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Credit One Bank

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Not to be confused with Capital One.
Credit One Bank, N.A.
Company typePrivate
IndustryFinancial services
Founded1984; 40 years ago (1984), in San Rafael, California
HeadquartersLas Vegas, Nevada
Key people
Robert DeJong (CEO)
ProductsCredit cards
CDs
Savings accounts
RevenueUS$$1.522 billion (2023)
US$453 million (2023)
Total assetsUS$1.616 billion (2024)
OwnerBen Navarro
Websitewww.creditonebank.com
Footnotes / references
[1]

Credit One Bank, N.A., headquartered in Las Vegas, Nevada, is a bank specializing in credit cards for borrowers with low credit scores; credit limits for its cards are usually approximately $500.[2] It is an affiliate of Sherman Financial Group and is owned by billionaire Ben Navarro.[3] It owns the naming rights to Credit One Stadium, a tennis stadium in Charleston, South Carolina.

History[edit]

The bank was founded on July 30, 1984 as First National Bank of Marin in San Rafael, California.[1] It received a designation of "credit card bank" in June 1996.[1] In November 1998, the bank moved from San Rafael to Las Vegas, Nevada.[1] In 2005, the bank was acquried by Sherman Financial Group. On February 1, 2006, FNBM changed its name to Credit One Bank, N.A.[1][3]

Credit One Bank moved its headquarters to a new facility in 2018[3][4] which was expanded in 2021 to include a second building of 150,000 square feet.[5]

Legal issues[edit]

In 2006, federal investigators accused the company of offering low credit limits, then charging many fees and security deposits, forcing users to exceed their credit limits.[3]

The company charges fees to post payments made on accounts before a 7 day wait; a lawsuit filed in 2020 alleged that this practice is in violation of the Truth in Lending Act.[6]

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.[7]

The bank has been sued many times for using unauthorized robocalls for debt collection, in violation of the Telephone Consumer Protection Act. In 2020, a plaintiff was awarded $262,000 after she received 465 calls from the bank.[8] In 2023, the bank was sued for hiring a vendor to make harassing calls.[9]

In 2023, the bank was sued for reporting disputed information to credit reporting agencies.[10]

Sponsorships[edit]

Time period Organization / Team Notes Ref
2016-present NASCAR Issues affinity credit card [11]
2016-present Chip Ganassi Racing 2017: Jamie McMurray
2018-present: Kyle Larson 		[12]
2017-present Vegas Golden Knights [13]
2019-present Las Vegas Aviators [14]
2019-present Las Vegas Raiders [15][16]
2021-present Charleston Open; naming rights to the Credit One Stadium [17][18][19]
2021-present WWE Championship Issues affinity credit card [20]

Confusion with Capital One[edit]

The Credit One Bank logo and the Capital One logo both have an arcing "swoosh" above their names, leading to confusion among consumers. Credit One adopted its logo in 2006; Capital One in 2008. Marketing by Capital One has led to an increase in customers for both itself and Credit One, some of whom were unaware that the two were different companies.[3]

References[edit]

  1. ^ a b c d e "Credit One Bank, National Association". Federal Deposit Insurance Corporation.
  2. ^ Thomas, Reena (May 22, 2024). "Credit One Bank® Platinum Visa® for Rebuilding Credit review: An expensive way to rebuild credit". Bankrate.
  3. ^ a b c d e Surane, Jennifer (December 5, 2017). "The Strange Case of the Look-Alike Credit Cards". Bloomberg News. Archived from the original on December 9, 2019.
  4. ^ "Office/Retail/Mixed Use Best Project: Credit One Bank Corporate Headquarters and Campus". Engineering News-Record. November 6, 2018. Archived from the original on December 9, 2019.
  5. ^ Segall, Eli (September 14, 2021). "Expansion of Credit One Bank's Las Vegas campus finishes". Las Vegas Review-Journal.
  6. ^ Henn, Jennifer L. (December 13, 2020). "Credit One Earned More Than $5M Through Express Payment Fees, Class Action Lawsuit Claims".
  7. ^ Randles, Jonathan; Matsuda, Akiko (June 9, 2022). "Credit-Card Issuer Credit One Rebuked in Debt-Reporting Lawsuit". The Wall Street Journal.
  8. ^ Bremner, Jade (July 31, 2020). "$232k Awarded in Court to Woman After Bank Robocalled Her 465 Times". Newsweek.
  9. ^ Bennett, Jennifer (February 27, 2023). "Credit One Bank Fails to Stop State Court Case in Federal Appeal". Bloomberg News.
  10. ^ "FTC Joins with CFPB in Filing Amicus Brief Urging Reversal of Decision Misinterpreting FCRA's Requirement to Remove Disputed, Unverified Credit Information" (Press release). Federal Trade Commission. September 29, 2023.
  11. ^ "Credit One Bank unveils new NASCAR American Express with exclusive benefits for racing fans" (Press release). NASCAR. February 5, 2022.
  12. ^ "Credit One Bank becomes primary sponsor for Larson's #42 Chevy". ESPN. Jayski's Silly Season Site. November 28, 2017. Archived from the original on December 9, 2019.
  13. ^ "Credit One Bank Announces Partnership With Vegas Golden Knights". National Hockey League. August 1, 2017. Archived from the original on December 9, 2019.
  14. ^ "Credit One Bank & The Howard Hughes Corporation Announce New Las Vegas Aviators Multi-Year Founding Level Partnership" (Press release). Minor League Baseball. December 17, 2018. Archived from the original on December 9, 2019.
  15. ^ "Credit One Bank becomes an Official Sponsor and the Official Credit Card of the Raiders, and a Founding Partner of Allegiant Stadium". Las Vegas Raiders. August 27, 2019.
  16. ^ Kudo, Hikaru (August 31, 2021). "Raiders, Credit One Bank Launch 'One for the Community'". Sports Illustrated.
  17. ^ McGrogan, Ed (June 29, 2020). "Mattek-Sands doubles down on doubles, and it pays off in Charleston". Tennis.
  18. ^ Huechtker, Summer (June 23, 2020). "Credit One Bank Invitation gears up on Daniel Island". WCSC-TV.
  19. ^ Bilodeau, Kevin (July 21, 2021). "Credit One Bank to take over as title sponsor of Charleston tennis tournament and stadium". WCSC-TV.
  20. ^ Feldman, Jacob (June 16, 2021). "WWE, Credit One Tag-Team On New Credit Card". Penske Media Corporation.

External links[edit]

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