Credit One - $75 annual fee!?

[Anonymous]

My wife just recieved her  Visa Credit One card and to our horror a $75 fee on a $300 credit limit card!!

If we don't activate it and cancel it will it affect her credit? (we haven't used it or anything yet)

I would prefer to get it waived, anyone know how we can get our first year waived

[MarineVietVet]

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@Anonymous wrote:

My wife just recieved her  Visa Credit One card and to our horror a $75 fee on a $300 credit limit card!! Did it not say on the application there was a $75 AF?

If we don't activate it and cancel it will it affect her credit? (we haven't used it or anything yet) Not activating it or canceling it will not impact her credit. The inquiry for the application should have minimal effect depending on how many other inquiries are on you reports.

I would prefer to get it waived, anyone know how we can get our first year waived   You can simply call them and ask that the AF be waived.

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From a BK years ago to:
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
3/10 EQ- 800

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Credit Problems Which Is Worse?
Whats In Your FICO Score

[Anonymous]

I checked the pre approval letter and yes it does have the annual fee in fine print...... hmmmph

She has 2 credit cards (cap one  $750 unsecured + orchard $300 secured)

Do the benefits outweigh the $75 fee, i.e. having 3 credit cards reporting every month builds more credit than 2 cards?

[Anonymous]

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@Anonymous wrote:

My wife just recieved her  Visa Credit One card and to our horror a $75 fee on a $300 credit limit card!!

If we don't activate it and cancel it will it affect her credit? (we haven't used it or anything yet)

I would prefer to get it waived, anyone know how we can get our first year waived

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Not sure about anybody else, but $75 AF on a CL of $300 is crazy,  Personally, I'd cancel.  YMMV

[MarineVietVet]

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@Anonymous wrote:

I checked the pre approval letter and yes it does have the annual fee in fine print...... hmmmph

She has 2 credit cards (cap one  $750 unsecured + orchard $300 secured)

Do the benefits outweigh the $75 fee, i.e. having 3 credit cards reporting every month builds more credit than 2 cards?

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IMO I would not pay that $75 but you'll have to make that decision yourself.

You'll do fine with just 2 cards for awhile. Let them age for a year or so and then research carefully before deciding if you want or need another card.

To get the most score from these 2 cards have only one them report a small balance (1-9% of it's credit limit) each month on the statement and then always pay in full before the due date to avoid finance charges. Use the other card occasionally to keep it active but pay any balance before the statement posts each month so that a zero balance always reports to the CRA's. FICO doesn't like to see more than half of revolving credit accounts show a balance.

From a BK years ago to:
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
3/10 EQ- 800

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Credit Problems Which Is Worse?
Whats In Your FICO Score

[Wolf3]

I think this card also has no grace period on purchases.    Just say no.    This is a bleed you dry card.  

[Anonymous]

Thanks for the advice guys, exactly I thought it was a bit much to be paying $75 for a $300 CL.

The scores in my signature are from a $300 and $750 utilisation that is high (65%) only open since August, will pay them down to 10% or less this month - thanks to the advice I had from this board.

Maybe I will try one more time to get the fee waived but would rather wait for a pre-approval with no AF/waived first year fee.

[lkcrew426]

Just don't do it. The end. They also are ridiculous at allowing payments online, and like mentioned early do not have a grace period. In order to make a free payment online, they remove the money from your account almost instantly and don't credit it to your card for days (a week or more). arghh!

[Anonymous]

Well the new account just hit the report and cost 10 points, I know we can make it up in a month. Just thinking maybe I'll take it after all, you never know 300 will come in handy ( an expensive 300 at that)

[Wolf3]