credit one amex no annual fee

[Anonymous]

Hi,

I pre approved for a credit one amex wtih no annual fee ( yes I check before apply).

I apply but it went pending and said that I will receive a verification letter in 10 days 

I am not sure if I should continuing with this application.

Is this a good card? I have heard that this bank have a bad reputation.

Does anyone have a good experience with this card?

[SoCalGardener]

With the understanding that I have *no* personal experience with them, Credit One has a TERRIBLE reputation. They're geared toward a specific demographic, i.e., people who can't get credit elsewhere, and they charge outrageous fees and interest for the 'privilege' of carrying one of their cards.

When I first heard that Amex was somehow involved with Credit One, I thought it was a joke! I mean, really, one of the most respected, prestigious banks pairing up with one of the worst? But evidently so. Maybe that particular card is good. Did you read its terms? Like what its APR range is, and what kind of fees it charges? Let's wait to see what others can add.

[Anonymalous]

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@SoCalGardener wrote:When I first heard that Amex was somehow involved with Credit One, I thought it was a joke! I mean, really, one of the most respected, prestigious banks pairing up with one of the worst? But evidently so. Maybe that particular card is good. Did you read its terms? Like what its APR range is, and what kind of fees it charges? Let's wait to see what others can add.

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It's still CreditOne. AmEx is just the payment processing network.

@Anonymous, CreditOne is for people with no other options. Even if your credit is poor, it's much better to plunk down a few hundred dollars and get a secured card from a reputable institution, like Capital One, Discover, or Navy Fed. And since you qualify for the no AF version of the CreditOne card, your credit should be good enough to qualify for one of them.

[TheRedHat]

I second getting secured cards over Credit One. They have various rewards and cash back options and don't charge annual fees. They also graduate to unsecured cards with responsible usage. 

[Goos]

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@Anonymous wrote:

Hi,

I pre approved for a credit one amex wtih no annual fee ( yes I check before apply).

I apply but it went pending and said that I will receive a verification letter in 10 days 

I am not sure if I should continuing with this application.

Is this a good card? I have heard that this bank have a bad reputation.

Does anyone have a good experience with this card?

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I have this card zero annual fee and 2k limit . It's 19.9 . Payment posts in a couple days and there is no issues otherwise . They have low end stuff and they have more middle of the road cards . It has 1% cash back and you get many of Amex perks like presales and what not . It's a pretty boring card . But credit one gets it rep because people don't read . I had a visa of theirs with a 39$ annual fee . They then offered me this . I took it because why not ? I have no issues or problems . And they couldn't careless how long it sits inactive . They have a decent app . People on this forum have a weird problem with status symbols and perception . If the card works for you , then I wouldn't worry about it . There is no fee for it . 

[Nikame81]

Right! Everyone can't get access to better cards right away and can't always afford to put hundreds or thousands into a secured card!!

[Spectre7_Reup]

--This--  @Anonymous,  I also have this card, and while I only have a 1K limit (and a much higher APR @ 23.99) it's never given me any problems. The app works well, and as long as you're not late on payments (which you should never be) then the card just works. It's currently SD'd right now because (it's definately NOT sexy) AND I have other cards with rewards I want. But make no mistake: Credit One is just like other card issuers (i.e. Capital One, Indigo, Milestone, etc.) who market to a certain credit customer. And while I'd agree that there are better secured options out there - not everyone who applies for a card like this can afford the cash investment necessary in a secured account.

As @Goos stated; If the card works for you, then I wouldn't worry about it. Particularly if there's no annual fee. As I was doing my rebuild, Credit One (Visa + Amex) were 2 of the cards in my stable. I only kept the Credit One Amex out of nostalgia (especially since I recently got back in with the real AMEX with an approved BCP account)

YMMV, but accept (and use) the card only if it serves your current credit goals. I hope that helps. GL😁

[Steveo777]

I would have never gotten this card if it were not for a preapproval with no annual fee. They are offering some low and no fee products, as well as lower interest rates for some folks. That tells me that are broadening their spectrum of customers. I had a few other cards, but I grabbed it as a test, because I knew it had no AF and I want to see if there is any growth. It's still too early to tell, as far as credit line growth, but I'm not losing anything by having the card either. Some people get hissy because it takes them a few days before the payment posts to balance, but I don't worry about it, as I also make my payments well before due.

[millionsofmiles]

Don't have one and don't want one, but I do have a cautionary tale to offer regarding CreditOne's tragic "Customer Service." 

A buddy of mine had a CreditOne Amex which was compromised. He reported the fraudulent charges right away. The lack of support was  astounding. They made him PAY the fraudulent charges while they did their "investigation."  He was in rebuilding mode and didn't want to take the chance that CreditOne would report his account late if he didn't pay.

He called week after week, and was put off time and again. No communication whatsoever from CreditOne. After 90 days, he gave up and closed the card. He said it was worth eating the payment as long as he didn't have to deal with them again.

I guess it may be OK if everything is going well, but after hearing this, I would never take the chance. 

He also said they tried to make it very difficult for him to close it. 

[Anonymous]

I recently was approved for the Credit One Amex @$1,500. Glad to get back in after the last few tumultuous years I have had. I'm in full rebuild mode.