Why People Love it
- Easy approval process
- Bankruptcy-friendly card
- Quick credit increases, sometimes after just a few months
Application Process: Thanks to a handy prequalification tool, you can learn whether you qualify for this Credit One card without getting a hit on your credit report. That’s good news because too many hits on your credit card make you look desperate, and that scares lenders away.
After you qualify for this unsecured card using the tool, the company gives you the option to apply. Approval is typically instant, although some folks report waiting 7 to 10 days for an answer.
Features: You earn 1% cash back for every eligible gas and grocery purchase, and that’s our favorite feature that this card offers. The cash you earn is automatically credited to your account each month, so you don’t have to deal with lengthy request forms or long phone calls with cranky customer service reps.
Cardholders get free access to their credit scores, plus they’re eligible for auto rental collision insurance. Yes, that means you can reserve rental cars with this card (some credit cards don’t let you do that, so this is an important feature). If someone ganks your card, don’t panic; you’re liable for $0 worth of fraudulent purchases. That makes this one of the best credit cards for people with bad credit.
APR: This card has an introductory APR somewhere between 15.65% and 24.15%. Yeah, that’s high - but nowhere near as high as some of the credit cards we’ve seen for people with low FICO scores.
Bonus Offers: The company doesn’t advertise any bonus offers, but that doesn’t mean none exist. Contact a customer service agent after you apply to find out if Credit One is running any special promotions for this card.
Annual Fee: This is an unsecured credit card, so you don’t have to put down any money to get approved. However, you might have an annual fee ranging from $0 to $99.
Variable APR17.24% to 25.24%
Cash Advance APR19.15% to 26.15%
Rewards Rate1.0% to 1.1%
Annual Fee$0 to $75 first year, $0 to $99 after
Low interest rates when compared with similar credit cards for poor credit. Score 1% cash back on all qualifying purchases.
Credit One limits the number of monthly payments you can make, so be careful if you plan on immediately paying off your balance each time you use the card.
- Rated #1 in 8 Best Credit Cards You Can Get with Bad Credit