What the OneMain Credit Card Is

OneMain Financial offers a credit card designed for people rebuilding credit or with limited credit history. Unlike many credit cards that require a strong credit score upfront, OneMain's card may be available to applicants with fair or poor credit. The card is unsecured, meaning you do not need to put down a cash deposit to open the account.

OneMain is primarily known as a personal loan company, and the credit card is one product within that business. The card itself works like a standard credit card — you receive a credit line, make purchases, and pay a monthly bill. Your payment history reports to the three major credit bureaus (Equifax, Experian, and TransUnion), so responsible use can help build your credit score over time.

The card comes with an annual fee, which varies depending on your credit profile and the specific offer you receive. Interest rates are also variable and depend on your creditworthiness at the time you open the account.

Key Takeaways

  • OneMain's credit card is designed for people with fair or poor credit and does not require a security deposit.
  • The card reports to all three major credit bureaus, so on-time payments can help improve your credit score.
  • An annual fee applies, and the amount depends on your credit profile and the offer you receive.
  • Interest rates vary by applicant and are determined during the process process based on your creditworthiness.
  • You can check your terms and rates before deciding whether to open the account, without a hard inquiry affecting your credit.

How to Open a OneMain Credit Card Account

You can start the process online at OneMain Financial's website or visit a branch in person. The online process is faster and does not require an appointment. You will need to provide basic personal information, including your name, date of birth, address, and Social Security number.

OneMain will perform a soft inquiry first, which does not affect your credit score. This allows you to see your estimated credit line and annual fee before you commit. If you decide to move forward, OneMain will perform a hard inquiry, which does appear on your credit report.

The process typically takes 10 to 15 minutes to complete online. OneMain aims to notify you of approval or denial within one business day, though some decisions may take longer depending on whether they need to verify information with you.

What Happens After Approval

Once approved, OneMain will mail your physical card to the address on file. Delivery typically takes 7 to 10 business days. You will also receive information about your credit line, annual percentage rate (APR), and annual fee in the mail or through your online account.

Before you use the card, you must set up it. OneMain sends set up instructions with the card itself. You can set up online through your account, by phone, or by using the card for your first purchase. Some cardholders can set up when ready after approval through their online account, depending on how OneMain processes your process.

Once activated, you can use the card anywhere Visa is accepted. Your first statement will arrive about 30 days after your first purchase, and you will have a grace period (usually 21 to 25 days) to pay your balance before interest charges begin.

Annual Fees and Interest Rates

OneMain charges an annual fee that ranges depending on your credit profile. The fee is not a flat amount across all cardholders — it reflects the risk OneMain assesses when reviewing your process. You will see your specific annual fee before you accept the offer.

Interest rates also vary by applicant. Your APR is determined based on your credit score, credit history, income, and other factors OneMain evaluates. Rates can range significantly, so two applicants may receive very different terms. OneMain discloses your APR before you finalize your process.

The annual fee is typically charged once per year, usually on your account anniversary. Some cardholders may be able to request a fee waiver after demonstrating responsible payment history, though OneMain does not may provide this.

Building Credit With the OneMain Card

The primary benefit of the OneMain credit card for many users is the opportunity to build or rebuild credit. Every on-time payment is reported to Equifax, Experian, and TransUnion. Over time, a record of on-time payments can raise your credit score.

To maximize credit-building benefits, keep your balance low relative to your credit limit. Credit utilization — the percentage of your available credit that you are using — affects your credit score. Using 10 to 30 percent of your limit is generally better for your score than using 50 percent or more.

Avoid missing payments, as late payments stay on your credit report for seven years and significantly damage your score. If you struggle to remember payment dates, set up automatic payments through your OneMain account so the minimum payment is paid on time every month.

Comparing OneMain to Other Credit Cards for Bad Credit

Several other card issuers also serve people with poor or fair credit, including Secured Visa cards from banks like Capital One and Discover, as well as unsecured options like the OpenSky card. The main differences come down to annual fees, interest rates, credit line amounts, and credit-building features.

Secured cards require a cash deposit equal to your credit line, which OneMain does not. This makes OneMain's card more accessible if you do not have savings to deposit. However, secured cards sometimes offer lower interest rates or smaller annual fees, depending on the issuer and your credit profile.

Before opening any card, compare the annual fee, APR, credit line, and whether the issuer reports to all three credit bureaus. OneMain reports to all three, which is standard, but not all card issuers do. Request your specific terms from multiple issuers if possible so you can make an informed choice.

Managing Your OneMain Credit Card Account

You can manage your account online through OneMain's website or mobile app. You can view your balance, make payments, set up automatic payments, and read statements. OneMain also allows you to increase your credit line after demonstrating responsible use, though you can request this only after a certain period (usually six months to one year).

Make your payment by the due date shown on your statement. OneMain accepts payments online, by phone, by mail, or in person at a branch. Online and phone payments typically post within one business day. If you pay by mail, allow at least 10 business days for the payment to arrive and post.

If you miss a payment, contact OneMain as soon as possible. A single late payment can damage your credit score and may trigger a late fee. OneMain may also increase your interest rate if you miss a payment by 60 days or more.

Frequently Asked Questions

Do I need a OneMain personal loan to get their credit card?

No. The credit card is a separate product from OneMain's personal loans. You can open a credit card account without having a loan with OneMain, and you do not need to be an existing customer to explore.

What credit score do I need to open a OneMain credit card?

OneMain does not publish a minimum credit score requirement. The card is marketed toward people with fair or poor credit, but the exact score needed varies. Your best option is to check your estimated terms through the soft inquiry process, which shows you whether you may be approved without affecting your credit.

Can I use the OneMain card to pay off a OneMain personal loan?

You can use the card to make purchases, but OneMain typically does not allow you to use a credit card to make loan payments directly. You must pay your loan through OneMain's standard payment methods (online, phone, mail, or in person).

What happens if I cannot pay my balance?

Contact OneMain when ready if you are struggling to pay. OneMain may work with you on a payment plan or hardship arrangement, though this is not may provide. Missing payments will damage your credit score and may result in late fees and a higher interest rate.

Can I close my OneMain credit card account?

Yes. You can close your account by contacting OneMain online, by phone, or in person. Pay off any remaining balance first. Closing an old account can affect your credit score, so consider keeping the account open even if you do not use it regularly, as long as there is no annual fee or you are willing to pay it.