Best Friends® from Credit One® Bank Review

When it comes to choosing a credit card, it’s essential to find one that aligns with your spending habits, lifestyle, and financial goals. The Best Friends® credit card from Credit One® Bank is tailored specifically for pet lovers, offering unique rewards on pet-related purchases. In this review, we’ll delve into the various aspects of this card to help you determine if it’s the right fit for you.

Best Friends® from Credit One® Bank Key Takeaways

Before we delve deeper into the details, here are some key takeaways about the Best Friends® credit card from Credit One® Bank:
– Rewards Structure: 5% cash back on eligible purchases at pet shops, pet foods, and supply stores for the first $5,000 per calendar year, and 1% thereafter.
– Annual Fee: $0.
– APR: 29.24% Variable.
– Credit Score Requirement: Fair to Excellent (580-799).

Best Friends® from Credit One® Bank Pros and Cons

Pros

1. No Annual Fee: One of the most attractive features of this card is that it comes with no annual fee, making it a cost-effective option for cardholders.
2. High Cash Back Rate: Earn 5% cash back on eligible purchases at pet shops, pet foods, and supply stores up to $5,000 per calendar year.
3. Fair Credit Approval: This card is accessible to individuals with a fair credit score, which can be beneficial for those looking to rebuild or improve their credit.
4. Fraud Protection: Provides robust fraud protection, ensuring your transactions are secure.
5. Pet-Centric Rewards: Ideal for pet owners who frequently spend on pet-related products and services.

Cons

1. High APR: At 29.24% variable, the APR is significantly high, which can result in substantial interest charges if you carry a balance.
2. Limited Balance Transfer Options: There are no introductory offers for balance transfers, making it less appealing for those looking to transfer existing debt.
3. Foreign Transaction Fee: This card may not be the best choice for international travel due to potential foreign transaction fees.
4. Limited Cash Back Categories: The high cash back rate is restricted to pet-related purchases, limiting its overall utility.

Best Friends® from Credit One® Bank Benefits

1. Cash Back Rewards

The standout feature of the Best Friends® credit card is its cash back rewards program. Cardholders earn 5% cash back on eligible purchases at pet shops, pet foods, and supply stores for the first $5,000 spent per calendar year. After reaching this threshold, the cash back rate drops to 1%. This reward structure is particularly appealing to pet owners who spend a significant amount on their furry friends.

2. No Annual Fee

A major advantage of this card is the absence of an annual fee. This means you can enjoy the card’s benefits and rewards without worrying about an annual cost eating into your savings. For budget-conscious consumers, this is a significant perk.

3. Fraud Protection

Credit One® Bank provides comprehensive fraud protection for its cardholders. With advanced security measures in place, you can shop with confidence, knowing that your transactions are protected against unauthorized use.

4. Accessibility for Fair Credit

Another notable benefit is that this card is accessible to individuals with fair credit scores. If your credit score falls within the range of 580-799, you have a good chance of being approved. This makes it a viable option for those looking to build or improve their credit.

5. Ease of Account Management

Credit One® Bank offers user-friendly online account management tools. Cardholders can conveniently manage their accounts, view statements, and make payments online, ensuring a seamless experience.

6. Pet-Centric Focus

For pet lovers, the Best Friends® credit card offers a unique way to earn rewards on purchases you are likely to make anyway. Whether you’re buying pet food, toys, or other supplies, the 5% cash back can add up quickly, providing tangible savings over time.

Rate and Fee Information

Understanding the rates and fees associated with the Best Friends® credit card is crucial for making an informed decision. Here’s a breakdown of the key details:

Purchase APR

The card comes with a variable APR of 29.24%. This rate is relatively high compared to other credit cards, making it essential to pay off your balance in full each month to avoid interest charges.

Introductory Offers

There are no introductory offers for purchases or balance transfers. This means you won’t benefit from lower APRs during an initial period, which is something to consider if you’re looking to make large purchases or transfer existing debt.

Cash Advance APR and Fees

The APR for cash advances is also 29.24% variable. Additionally, there is a fee for cash advances, which is either $10 or 5% of the amount of each cash advance, whichever is greater. Given the high fees and interest rates, cash advances should be used sparingly, if at all.

Late and Return Payment Fees

Late and return payment fees can be as high as $39. To avoid these fees, it’s important to make timely payments and ensure you have sufficient funds in your account.

How to Avoid Paying Interest

To avoid paying interest on purchases, ensure you pay your entire balance by the due date each month. Your due date is at least 24 days after the close of each billing cycle, giving you ample time to pay off your balance.

Conclusion

In conclusion, the Best Friends® credit card from Credit One® Bank is a specialized card designed for pet owners who want to earn rewards on their pet-related purchases. With a generous 5% cash back on eligible purchases at pet shops, pet foods, and supply stores (up to $5,000 per calendar year), this card can provide significant savings for those who spend heavily on their pets.
However, the high APR of 29.24% variable is a notable drawback, making it crucial for cardholders to pay off their balances in full each month to avoid interest charges. Additionally, the lack of introductory offers for purchases and balance transfers, coupled with potential foreign transaction fees, may limit the card’s appeal for some users.
Overall, if you’re a pet lover with fair to excellent credit and you frequently spend on pet-related products, the Best Friends® credit card could be a valuable addition to your wallet. Its no annual fee and targeted rewards program make it a cost-effective option for maximizing your pet-related spending.
As with any financial product, it’s essential to carefully consider your spending habits, financial goals, and ability to manage credit before applying for the Best Friends® credit card. By doing so, you can make an informed decision that aligns with your financial needs and helps you make the most of your purchases.