Credit one

[Anonymous]

I recently was discharged, 6/6/16. My charge off date with capital one was july 5th 2015, so I can not get a cap1 card till after 7/6/16 and following the bank-700 plan I tried successfully to prequal for credit1. Looking at the terms I came accross this. 

Set-up and Maintenance Fees NOTICE: The Annual Membership Fee will be billed to your Account when it is opened and will reduce the amount of your initial available credit. If your Account is established with a credit line of $300, your initial available credit will be $75. • Annual Membership Fee $24.95

Lists my anual membership as $25 but states that if my initial credit wouuld be $300 available credit would only be $75 ? 

The offer also lists 0 enrollement or over the limit fees. 

Any ideas? thoughts? is this a typo in the offer? or is there a $200 fee I'm missing ? 

Thanks. 

[Anonymous]

I got that same offer with the annual fee of $24.95, but when I got the card in the mail I was charged the full $75 fee. Of course I called & gave them an ultimatum.. Either they credit the account $50 or I don't activate the card. They agreed to credit me $50 so I kept the card for now, but I'll be cancelling next year b4 the annual fee hits.

[Anonymous]

I don't plan on keeping it longer then a year either. But even if they charged the full $75 the limit if they started me at $300 should be $225 ... Not $75. Totally stinks going from all prime lenders to this subprime nonsense. I know it's a building process and I'll be better off in the long run. Doesn't make me happy about such shady misleading offers.

[Anonymous]

Yes I totally agree with you! But credit one is known for their shady practices. I shouldn't have applied to begin with but the typo of $24.95 sucked me in. I keep mine to help with utilization only & no other reasons. It's stashed away until it's ready to be canned

[Datx]

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@Anonymous wrote:
I don't plan on keeping it longer then a year either. But even if they charged the full $75 the limit if they started me at $300 should be $225 ... Not $75. Totally stinks going from all prime lenders to this subprime nonsense. I know it's a building process and I'll be better off in the long run. Doesn't make me happy about such shady misleading offers.

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Are you positive the limit will be $75 and not $225. I checked their terms and conditions, and it looks like all of their credit cards have a minimum of $300 credit line, and their annual fees range from $0 to $75. 

Part of the T&C on their website:  An Annual Membership Fee of between $0 and $75 will be billed to your Account when opened. It is refundable as long as you cancel your Account and have not made any transactions

[Anonymous]

I'm positive I copy and pasted those terms from my email offer. I did not retype them. I find the offer odd, that's why I asked. I'm sure I could call them and find out for certain but I thought someone here might be able to shed light.

[Anonymous]

IMO dont do business with them , start off with a fingerhut account buy something small no more than 50 dollars. Wait untill you can get in with capital one , and grab two personal cards from them wait 30 days and get the spark clasdic business card ....3 cards and an installment loan perfect mix