Hubbry Logo
Credit One BankCredit One BankMain
Open search
Credit One Bank
Community hub
Credit One Bank
logo
7 pages, 0 posts
0 subscribers
Be the first to start a discussion here.
Be the first to start a discussion here.
Credit One Bank
Credit One Bank
Credit One Bank
View on Wikipedia
from Wikipedia

Credit One Bank, N.A. is a bank specializing in credit cards (including cards for borrowers with low credit scores),[2] certificates of deposit, and savings accounts.[3] The bank is owned by Sherman Financial Group and is headquartered in Las Vegas, Nevada.[2][4]

Key Information

Despite similar names and "nearly identical" logos, Credit One is not affiliated with Capital One, another banking institution.[5]

History

[edit]

The bank was founded on July 30, 1984, as First National Bank of Marin in San Rafael, California.[1] It received the designation of "credit card bank" in June 1996.[1] In November 1998, the bank moved from San Rafael to Las Vegas, Nevada.[1] At that time, the bank was owned by Kjell Qvale.[6]

In 2005, the bank was acquired by Sherman Financial Group,[4] a diversified investment services company founded by Ben Navarro which runs one of the largest buyers of consumer debt in the United States.[7][4] On February 1, 2006, FNBM changed its name to Credit One Bank, N.A.[1][4] In that same year, the bank continued its rebrand by changing its logo to have an arcing "swoosh" above the name of the bank. Capital One underwent a similar rebrand in 2008, displaying a "nearly identical" logo to Credit One, leading to confusion among consumers. Marketing by Capital One led to an increase in customers for both itself and Credit One, some of whom were unaware that the two were different companies.[4]

The bank moved its headquarters to a new facility in 2018[4][8] which was expanded in 2021 to include a second building of 150,000 square feet (14,000 m2).[9]

Sponsorships

[edit]
Kyle Larson driving the #42 car with a Credit One Bank sponsorship

Credit One Bank has participated in local community initiatives, such as partnering with the Public Education Foundation to create a scholarship program for low to moderate income families in Nevada.[10]

In the sports sector, the bank is the official credit card of NASCAR in the United States[11] and has sponsored NASCAR Cup Series teams such as Chip Ganassi Racing’s Jamie McMurray (2017) and Kyle Larson (2018–2020).[12][13] In addition to its NASCAR involvement, Credit One Bank began a partnership with the Las Vegas Raiders (NFL) in 2019, issuing a team-branded credit card,[14][15] and has supported the Maxx Crosby Foundation.[16] The bank also holds naming rights to Credit One Stadium in Charleston, South Carolina, which hosts the annual Women's Tennis Association Charleston Open tennis tournament.[17][18][19] Credit One Bank has a sponsorship arrangement with the MiLB's Las Vegas Aviators,[20] the NHL’s Vegas Golden Knights,[21][22] and the WWE Championship,[23] issuing branded credit cards for the WWE and the NHL team.

Reception

[edit]

In 2020, The Ascent (a service of The Motley Fool) gave a one star review to the Credit One Platinum credit card, praising the bank for making the card available to customers with poor credit and for offering cash-back incentives, while criticizing the card's complicated application process and high fees.[24]

As of a January 2022 performance review, the Office of the Comptroller of the Currency rated Credit One Bank as "Outstanding" in its Community Reinvestment Act performance evaluation."[25]

As of September 2024, the Better Business Bureau's (BBB) profile for Credit One Bank noted its accreditation by the BBB with a rating of A+, but the company held a customer review score of 1.1 out of 5 stars.[26]

In 2025, Forbes Advisor gave a five star review to the Credit One Wander card, praising its rewards on purchases and accessibility to borrowers with average credit scores.[27]

Controversy

[edit]

In 2001, to settle an investigation by the Office of the Comptroller of the Currency, the bank repaid $4 million to customers who cancelled their cards after realizing that the credit limit that they received, after paying annual fees and security deposits, was too low to make any purchases. In 2004, the bank paid $10 million for allegedly encouraging people to charge security deposits to new cards, leaving them almost no available credit. In both cases, the bank did not admit wrongdoing.[4]

In 2015, a lawsuit was filed after a customer received 465 robocalls from the bank, in violation of the Telephone Consumer Protection Act, for debt collection of $657 in debt. In 2020, plaintiff was awarded $232,000, or $500 per call.[28]

In January 2019, Riverside County, California district attorney Mike Hestrin attorney began an investigation of a third-party vendor of Credit One for making harassing debt collection calls in violation of California law. The bank sued the district attorney, claiming that this matter was in the jurisdiction of the Office of the Comptroller of the Currency.[29]

A lawsuit filed in 2020 alleged that Credit One Bank was in violation of the Truth in Lending Act, following a practice of frequently failing to post customer payments to their accounts within the required and or expected time frame unless the customer pays an "express payment" fee.[30] In 2021, the case was referred to arbitration.[31]

In June 2022, a bankruptcy judge found Credit One Bank liable to roughly 288,000 credit card customers for attempting to collect debts after such debts were discharged via bankruptcies.[32] In January 2024, the bank filed to decertify the class action status of the case.[33]

In 2023, the bank was sued for reporting disputed information to credit reporting agencies. Summary judgement was granted in favor of the bank, which was appealed.[34]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Credit One Bank

View on Grokipedia
from Grokipedia
Credit One Bank, N.A. is a nationally chartered company headquartered in , , specializing in the issuance of unsecured s primarily to subprime and near-prime borrowers. Founded in as the First National Bank of Marin in , it relocated its headquarters to in 1998 and has since grown into one of the largest issuers in the United States, surpassing 17 million active accounts by September 2022. As a wholly owned of Credit One Financial, an entity affiliated with Sherman Financial Group, the bank employs data-driven to extend credit access while managing elevated default risks inherent in its borrower demographic. The bank's product portfolio includes cash back and points-based credit cards designed for consumers at various credit stages, alongside FDIC-insured high-yield certificates of deposit and savings accounts. Key operational milestones include originating $10 billion in receivables by June 2017 and achieving top-10 status among Visa issuers by January 2014, reflecting rapid expansion in a competitive subprime market. Credit One has pursued visibility through sports sponsorships, such as partnerships with the Las Vegas Raiders, (including driver ), and the , alongside charitable contributions exceeding $24.5 million since 2021. Despite its growth, Credit One Bank has encountered persistent consumer complaints regarding high annual fees, interest rates, and customer service responsiveness, particularly in handling disputes and collections, as evidenced by thousands of reviews averaging below 4 stars on platforms tracking user experiences. These issues stem from the structural necessities of , where elevated fees offset higher rates compared to prime portfolios, though the bank maintains FDIC insurance and under Office of the Comptroller of the Currency oversight.

