Credit One is getting the axe!

[sid33]

I got a credit one card back in August ‘17. Thought it was part of Cap1 at first. I rarely use the stupid card. In December I used it for a gift and then PIF a week before the statement posted. Actually I over paid by a couple dollars. I get a notice today that the statement has posted. I log on to see what I thought was going to be a negative balance since I over paid; however, the statement shows I have a balance of $4.44! I look and it’s for interest charges. I thought if I PIF a week before the statement cuts, there would be no interest like my other cards.

I pushed the $4.44 payment to them, and as soon as it post I’m gonna close the account. I don’t need them. I have other cards that are older, so it really won’t affect my AAoA. So mischievous for AZEO this month. Rant over.

[Zolomon]

I almost made the same mistake four years ago when I kept getting their offers in the mail. Thought it was Capital One til I looked closely at the logo. Then I thought it was one of those international fraud schemes trying to trick me into providing my info. Those mail offers were actually the reason I decided to try and get an actual Capital One card. Been with Cap since. So Capital One should thank Credit One for giving me a push. Lol!

[Loquat]

Doesn't Credit One charge interest from post date?  If so, this could be the reason for the interest charge.

[sid33]

I don’t know. I looked at some previous statements and it did the same thing, so maybe so. I really don’t want to worry if a statement is going to post with a balance, so I’ll dump them.

[Anonymous]

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@Loquat wrote:

Doesn't Credit One charge interest from post date?  If so, this could be the reason for the interest charge.

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At some point they made some change to the price terms so that there may be a grace period for purchases.

"If your Account has a Grace Period, your due date is at least 24 days after the close of each billing cycle and Interest will not be charged on any Purchases if your entire balance is paid by the Payment Due Date each month. For Accounts with no grace period, Interest is charged on Purchases from the posting date. All Accounts are charged Interest on Cash Advances from the posting date."

It's also possible to have a no-annual-fee card from them now.

"$0 to $75 First year. $0 to $99 thereafter."

But still, most of the time you probably expect interest to be charged without a grace period, and there is annual fee and so.

[Anonymous]

Prime cards usually charges annual fees, Credit One is no different.

[Anonymous]

All of my AF prime cards offer bennies to me.  CreditOne offered me a reset.  AF have their advantages, but I'm glad to see you cut them loose.

[Anonymous]

I would definitely cut them off! My mom made the same mistake, and oh boy, did she learn the hard way.

[Anonymous]

OP: be careful paying $4.44 on that card.

That's because interest is still accruing every day on that small balance, so if you only pay the balance amount from last month, they may still post more interest.

I'd send them a check for $20 and THEN close the account and ask for the refund back but tell them to wait 1-2 months so that nothing else posts.  I'd put this in a USPS letter, mail it CMRRR, and put them on notice with some legalese about your payment, any future interest, etc.

[sid33]

Thanks, will do that.