Who Owns Credit One Bank?
Contents
Credit One Bank is a leading credit card issuer that provides credit cards with cash back rewards, credit monitoring, and more.
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Introduction
Credit One Bank is a wholly owned subsidiary of Credit One Financial LLC, a financial holding company headquartered in Sioux Falls, South Dakota. Credit One Bank provides credit cards to consumers in the United States. The bank offers a variety of credit card products, including cash back rewards, travel rewards and cards with no annual fee.
History of Credit One Bank
Credit One Bank is a subsidiary of Credit One Financial, a publicly traded company on the New York Stock Exchange. The bank was founded in 1984 and is headquartered in Las Vegas, Nevada.
The bank offers both credit cards and personal loans to consumers with less than perfect credit. Credit One Bank also partners with major retailers to offer branded credit cards.
In 2015, the bank was acquired by Credit One Financial for $2.34 billion. The acquisition was financed through a combination of cash and debt.
Ownership of Credit One Bank
Credit One Bank is a subsidiary of Credit One Financial, a holding company that is majority-owned by Ares Management Corporation. Ares Management is a global alternative asset management firm with approximately $144 billion in assets under management as of June 30, 2020.
Why is Credit One Bank Important?
There are a few reasons why Credit One Bank is important. First, they are one of the largest credit card issuers in the United States. They have over 50 million customers and issue over $5 billion in credit each year. Second, they are a major player in the subprime credit card market. This means that they cater to people with less than perfect credit, which can be very important for those who are trying to rebuild their credit history. Finally, they have some of the best customer service in the industry and are known for working with their customers to help them meet their financial goals.
Conclusion
In 2008, the National Bank of America acquired Credit One Bank. Today, Credit One Bank is a wholly owned subsidiary of National Bank of America Corporation.
