Credit one

[nmorton79]

Good evening every one.....

So DH app'd and was approved for credit one cc....$200 cl(crappy but happy to have another cc---with score in mid 600 range he's still not qualifying for any other cc's )...card came yesterday and he activates it...today I get a score watch alert and it already states a $75 balance...since when do they charge an enrollment fee?  $69 for what?  If you could only see the steam rising from my ears....

Message Edited by nmorton79 on 11-22-2009 09:36 PM

[Anonymous]

I'm so sorry you got into something you weren't aware of but I believe they have always charged an enrollment fee =(  I know they did for me when I first got the card 3 years ago.  $69 for enrollment + $5.75 Monthly billed annual fee = your $75 first balance.  I know that isn't what you want to see on your statement as soon as you get a new card, but I also have this card and at least you're getting the better end of the bargin!  When I got the card in Jan 2007, I paid the $69 enrollment fee and had the $69 AF (billed monthly @ $5.75 like yours) but January of 2009 they changed all of us current cardholders' AFs to $78 (billed @ $6.50 monthly).  Well..... Now coming this January 2010, they're hiking it up to $99 AF (billed $8.25 monthly) AND also as of January 2010, there will be NO grace period.  I just love how they treat the current customers like dog doo but still offer new customers great (ok, not great, but better) deals!  *sigh* 

I truly hope they let you keep your $69 AF instead of raising it up every year like they have for me and many other Credit One cardholders.  This is a card I will not be sorry to say goodbye to in 2010.

 -Mizu

[Anonymous]

also sorry to hear about your surprise but I got this card as a rebuilder and it is good for that. I have only had it a couple of months and have already received a score boost. When I applied a couple months ago ALL credit one cards had enrollment and annual fees. Some more than others. I got the same one you received it sounds like from the fees. My advice you already agreed to the fee so go ahead and pay it and let the card build your credit. Sorry again about the unexpected charge but keep your eye on the prize of the PRIME cards you will soon be eligible for after some responsible use.

[nmorton79]

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@Anonymous wrote:

@I'm so sorry you got into something you weren't aware of but I believe they have always charged an enrollment fee =(  I know they did for me when I first got the card 3 years ago.  $69 for enrollment + $5.75 Monthly billed annual fee = your $75 first balance.  I know that isn't what you want to see on your statement as soon as you get a new card, but I also have this card and at least you're getting the better end of the bargin!  When I got the card in Jan 2007, I paid the $69 enrollment fee and had the $69 AF (billed monthly @ $5.75 like yours) but January of 2009 they changed all of us current cardholders' AFs to $78 (billed @ $6.50 monthly).  Well..... Now coming this January 2010, they're hiking it up to $99 AF (billed $8.25 monthly) AND also as of January 2010, there will be NO grace period.  I just love how they treat the current customers like dog doo but still offer new customers great (ok, not great, but better) deals!  *sigh* 

I truly hope they let you keep your $69 AF instead of raising it up every year like they have for me and many other Credit One cardholders.  This is a card I will not be sorry to say goodbye to in 2010.

 -Mizu

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So...are you saying that come Jan 2010 if there is a balance, it must ne PIF by the due date? Than the card will basically be a charge card...wow...I also have a credit one card--since 04/2008...I guess I should really pay attention to my statements because I forgot about the $69 fee, and I had no idea that the monthly fee went up to $6.50...Boy I can't wait to say good riddence to this card...

[Anonymous]

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@nmorton79 wrote:

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@Anonymous wrote:

 AND also as of January 2010, there will be NO grace period.  I just love how they treat the current customers like dog doo but still offer new customers great (ok, not great, but better) deals!  *sigh* 

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So...are you saying that come Jan 2010 if there is a balance, it must ne PIF by the due date? Than the card will basically be a charge card...wow...I also have a credit one card--since 04/2008...I guess I should really pay attention to my statements because I forgot about the $69 fee, and I had no idea that the monthly fee went up to $6.50...Boy I can't wait to say good riddence to this card...

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Well, that's only if they sent you the change in terms agreement.  Which they likely didn't since you're a new customer, right?  (or the DH is?)  Oh wait, so you both have the card?  Then DH might get the new customer 'benefits' and not have the hike in AF and lack of grace period but I'd guess that you got the little tiny thing in the mail like the rest of us did.  Mine came with my regular statement and was hidden with the random other advertisement they sneak in there so I almost didn't notice it either!  I'd for SURE check it out both of your accounts in January though just to be safe!  I called them a couple weeks ago asking to at least get the same treatement that new customers are getting but got shot down.  I can't wait to put my card through a meat grinder in a couple weeks.  Good luck to you both! 

[Anonymous]

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@nmorton79 wrote:

Good evening every one.....

So DH app'd and was approved for credit one cc....$200 cl(crappy but happy to have another cc---with score in mid 600 range he's still not qualifying for any other cc's )...card came yesterday and he activates it...today I get a score watch alert and it already states a $75 balance...since when do they charge an enrollment fee?  $69 for what?  If you could only see the steam rising from my ears....

Message Edited by nmorton79 on 11-22-2009 09:36 PM

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As bad as Credit One fees may seem, First Premiere Charges over $170 initially for similar CL's.

[bostonte]

No, no grace period doesn't mean it becomes a charge card and must be PIF.

It means you're going to pay interest even if you PIF. Similar to a cash advance, purchases would begin accruing interest immediately.

So if you charge $100 and pay it when the statement arrives, you'll have to pay interest for "borrowing" that $100 from the day you charged to the day your payment posts. 

[Anonymous]

"Fee Harvester" cards are going to come under very strict control when the final provisions of the Credit CARD Act of 2009 become active. Thank goodness for that.

[BungalowMo]

I have this card and have read about the new fee hike.  I haven't rec'd my latest statement, but if it's got the hike in it....time for them to take a hike.  I have been an excellent customer for nearly 5 years. I don't think I actually need them any more.

For the noobs to this card...it IS an excellent rebuilder.  Wait until the 6 mo point & call the # on the bill.  Ask for a CLI & they give it.  $100 every time.  Keep the balance low or at $0 & just use it for age & such.  Every 4 - 6 mos...call about that CLI.  When you get to a higher level & your reports are on the mend... then apply for a nicer card.

Even though I hated the fee....it was the first card that approved me when I looked like poo on paper!  Worth the 5 or 6 bucks per month to get some history & an upward limit.

[Anonymous]

nmorton79 wrote:

Good evening every one.....

So DH app'd and was approved for credit one cc....$200 cl(crappy but happy to have another cc---with score in mid 600 range he's still not qualifying for any other cc's )...card came yesterday and he activates it...today I get a score watch alert and it already states a $75 balance...since when do they charge an enrollment fee?  $69 for what?  If you could only see the steam rising from my ears....

Message Edited by nmorton79 on 11-22-2009 09:36 PM

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I've never heard of this place credit one is this a catalog card something like Fingerhut? Also from what you have stated about it having a $69.00 enrollment fee with a $200 Credit Limit this doesn't sound too appealing to me and it doesn't seem you are too thrilled either so my advice would be is to get rid of this card as fast as you can. Any card that has a $200 limit with high processing fee's such as this card can not be positive.

I understand your anger and frustration...

Just a few thoughts on this.....

Message Edited by JoJo74 on 11-23-2009 01:50 PM