Earn Cash Back While Building Credit With This Card

Those With Less Than Perfect Credit Still Have Options

Creditcards.org Team

| May 17, 2019

Cash back rewards aren’t just for those with excellent credit. Credit One Bank gives you a chance to earn cash back even while you rebuild your credit.

Credit One Bank® Unsecured Visa® for Rebuilding Credit

Find out if you Pre-Qualify without harming your credit score

Apply Now

Poor Credit Needed

Benefits & KEY FEATURES

    • Find out if you Pre-Qualify without harming your credit score
    • Eligible purchases earn 1% cash back rewards automatically, terms apply
    • Get a credit line between $300 and $3,000 based on your credit history
    • Accounts are automatically reviewed for credit line increase opportunities
    • Choose your monthly payment due date for added convenience, terms apply
    • With $0 Fraud Liability, you won’t be responsible for unauthorized charges
    • Manage your account on-the-go with the Credit One Bank mobile app
    • Looking to rebuild credit? We report to the major credit bureaus monthly
    • View your Experian credit score online for free, terms apply

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The Basics

Credit One Bank specializes in offering products that help you rebuild your credit. The Credit One Bank® Unsecured Visa® for Rebuilding Credit is available to applicants with a wide variety of credit profiles including those who have had serious credit problems. Unlike many credit cards that are designed to help you rebuild your credit, it doesn’t require you to pay a security deposit.

In addition, this card offers you 1% cash back on eligible purchases. Depending on the terms you are approved for, eligible purchases could include gas, groceries, or mobile phone services. Other benefits include access to a free credit score based on your Experian credit report, and accounts are automatically reviewed for credit line increase opportunities. Credit One cards also include customizable account notifications and, with $0 Fraud Liability, you won’t be responsible for unauthorized charges. What’s more, the Credit One Bank® Unsecured Visa® for Rebuilding Credit is compatible with Apple Pay, Samsung Pay and Google Pay mobile wallet systems.

The interest rate and annual fee of the credit card will vary depending on your creditworthiness when you apply. When approved, you will get a credit line between $300 and $3,000 based on your credit history. Keep in mind that the annual fee will be billed to your account when you open it, and your credit line will be reduced by that amount. 

The Pros

  • Free online credit tracking
  • Unlimited rewards program

The Credit One Bank® Unsecured Visa® for Rebuilding Credit can be a great way to get your credit back on its feet. By opening an account and paying your bills on time, it’s possible to improve your credit score substantially. You can do this without having to pay a security deposit as you would when opening a secured credit card account. Also, Credit One guarantees that it will give you a minimum $300 credit line.

Another benefit of this Visa card is that its terms will vary based on your credit history. For example, if you’ve only had relatively minor credit problems in the past, then you can expect to receive a lower interest rate and a less expensive annual fee than someone who has had more serious credit issues.

Finally, this cash back card comes with a range of features that other rebuilding credit cards may lack, such as free access to your credit score and the Credit One Bank mobile app, which enables you to manage your account on the fly. Although no one likes to think about paying their bill, the Visa card allows you to choose your monthly payment due date for added convenience, so you can time payments based on your paychecks.

The Cons

When you’ve had serious credit problems, you can expect to pay a larger annual fee. Those who can submit a refundable security deposit for a secured card may be able to find products with lower annual fees, or no annual fee at all.

While some cardholders may appreciate that their interest rate, annual fee and rewards program will vary based on their credit history, others might prefer more predictable terms. Many competing cards offer variable interest rates, yet most have a single annual fee and rewards structure. On the other hand, since the annual fee ranges from $0 - $99, you may wind up with no annual fee at all!

Bottom Line

This card can make great sense for those who are trying to rebuild their credit, but don’t want to submit a deposit to open a secured card account. An unsecured card that allows you to earn cash back on some purchases is worth considering when your priority is to rebuild your credit.

Have fair credit and want a card with no annual fee? Consider the Capital One® Platinum Credit Card.

Capital One® Platinum Credit Card

Pay no annual fee

Apply Now

Average/Fair/Limited Credit Needed

Benefits & KEY FEATURES

    • Pay no annual fee
    • Get access to a higher credit line after making your first 5 monthly payments on time
    • Fraud coverage if your card is lost or stolen
    • Use online banking to access your account, even from your smartphone, with our mobile app
    • Pay by check, online or at a local branch, all with no fee - and pick the monthly due date that works best for you
    • Get access to your account 24 hours a day, 7 days a week
    • Help strengthen your credit for the future with responsible card use

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Photo ©iStockphoto.com/gpointstudio

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