If your credit isn’t the best but you still want to earn cash back, you may want to consider the Credit One Bank® Visa® for Rebuilding Credit. This card offers 1% cash back in select categories rather than on all purchases. It also charges a $0 - $99 annual fee.
This card isn’t anywhere near a great cash back credit card. Even so, it does provide a potential cash back option for those that don’t have good or excellent credit.
I decided to run the numbers to see exactly how much cash back you could earn during a year if you used this card on $2,000 in eligible cash back purchases each month. Here’s what you need to know.
Credit One Bank® Visa® for Rebuilding Credit key facts
What we like:
Get 1% cash back rewards on eligible purchases
Choose the credit card that fits your needs without it affecting your credit score
Build your credit with responsible credit card use
- Looking to rebuild credit? We report to the major credit bureaus monthly
- With $0 Fraud Liability, you won’t be responsible for unized charges
- Automatic reviews for credit line increase opportunities
- Take advantage of free online access to your Experian credit score and credit report summary so you can track the key factors impacting your credit health. Terms apply.
- Get 1% cash back rewards on eligible purchases including gas, groceries, and services such as mobile phone, internet, cable and satellite TV, terms apply.
- This unsecured card requires no deposit and can help build your credit
- Choose your monthly payment due date for added convenience, terms apply
- See Rates & Fees
- Best for those with average credit: You may be able to get this cash back credit card even if your credit score isn’t stellar.
- Earning rate: Earn 1% cash back on gasoline, grocery, mobile phone service, internet, cable, and satellite TV service purchases.
- Earn up to 10% More Cash Back Rewards: A separate program run outside of Credit One offers up to 10% More Cash Back Rewards when you make eligible purchases at participating merchants.
- Unlimited cash back: This card does offer unlimited cash back, but only in the categories that actually earn cash back.
- Purchases APR: 17.99% to 23.99% Variable.
- Annual fee: $0 - $99.
How much money can I earn in rewards with this card?
You’re probably wondering how much cash back you can earn with the Credit One Bank® Visa® for Rebuilding Credit since it allows those with less than perfect credit to earn cash back. Here’s the quick answer.
Earnings after one year Earnings after subsequent years
1% cash back on gasoline, grocery, mobile phone service, internet, cable and satellite TV service ($2,000 per month) $240 $240
Up to 10% More Cash Back Rewards Indeterminable Indeterminable
Annual fee $0 - $99 $0 - $99
Total $201 $201
The Credit One Bank® Visa® for Rebuilding Credit offers 1% cash back on gasoline, grocery, mobile phone service, internet, cable, and satellite TV service purchases. While it is unlikely, it is possible to spend $2,000 per month in these categories. For the purpose of maximizing the cash back you can earn from this card, I calculated that all $2,000 of spending was in these categories. This results in $240 in cash back per year.
This card also offers up to 10% More Cash Back Rewards through a separate program not run through the credit card company. This program requires you to make certain purchases to earn varying amounts of cash back. Since these offers change regularly, they can’t be predicted. As such, I didn’t include any cash back from these offers.
Be careful when considering what purchases fall into the 1% cash back category. If the merchant’s code does not meet the categories Credit One defines, you won’t earn cash back on those purchases.
Oil, propane, app德扑圈官方网址home heating company, PayPal, warehouse club (such as Sam’s Club and Costco), and discount store (such as Target and Walmart) purchases are not eligible for cash back. Additionally, grocery purchases don’t include grocery purchases at superstores, drugstores, convenience stores, or smaller stores such as bakeries, candy, nut, or confection stores.
You cannot earn cash back when your account is delinquent or in default based on your card agreement.
While paying a $0 - $99 annual fee for a less than stellar cash back rate on select purchases isn’t ideal, you could still come out ahead. The key is paying your card off in full and not carrying a balance so you never pay interest charges. You must earn enough cash back to cover the annual fee to make this card worth it, though.
You do get your Experian credit score and a credit report summary online every month with this credit card. This feature can be useful if you’re working on rebuilding your credit. It also comes with a minimum credit limit of $300 that may be increased in the future based on your overall credit performance.
The Credit One Bank® Visa® for Rebuilding Credit might be an option for you if your credit isn’t the best and you want to earn cash back. To earn enough cash back to cover the annual fee, make sure that you spend enough money in the 1% cash back categories, which include gasoline, grocery, mobile phone service, cable, internet, and satellite TV purchases. If you manage to spend $2,000 per month in these categories, you could earn $240 in cash back over a year.
Once your credit score improves, you may be able to get approved for other cash back credit cards with higher cash back rates on all purchases. In fact, you could find cards that offer 1.5% or even 2% cash back on all purchases. The key is being responsible with the credit you already have until your score improves enough to have a shot at approval for better cards.
Disclaimer: Money Under 30 makes every effort to maintain accurate information. Editorial opinions expressed are Money Under 30’s alone and have not been approved or endorsed by the credit card issuer.