NASCAR® Credit Card from Credit One Bank® review: Does it take the checkered flag?

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In a Nutshell

The NASCAR® Credit Card from Credit One Bank® offers the chance to build credit with automatic reviews for credit line increases, and credit information is reported monthly. But the rewards quality varies depending on your credit, and the potential combination of a low credit limit, high purchase APR and annual fee could end up hurting more than the cash back helps.

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Pros Cons
Could help build or rebuild credit Potential for an annual fee
Offers 1% cash back on eligible purchases Purchase APR is high
Double cash back on NASCAR Shop purchases Potential for a small credit line
Rewards offers vary depending on your credit
Grace period not guaranteed

 

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What you need to know about the NASCAR® Credit Card from Credit One Bank®

Cash back rewards, but offers vary

The NASCAR® Credit Card from Credit One Bank® offers cash back rewards to everyone who’s approved for the card, but the exact offer you get depends on your credit. In fact, there are three levels of rewards.

  • Those who qualify for Credit One Bank’s highest level receive 2% cash back on eligible purchases at the NASCAR Shop and 1% cash back on all eligible purchases.
  • If you qualify at any lesser level of credit, you still receive 2% cash back on eligible purchases at the NASCAR Shop, but you get 1% cash back only on eligible gas and automotive purchases.

In all cases, cash back is issued as an automatic statement credit for eligible purchases.

While these rewards could be tempting for huge auto buffs and NASCAR fans, you might be able to find another card that offers more than 1% cash back on all purchases, not just in a few categories. And rewards aren’t necessarily the best reason to get a card if you’re looking to build credit.

A chance to build credit

The NASCAR® Credit Card from Credit One Bank® could be a good option for those rebuilding credit since the issuer considers applicants with a range of credit histories. If you get approved for this Visa card, you’ll also get free online access to your Experian ScoreX credit score as a way to help you monitor your credit-building efforts.

Unfortunately, your initial credit line could be as small as a few hundred dollars. On top of limiting your ability to use the card, this low limit can make building credit more difficult. Your credit utilization ratio is often one of the biggest factors in determining your credit scores, so you might not be able to put many purchases on the card before your utilization and scores see the impact (in fact, it’s commonly recommended to use less than 30% of your credit limit).

The good news is that Credit One will automatically review your account for credit line increases. If you’re granted an increase, this can make using your credit card a bit more manageable.

Possible annual fee

Like with rewards, the annual fee for the NASCAR® Credit Card from Credit One Bank® can vary, depending on your credit.

  • If you qualify at the highest credit level, there’s no annual fee.
  • If you qualify at Credit One’s middle tier, you’ll pay a $39 annual fee.
  • If you qualify at the lowest tier, the annual fee runs anywhere from $75 to $99.

High purchase APRs

No matter your credit, be prepared to pay a high purchase APR if you carry a balance on this card. The variable purchase APR is 19.74% - 25.74%, so even if you have excellent credit, you’ll still have to pay a pretty high rate.

According to the Federal Reserve, the average credit card APR as of May 2019 was 15.13%, which is more than four percentage points lower than the lowest possible rate offered by this card.

Grace period not guaranteed

If you get approved for the NASCAR® Credit Card from Credit One Bank®, your card isn’t guaranteed to come with a payment grace period.

A grace period is the time between the end of your billing cycle and the date your credit card payment is due. It gives you time to pay your balance off without incurring interest if you pay your statement balance off in full by the due date. If you aren’t given a grace period on this card, interest will start being charged from the date your charges post to your account.

Who this card is good for

The NASCAR® Credit Card from Credit One Bank® could be a good option for someone looking to build their credit with the benefit of some cash back and without the hassle of a security deposit. Since the issuer reports credit information on a monthly basis and automatically reviews for credit line increases, it could help you build your credit, too. Just be careful not to let the cash back offers convince you to spend beyond your budget, and know that we don’t recommend this card just for the rewards.

If you’re looking for cash back, you might be able to qualify for another card that offers more value on all purchases. And if you don’t qualify for the card at Credit One’s highest tier of credit, you’ll have to consider the annual fee and high purchase APR when figuring rewards value. 

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

The NASCAR® Credit Card from Credit One Bank® may not be the best fit for you. If that’s the case, consider these other cards.