Credit one bank Amex

[Anonymous]

I did not consider the Amazon secured card predatory. But others did. My personal opinion is that Amazon is polarizing and anything they do is seen in the most negative light. I actually found out about the card being cancelled well after the fact. I was reading a post from someone wondering "what happened to the secured Amazon card". I had actually recommended it to several poeple. Then I was informed it was taken down within a few weeks after launch because it was relentlessly attacked for "Amazon getting into predatory lending". I tried to read an article about it but had to stop because it was so ridiculous. As someone who had to rebuild twice in my life I was great fan of secured cards. If the Amazon card had come out one year earlier I would have gotten it.

As for Credit One, when I was researching the card a few years ago here is what I remember; they had to pay fines for intentionally holding payments so cunsumers would pay late fees and over the limit fees. They had a practice of giving auto credit limit increases, then auto charging a "credit limit increase fee". A What? That's right. The consumer had 30 days to call and decline the auto CLI or they had to pay the fee. Monthly fees and expedited payment fees. If you didn't want them to slowly hold on to your payments you had to pay an extra $10.  Not to mention they intentionally imho changed their branding to confuse people into thinking they are a Capital One. This bigges thing for me was no grace period on purchase. So even if I did everything right I still paid an annual fee. Years later I came to find out that they do have card that have a grace period. But it requires credit scores that will get you better cards anyway, so why bother.

https://www.bloomberg.com/news/articles/2017-12-05/the-strange-case-of-the-look-alike-credit-cards

[Loquat]

Predatory is a word that gets used a lot around these here parts...sometimes too much in my opinion.  We can clasify a lender any way we choose regardless of their tactics, fees, or anything else they have to offer.  But what we can't avoid or dismiss is that we are all adults who have a CHOICE to choose lenders such as Credit One or any that this crew deems predatory. 

You don't HAVE to have a Credit One card.  There are plenty of secured route that one can partake of if they so desire.  So rather than bash a company for their tactics and fees the best thing one can do to show their distaste is to NEVER apply for the card to begin with.  If enough folks do this then said company may eventually change their ways...or even go out of business if enough people don't find value in their product.

However, as an adult, if we choose pick a lender such as Credit One, First Premier, or anyone else that this crew throws shame at, then we must live with the choice we have made.  You don't get to willingly do something and then cry foul as if you were forced to do it.  Credit One never made anyone apply...those who have (myself included at one point) willingly did so and when their purpose on our credit journey had been served, we cut them loose.  Nothing more, nothing less.

[Anonymous]

Well predatory lending has a legal definition. It's going after people who don't have other options, and/or intentionally deceiving and I'll add also those who don't know any better. In my volunteer work I get asked credit questions all the time. Not because I'm an expert, obviously, but because I have my own business and young people just generally associate that with "knowing out money". Lol 😂 

A great many of them just accept the Credit One offers that come in the mail and ruin their credit with Credit One's "gotcha" policies. Yes everyone on this board is an adult with access to information to make informed choices. But that is not who Credit One is targeting.

Honestly I wold love for this new venture with Amex to be a start of better banking practices from Credit One but I'm not holding my breath.

[sghosh5]

---

@Anonymous wrote:
Makes me think they’ve contracted to use the Amex payment network so they can put the Amex square on the card and try to ball that way. I’d figure it’s that rather than a co-card with Amex, kind of in the same vein as the Macy’s Amex. It’s not Amex, it just uses the Amex network.

---

Lol with Macy's at least you can expect higher limits or generous CLIs

[Loquat]

---

@Anonymous wrote:

Well predatory lending has a legal definition. It's going after people who don't have other options, and/or intentionally deceiving and I'll add also those who don't know any better. In my volunteer work I get asked credit questions all the time. Not because I'm an expert, obviously, but because I have my own business and young people just generally associate that with "knowing out money". Lol 😂 

A great many of them just accept the Credit One offers that come in the mail and ruin their credit with Credit One's "gotcha" policies. Yes everyone on this board is an adult with access to information to make informed choices. But that is not who Credit One is targeting.

Honestly I wold love for this new venture with Amex to be a start of better banking practices from Credit One but I'm not holding my breath.

---

2 words - due diligence.  I won't dive further as this topic is already starting to head in another direction and I want to bring it back around to its intended purpose.  I'm not dismissing your post but don't want to derail the thread more than it already has been.  However I'd be interested in hearing more of your thoughts about this is you wanted to discuss in a more appropriate subsection fo the forum...I do have an appreciation for the view of others even if it differs from that of my own.  

[Anonymous]

---

@Anonymous wrote:

 Not to mention they intentionally imho changed their branding to confuse people into thinking they are a Capital One.

---

Wasn't it the case that they came first (2006) and Cap One adopted their similar logo later?

[toi34]

Credit One Bank (yes, the rebuilder card) now has an American Express option?!

Here is the prequalify link:

https://www.creditonebank.com/pre-qualification/data-entry/index?C1BSourceID=C1OA_CS_19&C1BDescripto...

[britt585]

thanks..Is this a soft or hard pull?....did you get approved?

[PutThatMoneyOnTheTable]

---

@britt585 wrote:

thanks..Is this a soft or hard pull?....did you get approved?

---

Based on the language used, it similar to the Apple card, where a SP is initially used to pre-approve. You will be able to see the CL and APR you are qualified for and the option to accept or deny. Once you accept they will do a HP.

But I'm sure we will some more DP soon as this is a great offer for people who are rebuilding their credit.

[FireMedic1]

Always read the fine print:

NOTICE:   The Annual Fee will be billed to your Account when it is opened and will reduce the amount of credit you initially have available.  For example, if you are assigned the minimum credit line of $300 and your Annual Fee is $95, your initial available credit will be only about $205.

Annual Fee

$0 to $95 for the first year. After that, $0 to $99. For some Accounts, the Annual Fee for the second and future years will be divided into 12 equal portions and one portion will be billed each month of the applicable year. For other Accounts, the Annual Fee for the second year and future years will be billed annually.

Little too much for a possible $300 SL. Heck the Cap1 Savor is $95 a year.

Edit: This post was in another thread that was merged here.