Those who are rebuilding credit find it hard to get credit card approval. That’s why it’s great that Credit One Bank offers a starter card with rewards. In this Credit One Bank Nascar Credit Card review, I’ll list all of its features and benefits so you can decide if it’s the right credit card for you.
The Credit One Bank Nascar Credit Card offers cardholders 2% cash back at the NASCAR Shop and 1% cash back on all other eligible purchases. This credit card charges an annual fee. But then, it also allows cardholders to become eligible for an increase in the credit line eventually.
Read on to learn more about the Credit One Bank Nascar Credit Card, its features, benefits, and pros and cons.
About Credit One Bank Nascar Credit Card
The Credit One Bank Nascar Credit Card provides cardholders 2% cash back at the NASCAR Shop and 1% cash back on all other eligible purchases. It charges an annual fee. However, it also gives cardholders a chance to become eligible for credit line increases in the long run.
Ensure that you have a credit score between 670 and 850, so Credit One can approve your application. This means that you must have a good-to-excellent credit score.
Its regular annual percentage rate (APR) is 23.99%. At the same time, the annual fee it charges to cardholders ranges between $39 and $99.
In terms of rewards, Credit One Bank Nascar Credit Cardholders have the opportunity to earn 2% cash back rewards for items bought at the NASCAR Shop. They also have the opportunity to earn 1% cash back rewards when gassing up or when buying automotive products and services from accredited merchants.
Credit One Bank Nascar Visa Credit Card Target Market
If you are a credit-builder or a cash back strategist, the Credit One Bank Nascar Visa Credit Card is ideal for you.
In case you have poor credit and you seriously intend to rebuild your credit history, it’s great to get this credit card instead of a secured card. With the Nascar Visa Credit Card, you are not pressured to place a security deposit. Also, you get a chance to earn cash back rewards on items bought from accredited merchants.
This credit card has extra benefits for NASCAR fans. For purchases made at the Nascar Shop, you get to earn 2% in cash back rewards. You also get access to exclusive discounts and other deals.
How to Earn Rewards with Credit One Bank Nascar Visa Credit Card
If you’re a Nascar enthusiast, maximizing your Credit One Bank Nascar Credit Card is relatively easy. Use your credit card all the time when buying at the Nascar Shop or NASCAR.com. That way, you get to enjoy the 2% cash back per transaction.
You can use your Credit One Nascar Visa Card when buying other items too. Selected merchants and retailers will give you 1% in cash back rewards.
There are times when Credit One Bank offers special deals for a limited time. You must keep yourself updated on these deals because you can earn as much as 10% in cash back rewards.
Earning cash back rewards is limitless. So, use your Credit One Nascar Credit Card as often as possible.
How to Redeem Rewards Credit One Nascar Visa Credit Card
There is only one redemption method offered for Credit One Nascar Credit Cardholders. This is in the form of a monthly statement credit.
The statement credit helps minimize your credit card balance. However, you should not consider it as a payment on your account. Still, you are responsible for making the minimum required payment on every due date.
How to Maximize Rewards Credit One Nascar Visa Credit Card
Maximize your Credit One Nascar Visa Card by using it as often as possible at the NASCAR Shop or NASCAR.com. Also, use it when buying products or services at eligible automotive supply stores, car care centers, and even gas stations.
To give you an idea, the average annual spending of a consumer on gasoline and motor oil is $2,094, according to data released by the U.S. Bureau of Labor Statistics. If you regularly gas up or have an oil change at eligible gas stations and automotive shops, you’ll automatically earn 1% cash back. This is equivalent to $20.94 in rewards in a year.
Credit One Bank Nascar Credit Card Standard Benefits
The two standard benefits you can enjoy if you have a Credit One Nascar Credit Card are the following:
- Access to Experian Credit Score
- Mobile App
Access to Experian Credit Score
Once you have a Credit One Bank Nascar Visa Credit Card, you can access your Experian credit score online. That way, you can also monitor whether your credit status is improving or not.
Credit One Bank has a mobile app for its credit cardholders. So, if you have a Credit One Nascar Visa Credit Card, you gain access to their app. That way, you can make online transactions anytime you want.
Again, what does the Credit One Bank Nascar Credit Card offer? With Credit One Bank Nascar Credit Card, you can earn 2% cash back at the NASCAR Shop and 1% cash back on other eligible purchases. However, this card charges you an annual fee. But, in the long run, Credit One will increase your credit line.
