Credit One Bank - Annual Fees Waived and More!!

[Anonymous]

After reading posts and taking some advice I decided to close my credit card. I don’t need the card and have much better cards in my profile, I was keeping it to have a lower overall utilization. I also thought closing a credit card would hurt my credit and I didn’t want to lose points now but rather later when my scores are higher.


Anyways, on to the process. I called to close and had to go through the run around circle on the automated system until it finally sent me to a representative. I advised I wanted to close and told them the annual/monthly fee was too high and I don’t like I can’t pay more than 4 times a month or in a period.

Offer
The rep offered no annual fee through the rest of the year and a credit of the total balance I had now ($14.60, $8.25 is fee). I told her that wasn’t enticing and I still wanted to close. She then offered 200 limit increase no pull, no fee, and available instantly along with previous offer. I thought for a moment and accepted. She proceeded to advise me on January when the fee resets I will have another offer to have it waived if I stay current.

It’s not what I wanted to do, but I did get an increase which will help me overall with utilization. I plan to have all my cc’s paid by December. This card will be canceled before fees start again. I didn’t know cc’s waive fees or offer bonuses when you tried to cancel. I wish I had done this earlier as I’ve had the card two years already. If you have this card I would recommend calling in to negotiate the fees.

[pipeguy]

Based on your posts you are zero for 2 in attempts to close subprime cards - I understand the retention offers because they expect to "bait and switch" you until you pay AF's again and run balances at high APR's. As you mentioned in this post "you have much better cards and you don't need them" my advice is to listen to your posted statement and dump the subprime cards when they are no longer of use.  

[Jnbmom]

Yes call back and cancel you don't need them. 

[FireMedic1]

Same applies from your other thread. Same responces are going to come in. Close em both. https://ficoforums.myfico.com/t5/Credit-Cards/First-Premier-CC-Tried-to-close-FAIL/td-p/5351948

[Cred4All]

+4,5,6,7,8 and more to Close them.  They served a purpose and that need has been filled.  Time to appreciate what you've achieved and close those down.  Call back, break up with them, forget the memories .

[BarryNTexas]

CreditOne, or the likes, is expendable to anyone building or rebuilding their profile once it's no longer needed.  Close and move on.  You'll be thankful in the months and years ahead. Example, if you ever have a face-to-face review of your credit history it's easy to explain off subprime lender usage as a jumpstart your rebuilding process and to which you quickly closed once not needed.  Good luck.

[Anonymous]

Everything they offer for retention you already get from other cards with better rewards, the card is still an useless sock drawer no rewards card that you have to track and worry about at end of year. It's like trying to get out of an abusive relationship, would you go back to it if promise was made for no more abuse for the next 3 months. The card has been preying on you for years while you were down, call back and cancel it and never look back, you will feel better without it in your wallet. Same goes for First Premier.

[Viva-LV]

Credit One serves a purpose, at a fairly high price.  I drive by their new, fancy building on the 215 here in LV!  Their retention offer of waiving the monthly fee is typical - only to come back when the offer expires.  You'll find that they have a credit limit ceiling: I think around $5k.  All replies will tell you that you can do better.  I'd start fielding other cc offers, and cancel the fees and the headache.  Cut your ties when you can!

[Anonymous]

Once I’m in 700’s I will cut them off. I expect that within the next month or so.

[Anonymous]

I kept reading waiting for the compelling reason to keep the card.  The compelling reason never came.