Credit One Bank American Express Card

The American Express Credit One Bank card is not one of our best cash back credit cards. You can consult our list of best cash back credit cards for what we think are better options.


Complete Credit One Bank American Express Card


Advantages

  • Available to applicants with average credit

  • Simple rewards structure

  • Access to American Express benefits

The inconvenients

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  • Low reward rate

  • No bonuses

  • Higher fees and APR


The benefits explained

  • Candidate eligibility: Many rewards credit cards are reserved for people with very good to excellent credit. But the Credit One Bank American Express card is available to consumers with average credit, which the issuer of that card says means your credit history includes limited payment issues and your credit score is similar to the average for most people. For those with average credit, this card may offer the opportunity to earn exclusive American Express rewards and perks, which are typically reserved for those with good to excellent credit.
  • Simple rewards structure: Credit card rewards can be confusing. Some cards offer higher reward rates in certain spending categories that change quarterly, or set spending caps for reward categories. The Credit One Bank American Express card keeps it simple. You will earn 1% cash back on every purchase you make. There are no spending categories to remember and no limits on how much you can earn in rewards. If you spend $15,000 a year with this card, you’ll get $150 in rewards.
  • American Express Benefits: Credit cards for people with average credit generally have few advantages. But the Credit One Bank American Express card offers those exclusive to American Express branded cards. In addition to standards such as travel insurance and extended warranty protection, you can enjoy benefits such as:
  • Amex Offers: Access exclusive dining, shopping and travel discounts offered by American Express.
  • Access to entertainment: Get tickets to concerts and events before they are available to the general public on the Amex Network website.
  • Return Guarantee: If you attempt to return an eligible purchase and the retailer does not accept it, you may be eligible for a refund from American Express.
  • Travel Discounts: Get discounts on select flights, car rentals, hotel stays and cruises.


Disadvantages Explained

  • Low reward rate: Although the Credit One Bank American Express card allows you to earn 1% unlimited cash back, this is a fairly low rewards rate. Even if you only have average credit, you can find other credit cards with higher rewards rates so you can earn more cash back or points on every purchase. One option is Capital One’s QuicksilverOne card, which has the same $39 annual fee as the Credit One Bank American Express card. You can qualify for the card if you have average credit and you’ll earn unlimited 1.5% cash back on every purchase. If you were to spend $15,000 a year with the QuicksilverOne card, you would earn $225 in rewards, which is $75 more than if you had used the Credit One Bank American Express card for the same purchases.
  • No bonuses: Many credit cards offer an incentive to spend a certain amount within the first few months of opening an account. But the Credit One Bank American Express card doesn’t have a single offer for new cardholders, which could mean you miss out on hundreds depending on your spending. If you are looking for an alternative, consider the Discover it Secured card. It requires a deposit, like all secure cards, but new cardholders are eligible for Discover’s cash back program. At the end of your first year as a cardholder, Discover will match all the money you earned during the year. There is no limit to the amount the company will match. If you’ve earned $250 in rewards, Discover will match it, giving you $500 in total cash back.
  • Higher fees and APR: Although the Credit One Bank American Express card accepts applicants with less than stellar credit, it has higher than usual fees and APR. The regular APR on purchases is 25.49%. According to the Federal Reserve, the maximum rate is much higher than the national average APR of 14.44% for all cards assessed for interest in November 2021.

If you have a balance, this APR may cost you more in interest charges. There’s also a $39 annual fee and $19 authorized usage fee to add someone to the account. If you use this card outside of the United States, foreign transaction fees also apply, which may increase your overall costs. For a cheaper rewards card, check out the Petal Card. There are no annual fees, foreign transaction fees, authorized usage fees or late payment fees, and you can earn up to 1.5% cash back.


The Credit One Bank American Express card is ideal for people with average or higher credit who want a simple and easy-to-use rewards card. You’ll earn a flat rewards rate on every purchase, so it’s a good option if you don’t want to have to remember different spending categories or juggle multiple cards. Instead, you can use one card for all your daily purchases and earn the same rewards rate.

This card is good if you want a more robust credit card that you can potentially qualify for with average credit. It offers significant perks that can enhance and streamline your travel and shopping experiences, offering you free car rental and travel accident insurance and discounts on flights and hotels.


Reward Earnings Details

Credit One Bank American Express card rewards are simple: you’ll earn 1% cash back on every purchase you make. There is no limit to the amount you can win. Cash back is automatically issued as a statement credit.

However, there are some limitations on the types of transactions eligible for rewards. You cannot earn cash back on cash advances, balance transfers, interest, fees, or while your account is not in good standing (i.e. delinquent or otherwise in default ).


Reward Redemption Details

The Credit One Bank American Express card has only one redemption option. Your cash back is automatically issued as a credit on every statement with at least one purchase.

These statement credits reduce your balance but do not count as payments, so you must always make the required minimum payment before your statement is due.


How to maximize your rewards

To get the most out of your Credit One Bank American Express card, use it for all your everyday purchases. You’ll earn 1% cash back on every purchase you make, so you’ll earn rewards on everyday essentials.

According to the US Bureau of Labor Statistics, the average consumer spent the following amounts in 2021:

  • Food: $7,316
  • Clothing and services: $1,434
  • Gasoline and motor oil: $1,568
  • Entertainment: $2,912
  • Personal care products and services: $646

If your spending mirrors that of the average consumer in these categories, you’ll spend $13,876 per year. If you used your Credit One Bank American Express card to pay for every transaction, you’d earn 1% cash back on every purchase, earning you $138.76 in total rewards.


Exceptional benefits of the Credit One Bank American Express card

This card offers great benefits that people with average credit typically don’t have access to, including:

  • Discount on Delta flights: Get up to 10% off eligible flights.
  • Discounts on hotels: Get up to 20% off the lowest fares available at participating properties.
  • Discounts on car rental: Get up to 25% off car rentals from top companies around the world.
  • Access to entertainment: Access the ticket office before the general public. In the past, American Express cardholders got pre-sale tickets to major concerts, sporting events, and Broadway shows.


Standard Benefits

  • Car rental loss and damage insurance
  • Travel accident insurance
  • Retail Protection
  • Extended warranty


Cardholder Experience

Although the Credit One Bank American Express card is an American Express card, it is issued and administered by Credit One Bank and not by American Express. It’s a shame for the cardholders.

According to JD Power’s 2021 Credit Card Satisfaction Study, Credit One Bank was ranked last out of 11 national card issuers in terms of customer satisfaction. If you have questions or issues with your account, this could be problematic.

The Credit One Bank customer service team is available by phone. An automated line is available 24 hours a day, seven days a week at 877-825-3242. However, you can only reach live customer service representatives during certain hours.


Security functions

This card offers the security features you expect from a credit card, including:

  • Zero Liability Protection
  • Online access to your Experian credit report
  • Fraud Alerts
  • Access to the mobile application


Our opinion

For people with average credit looking for a simple credit card with added rewards and benefits, the Credit One Bank American Express Card might be a good match. You’ll get unlimited 1% cash back on every purchase and you can enjoy benefits through American Express.

However, you may qualify for other credit cards that offer higher rewards rates, unique offer opportunities, and a better cardholder experience reputation, so consider all of your options before making a decision. .

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