Credit One Nascar Visa Credit Card Pros and Cons
It is important to know the advantages and disadvantages of owning a Credit One Bank Nascar Credit Card. This will help you decide if it’s an ideal credit card for you.
So, let’s take a look at several pros and cons of having one:
Credit One Nascar Visa Credit Card Pros
The advantages of owning a Credit One Nascar Visa Credit Card are the following:
- No Security Deposit
- Special NASCAR Discounts and Other Deals
- Cash Back on Eligible Purchases
1. No Security Deposit
In most cases, you have to get a secured credit card if you have poor or no credit history. Thankfully, this is not the case when you get a Credit One Bank Nascar Visa Card. You don’t need to make a security deposit to own one.
Even if you previously had a bad credit record, Credit One Bank is considerate enough to assess your financial capacity thoroughly. This means that you still have a chance to get approved without being required to make a security deposit. However, you must also note that there’s also a chance of getting disapproved.
Once approved, you can focus on improving or building your credit record. At the same time, you have the opportunity to participate in its cash back program.
2. Special NASCAR Discounts and Other Deals
If you have a Nascar Visa Card from Credit One Bank, you can access exclusive deals and discounts offered by NASCAR-participating merchants. One of the best deals is qualifying for a discounted membership if you want to join the Official NASCAR Members Club. This indeed is an excellent benefit for NASCAR fans.
3. Cash Back on Eligible Purchases
While other cards can also help you rebuild your credit, not all offer rewards. This is what makes Credit One Nascar Visa Card stand out from the rest. It will allow you to earn cash back rewards based on your creditworthiness.
If you buy items from the Nascar Shop or via NASCAR.com, you will automatically earn 2% cash back. For other eligible purchases, you get to earn 1% cash back automatically. This includes gas and automotive purchases.
Credit One Nascar Visa Credit Card Cons
Here is a list of Credit One Nascar Visa Credit Card cons:
- High Fees
- Low Customer Satisfaction Rating
- Low Credit Limit
Let’s briefly discuss each of these items.
1. High Fees
Owning a Credit One Nascar Credit Card comes with an annual fee. It costs $75 for the first year and eventually becomes $99 in the succeeding years. This fee is automatically deducted from your credit limit. Suffice to say that if your credit limit amounts to $300 and you are charged $99 for the annual fee, your credit limit will then be reduced to $201.
The annual fee is only one type of fee charged to cardholders. If you use your credit card outside the United States, don’t be surprised if you are charged foreign transaction fees. This can amount to $1 or 3% of the transaction amount, whichever is higher.
If you have a Credit One Nascar Visa Card, you are allowed to register additional users. However, you will be charged with Authorized User Fees. This typically costs $19 per user every year.
2. Low Customer Satisfaction Rating
Unfortunately, Credit One Bank is not known for having an excellent quality of customer service delivery. In the U.S. Credit Card Customer Satisfaction Study released by J.D. Power in 2020, Credit One Bank ranked 11.
While the Credit One Bank Nascar Credit Card features are good, Credit One Bank seems to have a limited number of customer service representatives who can assist cardholders.
You can only speak to a representative between 5:00 AM and 9:00 PM from Monday to Friday and between 6:30 AM and 5:00 PM every Saturday and Sunday. At the same time, there’s 24/7 Customer Service Support available in other credit card companies.
3. Low Credit Limit
The minimum credit limit offered by Credit One Bank for its Nascar Credit Card is very low. Aside from that, the annual fee gets automatically deducted from your credit limit, making it even lower. However, if you responsibly pay your credit card balance on time, you can eventually become eligible for credit line increases.
Conclusion – Credit One Bank Nascar Credit Card
The Credit One Bank Nascar Credit Card offers cardholders 2% cash back at the NASCAR Shop and 1% cash back on all other eligible purchases. This credit card does charge an annual fee. But then, it also allows cardholders to qualify for a credit line increase eventually.
This credit card is undoubtedly for NASCAR enthusiasts who, at the same time, need to build or improve their credit history. For sure, they will be able to maximize their Credit One Bank Nascar Credit Card with their Nascar-related purchases. They also get to gain access to deals and discounts exclusive only for Nascar members.
If you’re a NASCAR fan, then this credit card is perfect for you.