Interested in the Credit One Bank Secured Card? Here at Responsible Economy, we delve into the comprehensive features of the Credit One Bank Secured credit card – from fees and the interest rate for deferred payments to cashback offers and more. Plus, we’ll be comparing this card with other top secured credit cards available in the market. Ready to dive in? Let´s get started!
Features
In this section, we will go through all the features one by one.
Fees
The Credit One Bank Secured Card is a rare find among secured credit cards: it doesn’t charge an annual fee. This is a major perk, as many other secured credit cards do charge annual fees.
We also show you other credit card fees:
| Description | Fee |
|---|---|
| Cash Advance Fee | Either $5 or 8% of the amount of each Cash Advance, whichever is greater. |
| Cash Advance APR | 28.99% |
| Foreign Transaction Fee | Either $1 or 3% of each purchase in U.S. dollars, whichever is greater. |
| Max Late Fee | $39 |
APR
When you’re looking for a secured credit card, it’s important to compare fees. The Credit One Bank Secured Card is one of the few that doesn’t charge an annual fee, which is a major perk. Many other secured credit cards do charge annual fees, so this is a big advantage for the Credit One Bank Secured Card.
Unlike many secured credit cards that boast a 0% introductory APR, the Credit One Bank Secured Card doesn’t offer this perk. Consequently, interest on your purchases begins accumulating immediately.
Cash back
Earning cash back rewards is now easier than ever. Get 1% cash back on gas, groceries, and your monthly mobile phone, internet, cable, and satellite TV bills. This is a great feature, as most secured credit cards don’t offer cash back.
Minimum deposit
There is no information about the minimum deposit required to obtain the card.
Welcome bonus
While many other credit cards offer sign-up bonuses of up to $1,000 or more, the Credit One Bank Secured Card does not. This means that you won’t earn any rewards on your purchases in the first few months of using the card.
Summary table
We have created a table summarizing all the features:
| Features | Credit One Bank Secured Card |
|---|---|
| Fees | $0 |
| APR | 28.99% on balance for deferred payments |
| Cash Back | 1% |
| Initial Deposit | Credit One Bank No provides information |
| Welcome Bonus | $0 |
Comparison with the Best Secured Credit Cards
We have conducted a comparison of the Credit One Bank Secured Card with the best secured credit cards available for application in the United States:
- Fees: $0
- Cashback: 1.5%
- Welcome bonus: $0
- Credit Score: No
- Fees: $0
- Cashback: 1%-5%
- Welcome bonus: up to $300
- Credit Score: 690-850
- Fees: 0
- Cashback: No
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: Up to 3%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $300
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: $35
- Cashback: 0%
- Initial deposit: $200
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 1,5%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 1,5%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
Pros and cons
Here’s a table summarizing the pros and cons of the Credit One Bank Secured Credit Card:
| Advantages | Disadvantages |
|---|---|
| Opportunity to build credit responsibly | No welcome bonus incentives |
| 1% cash back | Higher interest rates when deferring payments |
| No initial 0% interest rate period | |
| Foreign transaction fees |
Requirements
To qualify for the Credit One Bank Secured Credit Card, consider the following criteria:
- Residency: You must be a U.S. resident.
- Age: You must be at least 18 years old.
- Employment: You must be employed.
- Social Security number: You must have a valid Social Security number.
- Starting deposit: The starting deposit is not explicitly stated by Credit One Bank.
Conclusion and opinions
After our analysis, our view is that the Credit One Bank Secured Card is a competitive secured card because it has no annual maintenance fees and offers a 1% cash back on certain products. The downside is that the interest rate for deferred payments is quite high and it doesn’t provide a welcome bonus.
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Updated the day 7 September, 2023 by Alfredo Barandiarán
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