topic Re: Credit One - $75 annual fee!? in Credit Cards

Credit One - $75 annual fee!?

Anonymous — Wed, 14 Apr 2010 23:02:14 GMT

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

Re: Credit One - $75 annual fee!?

MarineVietVet — Wed, 14 Apr 2010 23:10:05 GMT

@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.

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

Re: Credit One - $75 annual fee!?

Anonymous — Thu, 15 Apr 2010 00:58:10 GMT

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?

Re: Credit One - $75 annual fee!?

Anonymous — Thu, 15 Apr 2010 01:11:17 GMT

@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

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

Re: Credit One - $75 annual fee!?

MarineVietVet — Thu, 15 Apr 2010 01:17:45 GMT

@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?

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.

Re: Credit One - $75 annual fee!?

Anonymous — Thu, 15 Apr 2010 03:15:27 GMT

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

Re: Credit One - $75 annual fee!?

Anonymous — Thu, 15 Apr 2010 03:36:32 GMT

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.

Re: Credit One - $75 annual fee!?

lkcrew426 — Thu, 15 Apr 2010 03:46:08 GMT

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!

Re: Credit One - $75 annual fee!?

Anonymous — Thu, 15 Apr 2010 18:20:33 GMT

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)

Re: Credit One - $75 annual fee!?

Anonymous — Thu, 15 Apr 2010 19:34:47 GMT

Re: Credit One - $75 annual fee!?

Anonymous — Thu, 15 Apr 2010 21:12:08 GMT

Yeah I just went ahead and accepted it...I'll just work some overtime to pay the annual fee this month!

Interestingly enough it shows $75 AF on the online account and then it shows an adjustment where it was taken off, maybe I have to wait a few days for the AF to post to the account or me to pay it.

Also got an offer of $50 for a walmart gift card if I try ID Secure for a month ( I love free trials I can cancel 10 days into the trial and still get the freebies) Although I have read the fine print to this one as I know these trials are wrought with loop holes!

Re: Credit One - $75 annual fee!?

Anonymous — Sat, 17 Apr 2010 10:14:33 GMT

I have the card The annual fee is billed montly. if you don't use the card and just pay the $5.75 they bill per month.. it may help in utiliszation. I would keep it in order to qualify for better cards in the short term. Then you can get rid of it once you get your prime cards.

Re: Credit One - $75 annual fee!?

tray — Sat, 17 Apr 2010 11:14:58 GMT

Credit One, First Premier cards are rip off cards cards and try to bleed you dry for your money believe me I had a first premier card at one time for not knowing better, but once you get your scores up higher maybe you should try for a store card you would start to have a mix of credit reporting and no annual fee. Good Luck

Re: Credit One - $75 annual fee!?

BungalowMo — Sat, 17 Apr 2010 19:06:08 GMT

While the AF's are a pain, I had this card for over 5 years. When my credit was circling the drain, this was the one that approved me. Every 6 mos, ask for a CLI & (if you keep a good history with them) you get $100 every time. So, the $300 card can be a $500 card this time next year. I had actually started asking for my CLI's every 4 to 5 mos & got them. NO hard inq's either.

Yes, the fees are high, but I knew it was the price I had to pay to begin my credit repair journey. It's better than a slew of Inq's for cards that deny you, and then you still have no TL to show for it. It will serve you well as you repair, then after a fw years & your scores & reports improve, go for the sweet prime card & tell Cr One "thanks, but no thanks"...close it!

my .02 ...Mo

Re: Credit One - $75 annual fee!?

Anonymous — Sun, 18 Apr 2010 21:47:34 GMT

Happened to me, I applied online, I new it to be a bottom feeder card but was trying to build a credit score. On the website it said NOTHING ABOUT THE $75.00 fee, so to my surprise when I received my card and activated it, I had $75.00 on a $200.00 card. I was so angry. I checked the website again just in case I missed something...I hadnt. I called customer service and went around and around with them. I even made the manager go to the website and check to see if the was disclosed. She was agreed it was not. She stated she would investigate and follow up with me. A few days went by and she called. She stated the $75.00 was an enrollment fee and I was being charged $5.75 a month for the annual fee. Again I said where is this on the online application? She stated the website had not updated when I did my application and it update midnight of the night I applied. I said that was FALSE ADVERTISEMENT and demanded a credit limit increase or a credit. in the end she refused only credit $20 of the $75.00. Keep in mind this all took about a week and the card posted to my credit report with a high limit of $75.00 which tanked my score 49 points. I immediately paid the the $50.00 bucks remaining as I am trying to buy a house and want to build a solid score. FYI Credit One did change there website shortly after this issue. This was around February when the credit card reform came into effect. My scores did go up the next month but never full rebounded to where they were before. Before this I was at 699, they tanked to 650 and then to 623, now they are at 661 (My Fico equifax score)

Re: Credit One - $75 annual fee!?

Anonymous — Sun, 18 Apr 2010 22:41:31 GMT

What a pain in the ass that was ZC, yeah bottom feeder cards still it's what we have to do to improve our future fortunes!

It took 10 points for the inquiry so I thought I may aswell just go with it.

Re: Credit One - $75 annual fee!?

Anonymous — Sun, 18 Apr 2010 22:45:14 GMT

The cash advance transaction fee is waived for the first 12 months on that card, so I suppose that is kind of nice, although never in a million years would I let myself do that with a credit card(atm fees!)