topic Re: Credit One Bank ( Amex Offer ) is moving away from Sub Prime Cards. in Credit Cards

Credit One Bank ( Amex Offer ) is moving away from Sub Prime Cards.

Anonymous — Thu, 11 Feb 2021 09:47:17 GMT

Hey my fellow credit warriors!

I have an old Credit One account I just keep open because it is my oldest open card. I logged in today just to make sure I pay the balance to zero. I let a small charge post every month to keep the account open. I see they now have a branded AMEX card they are offering "pre approved".

$1500 credit limit, a grace period for paying interest, and NO ANNUAL FEE which made me do a double take lol. I guess they offer some semi-prime offers or are desperate once they know you have way better credit. Of course I don't need the card but it has zero fees.

My old account has a $39 annual fee. I assumed all of their offerings did. First time I have ever seen a no annual fee or no fee card pushed.

Re: Credit One Bank ( Amex Offer ) is moving away from Sub Prime Cards.

silver_idle — Thu, 11 Feb 2021 11:04:42 GMT

@Anonymous wrote:
Hey my fellow credit warriors!

I have an old Credit One account I just keep open because it is my oldest open card. I logged in today just to make sure I pay the balance to zero. I let a small charge post every month to keep the account open. I see they now have a branded AMEX card they are offering "pre approved".

$1500 credit limit, a grace period for paying interest, and NO ANNUAL FEE which made me do a double take lol. I guess they offer some semi-prime offers or are desperate once they know you have way better credit. Of course I don't need the card but it has zero fees.

My old account has a $39 annual fee. I assumed all of their offerings did. First time I have ever seen a no annual fee or no fee card pushed.

That doesnt sound bad for someone who is still using credit one. It does seem like they are moving away from their "lesser than subprime cards" in the last couple of years, but I wouldnt just jump on wagen to say they are moving away from sub prime cards. There is usually a catch which might be high APR, hidden or higher fees in the agreement, etc. I also dont trust their site all that much (although the last time I ever used it was back in '12 so things *couldve* changed but from my POV it doesnt look like it has). Also should look at their public offer and see how it compare to the offer you have gotten as well.

Re: Credit One Bank ( Amex Offer ) is moving away from Sub Prime Cards.

mgood — Thu, 11 Feb 2021 14:31:34 GMT

I've read that they're starting to offer some real cards for people who aren't quite as desperate. It'd be interesting to know if you can product change your annual fee card to the no annual fee card. I don't have a Credit One account, so it's just curiosity on my part. Could be a path for people who can only qualify for their crappy cards to eventually move out of that without closing an old account and losing the history.

@Anonymous wrote:
Hey my fellow credit warriors!

You been following The Credit Shifu on YouTube?

Re: Credit One Bank ( Amex Offer ) is moving away from Sub Prime Cards.

Anonymous — Thu, 11 Feb 2021 15:04:17 GMT

@mgood

that's what I'm thinking. I looked on my reports and they have been soft pulling more recently. They see I have a high FICO score now so they prolly believe I will cancel. I won't because it's a 7 year old card with perfect history and my oldest open card. Only a $1000 limit but always charge something for $10 for AZEO then pay it off.

I was shocked though I read thru the terms and no hidden fees and no annual fee. Its to keep me in the system.

I watch his channel quite often. He's a good tuber.

Re: Credit One Bank ( Amex Offer ) is moving away from Sub Prime Cards.

Harvey26 — Thu, 11 Feb 2021 16:09:12 GMT

@Anonymous I would check the prequal page for AMEX and see if you are preapproved for one. I mean I would rather have a real AMEX then Credit One.

Re: Credit One Bank ( Amex Offer ) is moving away from Sub Prime Cards.

Anonymous — Sat, 13 Feb 2021 01:42:54 GMT

The major problem for Credit One is even if they are going to try and go more legit that they have a big BAD reputation that can't be gotten rid of over night or for that fact I doubt it will ever go away.

