Credit One and Capital One are not the same—each are independent financial companies with no direct relation to each other. Some may assume Credit One is an offshoot of Capital One, but this isn’t the case. Capital One credit cards are widely known and augment its traditional banking services, including loans and checking accounts. Credit One is a much smaller company offering only personal credit cards. Although the similar logos and names can confuse consumers when it comes to distinguishing between Credit One and Capital One, the two credit card issuers are not related.
Credit One and Capital One – you’ve probably seen these names before and wondered if they were related After all, they sound similar and have almost identical logos But are they actually the same company?
The short answer is no. Credit One and Capital One are two different banks that work on their own. However, their striking similarities understandably cause confusion among consumers.
In this article we’ll break down the key differences between Credit One and Capital One. We’ll look at their origins financial products, credit cards, fees, and more. By the end, you’ll have a clear understanding of these two financial institutions.
The Origins of Credit One and Capital One
First, let’s look at the background of each bank.
Credit One was founded in 1984 as First National Bank of Marin in San Rafael, California. In 2006, it was acquired by Sherman Financial Group and rebranded as Credit One Bank. The bank is headquartered in Las Vegas, Nevada.
Capital One, on the other hand, began in Richmond, Virginia, in 1988. It has a lot of assets and is the ninth biggest bank in the US. It provides many different financial things and services.
Both Capital One and Credit One were founded in the 1980s, but Capital One has grown into a much bigger national bank.
Overview of Products and Services
Here’s a quick rundown of what each bank offers:
Credit One is mostly known for its credit cards, especially for people with bad credit. They also offer jumbo certificates of deposit (CDs).
Capital One provides credit cards, bank accounts, auto loans, and more. They have an extensive credit card portfolio with options for consumers of all credit levels, including secured cards, travel rewards cards, cash back cards, and co-branded cards.
Comparing the Credit Cards
Now let’s dive into the credit cards from each bank, which is what causes the most confusion between the two.
Credit One has around 11 personal credit cards, most aimed at average or below average credit. Their cards feature cash back rewards up to 5%.
Capital One offers nearly 3 times more cards than Credit One. Their rewards credit cards tend to provide higher earnings rates and more valuable benefits. For example, the Capital One Savor card earns unlimited 3% cash back on dining and entertainment, versus the 5% cash back cap on the Credit One Platinum Rewards card.
Fees and Costs
When it comes to fees, Capital One cards generally charge less than Credit One. Here are some key differences:
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Annual fees: Credit One’s fees range from $0-$99, while Capital One’s range from $0-$395. However, Capital One’s premium cards offer more value to justify the higher fees.
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Foreign transaction fees: Credit One cards charge this fee, Capital One cards do not.
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Authorized user fees: Credit One charges annually for authorized user cards, Capital One does not.
So while Credit One markets to subprime borrowers, their cards ultimately end up costing more in fees. Capital One provides better card benefits and lower costs overall.
Verdict: Completely Separate Banks
While Credit One and Capital One may sound and look similar, they are completely independent companies. Capital One is a much larger national bank that offers a wider variety of financial products. Its credit cards also generally provide better rewards and benefits for the fees charged.
So next time you see ads for Credit One or Capital One cards with strangely identical logos, rest assured they are not the same. Hopefully this breakdown clarifies that despite the name and branding similarities, Credit One is not owned by Capital One. They just happen to compete in the same credit card space.
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What Is Capital One?
Capital One is known for its widespread commercials and ubiquitous branding. It’s the ninth-largest bank in the U.S., with branches all over the country and millions of customers.
Capital One credit cards are some of the best in the market for travel and cash-back rewards. Co-branded cards include the BJ’s One™ Mastercard®* and the Key Rewards Card*.
Capital One OWNS Discover! Here’s What Happens to YOUR Credit Cards!
FAQ
Are Capital One and Credit One the same company?
No, Capital One and Credit One are not the same company. They are separate financial institutions, though they both offer credit cards and have similar-sounding names. Capital One is a much bigger and more diverse bank that offers a lot of different banking and lending services, such as checking and savings accounts, loans, and different kinds of credit cards.
Who is Credit One owned by?
Credit One Bank is owned by Credit One Financial Inc. , which is closely affiliated with Sherman Financial Group, LLC. Sherman Financial Group is a private equity firm specializing in consumer finance businesses, including credit cards.
What bank is Credit One Bank under?
Credit One Bank is owned by Credit One Financial Inc. Credit One Financial is a Subchapter-S corporation closely affiliated with Sherman Financial Group, LLC, a private equity firm that makes investments in consumer finance businesses with a focus on credit cards, consumer loans and real estate.
Did Capital One copy Credit One logo?
Capital One underwent a similar rebrand in 2008, displaying a “nearly identical” logo to Credit One, leading to confusion among consumers. Marketing by Capital One brought in more customers for both Credit One and itself. Some of these customers didn’t know that Credit One and Capital One were two different businesses.