Credit One Bank American Express® Card review: A card with unlimited cash back

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This offer is no longer available on our site: Capital One® Platinum Credit Card

Pros

  • Unlimited 1% cash back on all purchases
  • Accessible to people with fair credit
  • No security deposit required
  • Offers perks, plus American Express discounts

Cons

  • $39 annual fee
  • Low minimum credit line
  • High purchase APR
From our partner

Credit One Bank American Express® Card

4.3 out of 5

From cardholders in the last year

See details, rates & fees

Credit One Bank American Express® Card: Core features

The Credit One Bank American Express® Card may be able to help people with fair credit improve or build a credit history. And while the card has a high APR and an annual fee, cardholders can earn unlimited cash back on all purchases and get access to other perks and benefits.

1% cash back rewards

Credit One Bank American Express® Card users earn unlimited 1% cash back on all purchases, which you’ll automatically get as a statement credit during each statement cycle. If you’re looking for more than just a bare bones card, this might be a nice-to-have feature.

People with fair credit may qualify

If you have fair credit, you may be able to qualify for the Credit One Bank American Express® Card. While Credit One doesn’t list specific credit score requirements, the card issuer states that people with “average credit” may qualify. Credit One describes this as having a credit score that’s “similar to the average of most consumers.” The issuer also says that you must have “some established credit history with limited payment issues in the recent past.”

High APR and some other fees

The Credit One Bank American Express® Card’s variable purchase APR, at 24.74%, is high compared to some other cards. It’ll also cost you an annual fee of $39. But if you use the card’s unlimited 1% cash back feature, you may be able to break even on that annual fee if you charge $3,900 per year and pay your balance in full each month.

With this card, you can expect to pay both cash advance and foreign transaction fees. And if you’re late with a payment or don’t have enough cash in your account to cover it, you could be charged a fee of up to $39.

American Express discounts and other perks

Cardholders have access to exclusive American Express benefits, including travel deals, early access to entertainment tickets and other special dining, shopping and travel offers from American Express partners.

The Credit One Bank American Express® Card comes with some other benefits such as travel accident insurance, retail protection for purchases that are accidentally damaged or stolen and fraud liability if your card is used for unauthorized purchases.

What else you need to know about the Credit One Bank American Express® Card

If you’re considering applying for the Credit One Bank American Express® Card, here are a few more things to keep in mind.

  • No security deposit required — This credit card is unsecured, which means you won’t have to put down any cash to open the account.
  • Potentially low credit limit — With this card, you might start with just a $300 credit line, but you may be able to qualify for an increase down the road.
  • Free online access to Experian credit information — You’ll be able to check your Experian credit score and view a summary of your credit report each month.
  • Credit Protection Program available If you enroll in this optional program, you’ll start paying 96 cents per $100 of your balance each month, up to $10,000. Then, if you lose your job or become disabled, the program waives your card’s minimum payment during the covered period.

Who this card is good for

If you have fair credit and are looking for a card that offers perks like cash back, travel insurance and retail protection, along with exclusive access to some lifestyle benefits from American Express, the Credit One Bank American Express® Card may be a good fit for you. But if you don’t want to pay an annual fee, you might want to consider another card.

Not sure this is the card for you? Consider these alternatives.


About the author: Kim Porter is a writer and editor who has written for AARP the Magazine, Credit Karma, Reviewed.com, U.S. News & World Report, and more. Her favorite topics include maximizing credit card rewards and budgeting. Wh… Read more.