Overview

Founding and Corporate Structure

Credit One Bank originated as the First National Bank of Marin (FNBM), a full-service chartered on July 30, 1984, in . Initially focused on traditional banking operations, FNBM shifted its over time toward consumer credit products, particularly unsecured s targeted at subprime borrowers. Effective February 1, 2006, the institution rebranded as Credit One Bank, N.A., reflecting its specialization in credit card issuance and reflecting a strategic pivot away from broader commercial banking activities. As a national bank regulated by of the Comptroller of the Currency (OCC), Credit One Bank operates as a wholly-owned of Credit One Financial, Inc. (COF), a structured as an S-corporation. COF maintains affiliations with Sherman Financial Group, LLC (SFG), a privately held firm headquartered in , through common , enabling integrated operations in purchasing, servicing, and extension. This structure supports Credit One Bank's data-driven approach to risk-based lending while remaining FDIC-insured for deposit accounts, though its primary activities emphasize non-deposit products. The private ownership model, with no public stock listing, allows flexibility in targeting high-risk demographics but has drawn regulatory scrutiny over lending practices and compliance.

Ownership and Headquarters

Credit One Bank is headquartered in , , at 6801 S. Cimarron Road. The company relocated its headquarters from to Las Vegas in November 1998, following its acquisition and rebranding. Plans for a new 152,000-square-foot headquarters facility on 26 acres south of Interstate 215 were announced, intended to accommodate expanded operations while remaining in the Las Vegas area. The bank operates as a wholly owned of Credit One Financial, a U.S.-based holding company also headquartered in and established in 1984. Credit One Financial is not a and maintains close affiliation with Sherman Financial Group, a firm engaged in debt purchasing and servicing that effectively controls the bank's ownership structure. This private ownership model supports the bank's focus on unsecured issuance without broader banking conglomerate oversight.

Historical Development

Origins and Early Operations (1984–1998)

Credit One Bank originated as the First National Bank of Marin, chartered on July 30, 1984, in , where it commenced operations as a full-service . Headquartered in , the institution initially offered a comprehensive suite of retail and commercial banking products, including deposit accounts, personal and business loans, and standard banking services aimed at local customers. Through the late 1980s and into 1995, the bank sustained traditional full-service operations amid the broader U.S. banking landscape, which featured deregulation and increased competition following the Depository Institutions Deregulation and Monetary Control Act of 1980. However, by 1995, strategic shifts prompted a pivot away from diversified banking toward specialization in issuance, with an emphasis on partially and fully secured cards designed for higher-risk borrowers seeking credit rebuilding opportunities. This transition reflected early adoption of risk-based lending models, aligning with emerging trends in subprime credit markets. In June 1996, the Office of the Comptroller of the Currency granted the bank limited-purpose designation under the , acknowledging its narrowed product scope centered on credit card lending rather than broad community banking activities. This regulatory status facilitated focused operations on secured credit products, reducing emphasis on deposits and loans while enhancing efficiency in card origination and management. The bank's early phase concluded with the relocation of its headquarters from San Rafael to , , in November 1998, positioning it for further evolution in a more favorable regulatory environment for non-traditional banking.

Expansion and Relocation (1998–2010)

In November 1998, First National Bank of Marin, the predecessor entity to Credit One Bank, relocated its headquarters from , to , , as approved by federal banking regulators. This move positioned the institution in a jurisdiction with favorable regulatory environment for national banks, including Nevada's lack of state corporate and business-friendly policies, facilitating operational efficiencies in its subprime issuance. Following the relocation, the bank experienced steady business expansion, focusing on unsecured credit cards targeted at consumers with lower credit scores. By December 2005, it had surpassed 1 million active accounts, reflecting growth in its customer base amid rising demand for accessible credit products. In February 2006, the announced a sponsorship for a new tennis stadium in —later known as —marking an early foray into branded partnerships to enhance visibility. Expansion continued through the late , with the bank originating $1 billion in receivables by January 2008, driven by increased lending volumes in the subprime segment prior to the . However, this period also saw regulatory scrutiny, including a 2001 Office of the Comptroller of the Currency enforcement action requiring restitution for improper practices, which the bank addressed as part of its compliance efforts. These developments underscored a phase of scaling operations while navigating oversight in a high-risk lending niche.

