Yes, do whatever you can to never do anything with Credit One.
Because Credit One, is a preditory lender and they seem to charge fees that a reputable issuer wouldn't charge someone. I would always recommend someone starting with a secured card, and to never get a Credit One account.
I have the card , no fees other than annual fee. They started me with a $500 limit but I pay in full and use it as a revolver should be used , so I can charge any where from 1000 to 1500 a month through it. Processing payments take a little long 2-3 for available credit to update but it's a good starter card. The rewards are pretty good and they always seem to have a promo going on like get an extra $10 if you spend 200. So the card is decent if you ask me the only other reward card I have is the capital one QS1 and that has a limit of $5000 . But I still pay for my groceries and gas with the credit one. I don't qualify for chase or Amex trifecta so I made my own trifecta . With the QS1 , Credit one rewards visa , and my debit card which give me .10cent back on all transactions over $10. Overall I'm satisfied . If you can maximize the rewards of other cards with this card I think it's a good bet
Odd because my Sister been with Credit one for 3 years started with $500 and now her limit is $3000 the only fee she has been charged is the annual fee. 2 weeks ago she got an invite for the Credit one Amx card with an invitation code and was approved with no annual fee with a limit of $1000 so as you can see I think it depends on the customer itself on how you handle your account with Credit One!!
My BK was discharged 7/2/19, on 7/28/19 Credit One gave me a card with a SL of 2000. The only fee I have ever paid is the annual fee, which I agreed to, the line is $2400. I had to dispute an unauthorized charge a VRBO company made, Credit One handled the dispute promptly, credited my account the amount of the dispute while it was under investigation, and has never taken advantage or been predatory to me in any way that I have been with the company.
I have since gotten an offer for another card, $1500 limit with standard grace period. My point being is yes they are a subprime lender, but generally they will give someone a leg up start when no one else will. Based on my own personal experience with them, I have never understood the hate they get from some on this board. I genuinely think that people piggy back off of what others say rather than their own experience.
My point being is yes they are a subprime lender, but generally they will give someone a leg up start when no one else will.
Right, and as was said earlier in the thread (a year ago), not alll their cards are created equal. Some as still fee harvester, but others are somewhat decent, so look at the card rather than just the issuer.
I recently dumped on someone pushing First Premier, because all their cards are horrible. If they produced a card like the Platinum Rewards Visa, while it wouldn't be a FotM, it would go some way to changing their image.
You pay for each CLI and also you pay for each card that gets lost. I never received a card when mine expired and I was charged to replace it.
How interesting a card is to a specific person is a function of both (1) the card's terms, and (2) the person's other options. It's easy to assume every credit card product is on the table, and focus only on (1).
For someone who doesn't have a lot of rewards options, the credit1 platinum doesn't look too bad. But I think it's more accurate to think of it as a 3% (best-case) card, rather than a 5% card. Others have done the math. If you use 100% of that $5k cap, your return (after AF) is $155. About 3%.
If that's the only option, then maybe it makes sense. But lots of issuers, including a lot of credit unions, have "3/2/1" cards with no annual fee, 3% on one category, and 2% on the other. I'd favor that over a credit1 product. I'd also look at the Amex prequal page to see if there are offers for the everyday BlueCash card, which is also 3% at supermarkets, has a $6k cap, no annual fee. Also, it usually has a signup bonus. But even if Amex decides you're marginally qualified, and doesn't offer you the bonus . . . credit1 platinum has no bonus, either, and I'd favor BlueCash.
Short version: Depending on credit situation, I wouldn't completely rule it out, but it's more of a 3% card than a 5% card, and there's lots of competition in the "3% rewards with spending cap" space. Definitely explore all options before taking a credit1 offer. My $.02