| Last updated on September 23rd, 2023
Credit One Bank Secured Card
Credit One Bank Secured Card
Credit One Bank Secured Card
- 28.99% variable based on the Prime Rate Regular Purchase APR
- 28.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The Credit One Bank Secured Card is a no annual fee secured credit card from Credit One Bank. The card offers up to 1% cash back on eligible purchases, a $200 minimum security deposit that earns interest, and more.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Earn interest on your minimum $200 security deposit
- Earn 1% cash back rewards on gas and groceries as well as your monthly mobile phone, internet, cable, and satellite TV services
- Automatically earn More Cash Back Rewards for using your Credit One Bank card at participating merchants, terms apply
- With $0 Fraud Liability, you won’t be responsible for unauthorized charges
- View your free online access to your Experian credit score, terms apply
- Regular Purchase APR: 28.99% variable based on the Prime Rate
- Cash Advance APR: 28.99% variable based on the Prime Rate
- Cash Advance Transaction 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 Penalty Fee: Up to $39 (terms apply)
- Return Payment Penalty Fee: Up to $39 (terms apply)
- Minimum Deposit Required: $200
- You're seeking to establish – or rebuild – your credit
- You want a security deposit that earns interest
- You want basic cash rewards
- You do't want to pay an annual fee
Credit One Bank Secured Card Review
Credit One Bank is known for its versatile credit cards, which provide credit access to credit scores ranging from rebuilding to outstanding. The Secured Visa from Credit One Bank expands this credit profile reach even further, providing a reliable, rewarding way to establish credit for the first time, bounce back from an adverse financial event, or just boost your credit score.
Earn Interest on Your Security Deposit Account
Secured credit cards fifer from unsecured versions because they require a security deposit to open. That cash deposit acts as security to open the card account, and the credit line – meaning providing the $200 minimum deposit will yield a $200 credit limit. This credit line needs to be repaid each month, like any other credit card, helping to differentiate secured cards from prepaid or debit cards.
Unlike many secured cards, the Credit One Secured Visa Card’s security deposit actually earns interest. While that interest rate won’t rival high-yield accounts from big banks, it is a competitive interest rate that will yield a modest return on investment for those who keep the card for a considerable length of time.
Earn 1% Cash Back Rewards on Eligible Purchases
The Credit One Secured Card earns up to 1% cash back on eligible purchases. Cardholders earn 1% cash back rewards on gas and groceries and their monthly mobile phone, internet, cable, and satellite TV services.
That 1% back on eligible purchases is certainly another decent perk with the card – and compares strongly with many other competitive credit cards. The Surge Platinum Secured Mastercard, for example, earns an unlimited 1% back on all purchases (and not just select categories), but features an annual fee – something the Credit One Secured Card lacks.
The Discover It Secured is another interesting competitor that also provides cash back rewards on purchases. Discover’s secured card – a version of the popular Discover It Chrome Card – earns 2% cash back at restaurants or gas stations on up to $1,000 in combined purchases each quarter, plus 1% back on all other purchases.
How to Redeem Credit One Bank Rewards
Cash back rewards with Credit One are redeemed as an automatic rewards credit on each statement with at least one “Net Eligible Purchase.” Keep in mind that while automatic statement credits for rewards will reduce the balance on the card account, the cardholder is still liable to make the minimum monthly payment due – the statement credits will not count towards this balance.
Credit One Bank Features
Credit One Bank provides various features for cardholders – and the Credit One Bank Secured Visa is no different. Cardholders can expect the following features, protections, and benefits:
- Credit One Bank mobile app access
- Apple Pay, Samsung Pay, and Google Pay connectivity
- Choose your payment due date
- Additional card at no extra cost
- Receive automatic account reviews for credit line increase opportunities
- Optional credit protection (an additional cost of $0.96 (96 cents) for each $100 in purchases)
- Experian IdentityWorks access
Like other Credit One Bank credit cards, the Secured Visa also offers access to the bank’s Get More Rewards program. Cardholders can access special savings with participating merchants – including up to 10% cash back.
Visa Protections
The card also features the usual protections and security features of a Visa credit card. These features include:
- Zero Fraud Liability
- Visa Roadside Dispatch (additional charge)
- Cardholder Inquiry Services
- Emergency card replacement/ cash disbursement
- ID Navigator from Norton
- Auto Rental Collison Damage Waiver
Should You Apply for the Credit One Bank Secured Card?
Secured credit cards are the unsung credit hero, and the Credit One Bank Secured Visa is a fine example of the breed. The card might not turn heads with 5% back or travel perks. Still, it can provide valuable rewards and a solid platform to boost your credit score with responsible usage and on-time payments.
The Secured Card earns up to 1% back on gas, groceries, and a host of other “monthly utility” categories, which lags behind the Discover secured card – but only just. The card also compares favorably to other secured rewards cards, such as the Surge Secured, Amazon Secured Store Card, or the Sable One Secured Mastercard Credit Card (which earns 2% back on Amazon, Hulu, Netflix, Uber, and more).
Ultimately, the Credit One Secured Visa credit card offers plenty to love – and very little to complain about. A secured card that offers cash back and earns interest on the security deposit – all for no annual fee? Sounds like a winner to me.
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