Modern Growth and Milestones (2010–Present)

In December 2013, Credit One Bank launched its card product, expanding its unsecured credit offerings to include premium network partnerships. By January 2014, the bank had risen to become a top 10 Visa issuer, reflecting rapid portfolio growth amid a focus on subprime and risk-based lending. The mid-2010s marked accelerated customer acquisition, with active accounts surpassing 5 million by April 2015 and reaching 10 million by February 2016. This period also saw the introduction of 1% cash back rewards on eligible purchases in December 2013, aimed at enhancing cardholder retention and usage. Strategic sponsorships bolstered brand visibility; in February 2016, Credit One Bank became the official credit card partner of , issuing co-branded cards and sponsoring teams such as Racing's No. 42 entry driven by . By June 2017, the bank had originated $8 billion in receivables, underscoring scaled lending operations. Expansion into affinity partnerships continued in August 2018 with the launch of the Vegas Born Credit Card as the official card of the Vegas Golden Knights NHL team and the Best Friends Credit Card tied to Best Friends Animal Society. In August 2019, Credit One Bank secured a multiyear deal as the official credit card of the Las Vegas Raiders NFL team and a founding partner of Allegiant Stadium, further embedding the brand in Las Vegas's sports ecosystem. Product diversification followed in October 2019 with the Platinum X5 Visa card, offering 5% cash back in select categories. The early 2020s emphasized infrastructure and digital innovation. In April 2021, the bank completed its second headquarters building in , supporting workforce expansion. June 2021 saw launches of Champion credit cards and the Six Flags Rewards Visa, alongside the Wander Card in August 2021 as the bank's first travel-focused product. Active accounts exceeded 15 million by December 2021. In December 2023, Credit One Bank introduced a Jumbo High-Yield , broadening its digital deposit products beyond credit cards. By 2025, Credit One Bank reported empowering nearly 40 million individuals with credit access, with cardmembers earning over $450 million in cash back rewards. Empirical data from (2022–2024) indicates cardholders achieve a 20% increase in homeownership and a 30-point average rise within two years of issuance (2021–2025 data). Revenue reached approximately $1.52 billion in 2024, driven by portfolio expansion and fee-based income. These developments position the bank as a leading issuer for underserved demographics, prioritizing data-driven over traditional prime lending models.

Business Model and Operations

Target Demographics and Risk-Based Lending

Credit One Bank targets subprime and near-prime borrowers, particularly those with poor or limited histories who seek to establish or repair their profiles. This demographic includes individuals classified as troubled or emerging users, often from low- and moderate-income (LMI) households and tracts, where access to traditional prime lending is restricted. The bank's operations, as a Competitive Equality Banking Act (CEBA) institution without physical branches, emphasize unsecured cards marketed to this group nationwide, with a focus on the Las Vegas-Henderson-Paradise, MSA for community reinvestment assessments. Over 40 million cardmembers have been served, many reporting measurable improvement, such as an average 30-point VantageScore increase within two years. Risk-based lending forms the core of Credit One's underwriting and pricing strategy, tailoring terms like annual percentage rates (APRs), limits, and fees to the borrower's assessed default probability derived from reports and scores. For subprime applicants, this results in elevated variable APRs, typically ranging from 28.24% to 29.49%, alongside potential fees such as monthly servicing charges up to $8.50 or cash advance fees of $10 or 5% of the amount advanced, whichever is greater. This pricing compensates for higher expected losses in the subprime segment, where delinquency rates exceed those of prime portfolios, enabling extension to applicants denied elsewhere while aligning costs with empirical data. The further mitigates by selling receivables daily on a nonrecourse basis to third-party investors. To address even higher-risk profiles, Credit One introduced a secured credit card program in March 2022, requiring applicants to provide collateral, which reduces issuer exposure by backing the with deposits. This tiered approach reflects causal linkages between tiers and lending terms: lower initial scores correlate with stricter , higher costs, and smaller limits (often starting at $300–$500), but successful on-time payments can lead to automatic reviews for limit increases or unsecured upgrades. Empirical outcomes include improved access to subsequent products, such as mortgages, with 20% of long-term cardmembers achieving homeownership post-membership. Regulatory evaluations confirm no discriminatory practices, with the bank's model earning an "Outstanding" rating for serving LMI communities despite the inherent challenges of .

Revenue Generation and Fee Structures

Credit One Bank generates revenue primarily through interest income and fee-based non-interest income from its portfolio of unsecured credit cards issued to subprime and near-prime borrowers, a model that emphasizes mitigation via high pricing to offset elevated default rates. Interest charges apply to carried balances at variable annual percentage rates (APRs) typically ranging from 23.99% to 29.99%, calculated daily and compounded monthly, which compensates for the higher compared to prime lending products. Fee structures form a core component of , particularly annual fees that are assessed upfront or monthly to cover account acquisition and servicing costs in prone to early attrition. For example, the Platinum Rewards Visa carries no annual fee, while other cards like the Platinum Visa incur $75 in the first year and $99 thereafter, often billed at $8.25 monthly to ensure collection even from inactive accounts. Additional fees include late payment charges up to the maximum allowed by law (generally $40 per instance), cash advance fees of 8% of the amount or $10 (whichever is greater), and returned payment fees of up to $39, all structured to incentivize timely payments while generating income from common subprime behaviors like missed due dates. Overlimit fees, though optional under CARD Act regulations, can further contribute when accounts exceed credit lines, which are often low (e.g., $300–$500 initially) to limit exposure. This fee-heavy approach aligns with economics, where upfront and penalty fees often exceed interest revenue per account due to short carry periods and high charge-off rates, enabling profitability despite funding costs and defaults. Foreign transaction fees of 3% and fees (typically 3–5% of the amount) provide from specific usage patterns, though the bank's data-driven prioritizes domestic, everyday spending to maximize overall yield. Regulatory caps under the limit fee amounts relative to credit limits for new accounts, constraining but not eliminating this revenue vector.

Regulatory Compliance and FDIC Insurance

Credit One Bank, National Association (N.A.), operates as a nationally chartered under the supervision of of the of the Currency (OCC), with provided by the (FDIC) via certificate number 25620, established in 1984. This status ensures that eligible deposit accounts, such as high-yield savings accounts and certificates of deposit offered by the , are insured up to the standard limit of $250,000 per depositor, per insured , for each account ownership category, protecting against but not against losses from or investment risks. The bank's regulatory framework requires adherence to federal banking laws, including those enforced by the OCC for safety and soundness, and the FDIC for compliance, alongside consumer protection statutes like the (FCRA) and Telephone Consumer Protection Act (TCPA). Credit One has encountered civil litigation alleging non-compliance, including a 2025 settlement of $14 million for claims of unauthorized robocalls violating the TCPA between 2014 and 2019, where the bank neither admitted nor denied wrongdoing. Cases under the FCRA, such as Suluki v. Credit One Bank (S.D.N.Y. 2021), have involved disputes over the bank's investigations of credit reporting inaccuracies, prompting amicus briefs from the CFPB and FTC advocating for stricter furnisher responsibilities, though the district court granted to the bank in 2023. No public enforcement orders from the FDIC or OCC specifically targeting Credit One for violations of banking regulations, such as unsafe practices or mismanagement, appear in federal records as of October 2025.

