Credit One Bank

Credit One Bank, N.A. is a privately owned U.S. bank headquartered in Las Vegas, Nevada. Its principal business is issuing credit cards, with a particular emphasis on products marketed to consumers who have limited, damaged, or developing credit histories. The bank also offers certificates of deposit and savings accounts. Its cards may provide customers with access to revolving credit and credit-reporting services, although product terms, fees, credit limits, and eligibility vary by account and applicant. The institution began on July 30, 1984, as First National Bank of Marin in San Rafael, California. In June 1996 it received a designation as a credit card bank, reflecting a strategic concentration on card lending. The bank moved its headquarters from San Rafael to Las Vegas in November 1998. It was acquired in 2005 by Sherman Financial Group, a diversified investment-services company founded by Ben Navarro. On February 1, 2006, the institution adopted the Credit One Bank name and continued its rebranding under that identity. Credit One’s consumer-facing position is closely associated with credit access and credit rebuilding. Its business model is distinct from that of a traditional full-service retail bank: the brand is best known for credit cards rather than branch-based checking or broad commercial banking. In addition to card products, the bank’s published business description includes certificates of deposit and savings accounts. The bank’s portfolio has included general-purpose Visa cards as well as affinity and co-branded cards connected with sports and entertainment properties. The brand has had to distinguish itself from Capital One. The two companies are separate and unaffiliated, but their names and historically similar visual identities have caused consumer confusion. Credit One changed its logo in 2006, while Capital One adopted a similar arcing graphic in 2008. Public descriptions of the relationship emphasize that the institutions are not part of the same corporate group. Credit One has developed a substantial sponsorship presence, particularly in sports. It has been identified as NASCAR’s official credit card in the United States and has sponsored NASCAR teams and drivers. The bank has also partnered with the Las Vegas Raiders, the Vegas Golden Knights, the Las Vegas Aviators, WWE, and the Charleston Open. Its naming-rights agreement for Credit One Stadium in Charleston, South Carolina, connects the brand with the annual WTA Charleston Open. Community work has included a scholarship initiative with Nevada’s Public Education Foundation for low- and moderate-income families. The bank’s history also includes regulatory settlements and private litigation concerning fees, payment processing, debt-collection practices, bankruptcy-related collection, and credit-reporting disputes. These matters have generated criticism and legal exposure, although the outcomes have differed by case and the bank has not admitted wrongdoing in some earlier settlements. Credit One remains an active private bank operating in the United States.

