Credit One Omni AmEx now listed on site.

[AndrewF]

The Credit One Omni AmEx is now listed  on their site.

I unfroze my reports and removed the fraud alerts to sign up for it last night ($10,000 minimum limit, 2% cash back, $200 bonus for spending $1,000 in 6 months, no annual fee), but their "jungle application system" said I did not qualify for it and tried to sign me up for a Credit One Premier AmEx with a 1% rewards rate, no welcome offer, and $39 annual fee.

Since everything I have is better than that, I backed out of the application and will try again in a few months when the bankruptcy charge offs that TU early excluded fall off my Experian. They might say yes then.

It felt very odd to have cards from most major issuers including AmEx themselves, and get told no by Credit One, but whatever.

If an offer is not  attractive, you leave it alone and try again later.

Anyway, if someone was wondering about this card, you can apply for it without being targeted now, but be on the lookout for the jungle application system and don't get tricked into taking something else you don't want.

The jungle application is a soft credit check, you you can come back as often as you want and try again for the Omni.

Credit One has typically been a deeply subprime bank that charges a lot of fees and has been accused by reputable agencies as playing it fast and loose with some of the debt collection laws. Most of their products are unattractive to people who can do business with any other bank.

However, they now have  at least a couple cards that are only mildly subprime credit builders (like the Premier AmEx with 1% rewards and $39 annual fee), as well as at least two cards for good credit (the Best Friends and the Omni AmEx).

If they truly are moving away from the subprime model, perhaps I will do business with them someday.

[crystal626]

29.74% APR for "excellent" credit is crazy. I hate that we have hit that timeline.

[crystal626]

FWIW they seem to want me. 

Gardening though and not going to step out for a $200 bonus with a creditor that's known to be untrustworthy (to say the least).

[AndrewF]

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@crystal626 wrote:

FWIW they seem to want me. 

Gardening though and not going to step out for a $200 bonus with a creditor that's known to be untrustworthy (to say the least).

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Yeah, most people who were being targeted for it under the "not a public offer" were saying they had a FICO 8 score of between 750 and 850 on most of the bureaus.

Mine are 716 TU, 700 EQ, 685 EX right now.

According to a fast search, Credit One typically soft pulls EX, and that's my worst score. However, in a few months with the old charge offs from the bankruptcy gone, my EX might be good enough to try again.

EX seeems to be the most common hard pull for credit cards, at least in my experiance, then some issuers also ask TU. A few only ask TU (Barclays is one). The only time I had anyone ask EQ it was Capital One where they pull all three.

I'm not very concerned about my FICO score or a hard pull ending up on EQ as it almost never happens unless it's Capital One, where I have most of their cards already anyway, or a mortgage loan, which I am never going to have. The car loans I've had before, none of them even ended up asking EQ anything. I had one apartment use EQ, but that was in 2003, and it's never happened since then.

If there's an opportunity to quickly and easily improve my EQ report, I'll take it, but it's not the most important bureau.

[Follower]

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@AndrewF wrote:

However, they now have  at least a couple cards that are only mildly subprime credit builders (like the Premier AmEx with 1% rewards and $39 annual fee), as well as at least two cards for good credit (the Best Friends and the Omni AmEx).

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I've gotten $250 back (in statement credits — the only redemption option) every year I've had my Best Friends Visa.

Veterinary prescriptions count for the 5% rewards as well as pet food and supplies (which I found is not the case with my Citi Strata MC's pet category).

Like their other cards for better credit, it does have a high (27.49%) APR, which has never been an issue for me since I PIF the statement balance.

[AndrewF]

If you always PIF, interest rates don't matter.

If you don't PIF, you're getting walloped by interest on any credit card.

It's not like typical banks charge much less than the Credit One Omni. American Express and Capital One will absolutely go to 29.74 or higher.

If you don't qualify for 29.74%, that's about  where AmEx just won't give you a card at all. Capital One goes into the 30s sometimes.

Neither AmEx nor Capital One have any personal cards with 2% cashback on everything. The Capital One Quicksilver is 1.5% and most of AmEx have an "everything else" rate of 1% or less.

Some other banks have a 2% card, but the interest rates trend higher because at 2% they're not making much profit off people who just slide the card.

[ElvisCaprice]

     Has nothing of value, for myself, long term, being an AMEX (limited), only 2% flat (when there are 3% flat CC's), subprime lender, no good PC options and a hard pull on Experian (AZ).   At the end of a Spree for a churn, maybe?

[crystal626]

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@AndrewF wrote:

If you always PIF, interest rates don't matter.

If you don't PIF, you're getting walloped by interest on any credit card.

It's not like typical banks charge much less than the Credit One Omni. American Express and Capital One will absolutely go to 29.74 or higher.

If you don't qualify for 29.74%, that's about  where AmEx just won't give you a card at all. Capital One goes into the 30s sometimes.

Neither AmEx nor Capital One have any personal cards with 2% cashback on everything. The Capital One Quicksilver is 1.5% and most of AmEx have an "everything else" rate of 1% or less.

Some other banks have a 2% card, but the interest rates trend higher because at 2% they're not making much profit off people who just slide the card.

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They're not all terrible. My FNBO Evergreen gives 2% everywhere and is 19.49%. My Wells Fargo Active Cash was 18.49% before I closed it. My Citi Double Cash (which is now a Custom Cash) was 17.49%. That's to say nothing of my Navy Federal cashRewards at 13.15%.

Yes, paying in full makes the interest rate not matter, but a lot of people are just one missed paycheck away from being unable to pay their bills and that's exactly what these predatory cards bank on.

[Tdatb64]

I just received a "pre-approved" mailer for this card a couple days ago. My FICO scores range from 745 to 771, depending on bureau/model and I'm less than 4 months from my last 3 new cards. $10G would be my 2nd-highest limit but I believe I'm gonna pass on this one, as well as the Fifth Third 1.67% cash back card I received a "pre-approved" mailer for the same day. 

[ptatohed]

https://www.creditonebank.com/credit-cards

I'd be all over the X5........... sans the AF.   :-S

Same with the Wander.

Best Friends, no AF, could be a good one for people with lots of pet spend.