Products and Services

Credit Card Offerings


Credit One Bank specializes in unsecured credit cards issued under Visa and American Express networks, primarily targeting consumers with fair to poor credit scores who seek opportunities for credit rebuilding alongside cash back rewards. These products emphasize rewards on everyday spending categories such as gas, groceries, and utilities, with standard benefits including free monthly online credit score tracking via TransUnion, fraud liability protection up to $1,000, and contactless payment capabilities. Purchase APRs across the portfolio uniformly stand at 29.49% variable as of 2025, accommodating the higher-risk demographic served, while credit limits typically range from $300 to $1,500 initially based on applicant qualifications. The Platinum Visa for Rebuilding Credit serves as an entry-level option, earning 1% cash back on eligible gas and grocery purchases up to $3,000 annually before reverting to no rewards, with an annual fee of $75 in the first year escalating to $99 thereafter (billed at $8.25 monthly). It includes automatic credit line increase reviews after six months of on-time payments and supports pre-qualification checks without impacting credit scores. For rewards-focused users, the Platinum X5 Visa Signature provides 5% cash back on the first $5,000 in combined eligible purchases across gas, grocery, , cable, satellite TV, and services each year, followed by 1% on other eligible spending, offset by a $95 annual fee; a metal card variant offers similar terms with enhanced durability. The Wander American Express Card targets travel enthusiasts with tailored rewards on dining, gas, and travel-related expenses, maintaining the 1% baseline cash back structure. Lower-barrier options include the Platinum Rewards Visa with No Annual Fee, delivering 1% cash back on all eligible purchases without an upfront cost, and the Premier Card, which offers unlimited 1% cash back with annual fees tiered at $0 for excellent or $39 for average profiles. All cards require applicants to meet minimum approval criteria, often involving pre-qualification via soft pulls, and feature monthly structures for some products that can total the annual charge if not paid in full. Redemption of cash back occurs as statement credits after accumulating $25 or more, with funds applicable only toward balances rather than direct deposits.
Card ProductKey RewardsAnnual FeeNotable Features
Platinum Visa for Rebuilding Credit1% on gas/grocery up to $3,000/year$75 (year 1), $99 thereafterAuto credit line reviews after 6 months on-time payments
Platinum X5 Visa Signature5% on select categories up to $5,000/year, then 1%$95Metal option available; higher rewards cap
Wander Enhanced on dining, gas, travel; 1% elsewhereVaries by offerTravel-oriented perks
Platinum Rewards Visa (No Fee)1% on all eligible purchases$0No annual charge for basic rewards
Premier Unlimited 1% cash back$0–$39 (credit-based)Tiered fees; Amex network benefits

Deposit Accounts and Other Financial Products

Credit One Bank provides deposit accounts focused on high-yield options for substantial balances, including a Jumbo High Yield Savings Account and Jumbo Certificates of Deposit (CDs), launched in December 2023 as part of an expansion into digital banking services. These products target customers with larger deposits, requiring a minimum of $100,000 to open and earn the advertised rates, and are FDIC-insured up to $250,000 per depositor. Unlike traditional banks, Credit One does not offer checking accounts or low-minimum deposit products, emphasizing instead competitive yields for jumbo balances accessible via online banking and a dedicated mobile app. The Jumbo High Yield Savings Account offers a variable 4.05% APY as of October 23, 2025, with no monthly maintenance fees and unlimited transfers, allowing flexible access while providing daily on balances of at least $100,000. Funds can be deposited via electronic transfers from linked external accounts, and the account supports 24/7 management through the Credit One Bank Deposits app, which facilitates monitoring, transfers, and features like alerts. Jumbo CDs provide fixed-rate terms ranging from 6 to 60 months, with APYs varying by duration: 4.15% for 6 months, 4.20% for 12 months (the highest rate), 3.85% for 18 months, 3.75% for 24–48 months, and 3.80% for 60 months, all subject to the $100,000 minimum deposit. A Bump-Up CD variant, available in terms like 24 months at 3.55% APY, permits one rate increase if market rates rise after an initial 10-day period. CDs feature automatic renewal at maturity with a 10-day , early withdrawal penalties (typically three months' interest for short terms), and loyalty bonuses of 0.05% APY on renewals or for holding multiple deposit products. Beyond deposits, Credit One Bank does not offer additional financial products such as personal loans, mortgages, or investment accounts, maintaining a streamlined portfolio centered on credit cards and these high-minimum yield-bearing deposits. All deposit accounts emphasize digital accessibility without physical branches, aligning with the bank's technology-driven operations since its origins as a credit-focused issuer.

