The Credit One Bank American Express Card grants you access to a free credit score, the ability to pick your own payment due date and more.
The Credit One Bank American Express® Card, first launched in October 2019, offers those in need of rebuilding their credit the ability to earn a flat rate of 1 percent cash back on every purchase — for a $39 annual fee.
In addition to its straightforward rewards rate, the Credit One Bank Amex offers a decent suite of benefits for a credit-building card. Here’s a look at what it offers.
Credit One Bank American Express Card benefits
American Express perks
As an American Express credit card, the Credit One Bank Amex affords cardholders access to the Amex Offers program. With these special promotions, cardholders can earn additional cash back on purchases from hundreds of retailers across the categories of dining, entertainment, travel and more.
The Credit One Bank Amex also comes with American Express perks, like access to Amex Experiences (granting you presale ticket access, for example) and discounts on a wide range of travel purchases, like a percentage off at certain hotel and rental car booking sites (which you can explore on the issuer’s website).
Modest annual fee
The Credit One Bank American Express Card charges a $39 annual fee — a lower yearly fee compared to other Credit One Bank credit cards, like the Credit One Bank® Wander™ Card* ($95 per year) and Credit One Bank® Platinum X5 Visa® (also $95 per year).
Note, though, this is due to the fact that the Credit One Bank Amex offers fewer rewards compared to other Credit One Bank options.
Access to your free online credit score
As a credit-building card, the Credit One Bank Amex offers access to your Experian credit score. You can access this score for free each month as well as track any progress your score has made.
With purchase protection, Credit One Bank Amex cardholders are protected if an eligible item purchased with their card is damaged or stolen within 90 days of purchase. Reimbursement is equal to the total purchase price, up to a maximum of $1,000 per claim.
Should you purchase an item with this card and need to return it, but the retailer won’t accept a return, you have 90 days to file a claim for reimbursement of the purchase price (up to $300 per item and $1,000 per year).
Extended warranty protection
When you purchase a product entirely with your Credit One Bank Amex, you can double the original manufacturer’s warranty up to one additional year.
For travel purchases charged to your Credit One Amex Card, you gain up to $150,000 in travel accident insurance — which covers you in case of accidental death or dismemberment when traveling by common carrier. Further, if a rental car purchased with this card is damaged due to theft or collision, you can be reimbursed through the card’s car rental loss and damage insurance.
Maximizing the Credit One Bank American Express Card
Like any other credit card, knowing how to get the most out of your Credit One Bank American Express Card can help you determine its long-term value for you as a consumer. Here are a few things to keep in mind, both if you already own the card or are looking to apply.
Check to see if you prequalify
In order to qualify for the Credit One Bank Amex, you need at least a fair credit score (580 and up by FICO’s standards). If you’re a little shaky on whether or not you’ll qualify, you can always check for prequalification at the cost of a soft inquiry — which has no effect on your credit score. You can see if you prequalify through CreditCard.com’s free CardMatch tool or via Credit One’s site.
Use your Credit One Bank Amex for all spending, if possible
This card offers a pretty low rewards rate, so if you want any chance at making up for the $39 annual fee it’s best to swipe this card for any purchases you already plan on making.
This doesn’t mean racking up debt for the sake of rewards — rather, if you have a monthly cellphone bill, for example, go ahead and make the payment with your card. Going on a grocery store run? Pay for those purchases with your card. You’ll need $3,900 per year in spending to simply break even, so keep that in mind if rewards potential is highly important to you.
The Credit One Bank American Express Card comes with some interesting perks, including access to American Express benefits like Amex Offers and presale ticket access — as well as travel and purchase-related protections.
Though its rewards rate is incredibly low compared to more premium cash back cards, it can be a solid starter rewards card for those building their credit score. For further information on everything the card has to offer, check out our Credit One Bank American Express Card review.
*All information about the Credit One Bank Wander Card has been collected independently by CreditCards.com and has not been reviewed or approved by the issuer.