Why we like this card: The Credit One Bank Amex card offers a modest 1% back on all eligible purchases to cardholders—even those with less-than-stellar credit scores. Plus, you’ll get the perks of being an Amex cardholder.
Pros
- Available to cardholders with average credit scores
- Access to Amex offers, travel perks, and entertainment deals
Cons
- $39 annual fee
- Rewards can only be redeemed for a statement credit
- No 0% intro APR period on purchases or balance transfers
- Foreign transaction fee
- All fees not disclosed on the website
Credit One Bank American Express® Card: Overview
APR
- Intro: N/A
- Purchase: 29.24% APR
- Balance transfer: N/A
- Cash advance: 29.24% APR, plus either $5 or 8% of the amount of each cash advance, whichever is greater
- Penalty: the penalty APR is not disclosed in the terms and conditions (when the Fortune RecommendsTM team reached out, customer service representatives refused to share the information), but there is a fee of up to $39 for late and returned payments on their site
Annual fee: $39
Foreign transaction fee: either $1 or 3% of each purchase in U.S. dollars, whichever is greater
With the Credit One Bank American Express® Card, cardholders pay $39 a year for a flat cash-back card. Cardholders with a fair FICO score of 680 and above are more likely to be approved, so it’s a solid option if you’re trying to improve your credit score.
Since this card is meant for cardholders with average credit scores, you won’t get many perks or redemption options for your rewards.
There are some silver linings to the card though. Cardholders can access Amex insurance and benefits: You can use Amex Offers, get car rental loss or damage insurance, travel accident insurance, and more.
Credit One Bank American Express® Card: Rewards
With the Credit One Amex, cardholders won’t earn much in terms of rewards: They’ll earn unlimited 1% cash back on all eligible purchases.
Does Credit One Bank American Express® Card offer a new customer bonus?
The card does not currently provide a new customer bonus.
How to redeem Credit One Bank American Express® Card rewards
Typically, cash back cards provide customers with multiple options for redeeming their rewards. You might get cash directly deposited into your bank account, purchase gift cards, or receive a statement credit.
Yet cardholders can redeem their rewards only one way with the Credit One Bank Amex, so if you’re a cardholder who wants flexibility in how you redeem your rewards, this card is probably not the best option for you.
Receive a statement credit
With the Credit One Amex, cardholders automatically get a statement credit on every billing statement with at least one net purchase.
Additional benefits
- Free credit score access. You can get a free monthly educational credit score when registering for online account access with Credit One.
- Travel accident insurance. If you book travel on your card, you may be eligible for $150,000 worth of coverage in the event of accidental death or dismemberment.
- Car Rental Loss and Damage Insurance. Cardholders can get reimbursed if their rental car needs repair or replacement if it’s damaged.
- Access to Amex offers and Amex Experiences. With Amex offers, cardholders can get cash back if they spend a minimum amount at select retailers. Cardholders can also shop for theater and concert tickets with Amex Experiences.
- Extended warranty. If you use your card to purchase an eligible item, you’ll get an extension of up to 12 months, on the terms of the original manufacturer’s warranty.
- Retail protection. If you purchase an eligible item and it’s damaged or stolen within 90 days from the date of purchase, you could receive coverage up to $1,000 per loss.
- Return protection. When you buy something you don’t need, you can return the eligible item within 90 days from the date of purchase if the merchant refuses to take it back in accordance with its return policies. You can be refunded the full purchase price or up to $300 per item.
Is the Credit One Bank American Express® Card right for you?
The Credit One Amex Card is best for cardholders who want a card to help boost their credit score. You’ll get unlimited 1% cash back, but you’ll have to pay a $39 annual fee, plus foreign transaction fees when you use your card abroad.
These fees could add up over time and cancel out the rewards you earn, so unless you plan on spending at least $3,900 a year, don’t count on earning rewards.
Credit cards similar to Credit One Bank American Express® Card
There aren’t many rewards cards on the market available to cardholders with fair credit scores, but the Capital One QuicksilverOne is a flat cash-back card accessible to those with okay credit.
Capital One QuicksilverOne vs. Credit One Bank American Express® Card
With the Capital One QuicksilverOne Card, cardholders earn a slightly higher rewards rate of 1.5% cash back on eligible purchases. You’ll pay a similar annual fee of $39, but there aren’t foreign transaction fees on the card, so you can use it internationally without worrying about fees adding up.
The upside of this card is that you can redeem your rewards in different ways, unlike the Credit One Bank Amex, which restricts you to redeeming your rewards for a statement credit. With the QuicksilverOne, you can use your points to cover the cost of recent purchases, buy gift cards, get a statement credit or check, or pay for travel reservations on Capital One.
Frequently asked questions
Does Credit One Bank issue American Express cards?
Yes, Credit One Bank issues American Express cards, and customers receive protections, perks, and insurances provided to Amex cardholders.
Is Credit One American Express an unsecured credit card?
Yes, the Credit One Bank American Express Card is an unsecured credit card, which means you don’t have to put down a security deposit to receive a credit line.
Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying.
Fortune Recommends™ credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