Marketing and Public Engagement

Advertising and Educational Initiatives

Credit One Bank has employed multimedia advertising campaigns emphasizing building and financial empowerment, often incorporating humor to engage audiences. In March 2025, the bank launched its "For What's Ahead" brand platform via a national integrated marketing campaign, highlighting how its cards support customers' progression along financial journeys, regardless of starting profiles. This initiative featured television, digital, and ads promoting specific products like the Platinum X5 Visa Signature card and Wander card, positioning everyday purchases as steps toward larger goals. Earlier efforts included the "Live Large" campaign, an extension of prior " gods" themes, which utilized direct-response television to drive applications. A key 2025 advertising push, "The Credit Wreckers," debuted on July 28 alongside a survey revealing widespread U.S. adult knowledge gaps in credit management, such as misconceptions about score impacts from on-time payments. The campaign's humorous spots, including characters like "Max Out" illustrating pitfalls such as maxed credit limits, aired on YouTube and TV to educate viewers on avoiding score-damaging behaviors while promoting Credit One's tools for monitoring and improvement. Overall, these efforts targeted a 5-10% year-over-year brand awareness increase, blending entertainment with practical advice tailored to subprime and rebuilding demographics. Complementing advertising, Credit One Bank maintains educational resources via its website, including the "Keys to Credit" online hub offering free guides on topics like score factors and for young adults. The bank's credit education section provides articles on basics such as payment timing and utilization ratios, updated periodically to address common errors identified in proprietary surveys. In 2023, it published guidance on teaching , stressing self-directed learning for debt management and budgeting. These initiatives align with broader goals, using data-driven content to foster responsible habits among users with limited prior access to credit products.

Sponsorships and Partnerships

Credit One Bank has engaged in numerous sponsorships and partnerships, primarily focused on sports organizations and community initiatives to enhance brand visibility and customer engagement. Since 2016, the bank has maintained a multi-year partnership with NASCAR, serving as the exclusive issuer of the Official Credit Card of NASCAR and extending the agreement to include co-branded American Express cards launched in February 2022. This relationship includes primary sponsorship of NASCAR driver Kyle Larson for the 2018 season with Chip Ganassi Racing's No. 42 team. In professional sports, Credit One Bank is an official partner of the Las Vegas Raiders, launching the "One for the Community" program in 2021, which donates $2,000 to local charities for each successful extra point kicked during the regular season. The bank also holds the title of Official Credit Card for the , providing card member benefits such as cash back and contributions to the team's foundation. Additional sports affiliations include partnerships with the Las Vegas Aviators team and tennis tournaments, such as the title sponsorship of the Credit One and a collaboration with the Western & Southern Open announced in August 2023 to elevate fan experiences. In 2025, the bank extended its involvement in tennis by enhancing offerings at the . Beyond sports, Credit One Bank supports community organizations through targeted partnerships, including sponsorships of After-School All-Stars and Boys & Girls Clubs of Southern via initiatives like the "Number One Fan" program launched in March 2025. The bank also partners with and environmental efforts such as Green Our Planet's Giant Student Farmers Market in April 2025, aligning with its -based operations to foster local engagement. These partnerships often include , such as , and are designed to deliver customized benefits to cardholders while supporting non-profits like Nevada Partnership for Homeless Youth.

Reception and Societal Impact

Positive Outcomes for Credit Building

Credit One Bank's credit cards, including the Platinum Visa for Rebuilding Credit, report payment activity to the three major credit bureaus—, , and —allowing responsible users to build or rebuild credit history by demonstrating on-time payments and low utilization. This reporting mechanism has enabled individuals with subprime or no credit profiles, often rejected by prime lenders, to access and establish positive payment records. Customer accounts indicate that consistent usage, such as paying balances in full monthly despite initial low limits (e.g., $300–$500), contributed to score recoveries from the 500s to the 600s or higher over periods of 6–12 months. The bank's policies for periodic credit line increases, based on payment history and account age, support ongoing credit improvement by reducing utilization ratios without additional deposits. Testimonials from cardholders post-bankruptcy or credit setbacks describe Credit One as a viable starting point for rebuilding, with one user noting a progression from denial by competitors to eventual access to better products after sustained positive behavior. While outcomes depend on individual financial discipline, Credit One's focus on unsecured rebuilding options fills a gap for high-risk borrowers, potentially averting deeper financial exclusion by providing verifiable credit-building pathways absent from traditional banking. Such access has been credited in user reports with facilitating transitions to unsecured prime cards after 1–2 years of responsible management.

Customer Experiences and Criticisms

Customer reviews of , a lender specializing in unsecured cards for individuals with subprime scores, reveal a polarized landscape, with aggregate ratings reflecting widespread dissatisfaction amid some reports of utility in rebuilding. On WalletHub, the bank holds a 3.3 out of 5 rating based on over 17,000 user reviews as of late 2024, incorporating feedback on performance and service quality. scores it at 1.2 out of 5 from 647 reviews, where users frequently cite unresolved issues and scripted responses from representatives. Similarly, reports a 1.1 out of 5 rating from more than 3,600 reviews, highlighting patterns of fee disputes and account access problems. Positive experiences center on the bank's role in establishing or rehabilitating histories for those denied by prime issuers. Cardholders with limited prior report that timely payments on low-limit cards, such as the Platinum Visa for Rebuilding Credit, contribute positively to payment , which constitutes 35% of scores, enabling gradual score improvements over 6-12 months of responsible use. Testimonials on the bank's site describe it as a foundational tool for budgeting and future financial access, particularly post-bankruptcy, with users noting approvals for initial limits around 300−300-500 despite scores below 600. Independent reviews echo this for disciplined users, affirming that on-time reporting to , , and aids rebuilding without secured deposits. Criticisms dominate, focusing on operational and fee-related frustrations that exacerbate financial strain for vulnerable borrowers. Common complaints include abrupt account restrictions after payments, leading to declined transactions and late fees despite sufficient funds, as reported in hundreds of Better Business Bureau (BBB) filings, where the bank maintains an A- rating but faces over 2,200 complaints in three years, many unresolved. is frequently described as unresponsive or unhelpful, with agents unable to address errors or waivers, resulting in prolonged hold times and escalations to collections even on closed accounts. High s—such as 75−75-99 annual charges, 8−8-10 monthly servicing fees, and up to 29% APR—draw accusations of eroding benefits for low-income users, with reviewers on (1.2/5 from 820 ratings) labeling it a "terrible " for charging post-closure or blocking usage after payments.
PlatformRatingReview CountKey Themes
WalletHub3.3/517,734Mixed; credit building positives offset by service complaints
1.2/5647Poor problem resolution, automated responses
1.1/53,673Fee disputes, account blocks
BBBA-2,200+ complaints (3 yrs)Unresolved billing and access issues
These patterns align with the bank's subprime focus, where high-risk lending yields elevated default rates (reportedly 10-15% in industry data for similar issuers), prompting stringent controls that customers perceive as punitive rather than protective. While some defend the structure as necessary for risk pricing, the volume of grievances suggests systemic service gaps, with 2024-2025 reviews showing no marked improvement in resolution rates.

