Credit One Platinum Card

Anonymous · ‎11-14-2015

I applied for a Credit One card before reading about the bad reviews on them along with the positive. I was approved and they sent me the card which I received today. I haven't activated it yet so should I activate it so its reporting a open line and just cut the card up and not use it, or should I charge some things to it. The credit one would be my 3rd card I have reporting since I have to other Capital one cards. I read the thing most people had to say about the Credit One is that it doesn't have a grace period and the annual fee. Just looking for some honest opinions.

Anonymous · ‎11-14-2015

Since you've already gotten the hard inquiry for it you should just activate it. Charge a small amount and pay it off immediately. That's what I would do. But I'm only 6 months in to rebuilding so I could be totally off.

Anonymous · ‎11-14-2015

You have the huge advantage that you are aware that the card has some downfalls and that its a preditory company, so like the previous person said, you've already taken the hit, you've already got it, so use what you've learned to avoid getting the negative aspects of it. To my knowledge some cards won't report until you've used it.

Anonymous · ‎11-14-2015

So when you say pay it off immediately. You mean when the bills due right? Or do you mean before the billing statement even comes?

Anonymous · ‎11-14-2015

I try to pay mine off before the billing statement. So it's just like I'm paying cash but using my card if that makes sense.

Anonymous · ‎11-14-2015

My intentions are to charge $10-20 on it every month and pay it off in full the next day after charging it. Going to do that for the full year since I am paying a annual fee. When I get to the year mark I am going to close it.

CYBERSAM · ‎11-15-2015

Get rid of it.

Their business practice is not logical. They are only interested in charging you fees and more fees!
They make their profit over AF, CLI and crazy high APRs. This card will not grow! The highest CL I have seen was 2k.

So there is NO point to have this card, you’re not going to feel comfortable using it, you don’t want to carry a balance on it, so again what is the benefit of having a headache with unrealistic AF?

You wasted a HP, its fine. See if you can cancel it now and get your money back. But you are going to cancel this card before another AF hits, under 12 months! I know this because you’re in this forum and by this time next year you’ll have much better CCs. Mark my word

I made a mistake of getting this card 10 months ago and just canceled it few days ago!
The biggest charge I ever had on it was the initial fees. Also when a card cannot grow, it becomes a nuisance. I had Credit One and 1st Primer, when I tried to go for Chase CC, couldn’t cause of having too many new open accounts!

Its obvious that you are rebuilding, but having too many small CC that can’t grow does not help!
Be patient, you have CapOne, sky the limit how much you can grow with them.

Sorry if I come to strong and negative. I know the feeling of not being able to get any CCs and when anyone offers you, its so hard to say no even if they are horrendously bad. Been there, done that!

Anonymous · ‎11-15-2015

@Anonymous wrote:
My intentions are to charge $10-20 on it every month and pay it off in full the next day after charging it. Going to do that for the full year since I am paying a annual fee. When I get to the year mark I am going to close it.

Don't give them a cent. Predator One is a wholly owned subsidiary of Sherman Capital, who is a VERY large Junk Debt Buyer (AKA Collection Agency) that goes by many names, LVNV being one of the most infamous. They ruin peoples credit with one hand while offering predatory credit to them with the other. Do NOT do business with this company. That is my advice.

Anonymous · ‎11-15-2015

So being I have not activated the card yet will I be charged a AF or any other fees with them? Do I just call them and explain I changed my mind and want to close the account?

Anonymous · ‎11-15-2015

@CYBERSAM wrote:
Get rid of it.

Their business practice is not logical. They are only interested in charging you fees and more fees!
They make their profit over AF, CLI and crazy high APRs. This card will not grow! The highest CL I have seen was 2k.

So there is NO point to have this card, you’re not going to feel comfortable using it, you don’t want to carry a balance on it, so again what is the benefit of having a headache with unrealistic AF?

You wasted a HP, its fine. See if you can cancel it now and get your money back. But you are going to cancel this card before another AF hits, under 12 months! I know this because you’re in this forum and by this time next year you’ll have much better CCs. Mark my word

I made a mistake of getting this card 10 months ago and just canceled it few days ago!
The biggest charge I ever had on it was the initial fees. Also when a card cannot grow, it becomes a nuisance. I had Credit One and 1st Primer, when I tried to go for Chase CC, couldn’t cause of having too many new open accounts!

Its obvious that you are rebuilding, but having too many small CC that can’t grow does not help!
Be patient, you have CapOne, sky the limit how much you can grow with them.

Sorry if I come to strong and negative. I know the feeling of not being able to get any CCs and when anyone offers you, its so hard to say no even if they are horrendously bad. Been there, done that!

I appreciate the input. This is exactly the advice I was looking for. Id rather ditch the card then taking a chance of it hurting me any type of way. I have the Capital 1 Quicksilver And Secured currently.