topic Re: Should I accept preapproval? in Credit Cards

Should I accept preapproval?

Anonymous — Wed, 28 Nov 2012 02:55:57 GMT

I've just received a pre-approval from creditone for a platinum visa $1500 CL. It obviously has a high interest rate and an insane monthly "membership" fee. I'm still rebuilding i guess but I'm pretty sure I shouldn't accept it. This is what I have.

Cap1 secure $250 CL
Cap1 unsecured $750 CL
DCU Visa $1000 CL

Anyone think I should take the offer?

Re: Should I accept preapproval?

nicholasyud — Wed, 28 Nov 2012 03:01:23 GMT

@Anonymous wrote:
I've just received a pre-approval from creditone for a platinum visa $1500 CL. It obviously has a high interest rate and an insane monthly "membership" fee. I'm still rebuilding i guess but I'm pretty sure I shouldn't accept it. This is what I have.

Cap1 secure $250 CL
Cap1 unsecured $750 CL
DCU Visa $1000 CL

Anyone think I should take the offer?

Please dont on my own experience......I receive the same offer and get into their trap and can't wait to cancel my card but for some secure purpose i need to keep them for another few months then closd out before AF kick in.

pre approval for 1500 but give me only $400
$75 annual Fees after that $99.
Charge interest on day 1 for both purchase and cash advance so there is no different. You end up paid interest every months.
Poor customer service.
take 4 weeks to process the card . $75 balance up front when u receive your card.

So please stay away this crappy company unless you really need some credit. Google credit 1 review. You should see them all.

Re: Should I accept preapproval?

Anonymous — Wed, 28 Nov 2012 03:03:32 GMT

All I needed to hear. Thank You!!

Re: Should I accept preapproval?

HiLine — Wed, 28 Nov 2012 03:20:02 GMT

@nicholasyud wrote:
@Anonymous wrote:
I've just received a pre-approval from creditone for a platinum visa $1500 CL. It obviously has a high interest rate and an insane monthly "membership" fee. I'm still rebuilding i guess but I'm pretty sure I shouldn't accept it. This is what I have.

Cap1 secure $250 CL
Cap1 unsecured $750 CL
DCU Visa $1000 CL

Anyone think I should take the offer?
Please dont on my own experience......I receive the same offer and get into their trap and can't wait to cancel my card but for some secure purpose i need to keep them for another few months then closd out before AF kick in.
pre approval for 1500 but give me only $400
$75 annual Fees after that $99.
Charge interest on day 1 for both purchase and cash advance so there is no different. You end up paid interest every months.
Poor customer service.
take 4 weeks to process the card . $75 balance up front when u receive your card.
So please stay away this crappy company unless you really need some credit. Google credit 1 review. You should see them all.

I'm curious about these crappy subprime cards. When you say they charge interest on day one, does that imply that interest starts accruing right after the payment posts and they don't allow you time to pay the balance? Or do you mean they start charging interest as soon as the statement closes?

Re: Should I accept preapproval?

trumpet-205 — Wed, 28 Nov 2012 03:30:48 GMT

@HiLine wrote:
I'm curious about these crappy subprime cards. When you say they charge interest on day one, does that imply that interest starts accruing right after the payment posts and they don't allow you time to pay the balance? Or do you mean they start charging interest as soon as the statement closes?

Credit One charges you interest on purchase the moment you swipe/use your card.

Re: Should I accept preapproval?

nicholasyud — Wed, 28 Nov 2012 03:42:04 GMT

@trumpet-205 wrote:
Credit One charges you interest on purchase the moment you swipe/use your card.

Give 20 second think before you swipe your pretty Credit One cards......They come with fees and interest.....that's their benefit come with rewards package.......lol

Re: Should I accept preapproval?

HiLine — Wed, 28 Nov 2012 03:49:09 GMT

@trumpet-205 wrote:
@HiLine wrote:
I'm curious about these crappy subprime cards. When you say they charge interest on day one, does that imply that interest starts accruing right after the payment posts and they don't allow you time to pay the balance? Or do you mean they start charging interest as soon as the statement closes?
Credit One charges you interest on purchase the moment you swipe/use your card.

That sounds terrible. I can understand why people avoid it like the plague. What other cards do you know have this inhumane practice?

Re: Should I accept preapproval?

trumpet-205 — Wed, 28 Nov 2012 04:26:01 GMT

@HiLine wrote:
That sounds terrible. I can understand why people avoid it like the plague. What other cards do you know have this inhumane practice?

Open Sky Secured Credit Card also charges you interest from day 1, no grace period on purchase.

Re: Should I accept preapproval?

Anonymous — Wed, 28 Nov 2012 05:16:32 GMT

Avoid avoid avoid! I'm cancelling mine tomorrow. Good riddance!

Re: Should I accept preapproval?

Anonymous — Wed, 28 Nov 2012 07:09:03 GMT

Hell no. If you need a card for limited history apply for Capital one CC without annual fee, either cash rewards for newcomers or Cash rewards card(green one) but they will give you low limits even if approved.

Re: Should I accept preapproval?

Anonymous — Wed, 28 Nov 2012 11:56:37 GMT

Re: Should I accept preapproval?

Anonymous — Wed, 28 Nov 2012 12:10:22 GMT

This comes from my own experience. I filled for chapter 7 back in 2010. I needed a credit card and no one would approve me, so I bit the bullet and got the credit one card.

I hated all the fees! but i have to be honest this card helped me improve my credit. They even charge you to make a payment online, but there is a way around that. I just made my payments through my bank every month and there was no fee. I really hated the fees but I stuck with credit one for about a year and a half until I was able to get some better cards. So I guess it just depends how bad your credit is. My limit started with 400 but by the time I cancelled it was up to 1000.