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Credit One Bank is a Las Vegas-based financial services company. It provides certificates of deposit and high-yield savings accounts in addition to credit cards.
Credit One’s credit cards are designed for customers with a variety of credit scores, from those who are just starting out to those who have excellent credit.
However, be ready to pay an annual fee for the cards you might be eligible for if you have average or bad credit (FICO scores of 630 to 689 or 300 to 629). And as of this writing, all of the Credit One credit cards have variable annual percentage rates (APRs) that can reach up to 929%, which is a fairly high rate.
Despite the similarity of their names and logos, Credit One Bank and Capital One Bank are unrelated entities.
Among the credit cards that Credit One offers are the following combinations of co-branded, travel, and cash-back options:
What is Credit One?
A bank called Credit One provides jumbo certificates of deposit in addition to credit cards. In terms of assets, Credit One is a relatively small bank: it is ranked 695th out of the nation’s major commercial banks by the Federal Reserve for 2022. Credit One’s credit card portfolio reflects its smaller size in comparison to the nation’s leading banks. Credit One offers just 11 credit cards as of this writing for various credit scores.
What is Capital One?
The Federal Reserve ranks Capital One as the ninth-largest bank in the United States. The company’s prominence is demonstrated by the variety of financial products it offers and the well-known spokespersons it hires to promote them. Capital One offers nearly three times as many credit cards as Credit One, along with loans, checking, and savings accounts. The credit card lineup from Capital One serves a wide range of customers. It comprises store cards, business cards, fancy travel cards with yearly fees, and secured cards for people trying to rebuild their credit.
Credit One credit cards vs. Capital One credit cards
There are more credit cards available from Capital One, and they are typically better products than those from Credit One in terms of fees and benefits. In general, Capital One credit cards offer greater value, even— or especially— in situations where the yearly charge is higher.
At a glance
|
Credit One |
Capital One |
|
|---|---|---|
|
Annual fee range |
$0-$99. |
$0-$395. |
|
Foreign transaction fee |
Yes. |
No. |
|
Returned payment fee |
Yes. |
Yes. |
|
Authorized user card fee |
Yes. |
No. |
|
Travel cards |
Yes. |
Yes. |
|
Student cards |
No. |
Yes. |
|
Secured cards |
Yes. |
Yes. |
|
Cash-back cards |
Yes. |
Yes. |
|
Business cards |
No. |
Yes. |
|
Store cards |
No (but it does offer cards in partnership with companies like WWE, NASCAR and a handful of others). |
Yes. |
Rewards
Both Credit One and Capital One have rewards credit cards. Capital One card rewards programs might be more valuable, but they might also have stricter credit score requirements. This idea is demonstrated by contrasting the Capital One SavorOne Cash Rewards Credit Card and the Credit One Platinum Rewards Visa:
- The Credit One Platinum Rewards Visa offers unlimited 2% cash back on qualifying purchases of gas, groceries, and internet, cable, satellite TV, and mobile phone services. It also has no annual fees. To qualify, you must have at least average credit (credit scores of at least 630).
- The Capital One Savor One Cash Rewards Credit Card, valued at $20%E2%80%94, additionally comes with an annual fee of $0%E2%80%94, which boasts a higher percentage of 3% on some comparable categories, such as dining, entertainment, popular streaming services, and grocery stores, plus 1% on all other purchases. To obtain it, you must have good credit (credit scores of at least 690).
Additionally, the Credit One Bank American Express Card performs worse than a Capital One card that is comparable. The Credit Card One E2%80%99s earns a limitless 1% cash back on all purchases, and the interest rate on the Capital One Quicksilver One Cash Rewards Credit Card is 201 5%. Individuals with average credit can apply for both, and the annual fee for both cards is $39
Every Capital One rewards credit card offers perpetual, unlimited cash back or miles.
Fees
Another significant distinction between Capital One and Credit One credit cards is annual fees. Annual fee-bearing Capital One credit cards typically provide better value than their Credit One equivalents.
For instance, both banks offer cash-back credit cards that come with an annual cost of $95: Capital One offers the Capital One Savor Cash Rewards Credit Card*, which is similar to the Platinum X5 Visa offered by Credit One.
- Credit One E2%80%99s credit card earns 5% cash back on gas, groceries, and internet/cable/satellite TV/mobile phone services every year on up to $5,000 in total spending. Following that cap, sales in those categories made up just 1% of total sales. To be eligible for the card, your credit must be at least average.