Credit One Bank traces its origins to First National Bank of Marin, established on July 30, 1984, in San Rafael, California. The original institution was not initially identified primarily with the Credit One consumer brand. Its strategic direction became more focused in June 1996, when it received a credit-card-bank designation. That change reflected the institution’s increasing concentration on card issuance and related consumer lending rather than a broad, branch-oriented banking model. In November 1998, the bank relocated from San Rafael to Las Vegas, Nevada. At that time it was owned by businessman Kjell Qvale. Las Vegas subsequently became the center of the institution’s operations and corporate identity. In 2005, Sherman Financial Group acquired the bank. Sherman, founded by Ben Navarro, is a diversified investment-services company with extensive involvement in consumer debt purchasing and related financial activities. The acquired institution completed a major identity change on February 1, 2006, when First National Bank of Marin changed its name to Credit One Bank, N.A. The new name positioned the bank more directly around its credit-card business and its consumer-credit specialization. The bank also introduced a redesigned logo featuring an arcing swoosh above the name. Capital One later adopted a visually similar arcing treatment in its own branding. Although Credit One and Capital One are separate companies with no affiliation, the similarity of their names and logos led to confusion among some consumers. Marketing activity by Capital One reportedly increased awareness of both brands, including among people who did not understand that they were different institutions. Credit One’s operating focus developed around credit cards for a broad consumer market, including applicants with low credit scores or limited credit histories. This segment can include people seeking to establish a first credit record, rebuild credit after financial difficulty, or obtain a card when they do not qualify for prime lending products. The bank’s offerings have also included deposit products such as certificates of deposit and savings accounts. Its identity, however, has remained most strongly associated with credit-card issuance and credit-building products. The bank expanded its public profile through sports, entertainment, and community partnerships. It became associated with NASCAR as the organization’s official credit card in the United States and sponsored drivers and teams including Jamie McMurray and Kyle Larson. It later established a partnership with the Las Vegas Raiders and supported the Maxx Crosby Foundation. Other relationships have involved the Vegas Golden Knights, the Las Vegas Aviators, WWE, and the Charleston Open. The bank’s naming rights for Credit One Stadium in Charleston, South Carolina, linked the brand to the venue hosting the annual WTA Charleston Open. In Nevada, it partnered with the Public Education Foundation on scholarships intended for low- and moderate-income families. Credit One’s corporate facilities in Las Vegas also expanded. The bank moved into a new headquarters facility in 2018, and the site was enlarged in 2021 with a second building measuring approximately 150,000 square feet. Alongside this growth, the institution faced repeated legal and regulatory challenges. Earlier matters involved card fees and security deposits; later disputes concerned automated debt-collection calls, third-party collection practices, payment-posting charges, collection of debts discharged in bankruptcy, and credit-reporting procedures. Some matters resulted in payments or adverse findings, while other cases were dismissed, referred to arbitration, decided in the bank’s favor, or remained subject to appeal. Credit One continues to operate as a privately held U.S. bank owned by Sherman Financial Group.

1. 2021Headquarters campus expands

   The Las Vegas headquarters site is expanded with a second building of approximately 150,000 square feet.

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2. 2019Las Vegas Raiders partnership begins

   Credit One begins a partnership with the NFL’s Las Vegas Raiders and issues a team-branded card.

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3. 2018New headquarters facility opens

   The bank moves its headquarters to a new Las Vegas facility.

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4. 2006Credit One Bank name adopted

   First National Bank of Marin changes its name to Credit One Bank, N.A., beginning a broader consumer-brand rebrand.

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5. 2005Sherman Financial Group acquires the bank

   The bank is acquired by Sherman Financial Group, founded by Ben Navarro.

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6. 1998Headquarters move to Las Vegas

   The institution relocates from San Rafael to Las Vegas, Nevada.

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7. 1996Receives credit-card-bank designation

   The bank receives a designation reflecting its specialization in credit-card activities.

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8. 1984First National Bank of Marin is founded

   The institution is established on July 30 in San Rafael, California.

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A U.S. credit-card issuer focused especially on consumers seeking access to revolving credit or opportunities to establish, rebuild, or improve credit history.

• Credit One Bank Visa credit cardsCredit cards

  The bank’s principal product family consists of Visa credit cards for U.S. consumers. Product terms differ by account, but the portfolio is associated with general-purpose revolving credit and with applicants whose credit histories may be limited, damaged, or still developing. Depending on the specific offer, cards may include features intended to support credit access or credit reporting. Fees, annual charges, credit limits, rewards, and eligibility are product-specific.

• Credit One Bank affinity and co-branded cardsCo-branded credit cards

  Credit One has issued cards connected with sports, entertainment, and other affinity partners. Examples associated with its sponsorship portfolio include cards linked to the Las Vegas Raiders, the Vegas Golden Knights, WWE, and other properties. These products use partner branding and may connect card ownership with affinity benefits, subject to the terms of each individual program.

• Certificates of depositDeposit products

  Credit One Bank offers certificates of deposit as part of its deposit business. A certificate generally commits funds for a specified term in exchange for stated interest terms, with account conditions determined by the applicable product agreement. The bank’s public identity is more strongly associated with cards than with deposit products.

