Credit One trying to move up

[sccredit]

Recently saw an ad for a new card from Credit One, the Wander, and noticed it looked very much like a quasi-prime card. Looked at the Credit One site and while their overall offerings are still pretty meh, it appears that they are attempting to make some moves. Overall, nothing remarkable and I am not running out to replace any cards but it is nice to see them trying to move up a bit. I was never one that hated on them, after my BK they served a purpose and when I moved on I cancelled and have nothing bad to say about them. Just a few of their newer offerings (or maybe older and I am way late to the party lol)

X5 card - $95 Annual Fee

5% cash back rewards on the first $5,000 of eligible purchases on gas, grocery, and internet, cable, satellite TV and mobile phone services each year, then 1% thereafter†
Unlimited 1% cash back rewards on all other purchases†
Automatically get up to 10% More Cash Back Rewards from participating merchants†

Wander Card - $95 Annual Fee

Earn 10,000 bonus points after spending $1,000 on eligible purchases in the first 90 days that can be redeemed for a $100 statement credit, gift cards, or travel†
Earn 10X rewards points on eligible hotels and car rentals booked using the Credit One Bank travel partner, 5X rewards points on eligible travel including flights, dining, and gas purchases, and 1X rewards points on all other purchases†
Redeem your Wander Card rewards points for statement credits, gift cards, merchandise, and more†

Platinum Rewards Visa - No Annual Fee

2% cash back rewards on eligible purchases of gas, grocery, and internet, cable, satellite TV and mobile phone services†
Free online access to your credit score†
Automatically get up to 10% More Cash Back Rewards from participating merchants†

Vegas Golden Knights Card - $0 Annual Fee for Excellent Credit, $39 for Average and $75 for rebuilding

1% cash back rewards on eligible purchases of gas, grocery, and internet, cable, satellite TV and mobile phone services†
Stunning Vegas Born designs for showing off your team pride
NEW exclusive deals, discounts and experiences for Vegas Golden Knights fans coming soon!

[Blender]

I know the wander card has been around for some time, i dont know if its always had that benefit structure as i never looked into it. I cant say anything bad about them either, honestly. I just closed one platinum yesterday and have one more to go. Its funny that as soon as the account was closed, the x5 appeared in the app as "you've been pre approved." No thanks

[markhs777]

I call Credit One many things however "quasi prime" will never be one of them.

[Jeffster1]

Nope. 

[mfinsmi1]

whats that expression about dressing up a pig in lipstick ?

[FinStar]

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@sccredit wrote:

Recently saw an ad for a new card from Credit One, the Wander, and noticed it looked very much like a quasi-prime card. Looked at the Credit One site and while their overall offerings are still pretty meh, it appears that they are attempting to make some moves. Overall, nothing remarkable and I am not running out to replace any cards but it is nice to see them trying to move up a bit. I was never one that hated on them, after my BK they served a purpose and when I moved on I cancelled and have nothing bad to say about them. Just a few of their newer offerings (or maybe older and I am way late to the party lol)

X5 card - $95 Annual Fee

5% cash back rewards on the first $5,000 of eligible purchases on gas, grocery, and internet, cable, satellite TV and mobile phone services each year, then 1% thereafter†
Unlimited 1% cash back rewards on all other purchases†
Automatically get up to 10% More Cash Back Rewards from participating merchants†

Wander Card - $95 Annual Fee

Earn 10,000 bonus points after spending $1,000 on eligible purchases in the first 90 days that can be redeemed for a $100 statement credit, gift cards, or travel†
Earn 10X rewards points on eligible hotels and car rentals booked using the Credit One Bank travel partner, 5X rewards points on eligible travel including flights, dining, and gas purchases, and 1X rewards points on all other purchases†
Redeem your Wander Card rewards points for statement credits, gift cards, merchandise, and more†

Platinum Rewards Visa - No Annual Fee

2% cash back rewards on eligible purchases of gas, grocery, and internet, cable, satellite TV and mobile phone services†
Free online access to your credit score†
Automatically get up to 10% More Cash Back Rewards from participating merchants†

Vegas Golden Knights Card - $0 Annual Fee for Excellent Credit, $39 for Average and $75 for rebuilding

1% cash back rewards on eligible purchases of gas, grocery, and internet, cable, satellite TV and mobile phone services†
Stunning Vegas Born designs for showing off your team pride
NEW exclusive deals, discounts and experiences for Vegas Golden Knights fans coming soon!

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Thanks for posting this, OP.

Generally, a variety of folks are going to continually bash them for their own reasons, and there will be others who are grateful for providing a pathway to better products given the alternatives, especially for folks who had to rebuild from scratch. 

I've never had any of their cards, but it seems they are attempting to get a good share of the not-so-perfect-credit market by providing more flexible CC products with rewards and even some without annual fees. Bottom line, Credit One is not for everyone and folks can make informed choices on other products, but for those who have been provided a stepping stone of some form in their credit journey, seems like a step in the right direction. I mean, if they can collaborate with a well-known entity like American Express to reach different customer segments, more power to them.  

[Remedios]

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@mfinsmi1 wrote:

whats that expression about dressing up a pig in lipstick ?

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I'm not sure what you mean by that 

You're rebuilding, so clearly someone didn't get paid. That makes you a high risk customer. People default on secured cards, let alone unsecured credit, regardless of how low limit may be. 

Credit One has a chunky default rate, you can see in RYC some who have defaulted on multiple credit one cards, multiple times.

So the idea behind high risk lending (very subprime) is that lender will attempt to partially  collect via fees and/or no grace period in advance to cover losses.

Is it ideal? Nope, but not every non-ideal lender is predatory or whichever other term is being thrown around on any particular day.  

So, before righteousness indignation fully takes over,  complete with pigs and lipsticks, please remember there was a time you'd consider yourself lucky to get one of their cards mentioned in this post. 

Another thing, many around here still find them necessary so your "lipstick on a pig" is someone's way out. 

[mfinsmi1]

@Remedios if you dont understand the joke then please dont try to draw conclusions about what im referencing and trying to make me seem like im making fun or targeting people who need them, ive had credit one years ago myself thank you - this is merely about my own personal views on the creditor which i am allowed to have on here as this is a forum to express opinions 

[Remedios]

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@mfinsmi1 wrote:

@Remedios if you dont understand the joke then please dont try to draw conclusions about what im referencing and trying to make me seem like im making fun of people who need them, ive had credit one years ago myself thank you 

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Except you weren't joking. I'm familiar with concept of "funny"

I suppose if showing contempt is "joke", then you did make one. 

I'm not making you seem like anything, I am commenting on what you said which is "what's the point of putting lipstick on a pig" 

That doesn't require conclusions to be drawn, an act of "placing lipstick on a pig" is a conclusion about an event that happened, credit one releasing new cards, and that's what you concluded, not me.

I merely quoted you and explained why Credit One does their business the way they do. 

What you do with it (including putting lipstick on my post), it totally up to you. 

[mfinsmi1]

@Remedios how about we let this forum continue to be about credit one , without finding the need to come after me because u disagree with what i said.