Credit One Bank & a 2nd Premier Bank card?

[johnnyscience]

I received an email about signing up for a Credit One Bank card - what is the general concensous on this card?

I also received an email from First Premier Bank for a credit card.  I already have one through them - should I try opening a 2nd card with them or they wouldn't do that?

[IamB2]

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@johnnyscience wrote:

I received an email about signing up for a Credit One Bank card - what is the general concensous on this card?

I also received an email from First Premier Bank for a credit card.  I already have one through them - should I try opening a 2nd card with them or they wouldn't do that?

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I have a creditone bank card and I have not had any issues with them. I have not gotten much love or "benefit" (aside from them reporting to the CRAs) such as rewards, but I had no issues with them.

From what i understand (from reading) First Premier Bank is not the best and you may want to stay away from them.  Too many fees and issues.

[johnnyscience]

Aren't there a lot of fees with Credit One?

I have zero fees for first year with my new Premier Card.  They paid off my old written off debt & transfered the balance to a new card to help me re-establish credit.

[DestinyV]

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@johnnyscience wrote:

I received an email about signing up for a Credit One Bank card - what is the general concensous on this card?

I also received an email from First Premier Bank for a credit card.  I already have one through them - should I try opening a 2nd card with them or they wouldn't do that?

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Stay far away! First premier starts with a very low limit, and immediately lowers your limit by taking out a $75 fee. And the APRs are ridiculous. Is your score ok or are you rebuilding? 

[johnnyscience]

Yes trying to rebuild.  As mentioned they transfered an old charged off account I had with them to a new card with 0 fees & interest for first year.  I figure pay it off, build credit & cancel card before 2nd year fees hit.

It's been pretty painless so far & 100% of my payment goes to principal.  (only $250 to start, now down to $195 after a couple of payments)

[IamB2]

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@johnnyscience wrote:

Aren't there a lot of fees with Credit One?

I have zero fees for first year with my new Premier Card.  They paid off my old written off debt & transfered the balance to a new card to help me re-establish credit.

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My annual fee for Credit One Bank was $35. Since I put very little use on it until this month (Netflix recurring payment which has been stopped as of this month - it will be SD-ed) I have only paid $1.25 in interest after my very first statement. It was one of my first cards and didn't realize how reporting worked, so I allowed it to report a balance and didn't pay it until the due date. Other than that, no fees were ever charged on my account.

With that said, however, I have heard that some versions of the CreditOne Bank card come with a $75 annual fee.

Here is when they charged me the annual fee

Just my 2 cents..

[bigblue7722]

Everyone has different opinions on this but I would personally stay away from sub prime lenders like credit one and first premier. Look into adding a secured card with cap one or boa. Also, I would look into adding a gettinton card its like my fingerhut card but only the prices are cheaper. 

[rudy0720]

Run from both of them!

[coldnmn]

In my opinion get a secured card from sdfcu no credit check and reports to the credit bureaus.

https://www.sdfcu.org/emv-creditcards

[improvingmycredit]

Hey johnnyscience!

I started my rebuilding with these cards.  Had the Credit One and 2 First Premiers.  UGH!  Everyone has to start somewhere.  I never had a problem with either one and they helped me along pretty well.  That being said, they are terrible cards.  If you can afford all the fees, then it might not hurt you to have them for a short while but they will nickle and dime you to death..  Interest starts with no grace period, monthly maintanance fees and fees for just about anything you want... like even asking for a credit limit increase.  I got my Credit One up to $1250 limit before I nixed them and both my FPs were at $1000 too and that helped with other lenders.  If you can afford to make a deposit with a local credit union to secure a card, I'd go that route first.  If not, then use these builder lenders for what they are and dump them as soon as your profile will allow.