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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.
@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.
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?
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.
@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.
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.
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.
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.
Did they permanently remove the AF?
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.