Credit One Bank® American Express® Card Review

With a 3.7 out of 5 score in our category for consumers with fair credit histories, the Credit One Bank® American Express® is an effective credit card with unlimited 1% cash back on all purchases and a $39 annual fee. Getting the Credit One Amex makes sense for credit builders who prefer a basic flat rate structure with a few Amex perks here and there.

The 1% cash back rate lags behind other cards for similar credit profiles, such as the Capital One QuicksilverOne Cash Rewards Credit Card. Even within Credit One Bank’s lineup, it struggles to compete against the Credit One Bank® Platinum X5 Visa®, which offers select 5% cash back for a $95 annual fee. The card’s Amex perks — like shopping and travel protections — are unlikely to offset the limited rewards and lack of a welcome offer in the long run.

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 Credit One Bank® Platinum Visa® Card and Credit One Bank® Platinum Rewards Visa® With No Annual Fee Credit Card, 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 significant savings. However, the card does not have an introductory APR period on transfers and purchases.

Other drawbacks are the card's high regular APR of 29.24% and the $39 annual fee. The interest charges could quickly negate any rewards earned for those who regularly carry a balance. You might want to explore other options if you're looking for a card with introductory offers or one that generously rewards specific spending categories.

The Credit One Amex keeps things straightforward with its 1% cash back and select Amex perks. You can also boost your cash back up to 10% by partaking in the More Cash Back Rewards Program. Browse current offers by signing into your Credit One account and shopping with participating merchants.

Redeeming your cash back with this card is as easy as a statement credit or gift card. Still, the lack of promotional bonuses or special earning opportunities might make you consider other best cash back cards for fair credit.

While Credit One Amex's perks are relatively standard, they offer the most payoff for users who prioritize branded discounts and exclusive event access. However, for those seeking a more versatile rewards system, other Credit One Bank cards like the Platinum X5 Visa — with a higher 5% cash back — stand out offerings with more substantial overall returns. 

The Credit One Amex offers the following suite of perks: 

• Travel Accident Insurance: Offers coverage for accidental death or dismemberment while traveling on a common carrier, providing peace of mind for travelers.
• Car Rental Loss and Damage Insurance: Provides reimbursement for repair or replacement of a rented automobile due to damage or loss, a valuable perk for frequent car renters.
• Amex Offers: Access to special offers and discounts from top brands, though the value depends on user engagement with these deals.
• Special Ticket Access: Grants access to Amex Presale Tickets™ or Amex Reserved Tickets™, appealing to those interested in exclusive events.

Credit One earns a 2 out of 5 in our rankings for issuer satisfaction. Our online research shows that the Credit One Amex maintains customer satisfaction with this unsecured card's accessibility. Some claim it's useful for credit building, but fees and foreign transaction charges leave some users questioning its value compared to more competitive alternatives.

The Credit One Amex’s fees and interest rates might seem steep compared to other cash back cards, but they’re pretty standard for an unsecured card aimed at those trying to build good credit.

• Annual Fee: $39
• Regular APR: 29.24% variable
• Cash Advance Fee: Either $5 or 8% of the amount of each cash advance, whichever is greater
• Foreign Transaction Fee: Either $1 or 3% of each purchase in U.S. dollars, whichever is greater
• Late Payment Fee: Up to $39
• Returned Payment Fee: Up to $39

Earning a 4 out of 5 for recommended credit accessibility, the Credit One Amex proves to be an attainable option for fair-credit users. Many applicants on forums like myFICO and Reddit report approvals with scores in the 580 to 740 range. Notably, users who have been denied other Amex cards are often redirected to this card option because of its partnership with Credit One Bank.

If you're looking to upgrade to the Credit One Amex card or switch to another Credit One card, you'll need a credit check based on your account standing. Eligible users can call customer service at 1-877-825-3242 to explore their options.

However, many Credit One Amex users have shared their frustration upon realizing this card isn't issued by American Express — it just uses the Amex network to process transactions, like Visa or Mastercard. So, upgrading to an Amex-issued card isn't possible. It's worth keeping this distinction in mind before applying.

In the section below, we compare the features of cash back credit cards available to fair credit consumers to help you make an informed decision for your wallet.

The Credit One Bank American Express® Card works in the right context—but only if you’re clear on its trade-offs ($39 annual fee with no welcome offers.) It's best suited for fair credit holders who will find value in its additional Amex perks. Compared to the Capital One QuicksilverOne, this lower-tier Amex card falls short with its flat 1% cash back rate, foreign transaction fees, and limited earning potential, making it an alternative if other options aren’t available.

We reviewed 19 cards, including the Credit One Bank American Express® Card, focusing on its offerings for fair credit score consumers. Our evaluation considered the following factors with the relevant weightings:

• Minimum Security Deposit (30%): Evaluate the amount required as a security deposit for secured credit cards.
• Annual Fee (15%): Rates the cost-effectiveness of the annual fee.
• Intro Purchase (5%): Rates the value of any introductory 0% APR offers on purchases.
• Recommended Credit (5%): Rates the accessibility of the card based on credit score.
• Issuer Satisfaction (10%): Rates customer satisfaction with the card issuer.
• Penalties (15%): Assesses penalty rates and fees.
• Effective Reward Rate (5%): Measures how rewarding the card's earning potential is.
• Regular APR (15%): Rates the regular APR.

For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.