Re: Credit One Bank ( Amex Offer ) is moving away from Sub Prime Cards.

ptkdude — Sat, 13 Feb 2021 21:57:54 GMT

I actually got an offer for this card in the mail, "pre-approved* for a credit line up to $2,500"

No annual fee, 23.99% variable APR, no interest charges if entire balance paid by the due date.

What surprised me about getting this offer is I'm still in a chapter 13, not yet discharged. I only started opening these mailed credit card offers because I'll be all paid off in May of this year, and wanted to see what everyone was offering.

Re: Credit One Bank ( Amex Offer ) is moving away from Sub Prime Cards.

bustout — Tue, 23 Feb 2021 05:35:08 GMT

A few months ago I had a zero balance and was going to cancel them. My limit was a bit over 1200 but they were charging and annual fee. They told me they could not remove the AF and I said I understood and just wanted to cancel. I wasn't trying to threaten, but none of my other cards had annual fees. They asked me to hold which was unusual as it was a week of cancelling low limit cards and nobody had asked me to hold.

Came back and removed the annual fee but I still wanted to cancel and my limit went to over $2200 so I kept it. As soon as they did this and I logged in to verify I noticed the AMEX offer had disappeared.

Re: Credit One Bank ( Amex Offer ) is moving away from Sub Prime Cards.

heirophant — Tue, 23 Feb 2021 06:14:10 GMT

Did they permanently remove the AF?

Re: Credit One Bank ( Amex Offer ) is moving away from Sub Prime Cards.

Anonymous — Tue, 23 Feb 2021 13:16:06 GMT

I wonder if I call and ask them to "Cancel" if hey would give me the CL from the Amex they are offering.

I guess not worth the trouble for me. The Credit One Visa I have currently is old and only a &1K limit but always paid in full and I only use it once a month for something tiny and then pay it in full ASAP. Knowing my luck they wouldn't offer a retention offer and would just say "Okay Sir it is closed" lol. I ONLY keep it open because I am willing to part ways with the $39 a year annual fee for it being my oldest open card.

Re: Credit One Bank ( Amex Offer ) is moving away from Sub Prime Cards.

bustout — Wed, 24 Feb 2021 18:42:22 GMT

@heirophant wrote:
Did they permanently remove the AF?

Yes, they even made me agree to a new TOS that had no annual fee...and who knows what other pitfalls. Interest rate and card number remained the same.

Re: Credit One Bank ( Amex Offer ) is moving away from Sub Prime Cards.

bustout — Wed, 24 Feb 2021 18:43:29 GMT

@Anonymous wrote:
I wonder if I call and ask them to "Cancel" if hey would give me the CL from the Amex they are offering.

I guess not worth the trouble for me. The Credit One Visa I have currently is old and only a &1K limit but always paid in full and I only use it once a month for something tiny and then pay it in full ASAP. Knowing my luck they wouldn't offer a retention offer and would just say "Okay Sir it is closed" lol. I ONLY keep it open because I am willing to part ways with the $39 a year annual fee for it being my oldest open card.

I aked about that and was told...no they would not. I did not pursue because it sounded final and I understand the promotion is to get people into a second card.

Re: Credit One Bank ( Amex Offer ) is moving away from Sub Prime Cards.

OmarGB9 — Fri, 26 Feb 2021 14:45:36 GMT

That Amex of theirs has been around for a bit now. I want to say at least a year, if not 2. They do seem to be trying to move up in the world a bit, but as someone mentioned upthread, they have a bad reputation that will be hard to overcome, IMO. Also, yes, they do have cards with no AF and/or a grace period, including on their Platinum Visas. If you go on their site, they have various "tiers" of terms they could potentially offer - some with higher/lower AF, some with/without a grace period, various interest rates, etc.

Re: Credit One Bank ( Amex Offer ) is moving away from Sub Prime Cards.

csl1 — Sat, 27 Feb 2021 03:23:35 GMT

If I remember correctly, CreditOne doesn't provide the ability to set up autopay. This was as dealbreaker for me. I opened a Mastercard with them and closed it 6 months later. I do think it's interesting that they now offer an amex. I wouldn't personally sign up for one but I do understand the appeal.