Key Litigation and Settlements

In 2021, district attorneys from Riverside, , , and Santa Clara counties filed a against Credit One Bank alleging violations of California's Rosenthal and Unfair through practices such as unreasonably frequent calls and . The case, ongoing as of July 2025, involved an appellate ruling by the California Court of Appeal remanding the matter for reconsideration of discovery standards, determining that deposing the plaintiffs required a showing of "extremely good cause" due to the involvement of . A lawsuit filed in 2020 in the U.S. District Court for the Southern District of New York accused Credit One of unlawfully charging express payment fees exceeding $5 million by steering customers toward paid options without adequately disclosing free alternatives like standard mail or ACH transfers. The complaint alleged deceptive practices under laws, but no final resolution or settlement has been publicly documented, consistent with Credit One's frequent enforcement of arbitration clauses in cardholder agreements. In N.L. v. Credit One Bank, N.A. (Ninth Circuit, affirmed 2020), a found Credit One liable under the Rosenthal Act for improper communications, awarding the $1,000 in statutory but no actual or punitive awards. The court upheld the verdict, noting the bank's violations stemmed from unauthorized calls to , though the limited remedy reflected the absence of broader class certification. Credit One successfully defended against claims in Suluki v. Credit One Bank, N.A. (Second Circuit, 2025), where the plaintiff alleged inadequate investigation of an dispute involving an unauthorized account opened by a family member. The district court granted for Credit One, finding its verification processes— including review and address confirmation—met the statutory "reasonable investigation" standard, with no evidence of willfulness; the Second Circuit affirmed on May 28, 2025, emphasizing that further inquiry would not have uncovered . Additional lawsuits have targeted Credit One for alleged privacy intrusions via unsolicited text messages and attempts to collect on debts sold to third parties, but these have often been resolved through individual arbitration rather than class-wide settlements. No large-scale class action settlements with final court approval have been verified in public records for these matters.

Allegations of Predatory Practices and Defenses

Credit One Bank has faced allegations of predatory practices primarily centered on its products targeted at subprime borrowers, including claims of excessive fees that diminish available credit limits and deceptive of payment options. In a 2020 class action lawsuit, plaintiffs accused the bank of promoting an "express payment" method that incurred fees up to $10 per transaction without adequately disclosing free or lower-cost alternatives, allegedly generating over $5 million in revenue from such fees between 2016 and 2019. Similar complaints have highlighted annual fees of $75 to $99 and monthly servicing fees that can consume a significant portion of initial credit lines as low as $300, effectively reducing usable credit and trapping consumers in cycles of fee accumulation. Regulatory scrutiny has amplified these claims, with the Consumer Financial Protection Bureau (CFPB) receiving thousands of consumer complaints against Credit One since 2011, many involving billing disputes, unauthorized charges, and difficulties in fee waivers or account closures. A 2025 class action settlement addressed allegations of misleading interest rate increases without proper notice, inflated maintenance fees, and inaccurate credit reporting, with the bank agreeing to pay up to $2,210 per eligible class member without admitting liability. Critics, including consumer advocates, argue these practices exploit vulnerable populations with poor credit histories by prioritizing fee revenue over transparent lending, though empirical data on default rates for subprime cards indicate high-risk borrowers necessitate elevated pricing to mitigate losses. In response, Credit One has consistently settled disputes through class actions and regulatory resolutions without conceding wrongdoing, maintaining that its products fulfill a market need for access among those rejected by traditional issuers. The emphasizes compliance with federal lending laws and points to its role in credit-building programs, where on-time payments can lead to increases after six months of responsible use, potentially improving scores for subprime users. Regarding robocall allegations under the Telephone Consumer Protection Act, a $14 million settlement in 2025 resolved claims of unsolicited calls without an admission of violation, with the attributing contacts to legitimate or customer service efforts permitted under the .

Recent Developments

2024–2025 Events and Initiatives

In 2024, Credit One Bank allocated more than $6.5 million in grants to 31 organizations, with the majority benefiting Las Vegas-area initiatives in , homelessness prevention, employment services, and financial ; notable recipients included Nevada Partnership for Homeless Youth ($560,500) and Meeting Street Academy ($25,000). The bank's One For The Community program, tied to Las Vegas Raiders defensive performance, entered its fourth year during the , donating $2,000 per sack to local youth charities and ultimately supporting efforts that reached 30,000 youth by November 2024. This included $100,000 donated to two Southern nonprofits based on season sacks. Extending into 2025, the program launched its fifth season in August, again partnering with Raiders defensive end to aid youth organizations through regular and postseason contributions. Complementary efforts under the Number One Fan initiative provided experiential outings for nonprofit beneficiaries, such as March visits for Boys & Girls Clubs of Southern Nevada youth, May events for After-School All-Stars Las Vegas students at a game, and September engagements for Opportunity Village participants; this series, started in 2023, continued partnering with six Southern Nevada nonprofits to foster family and community connections. Credit One Bank renewed its cornerstone sponsorship of the Cincinnati Open in July 2025, including fan autograph sessions and player interaction opportunities. In April 2025, the bank adorned its Las Vegas headquarters with Vegas Golden Knights playoff branding under the "Rally for the Realm" theme to support the team's postseason campaign. The U.S. Office of the Comptroller of the Currency rated the bank "Outstanding" under the Community Reinvestment Act in March 2025, citing strong community development services, innovative investments, and responsiveness to local credit needs. Additional 2025 activities encompassed awarding 21 new One For The Community scholarships in May and ongoing autumn philanthropic drives mirroring 2024's employee-led community service.

