Credit One Bank

Last updated

Credit One Bank, N.A.
Company type Private
Industry Financial services
Founded1984;40 years ago (1984), in San Rafael, California
Headquarters Las Vegas, Nevada
Key people
Robert DeJong (CEO)
Products Credit cards
CDs
Savings accounts
Revenue US$$1.522 billion (2023)
US$453 million (2023)
Total assets US$1.616 billion (2024)
Owner Ben Navarro
Website www.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 beneficially owned by billionaire Ben Navarro. [3] It owns the naming rights to Credit One Stadium, a tennis stadium in Charleston, South Carolina.

Contents

The company charges fees to post payments made on accounts before a 7 day wait; a lawsuit alleged that this practice is in violation of the Truth in Lending Act. [4]

History

On July 30, 1984, First National Bank of Marin (FNBM) began operations as a full-service bank in San Rafael, California. [1] FNBM 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, Sherman Financial Group acquired FNBM. 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] After settling the claims, 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] [5] which was expanded in 2021 to include a second building of 150,000 square feet. [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]

Sponsorships

Since 2016, Credit One Bank has been a NASCAR sponsor and has issued co-branded NASCAR credit cards. [8]

Credit One Bank began sponsoring Chip Ganassi Racing in 2016. In 2017, Jamie McMurray drove a Credit One Bank No. 1 car for four races. The next year, the bank changed its sponsorship to Kyle Larson, who drove a sponsored No. 42 car in eight Monster Energy Cup events and two NASCAR Xfinity Series events. In November 2017, after Target’s departure from NASCAR, Credit One Bank became Larson's primary sponsor for the No. 42 Chevrolet. [9]

In 2017, Credit One Bank became a sponsor of the Vegas Golden Knights of the National Hockey League. [10]

In 2019, Credit One Bank became a founding partner with the Las Vegas Aviators of Minor League Baseball, a Triple-A affiliate of the Oakland Athletics. [11]

Since 2019, Credit One Bank is a sponsor of and is the official credit card issuer of the Las Vegas Raiders. [12] The company has partnered with the Raiders on the "One for the Community" program which donates money to After-School All-Stars and Boys & Girls Clubs of America for successful extra point kicks. [13] [14]

Credit One Bank has sponsored the women's tennis Charleston Open since 2020, first with the Credit One Bank Invitational. [15] [16] In July 2021, Credit One replaced Geely as the full title sponsor of the Charleston Open in South Carolina and took over naming rights to the Credit One Stadium. [17]

In 2021, the company announced an affinity credit card for the WWE Championship. [18]

Confusion with Capital One

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]

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References

  1. 1 2 3 4 5 "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. 1 2 3 4 5 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. Henn, Jennifer L. (December 13, 2020). "Credit One Earned More Than $5M Through Express Payment Fees, Class Action Lawsuit Claims".
  5. "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.
  6. Segall, Eli (September 14, 2021). "Expansion of Credit One Bank's Las Vegas campus finishes" . Las Vegas Review-Journal .
  7. Randles, Jonathan; Matsuda, Akiko (June 9, 2022). "Credit-Card Issuer Credit One Rebuked in Debt-Reporting Lawsuit" . The Wall Street Journal .
  8. "Credit One Bank unveils new NASCAR American Express with exclusive benefits for racing fans" (Press release). NASCAR. February 5, 2022.
  9. "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.
  10. "Credit One Bank Announces Partnership With Vegas Golden Knights". National Hockey League . August 1, 2017. Archived from the original on December 9, 2019.
  11. "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.
  12. "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.
  13. Kudo, Hikaru (August 31, 2021). "Raiders, Credit One Bank Launch 'One for the Community'". Sports Illustrated .
  14. Snel, Alan (January 26, 2022). "Inside The Sponsorship: Credit One Bank's Deal With Raiders Includes A $100,000 Donation Kick For Two Non-Profits". LVSportsBiz.
  15. McGrogan, Ed (June 29, 2020). "Mattek-Sands doubles down on doubles, and it pays off in Charleston". Tennis .
  16. Huechtker, Summer (June 23, 2020). "Credit One Bank Invitation gears up on Daniel Island". WCSC-TV .
  17. Bilodeau, Kevin (July 21, 2021). "Credit One Bank to take over as title sponsor of Charleston tennis tournament and stadium". WCSC-TV .
  18. Feldman, Jacob (June 16, 2021). "WWE, Credit One Tag-Team On New Credit Card". Penske Media Corporation .