Credit One and their annual fee

[Anonymous]

Hey guys

I might sound like a fool for asking this, but I don't really understand the situation and whether it's wrong of them or if it's normal.

So Credit One's annual fee comes out monthly ($8.25/mo).  I am willing to pay this to keep the card.  I know it's a sucky card, but it is also my oldest card at over 10 years old.  I think it will really hurt to close this one, so I keep it and I just let Disney+ charge on it and pay it in full every month.

That said, I'm aiming for AZEO and make sure the balance is zero.  I log in and double check the balance every pay day, even if I've already made a payment.  So I logged in Friday the 19th (payday) and balance was 0.  Checked my credit report the next day because I knew they report around the 19th.  It did report - a balance of 8.25.  I logged in and sure enough, it's the annual fee.  I checked my past statements and they always charge on the statement closing date - even though the payment due date is several days earlier (the 15th)

So does anyone have any tips on how I can actually have this card report 0?  Because it seems like they charge their fee and then close the statement before I can even do anything!  I had just logged on earlier that very same day and it was 0.

[Remedios]

Close it, it will stay on your report for up to 10 years after it's closed.

That's the easiest solution, you are paying fee for nothing. 

By the time it falls off your report, other cards will have aged just fine. 

If you insist on keeping it, you will need to push a payment from your bank to cover a monthly fee so it does not report. 

[jcooks]

You can push a payment from your bank.  Some have had success.  I would just recommend closing it as it will still show on your report for length so it shouldn't hurt.  The only negative really is losing the CL, which could potentially drive up UTI, but with everything AZEO, this shouldn't be a problem.  Cancel and don't look back.  I plan to once my period of $0 AF for 3 months runs out when I last called to cancel last time lol.

[AverageJoesCredit]

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@Anonymous wrote:

Hey guys

I might sound like a fool for asking this, but I don't really understand the situation and whether it's wrong of them or if it's normal.

So Credit One's annual fee comes out monthly ($8.25/mo).  I am willing to pay this to keep the card.  I know it's a sucky card, but it is also my oldest card at over 10 years old.  I think it will really hurt to close this one, so I keep it and I just let Disney+ charge on it and pay it in full every month.

That said, I'm aiming for AZEO and make sure the balance is zero.  I log in and double check the balance every pay day, even if I've already made a payment.  So I logged in Friday the 19th (payday) and balance was 0.  Checked my credit report the next day because I knew they report around the 19th.  It did report - a balance of 8.25.  I logged in and sure enough, it's the annual fee.  I checked my past statements and they always charge on the statement closing date - even though the payment due date is several days earlier (the 15th)

So does anyone have any tips on how I can actually have this card report 0?  Because it seems like they charge their fee and then close the statement before I can even do anything!  I had just logged on earlier that very same day and it was 0.

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Closing an account wont hurt you as it still factors in up to 10 years or more.  $99 a year seems  like alot to keep a Credit One  open  , even 10 years old. Not sure how ro make this your azeo card but looking at your scores i rhink you might be past the need for C1 and or an azeo. If you still want it hopefully the credit experts here will guide you soon 

[JNA1]

We called in to close DW's and they did away with the AF, so we're keeping it for now. You could try that, and if they say no, just close it. It will be on your report for another 10 years, so by the time it falls you will have plenty of history on the better cards you have now. 

[jcooks]

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@JNA1 wrote:

We called in to close DW's and they did away with the AF, so we're keeping it for now. You could try that, and if they say no, just close it. It will be on your report for another 10 years, so by the time it falls you will have plenty of history on the better cards you have now. 

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Did they waive the AF for good or did they give you just 3 months?  They offered me 3 months of waived AF as well as lowered interest.  It should be expiring soon, so I will be calling them any day now.

[Anonymous]

Agreed with everyone else - you don't need Credit One at this point and paying for having it is wasting money. Your scores (and the profile that yields those scores) mean you can most likely move on and up beyond the subprime lenders.

[JNA1]

They offered a year, and DW said "No thanks, I still want to close it". They then come back and offered to waive it completely and she said she'd leave it. I keep a close eye on it, but so far it's not shown back up. 

They've even sent a couple of decent extra cashback deals recently. These offers stack on top of the regular 1% cashback, so we've even made a few bucks of them.

[nwa479]

I called to close mine and got them to wave 3 months.  I plan to call them back and try to get them to wave the AF completely

Also you won't need to push a payment.  Just post a small amount of spending to the card and select Other amount and pay enough extra to cover the 8.25.   I'm not sure what their limit is.  Some cards will let you pay about ten percent extra. Comenity MC won't let me pay any extra.  I haven't figured out Credit One's limit.  

I will close this card within the next year anyway.  I'm closing all sub prime cards as I replace them with others.