CreditOne, gas rewards and confusion...

[NancyLou]

Last week, I made my first payment on my CreditOne card, which I paid well before the due date of 4/17.  Nice surprise on it (because I forgot the card did this) was a cash reward posted to the account.  Yes, it was just 35 cents, but free money is free money, right?

My confusion comes from this:  Though it shows I've paid in full with a zero balance (not counting the 35 cent gas reward, making my balance -35 cents), it shows the limit of $300, but still shows available credit as $183 (my processing fee plus a tank of gas the day before I made my PIF payment).  What's up with this?  If I paid the bill in full, shouldn't the whole $300 be available or does it cycle with the statement?

I'm not sure I'm liking this card at all and if it wouldn't hurt me to close it earlier than the eleven months recommended in the BK7 to 700 plan, I'd like to close it sooner.

[0REDSOX7]

CreditOne says it can take five days for funds to release after payment is made. Just pay through your bank and you should be better off and funds available when payment made.

[StartingOver10]

No, credit one is one of those cards that always holds the funds for 4 to 5 business days unless you pay an "express fee" to have it clear right away.

That is simply their business model.

[ezdriver]

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@NancyLou wrote:

Last week, I made my first payment on my CreditOne card, which I paid well before the due date of 4/17.  Nice surprise on it (because I forgot the card did this) was a cash reward posted to the account.  Yes, it was just 35 cents, but free money is free money, right?

My confusion comes from this:  Though it shows I've paid in full with a zero balance (not counting the 35 cent gas reward, making my balance -35 cents), it shows the limit of $300, but still shows available credit as $183 (my processing fee plus a tank of gas the day before I made my PIF payment).  What's up with this?  If I paid the bill in full, shouldn't the whole $300 be available or does it cycle with the statement?

I'm not sure I'm liking this card at all and if it wouldn't hurt me to close it earlier than the eleven months recommended in the BK7 to 700 plan, I'd like to close it sooner.

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In what form did you make that payment? If a personal check, it is not surprising that a company that extends credit to folks with broken credit would not wait until the check clears to book it as fully paid. If it was done via direct debit to your checking account, then there should be zero float time. Call them and ask for an explanation. I can only guess. I have a CreditOne credit card but I never bother to check that level of detail. I don't use the card every month either.

[NancyLou]

I paid with my debit card.  I have a background in accounting and it's kind of my thing to check every level of detail.  I'm keeping an eye on the interest to make sure I don't get slammed at some point or some other stupid reason.

[ezdriver]

There are two important dates. One when you received the statement and the other is when the statemnent is cut. If you are that concerned about interest on a small acount, then pay twice each month ... when you receive the statement and the day before the statement is cut. Done and done.

[MJSeahawks]

As a previous poster already said, Credit One always holds the payment for 4-5 days before it will reflect in your available balance unless you pay the fee for an express payment. Just another way for them to squeeze a few more dollars from some people.