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Question about Credit One Card??

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Aduke1122
Senior Contributor

Question about Credit One Card??

OK we are still rebuilding and recently got an offer for my fiancé for a Credit One card..I know bf everyone tries to tell me how bad they are , I have read the threads on them , but I have a question for those of you who have had this card or do have it now , on the offer it says he is pre approved for a SL up to 1500 , it says at the bottom where all the fine print is about the APR and Af and all that , that if you receive a 300 SL your initial credit limit will only be 45 dollars ??? How in the world is that possible if the AF us only 24.95 ? Can someone plz explain this to me ? Thanks guys
Message 1 of 22
21 REPLIES 21
Anonymous
Not applicable

Re: Question about Credit One Card??

Hi, I got the CreditOne card in March. I was approved for $400 and the AF was $75, so my available credit was $325 at first. I just went ahead and paid the $75 before the statement cut. I'm not sure if they have different AFs for different situations. I cold apped for mine.

Message 2 of 22
Anonymous
Not applicable

Re: Question about Credit One Card??


@Anonymous wrote:

Hi, I got the CreditOne card in March. I was approved for $400 and the AF was $75, so my available credit was $325 at first. I just went ahead and paid the $75 before the statement cut. I'm not sure if they have different AFs for different situations. I cold apped for mine.


Sorry, correction, I got it in May. My internal calendar is all messed up!

Message 3 of 22
Anonymous
Not applicable

Re: Question about Credit One Card??

Check for other fees, because sometimes there are monthly service fees, but might be billed anually, so if there's a $75 AF, and $12/month service fee thats almost $220 right off the bat.

Message 4 of 22
jjbryant3
New Contributor

Re: Question about Credit One Card??

don't expect 1,500. 500 would be my guess. it's a shark card imo but they do report and it's easy to pay online. warning though they only allow something like 3 payments a month which is a problem for me because i pay on my cards when i have extra money. They are a fee based rebuilder but worth it for a year or so. Im currently trying to get out of mine but wont close until i have the credit matched with a better card. If you have the money get the card and pay it off, or better yet get the discover it and cap 1 secured. sure it's secured but does it matter? there is also the citi secured so you could have 3 right there with a foot in the door 

Message 5 of 22
Anonymous
Not applicable

Re: Question about Credit One Card??

and probably a one time account set-up fee of like $150 or something stupid

Message 6 of 22
Kirmie2010
Established Contributor

Re: Question about Credit One Card??

300 minus 24.95 does not equal 45 sooooo.

 

If you photo copy and post the papers we can help, otherwise I am kinda leaning towards you read it wrong.

(not meaning to sound rude, just from what you posted, its not possible, so there is more to it)

 

Unless theres a montly fee, maintannce fee, annual fee and more they charge up front which usually isnt the case with them.

 

That sounds like first premier though heh.  Open a new account with 400 limit!  Your available balance when you receive the card will be 64 dollars!

Message 7 of 22
MrsCHX
Valued Contributor

Re: Question about Credit One Card??

The disclosure included should have everything listed.

I would do the Cap One prequal first to see if Platinum or QS1 is an option before credit one.

I never had them but I had First Premier back in the day. A $250 initial limit would have a $95 program fee, $48 annual fee, $29 set up fee...and you end up maxed out owing all this money to start.

Even a Cap One or BOA secured is a better option!!!
NFCU: $25,000; PenFed Power Cash Rewards: $3,500; PenFed Gold: $2,500; Capital One: $2,300; Nordstrom Visa: $2,000; Credit One: $1,250
Amazon: 800; Kohls: $1,500
Message 8 of 22
Aduke1122
Senior Contributor

Re: Question about Credit One Card??

Just a sec let me see if I can post a pic of it so you guys can tell me what you think , it says that there are no startup fees , Af us 24 something for the first year then 45 after that and 0 for monthly fee, I'm new to AL this so I could be misunderstanding it all ,that's why I asked the experts bf doing anything lol , and as far as secured we have Cap one and USAA , just trying to move out of the secured maybe idk just thinking about it ! Thanks for the replies everyone !
Message 9 of 22
Aduke1122
Senior Contributor

Re: Question about Credit One Card??

Message 10 of 22
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