The One Key™ Card is a good credit card for people with a 700+ credit score who like to book travel accommodations through Expedia®, Hotels.com® and Vrbo®. It’s especially good if you also tend to spend a lot at gas stations, grocery stores and restaurants. Cardholders enjoy 3% in OneKeyCash on those types of purchases, along with 1.5% in OneKeyCash on other purchases. 

In addition to great ongoing rewards rates, things to like about this card include its $0 annual fee and valuable initial bonus. You can earn $300 in OneKeyCash™ after spending $1,000 on purchases in the first 3 months. Cell phone insurance and automatic elite status are nice, too.

On the flip side, things to dislike about the One Key™ Card include its high interest rate and the fact that you can only use the rewards you earn to pay for Expedia, Hotels.com and Vrbo bookings. You can learn more about this card’s strengths and weaknesses below.

What I Like About the One Key™ Card

$300 in OneKeyCash™ after spending $1,000 on purchases in the first 3 months

If you’re planning to spend at least $1,000 on purchases in the next 3 months, before doing some traveling, the One Key™ Card’s initial bonus is perfect for you. You will earn $300 in OneKeyCash™ in return for meeting the initial spending requirement, redeemable toward purchases made on Expedia, Hotels.com and Vrbo. The bonus rewards should appear in your account within 1-2 billing periods after you qualify with your initial spending.

The average bonus available from the current crop of credit card offers is just $229. That said, the One Key™ Card isn’t the only travel rewards card offering a well-above-average initial bonus right now. 
 

1.5% in OneKeyCash - 3% in OneKeyCash

You will earn rewards at an above-average clip, no matter what you buy with the One Key™ Card. More specifically, you will get 3% in OneKeyCash on Expedia, Hotels.com, and Vrbo, 3% in OneKeyCash at gas stations, grocery stores, and on dining and 1.5% in OneKeyCash on other purchases. 

In contrast, the average cash rewards card gives just 1.17% back on purchases. That pales in comparison to the One Key™ Card’s bonus rewards rate. 
 

$0 annual fee

Most elite travel rewards cards have annual fees, and the average credit card offer charges $25.22 per year. Not having to worry about an annual fee with the One Key™ Card therefore saves you some money compared to many of your other options. It also gives you the freedom to apply even if you don’t plan on using the card every day. There’s no urgency to spend a certain amount just to earn enough rewards to offset the fixed cost of card ownership. 
 

No foreign transaction fees

Most credit cards add a surcharge of around 3% to purchases processed outside of the U.S. That’s not the case with the One Key™ Card, fortunately, so you can travel abroad without extra costs staring you in the face. 
 

Up to $1,000 in cell phone protection

If you pay your monthly cell phone bill with the One Key™ Card, you’ll have access to $1,000 in protection against damage or theft. You’ll just be responsible for a $25 deductible, and you’ll be limited to no more than two paid claims every 12 months. 

This probably won’t be the main reason you apply for the One Key™ Card or the various other credit cards that offer cell phone protection, but it’s a nice perk to have in your back pocket, nevertheless.
 

Automatic Silver status

Having the One Key™ Card, a free One Key account, and a free online account with Expedia, Hotels.com or Vrbo automatically gets you Silver status in the One Key loyalty program. That in turn saves you 15% or more on rooms at 10,000+ hotels around the world. Plus, if you charge $15,000 to the card in a calendar year, you’ll qualify for Gold status and extra savings. 

What I Don’t Like About the One Key™ Card

Limited redemption options

Most credit cards offer a variety of redemption options, from statement credits and gift cards to travel and merchandise. Even travel rewards cards let you redeem for cash back in most cases, though you may not get the best redemption value. One Key™ Card, on the other hand, only allows you to put your earnings toward bookings made on Expedia, Hotels.com and Vrbo. 

This significantly limits the card’s value for the average person. But most people attracted to this card will already have an affinity for the affiliated trio of travel rewards sites anyway. 
 

19.24% - 29.24% Variable APR

The One Key™ Card does not have a low introductory APR promotion for either purchases or balance transfers. It just has a high regular APR. 

The rate you’re assigned could be anywhere from 19.24% to 29.24% Variable, depending on your overall creditworthiness. That means some people with good enough credit to qualify for an account will end up paying a rate that’s even higher than average among credit cards for people with fair credit.

Consequently, you should plan to pay your full statement balance by the due date every month. That’s the only way to prevent interest charges from eating into your savings from rewards.
 

Good credit needed

You need good credit or better to qualify for the One Key™ Card, according to the card’s issuer, Wells Fargo. As a result, you’ll need a credit score of 700 or higher for good odds of approval should you decide to apply. You can check your credit score for free here on WalletHub to see if you’re in a good position. 

Finally, it’s worth noting that you can check to see if you’re approved for this card through Wells Fargo without affecting your credit score. But if you decide to open an account, there will be a hard inquiry, and your credit score may fall a bit temporarily.