Credit One has launched a new cash back rewards card, backed by the American Express network. With a flat rate of cash back, the new card rewards all purchases.
“The new Credit One Bank American Express Card offers our card members more choice and value while broadening our credit card offerings overall,” said Robert DeJong, chief executive officer at Credit One Bank in a press release.
In addition to 1 percent cash back on all purchases, the new Credit One Amex comes with a suite of travel and shopping benefits. Here’s a quick look at what it offers:
With retail protection, Credit One Amex cardholders can be protected if an eligible item purchased on their card is damaged or stolen within 90 days of their purchase.
Travel accident insurance
Credit One Amex cardholders will enjoy up to $150,000 of travel accident insurance, which covers you in case of accidental death or dismemberment when traveling by common carrier.
When you purchase a product entirely with your Credit One Amex, you can double the original manufacturer’s warranty – up to one additional year of protection.
American Express perks
As an American Express card, the new Credit One offering boasts access to Amex Offers through American Express Connect. With these special promotions, cardholders can earn additional cash back on purchases from hundreds of retailers across dining, entertainment, travel and more.
The Credit One Amex also comes with American Express perks like presale ticket access and discounts on a wide range of travel purchases. Check out the full list of benefits here.
Modest annual fee
The Credit One Bank American Express card charges an annual fee between $0 and $95 in the first year and between $0 and $99 in following years, depending on creditworthiness. That means that top cardholders can enjoy the cards perks for a relatively low cost.
The new Credit One card has a similar rewards rate to other products from the issuer, such as the Credit One Bank® Visa® Credit Card.
Expanded perks, but a low rewards rate
While the American Express benefits on the new Credit One card certainly make it more appealing than some of the issuer’s other offerings, the product is still not quite up to snuff with many flat rate cash back cards.
The most competitive cards typically offer between 1.5 and 2 percent cash back on all purchases, for no annual fee. The Capital One® Quicksilver® Cash Rewards Credit Card, for example, offers 1.5 percent cash back on every purchase.
When you add to the mix that Credit One cardholders with a lower score might be charged a higher annual fee, it is important to consider the potential value of the rewards you can earn against the cost of carrying the card.
On the bright side, Credit One cards are typically a bit easier to qualify for if you only have fair to good credit. If you are still working on boosting your score, but want to earn rewards on the way, the new Credit One card can be a good option.
Should you apply for the Credit One American Express card?
The newest Credit One card comes with some interesting perks, including access to American Express benefits like Amex Offers and presale ticket access. Though its rewards rate isn’t quite as high as some of its competitors, it can be a solid starter rewards card for those building their credit score.
Plus, you can see if you prequalify for the card on the Credit One site without a hard pull to your credit.