Last updated on April 6th, 2023
Credit One Bank has quietly launched a new secured credit card. The Credit One Secured Visa lets cardholders build credit while earning cash back rewards on select purchases. Here are the full details of Credit One’s new secured credit card:
Credit One Bank Introduces Secured Credit Card
Credit One Bank is one of the most popular credit card issuers in the United States, thanks to its selection of credit cards designed for consumers of every credit profile and score. Now, the bank is making it even easier to build credit thanks to a new secured card.
The new Credit One Bank Secured Card is the bank’s first secured credit card, making it an ideal option for consumers that are either entirely new to credit (no credit history) or are looking to bounce bank from a negative even (bankruptcy, divorce, foreclosure, etc.). The card offers the following features:
- No annual fee
- $200 minimum security deposit
- 1% cash back on gas, groceries, and monthly mobile phone, internet, cable, and satellite TV services payments
- Visa Zero Fraud Liability
- Prequalification before applying
How Does the Card Stack Up?
The secured credit card marketplace is very crowded, with new additions providing consumers with even more options. The Credit One Secured Visa’s biggest competition is likely from the Capital One Secured Mastercard, Citi Secured Mastercard, and the Discover It Secured Card. The card compares well with both, though it lacks the Discover and Capital One options upgradability – and offers reduced rewards versus Discover.
The Credit One card succeeds versus its rivals is the ability to earn interest on your security deposit. Cardholders receive a competitive interest rate on the $200 deposit (the minimum allowable deposit) – something many secured cards do not offer.
The Credit One Secured Card’s features are similar to those offers not only by Discover, but also by Continental Finance’s Surge Platinum Secured Mastercard. That card earns unlimited 1% cash back on all purchases but does feature an annual fee of $69. Other options that feature no annual fee include the Self Visa and Chime Credit Builder Visa.
Related Article: What Are the Easiest Credit Cards to Get for Bad Credit?
