Credit One Bank® Secured Card Review: 1% Cash Back on Most Purchases

Quick Review

For borrowers with bad credit or a lack of credit history, finding a credit card can be difficult. Even more difficult is finding a credit card that offers rewards. Fortunately, the Credit One Bank® Secured is an easily accessible card that makes a convenient borrowing option for new borrowers and those with credit histories that leave something to be desired. Here’s what to know about the card:

• Relatively inexpensive: The card doesn’t charge an annual fee, making it an inexpensive option to keep open year after year. However, you will need to pay money upfront in the form of a security deposit. The minimum you’ll need to put down is $200 for an equivalent credit limit. Luckily, this deposit will earn interest while your account is open.
• High interest: On the downside, the card charges a pretty significant interest rate of 28.24% (variable). This means carrying a balance past the due date can quickly result in high interest charges.
• Earn rewards easily: Although you won’t earn cash back on every purchase you make on the card, the rewards program covers a good range of everyday expenses. Earn 1% back when you use your card to pay for gas, groceries, and monthly bills like your telephone and internet.

Pros & Cons

Who Is This Card Best For?

The Credit One Bank® Secured is a relatively easy decision for anyone with poor credit or no borrowing history. However, the card is particularly good for the following types of borrowers:

• Commuters: The card earns 1% back on all gas purchases, with no monthly, quarterly, or even annual rewards caps. That means those who are hitting the road every day can benefit from getting a fraction of their gas costs reimbursed through rewards.
• Short-term credit builders: If you’re looking to quickly build or improve your credit before applying for bigger and better cards, this is a good option. While its inability to graduate means it isn’t the best solution for someone looking for a long-term credit relationship, it’s an accessible way to bolster your history and earn some rewards.

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What the Crowd Says

At this time, there are no ratings and reviews for the Credit One Bank® Secured card, from either professionals or actual cardholders. Instead, reviews for Credit One cards are largely dedicated to the Credit One Bank® Platinum Visa® for Rebuilding Credit.

This card is an alternative option for those with poor credit, particularly those who want to avoid paying a security deposit. However, the card charges a $75–$99 annual fee, making it more expensive in the long run if you keep the account active.

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Rates & Fees

Fees

• Annual fee: $0
• Cash advance fee: $5 or 8% of the amount (whichever is greater)
• Foreign transaction fee: $1 or 3% of the amount (whichever is greater)
• Late/returned payment fee: Up to $39
• Authorized user card fee: $19 annually

Interest Rates

• Purchase APR: 28.24% (variable)
• Cash advance APR: 28.24% (variable)
• Minimum interest charge: $1.00

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Rewards

• 1% cash back on eligible groceries and gas as well as your monthly cellphone, internet, cable, and satellite TV services
• 10% cash back from top retailers through special offers in Credit One’s “More Program”

What You Could Earn

Based on data we’ve collected on the average American’s spending, here’s an idea of how much you could earn in rewards each month on this credit card:

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Benefits

Here are the benefits you can enjoy with the Credit One Bank® Secured card:

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How to Get the Credit One Bank® Secured Card

Credit Score Required

Credit One doesn’t specify what score you’ll need to qualify for the Credit One Bank® Secured card. However, most secured credit cards are aimed at those with weaker credit scores. As the deposit serves as collateral against bad borrowing behavior, you may still be able to qualify for the card with a score of 669 or less.

How to Apply

To apply for the Credit One Bank® Secured card, start by doing the prequalification process online. This will give you an idea of whether you’re likely to be approved if you apply and whether you should risk staining your credit report with a hard inquiry (a type of credit check that usually lowers your credit score by a few points).

If you’ve already received a pre-approved credit card offer in the mail, go to Credit One’s Accept Mail Offer page to proceed with the next stage of the application.

You can then check on the status of your application by visiting Application Status.

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Building Credit

Security Deposit

Your deposit for the Credit One Bank® Secured will be placed in an account and returned when you close your card. You’ll even earn interest on this account (which isn’t a common perk when you pay a credit card security deposit).

Credit Reporting

The information your issuers report to the credit bureaus is used to update your credit report and related credit score. If you’re new to borrowing or need to improve your score, make sure your credit activity will be reported to the bureaus.

Tips for Building Credit

Opening a new credit account isn’t enough to build a good credit score. Follow these tips for using your card wisely:

• Always pay on time: The single most important step to building good credit is to always make your minimum monthly payment on time. If you don’t you’ll face fees and potential black marks on your credit report.
• Use less credit: Aim to borrow less than 30% of your total credit limit at a time, as your credit score is partially based on how much of your credit limit you’re borrowing.
• Keep up with your score: Take advantage of the free credit scores offered by Credit One to monitor your credit report and strengthen areas that need improvement.

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FAQs

Can you use the Credit One Bank® Secured for a cash advance?

You can take out a cash advance with a Credit One Bank® Secured card, but it will cost you. The card charges particularly high fees—usually 8% of the transaction amount. So if you’re planning to make cash advances on a frequent basis, look for another card with lower cash advance fees, or only use a debit card for withdrawing funds.

It’s also worth noting that credit cards won’t give you a grace period for cash advances as they normally do with purchases. Instead, the debt from your cash withdrawals starts to accumulate interest immediately. As such, cash advances are expensive and best avoided.

Can you make a balance transfer on the Credit One Bank® Secured?

The Credit One Bank® Secured card doesn’t allow balance transfers. If you’re looking for a way to consolidate your debts, you’ll have to find a different card—ideally one with a cheap balance transfer fee and a low balance transfer APR.

Does the Credit One Bank® Secured have a grace period?

A credit card grace period is a window of time after each billing cycle when you can pay off the debts in full without any interest charges. The Credit One Bank® Secured card has a 24-day grace period, starting on the first day of each new billing cycle.

If you pay your Credit One bill in full by the due date, your account won’t incur any interest for purchases you make during the grace period. On the other hand, if you carry a balance from previous billing cycles, you’ll pay interest on top of any credit card payments you make during the grace period.

What’s the credit limit on the Credit One Bank® Secured?

The credit limit on the Credit One Bank® Secured is equivalent to the security deposit you pay. You may also have the chance to increase your credit limit without putting down more deposit funds based on period reviews by Credit One.

How can I contact the Credit One customer service team?

If you need help with your Credit One card, the phone number for customer service is (877) 825-3242 or (702) 405-2042 outside the US.

You can also write to Credit One at the address for general correspondence, which is:

Credit One Bank

P.O. Box 98873

Las Vegas, NV 89193-8873