The Credit One X5 Card is a secured credit card for people rebuilding credit
The Credit One X5 Card requires a cash deposit that becomes your credit limit — typically between $300 and $2,500. You use it like a regular credit card, and your payment history reports to the three major credit bureaus. The card charges an annual fee and a monthly maintenance fee, which means the cost of holding it is higher than many other secured cards.
This card is designed for people with limited credit history, past delinquencies, or low credit scores who want to demonstrate responsible borrowing. It is not a path to information programs or an when ready credit score boost — it is a tool that works only if you pay your bills on time and keep your balance low.
Key Takeaways
- Your security deposit sets your credit limit, and Credit One holds that deposit for the life of the account.
- The card charges both an annual fee and a monthly maintenance fee, making it more expensive than many competing secured cards.
- Payment history reports to all three credit bureaus, so on-time payments build your credit record.
- You can request to move to an unsecured card after 18 months of on-time payments, though approval is not may provide.
How the deposit and credit limit work
When you open a Credit One X5 account, you send a deposit of your choice — the minimum is $300 and the maximum is $2,500. Credit One freezes that deposit in a savings account and uses it as collateral. Your credit limit equals your deposit amount. If you deposit $500, your limit is $500.
The deposit stays frozen the entire time you hold the card. You cannot withdraw it or use it to pay your bill. You make payments from your regular bank account, just as you would with any credit card. The deposit is returned only if you close the account or if Credit One converts you to an unsecured card.
Because your deposit is held separately, the card does not give you access to extra money. It is purely a way to prove you can borrow responsibly.
Fees you will pay
The Credit One X5 Card charges an annual fee of $99 and a monthly maintenance fee of $6.95. This means you pay roughly $183 per year in fees alone, before you use the card at all. If you carry a balance and the card charges interest, your total cost increases further.
The monthly maintenance fee is unusual among secured cards. Many competitors charge only an annual fee or no annual fee at all. Before you open an account, compare the total yearly cost against other secured cards — the fee structure can make a real difference over time.
Some cards waive the annual fee after a certain number of on-time payments, but you should confirm Credit One's current policy directly, as terms change.
How your payment history is reported
Every month, Credit One reports your account activity to Equifax, Experian, and TransUnion — the three major credit bureaus. This means on-time payments build your credit history, and late payments damage it. The card works as a credit-building tool only if you pay your full statement balance or at least the minimum due by the due date every month.
Missed or late payments stay on your credit report for seven years. Even one 30-day late payment can lower your score significantly. If credit building is your goal, treat this card as non-negotiable — set up automatic payments if you need to.
Your credit utilization — the percentage of your limit you actually use — also reports to the bureaus. Keeping your balance below 30 percent of your limit helps your score more than maxing out the card.
Moving to an unsecured card
After 18 months of on-time payments, you can request that Credit One convert your account to an unsecured card. If approved, your deposit is returned to you and your credit limit may increase. However, conversion is not automatic — Credit One reviews your account and decides whether to approve the upgrade.
Even with 18 months of perfect payments, conversion is not may provide. Your credit score, income, and overall credit profile all factor into the decision. Some cardholders are converted; others are asked to wait longer or are denied.
If you are not converted, you continue paying the annual and monthly fees. You can close the account and move to a different card, but closing it may lower your credit score temporarily because it reduces your total available credit.
How this card compares to other secured options
Secured cards serve the same purpose — building credit through a frozen deposit — but they vary widely in cost. Some cards charge no annual fee. Others charge an annual fee but no monthly maintenance fee. The Credit One X5 charges both, which makes it one of the more expensive options.
Before opening an account, research cards from banks like Capital One, Discover, and U.S. Bank. Compare the annual fee, monthly fee (if any), interest rate, and whether the card offers any rewards or benefits. A card with no monthly fee and a lower annual fee may save you $50 to $100 per year.
The main reason to choose Credit One X5 over a competitor is if you have been denied by other secured card programs. Some people find Credit One more willing to approve accounts with very limited or damaged credit histories.
What happens if you miss a payment
If you miss a payment, Credit One reports it to the credit bureaus as a late payment. A 30-day late payment damages your score. A 60-day or 90-day late payment causes more severe damage. If you go 120 days without paying, Credit One may close your account and send it to collections.
If you are struggling to make a payment, contact Credit One before the due date. Some card issuers offer hardship programs or temporary payment deferrals, though you should not count on this. The safest approach is to keep your balance low enough that you can always afford the minimum payment.
Your deposit does not protect you from collections. If your account goes unpaid long enough, Credit One can use your deposit to cover the debt, and you will still owe any remaining balance.
Frequently Asked Questions
Can I use the Credit One X5 Card right away after opening the account?
Yes. Once your deposit clears and your account is activated, you can use the card when ready. This typically takes a few business days after you send your deposit. You receive a physical card in the mail, but many issuers allow you to use a temporary card number online before the physical card arrives.
What if I want to increase my credit limit?
You can request a credit limit increase by sending an additional deposit. If you deposit another $500, your limit rises to $1,000. Credit One may also offer automatic increases after you have made on-time payments for several months, but this is not may provide. Check your account online or call to ask about your options.
Does the Credit One X5 Card offer any rewards or cash back?
No. The Credit One X5 is a basic secured card with no rewards program, no cash back, and no sign-up bonus. Its only function is to help you build credit. If you want rewards, you will need a different card — though most rewards cards require a higher credit score to open.
What is the interest rate on the Credit One X5 Card?
Credit One does not publish a single interest rate. Your rate depends on your credit profile and can range significantly. You should contact Credit One directly or check your account documents for your specific rate. Carrying a balance will cost you interest on top of the annual and monthly fees.
Can I close the account and get my deposit back anytime?
Yes. You can close the account at any time and request your deposit back. However, closing a credit card can lower your credit score temporarily because it reduces your available credit and shortens your average account age. If you are building credit, it is usually better to keep the account open and active, even after you move to an unsecured card.