5 Things to Know About the Credit One American Express Card
You can qualify for the card with fair credit, but will be charged an annual fee in that case.
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Managing Editor The Credit One Bank Premier American Express Card earns a steady 1% cash back on all purchases. The annual fee is waived if you have excellent credit, but you can qualify with fair credit, too (though you’ll pay an annual fee in that case). The card also comes with additional benefits thanks to being part of the American Express payment network.
If you have excellent credit, you’ll likely have your sights set on more rewarding cards. But cash-back card options are more limited if you have fair credit.
Here are five things to know about the Credit One Bank Premier American Express Card.
1. The annual fee varies
If you have excellent credit, the annual fee is $0. However, it’s $39 if you have fair credit (a FICO score of 630-689).
An annual fee isn’t unheard of for rewards cards for those with fair credit. For instance, the Capital One QuicksilverOne Cash Rewards Credit Card, which earns 1.5% cash back on all purchases, has a $39 annual fee.
2. It earns cash back
The Credit One Bank Premier American Express Card offers no welcome bonus, but it earns an unlimited 1% cash back on everything. When it comes to redeeming rewards, your account defaults to manual redemption, meaning you have to log into your account and initiate a redemption for statement credits, gift cards or merchandise.
You can also opt into automatic redemption, and whatever rewards you’ve accumulated will be redeemed as a statement credit the first day of each month.
Earning 1% cash back is certainly something, but other cards earn 2% or more and have sign-up bonuses. If you have good or excellent credit and want the simplicity of a flat cash-back rate on all purchases, products like the Wells Fargo Active Cash® Card or the Citi Double Cash® Card could fit the bill.
- The Wells Fargo Active Cash® Card earns 2% back on all eligible purchases and has an annual fee of $0.
- The $0-annual-fee Citi Double Cash® Card also earns 2% back on all purchases: 1% back when you buy and 1% back when you pay it off.
For those with fair credit, the Capital One SavorOne Cash Rewards Credit Card earns 3% cash back at grocery stores, and on dining, entertainment and popular streaming services. It earns 1% cash back on all other purchases. The annual fee is $39 (terms apply; see rates and fees).
3. Get additional American Express benefits
Because it runs on the American Express payment network, the Credit One Bank Premier AmEx offers perks including access to event ticket presales, travel discounts and travel accident insurance, and merchant discounts through Amex Offers.
4. You can pre-qualify for the card
You can check to see whether you’d pre-qualify for the card with no impact to your credit scores. That’s especially helpful if you have fair credit and don’t want to temporarily ding your credit scores with a credit card application without decent odds of success.
5. Beware the card’s interest rate
As of this writing, the interest rate for the Credit One Bank Premier American Express Card is above 29%, and there are no 0% APR promotions for purchases or balance transfers. If you do carry a balance on this card, it will get expensive quickly.
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