Credit One Bank is loved and hated

Credit One Bank is America’s fastest-growing credit-card issuer. It’s also the most complained about.

Customers filed more grievances about Credit One last year than Citigroup and JPMorgan Chase combined, although the Las Vegas-based lender has issued a 13th as many cards, according to Federal Trade Commission data. On a per-card basis, Credit One got twice as many complaints as Wells Fargo & Co., even though that bank’s numbers include unrelated issues.

The gripes run the gamut: Some cardholders lamented that they had trouble logging in to the company’s website when it came time to pay their bills, which forced them to pay by phone and incur a fee. Others said they were deceived by Credit One’s logo, which looks similar to that of Capital One Financial Corp.

Credit One sometimes charges an annual upfront fee of $75, even on accounts with credit limits as low as $300. Payments take as long as a week to be credited, unless customers pay a $9.95 express-payment charge. But don’t be late: That costs $35. Optional “credit protection” costs about 1 percent of the balance per month. Interest rates are around 24 percent, and some accounts don’t have a grace period, meaning Credit One charges interest even if the balance is paid in full every month.

All these fees add up: Credit One reported $579 million in fee revenue last year, a 25 percent increase compared with 2016, according to reports the company files with the Federal Reserve.