[2] It is owned by Sherman Financial Group, which runs one of the largest buyers of consumer debt in the United States.

Capital One underwent a similar rebrand in 2008, displaying a "nearly identical" logo to Credit One, leading to confusion among consumers.

[7] In 2001, to settle an investigation by the Office of the Comptroller of the Currency, the bank repaid $4 million to customers who cancelled their cards after realizing that the credit limit that they received, after paying annual fees and security deposits, was too low to make any purchases.

In 2004, the bank paid $10 million for allegedly encouraging people to charge security deposits to new cards, leaving them almost no available credit.

The bank sued the district attorney, claiming that this matter was in the jurisdiction of the Office of the Comptroller of the Currency.

[9] A lawsuit filed in 2020 alleged that Credit One Bank was in violation of the Truth in Lending Act, following a practice of frequently failing to post customer payments to their accounts within the required and or expected time frame unless the customer pays an "express payment" fee.