Credit One Bank® American Express® Card: Fair Rewards for Fair Credit

For those seeking to rebuild credit while earning rewards, the Credit One Bank® American Express® card may be a good fit for its unlimited 1% cash back on all purchases. Cardholders also enjoy Amex perks, such as exclusive travel and entertainment offers.

However, the $39 annual fee and absence of introductory offers for balance transfers and purchases might give potential cardholders pause. Considering its credit-building focus, this card strikes a balance between rewards and accessibility, though it may not be the most cost-effective option for everyone.

The Credit One Bank® American Express® card offers a straightforward rewards program, granting unlimited 1% cash back on all purchases. This sets it apart from the Platinum Visa® and Platinum Visa® with No Annual Fee, where you only earn cash back for certain eligible purchases. Those who want to build credit may find the straightforward rewards to be a winning feature.

Redeeming rewards is also simple, as all cash back automatically applies as statement credits. This feature, along with access to Amex offers, can add up to significant savings. However, the card does not have an introductory APR period on transfers and purchases.

Other drawbacks to consider are the card's high regular APR of 29.74% and the $39 annual fee. The interest charges could quickly negate any rewards earned for those who carry a balance. You might want to explore other options if you're looking for a card with introductory offers or one that rewards specific spending categories more generously.

>> MORE: Best Cash Back Credit Cards

The Credit One Bank® American Express® card offers a straightforward rewards program that's particularly appealing for those looking to earn cash back without complicated tiers or categories. Redemption is also simple and convenient. Cash back is automatically redeemed as statement credits, ensuring that rewards are effortlessly applied to your account.

A special feature of this card is its partnership with American Express. As a co-branded card, users also gain access to Amex offers, which can enhance the rewards experience. Cardholders can enjoy travel discounts, travel and shopping protection and exclusive entertainment offers.

The Credit One Bank® American Express® card offers a blend of rewards and credit-building potential. Here's why you might consider this card:

Fair Credit Accessibility: This card, tailored for individuals with fair credit, provides an opportunity to build or rebuild credit history.

Unlimited 1% Cash Back Rewards: With unlimited 1% cash back on all purchases, cardholders can earn rewards on their everyday spending, making this card a practical choice for routine expenses.

While the Credit One Bank® American Express® card has its merits, it's wise to consider a few potential drawbacks before applying:

Annual Fee: The card has a $39 annual fee, which can deter those looking to minimize costs.

No Introductory Offers: Unlike many other cards, this one does not provide any intro offers for balance transfers or purchases, which could be a missed opportunity for savings. Consider the Citi® Double Cash card, which offers up to 2% cash back on purchases and an 18-month intro APR on balance transfers.

The Credit One Bank® American Express® card is a good choice for those aiming to enhance their credit score while earning rewards. This card may be beneficial if you frequently make purchases and can offset the $39 annual fee with the unlimited 1% cash back.

However, if you're seeking a card with introductory offers to save on initial purchases or balance transfers, or if you're wary of a high APR, you might want to consider other options. This card is most rewarding for those who pay their balance in full each month to avoid interest charges and maximize cash back earnings.

In evaluating the Credit One Bank® American Express® card, we considered a range of features against 57 other cards. Our method applies weights to different aspects of the card, reflecting their importance in the overall score. Here's how we weighted each feature, with a 5 indicating the best possible rating:

• Effective Reward Rate (50%): Measures the value of rewards earned per dollar spent.
• Annual Fee (10%): Assesses the cost of owning the card annually.
• Intro Purchase Offer (5%): Evaluates the presence and terms of introductory APR offers on purchases.
• Recommended Credit (5%): Indicates the credit score range suitable for the card.
• Issuer Satisfaction (5%): Based on issuer satisfaction studies.
• Penalties (5%): Looks at penalty rates and fees.

These ratings support our analysis, highlighting the card's strengths in reward offers and fees.