Credit One Bank NASCAR® American Express® Card Review: Credit building for NASCAR fans
Looking to build credit and show off your NASCAR fandom? The Credit One Bank NASCAR® American Express® Card could be your ticket, but with a high APR and potential annual fee, is it worth the ride?
| Annual Fee | $0.00 |
| Rewards Rate | 1% Cash Back |
| Regular APR | 29.74% (variable rate) Based on creditworthiness. |
Overview
The Credit One Bank NASCAR® American Express® Card is designed for racing fans with fair credit who are looking to build their credit history. It offers a simple, flat-rate 1% cash back on all purchases, with no limit to how much you can earn. While there is no sign-up bonus, a key benefit is its place on the American Express network, which gives cardholders access to valuable Amex Offers for discounts on shopping, dining, and travel.
However, the card's potential costs are a significant drawback. It carries a very high variable APR of 29.74%, making it a poor choice for anyone who plans to carry a balance. Furthermore, while the annual fee can be $0 for applicants with excellent credit, those with average credit—the card's target audience—may be charged a $39 annual fee. This fee can easily cancel out the modest cash back rewards earned throughout the year.
Ultimately, this card is best for a niche audience: dedicated NASCAR fans with fair credit who will pay their bill in full every month to avoid the high interest charges. For most other consumers, including those looking for a credit-building card, there are likely more rewarding and less costly alternatives on the market.
Pros & Cons
What's great
- No annual fee
- Cashback on purchases
- Purchase protection
- Zero fraud liability
- Contactless payment
Things to consider
- High regular APR
- No sign-up bonus
- Annual fee may apply
- Limited rewards categories
Benefits
The Credit One Bank NASCAR® American Express® Card offers a simple and straightforward rewards structure. Cardholders earn an unlimited 1% cash back on all purchases, with no rotating categories or spending caps to track. While this rate isn't the highest on the market, the real value can be found by leveraging the card's access to American Express Offers. This program provides targeted discounts and statement credits at a wide range of popular retailers, restaurants, and travel brands, allowing you to save money well beyond the standard cash back rate.
Beyond rewards, the card includes a few practical protections and tools. Cardholders get Retail Protection on eligible purchases, which covers items against accidental damage or theft for up to 90 days after purchase. Additionally, the card provides free online access to your credit score, a valuable feature for anyone focused on building or monitoring their credit health.
Drawbacks
The card's biggest weakness is its exceptionally high 29.74% variable APR. This makes it a very costly option for anyone who plans to carry a balance from month to month. Additionally, while the card is marketed with a potential $0 annual fee, this is only available to applicants with excellent credit. Those with average credit will be charged a $39 annual fee, which is difficult to justify given the card's limited benefits.
From a rewards perspective, the card is underwhelming. It earns a flat 1% cash back on all purchases, a rate that is easily matched or beaten by many other cash back cards, including some designed for users with fair credit. The lack of a sign-up bonus for new cardholders further diminishes its value proposition, as there is no initial reward to offset the potential annual fee or the high interest rate. The NASCAR-specific benefits are also quite niche and will only appeal to a small subset of consumers, leaving the card with little to offer the average user.
Decision Guidance
This card is a niche option for dedicated NASCAR fans with fair credit who will pay their balance in full every month to avoid its extremely high APR. While it provides access to Amex Offers, the potential annual fee can easily negate the 1% cash back, making other credit-building cards a better financial choice for most people.
Summary
The Credit One Bank NASCAR® American Express® Card is a niche product for racing fans with fair credit who will pay their balance in full each month to avoid the punishingly high APR. While access to Amex Offers is a nice perk, the potential for a $39 annual fee can easily cancel out the modest 1% cash back, making other credit-building cards a better choice for most people.