References

  1. https://occ.gov/static/cra/craeval/Aug25/20291.pdf
  2. https://www.creditonebank.com/content/dam/creditonebank/corporate-transactional/images/about-us/pdfs/credit-one-bank-history.pdf
  3. https://www.occ.treas.gov/static/cra/craeval/May22/20291.pdf
  4. https://www.creditonebank.com/corporate/about-us
  5. https://wallethub.com/profile/credit-one-bank-13001903i
  6. https://www.zippia.com/credit-one-bank-careers-900806/history/
  7. https://www.ffiec.gov/npw/Institution/Profile/639567
  8. https://www.bbb.org/us/nv/las-vegas/profile/credit-cards-and-plans/credit-one-bank-1086-48541
  9. https://www.zoominfo.com/c/credit-one-bank/45075682
  10. https://www.creditonebank.com/corporate/about-us/news-press/credit-one-bank-to-build-new-las-vegas-headquarters
  11. https://www.occ.gov/static/cra/craeval/Nov07/20291.pdf
  12. https://www.creditcards.com/card-advice/credit-one-capital-one-difference/
  13. https://www.federalreserve.gov/releases/h2/19980822/h2.pdf
  14. https://www.creditonebank.com/content/dam/cob-corp-acquisition/images/about-us/pdfs/credit-one-bank-history.pdf
  15. https://www.occ.gov/publications-and-resources/publications/quarterly-journal/files/pub-qj-vol-23-no-2.pdf
  16. https://www.prnewswire.com/news-releases/credit-one-bank-partners-with-nascar-and-chip-ganassi-racing-300219586.html
  17. https://www.raiders.com/news/credit-one-bank-becomes-an-official-sponsor-and-the-official-credit-card-of-the-
  18. https://www.prnewswire.com/news-releases/credit-one-bank-expands-digital-banking-portfolio-with-launch-of-jumbo-high-yield-savings-account-302013695.html
  19. https://www.appsruntheworld.com/customers-database/customers/view/credit-one-bank-united-states
  20. https://www.creditonebank.com/credit-cards/platinum-visa-for-rebuilding-credit
  21. https://www.consumerfinance.gov/consumer-tools/credit-cards/explore-cards/cards/credit-one-bank-national-association-best-friends-credit-card/
  22. https://www.creditonebank.com/content/experience-fragments/terms/7k?cpr=25.49&ccr=25.49&pc=WL16
  23. https://www.creditonebank.com/credit-cards/platinum-no-fee
  24. https://www.nerdwallet.com/credit-cards/learn/credit-one-credit-cards-review
  25. https://www.bloomberg.com/news/articles/2017-12-05/the-strange-case-of-the-look-alike-credit-cards
  26. https://www.experian.com/credit-cards/partner/credit-one-bank/
  27. https://banks.data.fdic.gov/bankfind-suite/bankfind/details/25620
  28. https://www.creditonebank.com/deposits/faqs/general/are-my-deposits-with-credit-one-bank-fdic-insured
  29. https://www.creditonebank.com/articles/is-a-certificate-of-deposit-fdic-insured
  30. https://www.occ.treas.gov/topics/laws-and-regulations/enforcement-actions/index-enforcement-actions.html
  31. https://ashcroftcapitallawsuits.com/credit-one-bank-lawsuit-settlement/
  32. https://www.consumerfinance.gov/compliance/amicus/briefs/suluki-v-credit-one-bank-na/
  33. https://orders.fdic.gov/s/
  34. https://www.creditonebank.com/
  35. https://www.bankrate.com/credit-cards/issuers/best-credit-one-credit-cards/
  36. https://www.creditonebank.com/credit-cards/platinum
  37. https://www.creditonebank.com/credit-cards
  38. https://www.creditonebank.com/credit-cards/american-express-card
  39. https://money.usnews.com/credit-cards/credit-one-bank
  40. https://www.creditonebank.com/corporate/about-us/news-press/credit-one-bank-expands-digital-banking-portfolio
  41. https://www.creditonebank.com/deposits
  42. https://www.creditonebank.com/deposits/savings
  43. https://play.google.com/store/apps/details?id=com.creditonebankdeposits.mobile&hl=en_US
  44. https://www.creditonebank.com/deposits/cd
  45. https://www.creditonebank.com/deposits/faqs/general/how-do-i-access-my-deposit-account-online
  46. https://www.prnewswire.com/news-releases/credit-one-bank-debuts-for-whats-ahead-brand-platform-with-national-advertising-campaign-302415520.html
  47. https://marketingreport.one/creation/credit-one-banks-multi-channel-campaign-promotes-rewards-and-financial-progress.html
  48. https://adchatdfw.com/trg-produces-another-spot-for-credit-ones-live-large-campaign/
  49. https://www.prnewswire.com/news-releases/new-survey-highlights-credit-knowledge-gaps-among-us-adults-302514345.html
  50. https://www.youtube.com/watch?v=_mM9C-x7L2s
  51. https://chiefmarketer.com/credit-one-bank-cmo-on-building-brand-awareness-with-humor-and-education/
  52. https://www.creditonebank.com/corporate/about-us/news-press/more-than-half-of-gen-z-enter-adulthood-without-financial-education
  53. https://www.creditonebank.com/articles/credit-education
  54. https://www.creditonebank.com/articles/how-to-teach-financial-literacy
  55. https://medium.com/authority-magazine/laura-faulkner-of-credit-one-bank-on-how-they-are-helping-to-promote-financial-inclusion-d123ff924bf3
  56. https://www.creditonebank.com/corporate/about-us/partnerships
  57. https://www.nascar.com/news-media/2022/02/05/credit-one-bank-unveils-new-nascar-american-express-with-exclusive-benefits-for-racing-fans/
  58. https://www.prnewswire.com/news-releases/credit-one-bank-expands-2018-sponsorship-with-nascar-driver-kyle-larson-as-part-of-company-wide-growth-300562266.html
