You might as well get Credit One...
Cerulean Discover® credit card
- Annual Fee: $75
- APR: 29.99%
- Intro APR: There is no introductory rate available.
- Use your Cerulean credit card at locations everywhere Discover® is accepted.
- Make Low Monthly Payments on all your card purchases!
- Poor Credit? No Credit? No Problem!
Rates and Fees
APR for Purchases: 29.99%
APR for Cash Advances: 29.99%
Annual Fee: $75
Additional Cardholders: $30 fee for addtl. users
Annual Fee Details: Annual Fee: $75 (billed annually).
Grace Period: 25 days
Late Payment Fee: Up to $35
Cash Advance Fee: Either $5.00 or 5% of the amount of each cash advance, whichever is greater. Transaction fees are not billed for the first 12 months.
Important Notes: *Monthly Maintenance Fee: $144 annually (billed at 12 per month). Monthly Maintenance Fee is not billed for the first 12 months your Account is opened.
Starting Score: TU 595 EX 600 EQ 585This is a really bad option 
Hopefully forum members will consider a secured card before they go for this one.
FICO 9: 
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
@webhopper wrote:This is a really bad option
You know some people will jump on these cards no matter what.
am I the only person who thinks this could be good for some people? Remember most secured credit cards at credit unions require a credit score of 580 to get in, let alone get a secured credit card. I had 400's last year and got turned down for a Bank of America secured card and I banked with the for 13 years and had 50k+in my bank accounts!
Since monthly fees are waived for the first year it's not bad since it looks like they approve anyone, and this is still MUCH better than First Premier imo, atleast since this is new Amex probably won't look at you like a red headed step child.
@armbenderc wrote:
@distantarray wrote:am I the only person who thinks this could be good for some people? Remember most secured credit cards at credit unions require a credit score of 580 to get in, let alone get a secured credit card. I had 400's last year and got turned down for a Bank of America secured card and I banked with the for 13 years and had 50k+in my bank accounts!
Since monthly fees are waived for the first year it's not bad since it looks like they approve anyone, and this is still MUCH better than First Premier imo, atleast since this is new Amex probably won't look at you like a red headed step child.
I agreed with distantarray. However if you do get this credit card, it's very similar to FP. AF on top of monthly fee. Not recommended.
I have been there.. I have FP for 4 years before I found this board and AXE'd it. It does built my credit since I started with nothing.
I still have CreditOne (zero balance... why do I keep it? who knows..), but they only charge AF, no monthly fee... even know AF is billed monthly. Even if you have zero balance, you will have to pay the $8 monthly annual fee. I wonder what happen if you didn't pay it?
considering the monthly fees are waived for 1 year just use it for a year and cancel it right after should be ok since you should be able to get a secured card a before the yearis over =)
@distantarray wrote:
@armbenderc wrote:
@distantarray wrote:am I the only person who thinks this could be good for some people? Remember most secured credit cards at credit unions require a credit score of 580 to get in, let alone get a secured credit card. I had 400's last year and got turned down for a Bank of America secured card and I banked with the for 13 years and had 50k+in my bank accounts!
Since monthly fees are waived for the first year it's not bad since it looks like they approve anyone, and this is still MUCH better than First Premier imo, atleast since this is new Amex probably won't look at you like a red headed step child.
I agreed with distantarray. However if you do get this credit card, it's very similar to FP. AF on top of monthly fee. Not recommended.
I have been there.. I have FP for 4 years before I found this board and AXE'd it. It does built my credit since I started with nothing.
I still have CreditOne (zero balance... why do I keep it? who knows..), but they only charge AF, no monthly fee... even know AF is billed monthly. Even if you have zero balance, you will have to pay the $8 monthly annual fee. I wonder what happen if you didn't pay it?
considering the monthly fees are waived for 1 year just use it for a year and cancel it right after should be ok since you should be able to get a secured card a before the yearis over =)
That advice is good if the card can be paid and savings accrued to start a secured card before the bigger fees cut in keeping in mind that the typical customer of these cards is likely stressed pretty badly so it takes discipline.
The $75 initial fee is the max allowed by the CARD act for the initial year. That's why there are no monthly fees initially. After that they charge close to half the CL each year because the CARD act doesn't cover that.
This kind of card is attractive because people in critical need of credit don't have the deposit required even for a small secured card.
It's marketed to the lowest tier of credit scores that can be approved for any kind of credit with an expectation that a pretty high percentage will default.
I think there is 50 threads on this and the matrix card 
Seems like a terrible option to a lot of us, but if you're down in FP/Credit One level, it isn't a terrible option... ;P
@jsucool76 wrote:I think there is 50 threads on this and the matrix card
Seems like a terrible option to a lot of us, but if you're down in FP/Credit One level, it isn't a terrible option... ;P
lol it's the best looking out of all the cards too, i would almost mistake this for a prime card based on design =x but yea in a pinch it definately is not a bad card.
Also yes it's only good if people can manage their credit and build a savings, but honestly if you can't build a savings and can NOT pay a $75 annual fee, or $8 a monthly fees the LAST thing a person should do is try to get credit cards imo. I think the better route would be asking friends or family to set them up as an AU or ACM til their scores were good enough to get a secured card which isn't hard to do, but then if you can't pay the small fees ( i know they add up) but if you can't even manage that how can you save money for a secured card let alone pay off a regular credit card?
Credit is only meant for responsible people who are financially stable. If you are not in that position you need to restructure your lifestyle before trying to get more credit , sounds harsh but it's true