• Savings accountsDeposit products

  Savings accounts form another part of the bank’s deposit offering. They provide a deposit-based savings vehicle under the account’s applicable terms, rates, access rules, and balance requirements. Specific features can change over time and should be evaluated using current bank disclosures.

• 2019Las Vegas Raiders partnership

  United States

  The bank partnered with the Las Vegas Raiders and issued a team-branded credit card. It also supported the Maxx Crosby Foundation.

  Outcome. The relationship extended Credit One’s affinity-card and sports-marketing strategy into the NFL.

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• 2018Kyle Larson NASCAR sponsorship

  United States

  Credit One began or continued sponsorship activity around Chip Ganassi Racing driver Kyle Larson.

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• 2017Jamie McMurray NASCAR sponsorship

  United States

  Credit One sponsored Chip Ganassi Racing driver Jamie McMurray in NASCAR.

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• NASCAR official credit card partnership

  United States

  Credit One Bank has served as NASCAR’s official credit card in the United States and used the relationship to build visibility among motorsports fans.

  Outcome. The partnership supported branded-card marketing and expanded the bank’s sports sponsorship profile.

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• Credit One Stadium naming rights

  United States · South Carolina

  Credit One holds naming rights to Credit One Stadium in Charleston, South Carolina, a venue associated with the annual WTA Charleston Open.

  Outcome. The agreement gave the bank a permanent venue-branding presence in tennis and the Charleston market.

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• Nevada scholarship partnership

  United States · Nevada

  Credit One partnered with the Public Education Foundation on scholarships for low- to moderate-income Nevada families.

  Outcome. The initiative positioned the bank’s community activity around educational access and local philanthropy.

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• 2022Challenges bankruptcy-related class actionOther

  A bankruptcy judge had found the bank liable in a case involving collection attempts after customer debts were discharged.

  What changed. The bank pursued litigation concerning the class proceeding and later sought to decertify the class.

  Aftermath. The decertification filing was reported in January 2024; the supplied materials do not establish the final outcome.

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• 2019Extends affinity strategy through Raiders partnershipStrategy

  Credit One had built visibility through sports sponsorships and branded card programs.

  What changed. The bank partnered with the Las Vegas Raiders and issued a team-branded credit card.

  Aftermath. The partnership expanded the bank’s sports and co-branded-card presence in its Las Vegas home market and nationally.

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• 2006Adopts the Credit One Bank identityStrategy

  The former First National Bank of Marin had developed a concentration in credit cards and needed a consumer-facing identity aligned with that business.

  What changed. The institution changed its name to Credit One Bank, N.A. and introduced a redesigned logo.

  Aftermath. The new identity strengthened the bank’s association with credit-card products, although similarity with Capital One’s later logo contributed to consumer confusion.

  • Capital One — Capital One later used a similar arcing visual treatment in its branding; the companies remained unaffiliated.
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• 2023Credit-reporting disputeControversy

  A lawsuit alleged that Credit One reported disputed information to credit-reporting agencies. Summary judgment was granted for the bank, and the decision was appealed.

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• 2022Bankruptcy-discharge collection liabilityControversy

  A bankruptcy judge found the bank liable to roughly 288,000 card customers for attempts to collect debts discharged through bankruptcy proceedings.

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• 2020Robocall damages awardControversy

  A plaintiff who received 465 automated collection calls concerning a $657 debt was awarded $232,000, or $500 per call, under the Telephone Consumer Protection Act.

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• 2004Security-deposit credit-limit allegationsControversy

  Credit One paid $10 million in a matter involving allegations that consumers were encouraged to place security deposits on new cards, substantially reducing available credit. The bank did not admit wrongdoing.

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• 2001OCC-related repayment over card cancellation complaintsControversy

  The bank repaid approximately $4 million to customers who cancelled cards after fees and security deposits left them with very little usable credit. The matter was resolved through an investigation by the Office of the Comptroller of the Currency.

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1. Credit One Bank
2. Credit One Bank official website