@FicoMike0 wrote:Let's see a show of hands, who thinks credit one sux big hairy donkey dorks and howls at the moon?
I was also looking and they sell CDs and they have High Yield Savings Accounts, but they're both Jumbos.
They pay a decent rate. This suggests to me that they want to attract a lot of depositor money from some whales, even if they have to pay slightly above market rates on it, in order to fund their operation, which appears to blast credit card pre-approval letters at folks who haven't even lived in my apartment building for many years (suggesting that Credit One also doesn't care about efficiency in their mailings).
The fact that they target aggressively people who live in this dump (the only thing good about my apartment building is, it's cheap and the former landlord would deal with me 3 months out of my bankruptcy) suggests that they might figure poor and fiscally illiterate people are the primary denizens of the building (and they'd be right), and that there are some easy people to debt trap because if they had enough money to escape their debt, why would they live here.
George Carlin: "You used to be able to say poor people lived in the slums....now it's 'The economically disadvantaged individuals occupy substandard housing in the inner cities." 
That the bank wants deposits of at least $100,000 suggests that they are NOT targeting those same individuals on that end and that they don't want to be primarily in the depository business. They seem to just want enough funds to back their credit card schemes.
Anyway, I'm wondering about the verbiage that they use in their press statements.
Many of the banks that are not the best, who deal with the "economically disadvantaged" with products that some might call predatory or fee harvesting always talk about the "opportunities" they are "extending" to the "unbanked" and "underbanked".
Then when you take them up on those opportunities, you are "under-banked" in the sense that the entire bank lands on top of you with their legal department, regarding the arrearage.
Anyway, I should look into this because many banks use that a lot on you, like it's some sort of a favor, and it would amuse me if Credit One has ever said anything like that. I don't know if they have or not.
CAPITAL (not Credit) One did the other day when discussing the "community benefits pakage" related to the proposed merger of Discover.
I think we can all appreciate the irony of a bank that throws credit cards at people and sues the ones that don't pay into the ground who has a CEO named Richard Fairbank.
In my year experience with them I never paid for a CLI. Got an auto CLI from $300 to $500 at month 6, coming up on the year mark I called them and told them I was going to close it because the limit is useless and I'm not paying the AF. They gave another "complimentary" CLI to $700, cut my APR down to 12.9% from 29.94% for 6 months and waived my AF. Not that I'm going to use it, but kept me from closing it.
