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The Credit One Bank American Express® Card, first issued in October 2019, offers those who need to rebuild their credit the opportunity to receive a flat rate of 1 percent cash on every purchase – for a $39 annual fee.
In addition to its simple fee rate, Credit One Bank Amex offers a decent array of credit card benefits. See what he has to offer.
Benefits of the Credit One Bank American Express Card
American Express privileges
As an American Express credit card, Credit One Bank Amex provides cardholders with access to the Amex Offers program. Through these special promotions, cardholders can earn additional cashback on purchases at hundreds of retailers in categories such as restaurants, entertainment, travel and more.
Credit One Bank Amex also offers American Express perks such as access to Amex Experiences (such as access to advance ticket sales) and discounts on a wide range of travel purchases, such as a percentage discount on 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 an annual fee of $39, a lower annual fee than other Credit One Bank credit cards such as the Credit One Bank® Wander™ Card ($95 per year) and Credit One Bank® Platinum X5 Visa® (also $95/year).
However, please note that this is because Credit One Bank Amex offers fewer rewards compared to other Credit One Bank options.
Access to a free online credit score
As a credit card, Credit One Bank Amex offers access to your Experian credit score. You can access this account for free every month and also track any progress your account has made.
Purchase Protection
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. The refund is equal to the total purchase price, up to a maximum of $1,000 per claim.
Return Protection
If you purchased an item with this card and need to return it, but the seller won’t accept the return, you have 90 days to apply for a refund of the purchase price (up to $300 per item and $1,000 per year).
Extended Protection Warranty
When you buy the product in its entirety with your Credit One Bank Amex, you can double the manufacturer’s warranty to one additional year.
Travel related protection
For travel purchases deducted from your Credit One Amex card, you receive up to $150,000 in travel accident insurance that covers you in the event of accidental death or dismemberment while traveling by conventional carrier. In addition, if the rental car purchased with this card is damaged by theft or collision, you can be compensated by car rental loss and damage insurance.
Maximum use of the Credit One Bank American Express card
As with any 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 to you as a consumer. Here are a few things to keep in mind if you already have a card or want to apply.
Check if you are pre-qualified
In order to qualify for Credit One Bank Amex, you must have at least a fair credit score (580 or higher by FICO standards). If you are a bit in doubt about whether you qualify or not, you can always check your prequalification through a soft request that does not affect your credit score. You can find out if you’ve been pre-qualified using CreditCard.com’s free CardMatch tool or through the Credit One website.
Use your Credit One Bank Amex for all expenses if possible
This card offers a fairly low reward rate, so if you want a chance at offsetting the $39 annual fee, it’s best to use this card for any purchases you already plan on making.
This doesn’t mean going into debt for a reward – rather, if you have a monthly mobile phone bill, for example, make a payment with your card. Are you going to go grocery shopping? Pay for these purchases with a card. You’ll need $3,900 a year in expenses to just break even, so keep that in mind if reward potential is very important to you.
bottom line
The American Express Credit One Bank card provides some interesting benefits, including access to American Express benefits such as Amex offers and access to pre-sale tickets, as well as travel and purchase-related protection.
While its reward rate is incredibly low compared to more premium cash back cards, it can be a solid starter reward card for those building up their credit score. For more information on everything the card has to offer, check out our review of the Credit One Bank American Express card.
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The editorial content on this page is based solely on the objective judgment of our contributors and is not based on advertising. It was not provided or ordered by credit card issuers. However, we may receive compensation when you click on links to our partners’ products.