  59. https://www.raiders.com/news/credit-one-bank-partners-with-raiders-to-launch-one-for-the-community-program
  60. https://www.creditonebank.com/corporate/about-us/partnerships/vegas-golden-knights
  61. https://www.creditonebank.com/corporate/about-us/news-press/credit-one-bank-partners-with-western-and-southern-open
  62. https://nevadabusiness.com/2025/08/credit-one-bank-elevates-fan-experience-at-2025-cincinnati-open/
  63. https://www.creditonebank.com/corporate/about-us/news-press/credit-one-bank-team-up-for-number-one-fan-initiative
  64. https://www.creditonebank.com/corporate/about-us/news-press/credit-one-bank-sponsors-giant-student-farmers-market
  65. https://www.creditonecharlestonopen.com/sponsor-opportunities/corporate-partners/
  66. https://www.creditonebank.com/corporate/about-us/community-involvement
  67. https://www.creditkarma.com/credit-cards/insights/credit-one-bank-platinum-visa-for-rebuilding-credit
  68. https://wallethub.com/answers/cc/what-credit-bureau-does-credit-one-use-1000625-2140667719/
  69. https://www.reddit.com/r/CRedit/comments/1nwe5sv/my_positive_experience_with_credit_one_bank/
  70. https://www.creditonebank.com/articles/how-long-does-it-take-to-build-credit-with-a-secured-card
  71. https://www.creditonebank.com/articles/do-all-credit-cards-build-credit-at-the-same-rate
  72. https://www.creditonebank.com/corporate/about-us/cardmembertestimonials
  73. https://www.creditonebank.com/credit-cards/platinum-suite-visa/reviews
  74. https://www.creditonebank.com/credit-cards/platinum-visa-for-rebuilding-credit/reviews
  75. https://www.reddit.com/r/CRedit/comments/mnjdir/credit_one_what_ive_learned_and_some_advice/
  76. https://www.trustpilot.com/review/creditonebank.com
  77. https://www.consumeraffairs.com/credit_cards/credit_one.html
  78. https://www.experian.com/credit-cards/details/credit-one-bank-american-express-card-for-rebuilding-credit-1ab99qqo9k8wk/
  79. https://www.yelp.com/biz/credit-one-bank-las-vegas
  80. https://joindeleteme.com/is-it-scam/is-credit-one-a-scam/
  81. https://law.justia.com/cases/california/court-of-appeal/2025/e084854.html
  82. https://topclassactions.com/lawsuit-settlements/money/fees/credit-one-earned-more-than-5m-through-express-payment-fees-class-action-lawsuit-claims/
  83. https://law.justia.com/cases/federal/appellate-courts/ca7/17-1486/17-1486-2018-03-22.html
  84. https://cdn.ca9.uscourts.gov/datastore/opinions/2020/06/03/19-15399.pdf
  85. https://law.justia.com/cases/federal/appellate-courts/ca2/23-721/23-721-2025-05-28.html
  86. https://www.classaction.org/news/category/credit-one-bank-na
  87. https://www.classaction.org/news/abusive-and-unfair-class-action-claims-credit-ones-express-payment-option-takes-advantage-of-consumers
  88. https://crediblelaw.com/credit-one-bank-lawsuit-settlement/
  89. https://www.consumerfinance.gov/data-research/consumer-complaints/search/detail/5778272
  90. https://m.economictimes.com/news/international/global-trends/credit-one-bank-settlement-2025-lawsuit-payment-details-eligibility-and-claim-form/articleshow/121875282.cms
  91. https://www.reddit.com/r/CreditCards/comments/1lnut68/credit_one_2210_class_action_payment_approved/
  92. https://www.creditonebank.com/articles/what-happens-when-a-credit-card-is-charged-off
  93. https://www.wilshirehcs.org/credit-one-bank-tcpa-settlement-2025/
  94. https://www.creditandcollectionnews.com/14m-robocalls-class-action-settlement-from-credit-one-bank/
  95. https://www.creditonebank.com/corporate/about-us/news-press/credit-one-bank-reflects-a-year-of-giving-back-in-2024
  96. https://www.creditonebank.com/content/dam/cob-corp-acquisition/pdfs/240639_C1B_CommunityImpactReport_PRT_sharepoint.pdf
  97. https://www.creditonebank.com/corporate/about-us/news-press/credit-one-bank-announces-fourth-year-of-one-for-the-community
  98. https://www.creditonebank.com/corporate/about-us/news-press/credit-one-bank-one-for-the-community-program-reaches-30000
  99. https://www.creditonebank.com/corporate/about-us/news-press/credit-one-bank-donates-100000-to-two-local-nonprofits
  100. https://nevadabusiness.com/2025/08/credit-one-bank-and-maxx-crosby-team-up-for-fifth-season-of-one-for-the-community-to-support-southern-nevada-youth-organizations/
  101. https://www.raiders.com/community/credit-one-for-the-community
  102. https://nevadabusiness.com/2025/05/credit-one-bank-and-after-school-all-stars-las-vegas-team-up-for-number-one-fan-initiative/
  103. https://www.creditonebank.com/corporate/about-us/news-press/credit-one-bank-and-opportunity-village-team-up
  104. https://cincinnatiopen.com/news/cincinnati-open-renews-all-six-cornerstone-partners/
  105. https://nevadabusiness.com/2025/04/credit-one-bank-celebrates-golden-knights-playoff-push-with-new-headquarters-wrap/
  106. https://nevadabusiness.com/2025/05/credit-one-bank-celebrates-21-new-one-for-the-community-scholarship-recipients/
  107. https://www.creditonebank.com/corporate/about-us/news-press/credit-one-bank-gives-back-to-community
Add your contribution
Related Hubs
User Avatar
No comments yet.