A travel rewards card for fair credit: Credit One Bank Wander American Express Card review

Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more

The Credit One Bank® Wander® American Express® Card is unique in that it accepts applicants with fair or average credit scores (580+), while the best travel credit cards usually require a good to excellent credit score (670+).

The Credit One Bank Wander American Express Card provides exceptional rewards rates and additional benefits, but does not offer a welcome bonus. CNBC Select provides a comprehensive analysis of the card and its competitors to help you determine if it is the best fit for you.

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Welcome bonus

Unlike many travel credit cards, the Credit One Bank Wander American Express Card does not offer a welcome bonus.

Benefits and perks

This American Express card from Credit One Bank is designed for travel enthusiasts with lower credit scores.

Enjoy several added benefits while building your credit history.

Amex will refund you the full purchase price, up to $300 per item, up to $1,000 annually if you are rejected by a merchant's return policy and try to return an eligible item within 90 days of the purchase date.
An extended warranty can add up to one extra year of coverage for eligible manufacturers' warranties that are 12 months or shorter.
Retail protection: You could receive coverage of up to $1,000 per loss and a total of $50,000 per cardholder account for eligible items damaged or stolen within 90 days of purchase, within a 12-month period.
Accident insurance for travel: Offers up to $150,000 in coverage for accidental death or dismemberment when the entire fare is paid with a credit card.
To safeguard against damage or theft, car rental companies offer up to $50,000 in secondary coverage.
Rental car discounts: You can get up to 15% off rental car rates at SIXT, Hertz, and Avis.
Credit line increases may be available based on your credit history.
Experian IdentityWorks offers credit score monitoring and alerts for suspicious activity.
Discounts at participating merchants, such as restaurants, clothing stores and hotels, can be obtained by meeting spending requirements and other terms with Amex Offers. These offers vary by location and are subject to change. Enrollment is necessary.

The Experian IdentityWorks membership, worth $120 annually, can help offset the card's annual fee by providing credit monitoring, dark web internet surveillance alerts, social security number trace alerts, up to $500,000 in identity theft insurance, and more.

Rewards

Earning

The Wander American Express Card from Credit One Bank earns Wander Rewards at these rates:

Earn 10X points on eligible hotel and car rental purchases made through Credit One Bank's travel partner (5X points for booking and 5X points for completing the booking).
5X points on eligible travel
5X points on diningcredi
5X points on gas
1X points on all other purchases

Terms apply.

Earning 5X points on all other travel is incredible and outshines most other travel rewards cards. Additionally, 5X points is one of the highest returns you'll find for dining and gas purchases. To earn this elevated return on hotels and car rentals, you need to book through the Credit One Bank travel partner site.

Redeeming

Wander Rewards can be exchanged for cash-back, travel, gift cards, and merchandise.

When redeemed for statement credits, each Wander Rewards point is worth one cent, meaning redemptions must be done in increments of 1,000 points, or $10. This means that you can earn 1% to 10% cash back on your purchases with this card.

Redemption values for some rewards are not straightforward and are determined at the time of redemption, which can make it challenging to plan certain redemptions in advance. However, if you view this as a cash-back card and consistently redeem for statement credits, it should not have a significant impact on you.

To redeem rewards for travel, you must use Credit One Bank's travel portal. For more flexibility, redeem your rewards for cashback and then use that cash to book your travel directly with airlines or hotels.

Rates and fees

The American Express Card from Credit One Bank has a $95 annual fee and a variable APR of 29.49% on purchases. It does not charge foreign transaction fees, making it a suitable option for international travelers, and imposes late or returned payment fees of up to $39.

Alternatives to the Credit One Wander Card

A suitable travel card for individuals establishing their credit score is the Credit One Bank Wander American Express Card. The card boasts a robust rewards program and a reasonable annual fee, yet lacks a welcome bonus. We evaluated three other alternatives to assess their relative merits.

Credit One Wander Card vs. Discover it® Secured Credit Card

If you're seeking a credit card that can aid in credit building and offer rewards, the Discover it® Secured Credit Card may be suitable.

Unlike the Wander Card, the Discover it Secured credit card requires a security deposit to open, but after seven months of membership, Discover will review your account for eligibility to upgrade to an unsecured card.

Discover offers 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter and 1% cash back on all other purchases. Additionally, as a welcome bonus, Discover will match the cash back you earn during the first year with no minimum spending requirement or cap on the match.

As with the Wander Card, it has no foreign transaction fees.

Learn more: Discover it® Secured card

Credit One Wander Card vs. Capital One Savor Student Cash Rewards Credit Card

The Capital One Savor Student Cash Rewards Credit Card is a great option for students due to its lack of an annual fee, beneficial bonus spending categories, and welcome bonus.

Capital One offers rewards of 8% back on purchases made on Capital One Entertainment, 5% back on hotels and rental cars booked through Capital One Travel, 3% back on dining, entertainment, popular streaming services, and at grocery stores (excluding superstores like Walmart and Target), and 1% back on everything else.

The Capital One Savor Student card has no foreign transaction fees, extended warranty, and travel accident insurance.

Learn more: Capital One Savor Student Cash Rewards Credit Card

Self Credit Builder Account

If you want to improve your credit, a Self Credit Builder Account may be beneficial. Unlike a credit card, it's a loan held in a CD, and you make monthly payments that are reported to the credit bureaus. Once you pay off the loan, you get your money back minus any interest or fees. This is a great option for those with no credit at all to access tools that can help them build their finances.

Learn more: Self Credit Builder Account

Is the Credit One Bank Wander American Express Card right for you?

The Credit One Bank Wander American Express Card is a suitable choice for travel enthusiasts who may not meet the qualifications for other popular rewards cards. Although it does not offer a welcome bonus, it provides excellent reward rates on various common spending categories, including travel, dining, and gas. Its annual fee of $95 is comparable to many popular travel credit cards, but there are less rewarding no-fee alternatives available if you prefer to minimize your expenses.

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For the rates and fees for the Discover it Secured Card, click here