- The Capital One Savor Cash Rewards Credit Card generates a percentage of cash back on dining, entertainment, and popular streaming services; 3% at grocery stores; and 1% on all other purchases. However, you must have excellent credit (credit scores of at least 720).
At first glance, a card that offers the highest rate of 5% may appear to outperform a card that tops out at 4% back 20% E2%80%94% except that, in contrast to the Credit One card, the Capital One card has no spending cap on its bonus rewards; the total amount you can earn in those categories is unlimited. If you were to use the Credit One card, your maximum earnings in its five categories would amount to $250% annually.
In addition, there are yearly authorized user card fees, foreign transaction fees, and returned payment fees associated with Credit One cards.
Foreign transaction fees and authorized user card fees are not assessed on any Capital One credit card.
Sign-up bonuses
Even on its cards for average credit, you have a much greater chance of finding a sign-up bonus with a Capital One credit card.
The Wander card is the only travel card offered by Credit One that has a sign-up bonus; in contrast, a $200 sign-up bonus on a Capital One card with no annual fee is typical.
Moreover, obtaining the sign-up bonus on a Capital One card can be relatively simple due to the relatively low spending requirement. You can receive bonuses for a number of Capital One cards by spending $500 within the first three months of opening an account.
Should you get a Credit One or Capital One credit card?
Not many credit cards on the market are as bad as Credit One cards. However, if you have to choose between a Capital One and a Credit One card, go with the latter. A Capital One card is more likely to offer greater rewards and be less likely to tack on extra fees, provided you meet the eligibility requirements.
*NerdWallet has gathered information about the Capital One Savor Cash Rewards Credit Card; the card issuer has not examined or supplied any of the data.
2x-5xEarn unlimited 2X miles on every purchase, every day. Get 5X miles for reservations made through Capital One Travel, where you can find the lowest rates on thousands of travel options.
75,000After spending $4,000 on purchases within three months of opening your account, you will receive a one-time bonus of 75,000 miles, which is equivalent to $750 in travel.
Receive 1%–10% unlimited cash back on dining, entertainment, popular streaming services, and grocery stores (not including superstores like Walmart and Target) plus 1% on all other purchases. Earn 8% cash back on Capital One Entertainment purchases. Get up to 5 percent cash back on hotels and rental cars when you book through Capital One Travel. This is where you can find the best deals on thousands of travel options. Earn 10% of 2010 in cash back on purchases made with Uber. Terms apply.
$200After you spend $500 on purchases within the first three months of opening your account, you will receive a $200 one-time cash bonus.
2x–10x Earn an endless amount of 10X miles when booking accommodations and rental cars through Capital One Travel, as well as 5X miles when booking flights. Earn an endless amount of 2X miles when making all other purchases.
Upon spending $4,000 on purchases within the first three months of opening your account, you will receive 75,000 bonus miles, which equates to $750 towards travel.
Find the right credit card for you.
The best credit cards available allow you to do both—earn more rewards and pay less interest. Simply provide your answers to a few questions, and we’ll focus your search.
FAQ
Is Credit One Bank a legitimate bank?
Credit One Bank has a bad reputation as a credit card provider due to its high fees and dearth of essential services. It offers credit cards for consumers with bad credit. But because it levies so many fees, one could argue that it exploits those without many credit card options.
What bank is Credit One affiliated with?
Through common beneficial ownership, Credit One Financial, a S corporation, is connected to Sherman Financial Group.
Is Credit One owned by Chase bank?
Credit One Financial, Inc. has owned Credit One Bank as a subsidiary. since it was founded in 1984 as a distinct business unit of the corporation Tenth-largest credit card issuer in the US is Credit One Bank, with 17 5 million cards in circulation.
What is the difference between Capital One and Credit One?
However, Credit One and Capital One are unrelated to one another and do not belong to the same business, and both banks’ credit card offerings generally differ significantly in terms of quality. Capital One’s credit cards typically offer greater benefits and lower fees than Credit One’s, though Credit One cards are frequently easier to obtain.
Read More :
https://www.creditonebank.com/deposits/corp-profile
https://www.nerdwallet.com/article/credit-cards/credit-one-vs-capital-one-whats-the-difference