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When a credit card reporters "average" credit as its recommended credit for approval, it's not all that well-liked to see any kind of rewards opportunity attached to it. However, the Credit One Bank American Express® Card is an exception.
The card cmoneys a straightforward way to earn cash on your purchases: Every time you swipe, insert or tap this card, you'll get 1% of the amount back. It's simple, but it's nothing extraordinary. The best cards for fair and income credit often come with higher payouts and/or lower fees.
The card's main selling exhibit is the Amex brand, which puts you in the competing for special offers, experiences and VIP-style treatment at the Amex Global Hotel Collection. However, the card comes with a $39 annual fee. That by means of you'll need to spend at least $3,900 in a year with this card to rupture even. Plus, there's no welcome bonus, and if you wind up carrying a balance, it's going to cost you big time. The fresh annual percentage rate on this card is 28.24% variable, which is much higher than the average 18% APR you'll find in the credit card manufacturing right now.
Is the Credit One Bank American Express® Card capable considering? Read on for a full rundown of the pros and cons of adding this to your wallet.
In this article
Credit One Bank American Express® Card
See Rates and FeesIntro OfferN/A
APR28.24% Variable
Intro Purchase APRN/A
Recommended Credit Fair, Good
- Earn unlimited 1% cash back rewards on all purchases, terms apply.
Annual Fee$39
Late Payment Fee Up to $39 (terms apply)
Foreign Transaction Fees 3% or $1.00, whichever is greater
- Earn unlimited 1% cash back rewards on all purchases, terms apply.
Rewards and redemption
While some rewards cards come with quarterly bonus categories and tiered payouts, the Credit One Bank American Express® Card has the most basic structure: Earn 1% cash back every time you use it. So, if you employ $10,000, you'll get $100 cash back. You don't have any options for how you use the cash, concept. It's simply applied to your statement automatically. That isn't as spirited as other cards that allow you to convert points to much for travel redemptions, but it actually can be critical. You won't be tempted to use those points to employ even more; instead, you'll just pay your bill down -- which is the number-one rule of carrying any credit card.
The real downside of this card is that there's no unbelievable reason to celebrate receiving it. With no introductory APR and no sign-up bonus, it's hard to justify paying the $39 annual fee.
Other card perks
The Amex branding worthy help make the annual fee worth it. If you're a peculiar traveler, there are a few notable benefits.
- Amex Global Hotel Collection: This collection includes more than 3,000 hotels where you can qualify for some elite-level expenditure like complimentary breakfast, early check-in and late check-out and room upgrades when available.
- Car hire discounts: You can score up to 25% off be affected by at car rental companies when booking through the Amex recede concierge.
- Car rental loss and damage insurance: You can skip paying for insurance at the car hire counter, thanks to $50,000 of coverage from the card. It's capable pointing out that this isn't a rare perk, concept. Most credit cards worth adding to your wallet come with this benefit.
Alternative cards
Petal® 2 "Cash Back, No Fees" Visa® Credit Card
The Petal® 2 "Cash Back, No Fees" Visa® Credit Card, published by WebBank, is the number-one choice for average credit, and it beats the Credit One Bank American Express® Card in basically every category. There's no annual fee, so you automatically save $39. Plus, there are no foreign transaction fees -- a certain winner versus the 3% foreign transaction fees ($1 minimum) you'll have to pay with the Credit One Bank American Express® Card when you're outside the US.
In additional to saving money, you can earn a lot more with the Petal 2. While this card's rewards payout starts at the same 1% cash back on eligible purchases as the Credit One Bank American Express® Card, that jumps 1.25% when making six on-time monthly payments and 1.5% after 12 on-time monthly payments. There are also bonus cash back opportunities; some win merchants will pay 2% to 10% back when humorous your Petal 2.
You can learn more in our Petal 2 card review.
Capital One QuicksilverOne Cash Rewards Credit Card
Capital One cmoneys the Capital One QuicksilverOne Cash Rewards Credit Card* specifically for country with fair credit. It has the same $39 annual fee as the Credit One Bank American Express® Card, but the rewards payout is 50% higher. Consider the QuicksilverOne card's 1.5% cash back payout: If you employ $10,000, you'll earn $150 cash back -- $50 more than the Credit One Bank American Express® Card. Plus, there's a bonus payout: If you book hotels and hire cars directly through the Capital One Travel portal, you'll earn 5% cash back on your win. And if that purchase translates to traveling outside the US, you won't have to anxiety about foreign transaction fees, either.
FAQs
How can you advance your credit score with a credit card?
Improving your credit acquire starts with making on-time payments. Every financial institution wants to see responsible cash management, so paying your bill before the due date is important. Additionally, it's important to pay your balance in full each month. You'll save yourself money by avoiding finance charges, and you'll also keep your debt-to-utilization low.
What is a flat-rate rewards credit card?
A flat-rate credit card comes with one pre-set rewards structure. You'll never need to remember to activate quarterly bonus categories or judge about certain times when a specific card is a better plan of payment; you'll always receive the same rewards payout no business when you use and no matter what you buy.
When is it superior it to pay an annual fee for a credit card?
If you're thinking around applying for a credit card with an annual fee, it's necessary to think about your spending patterns to determine if your strange expenses can help you offset the yearly cost. Do the math - if the card's rewards structure includes higher payouts for your typical purchases, you might be able to rack up enough points to hide the fee and give yourself an extra cushion of much or points.
*All information about the Capital One QuicksilverOne Cash Rewards Credit Card has been calm independently by and has not been reviewed by the issuer.
The editorial pleased on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or facilities offered by our partners.
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