 20 designs. For some cards, a fee may apply.

This card comes with travel accident and auto rental collision insurance from Visa.

You can register to get a free monthly credit score report. You can also opt to enroll in the card’s Credit Protection program, which will help make monthly payments in the event of employment loss or disability. The fee for this is $0.96 for every $100 on your balance.