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Warning if CreditOne Offers to Waive Annual Fee to Keep Card

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sfraise
Established Member

Warning if CreditOne Offers to Waive Annual Fee to Keep Card

Do NOT keep CreditOne card if you try to cancel it and they offer to waive the annual fee if you keep it!

 

In 2019 I had to file bankruptcy so CreditOne was one of the first cards I got to start rebuilding.  Obviously I knew it was a crap company and a crap card but I just figured it was something I'd have to deal with until I rebuilt enough to get rid of it.

 

By this time last year (2021) I had several much better cards and decided it was time to cancel CreditOne and get away from it's stupid monthly charged annual fee of $8.25.  I called customer service and told them I wanted to cancel but the guy offered to waive the annual fee explaining that since it wouldn't cost me anything I may as well just keep it.  Like an idiot I said OK and kept the card.

 

Fast forward to today and I get an email from CreditOne saying that I had a past-due payment and that I needed to make a payment right now.  What the hell?  I haven't used it so why would I owe them any money and be late on a payment?

 

I logged into my CreditOne account to find that they started charging me the $8.25 annual fee that they charge monthly for last month, then again this month along with a nice little late fee bringing my balance owed to $24.36.

 

I went ahead and paid their stupid slimy $24.36 and promptly called them to cancel the card again.  The guy on the phone again offered to waive the annual fee and even refund my $24.36 if I kept the card, I said no.

 

Since CreditOne does NOT have an autopay option like every other company in the 2020's has (probably to make more on late fees) and knowing that they'll most likely just do the same thing again next year I told them they can keep their $24 and just cancel the **bleep** card so that I'm done with them.  What the hell am I going to do with a crappy $500 card that charges you interest the minute you use it when I have several cards that DON'T do that with $5k limits?  Definitely more hassle than it's worth having it.

 

Now the question is if they'll report as a late payment to the credit bureaus?  If that pops up you can bet that I will dispute the hell out of it over and over and over and over again.

 

I know a lot of us just starting to rebuild our credit get this card because slimy companies like CreditOne prey on people in a bad spot.  It did have it's place and I'll admit that it did help me get past that first step and onto the next but remember that this company is slimy and when you're in a better position and you know it's time to cancel that card... CANCEL THAT CARD!  Don't let them talk you into keeping it because THEY WILL start charging you a monthly annual fee again and you won't even know it.

Message 1 of 10
9 REPLIES 9
OmarGB9
Community Leader
Super Contributor

Re: Warning if CreditOne Offers to Waive Annual Fee to Keep Card

Thanks for the PSA. As to whether the late payment will report, I'm assuming yes because you said there were 2 months worth of monthly/annual fees plus a late fee, so I'm assuming a 30 day late. Unfortunately even if you dispute, it won't help because ultimately it's still your responsibility to check your account regularly. If you said around this time last year is when the AF waiver began, then it would make sense that it just recently ended.


Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 2 of 10
tnhomestead
Frequent Contributor

Re: Warning if CreditOne Offers to Waive Annual Fee to Keep Card

Not a huge fan of credit1, but they do offer autopsy. Also, my visa? With them charges interest from day 1, my Mc does not. And I haven't been charged an annual fee in several years. 

Message 3 of 10
Who_wuda_thought
Frequent Contributor

Re: Warning if CreditOne Offers to Waive Annual Fee to Keep Card


@tnhomestead wrote:

Not a huge fan of credit1, but they do offer autopsy. Also, my visa? With them charges interest from day 1, my Mc does not. And I haven't been charged an annual fee in several years. 


So, how much do they charge for an autopsy?  🤣

(sorry, but THANK YOU!!  Quite some time since something gave me a really good laugh!!)

Scores as of February 2, 2024:




Message 4 of 10
JM427
Contributor

Re: Warning if CreditOne Offers to Waive Annual Fee to Keep Card

I just finished closing out the last of my sub prime cards from my rebuild.  Man is CreditOne tough to get closed, they try anything and everything to get you to not close the account!  It can be quite an exhausting call....

 

One thing that I have noticed as I have closed these accounts out, is that my access to view the account information has remained for a few months after closing.  I did not immediately delete the apps for these accounts so that I could make sure no trailing interest or other nonsense charges showed up.  I would recommend holding on to the app for a month or two after closing to monitor for these types of things.

FICO8 Scores as of 2020 JULY 14:



FICO 8 Scores as of 2022 JULY 3:


FICO 9 Scores as of 2022 JULY 3:
Message 5 of 10
gdale6
Moderator Emeritus

Re: Warning if CreditOne Offers to Waive Annual Fee to Keep Card

This is a case the CFPB would love to hear about, should it become necessary.

Message 6 of 10
sfraise
Established Member

Re: Warning if CreditOne Offers to Waive Annual Fee to Keep Card

Well hopefully it isn't needed.

 

And yes, getting that CreditOne card cancelled is a bit of a hassle.

Message 7 of 10
webhopper
Moderator Emeritus

Re: Warning if CreditOne Offers to Waive Annual Fee to Keep Card


@sfraise wrote:

Do NOT keep CreditOne card if you try to cancel it and they offer to waive the annual fee if you keep it!

 

In 2019 I had to file bankruptcy so CreditOne was one of the first cards I got to start rebuilding.  Obviously I knew it was a crap company and a crap card but I just figured it was something I'd have to deal with until I rebuilt enough to get rid of it.

 

By this time last year (2021) I had several much better cards and decided it was time to cancel CreditOne and get away from it's stupid monthly charged annual fee of $8.25.  I called customer service and told them I wanted to cancel but the guy offered to waive the annual fee explaining that since it wouldn't cost me anything I may as well just keep it.  Like an idiot I said OK and kept the card.

 

Fast forward to today and I get an email from CreditOne saying that I had a past-due payment and that I needed to make a payment right now.  What the hell?  I haven't used it so why would I owe them any money and be late on a payment?

 

I logged into my CreditOne account to find that they started charging me the $8.25 annual fee that they charge monthly for last month, then again this month along with a nice little late fee bringing my balance owed to $24.36.

 

I went ahead and paid their stupid slimy $24.36 and promptly called them to cancel the card again.  The guy on the phone again offered to waive the annual fee and even refund my $24.36 if I kept the card, I said no.

 

Since CreditOne does NOT have an autopay option like every other company in the 2020's has (probably to make more on late fees) and knowing that they'll most likely just do the same thing again next year I told them they can keep their $24 and just cancel the **bleep** card so that I'm done with them.  What the hell am I going to do with a crappy $500 card that charges you interest the minute you use it when I have several cards that DON'T do that with $5k limits?  Definitely more hassle than it's worth having it.

 

Now the question is if they'll report as a late payment to the credit bureaus?  If that pops up you can bet that I will dispute the hell out of it over and over and over and over again.

 

I know a lot of us just starting to rebuild our credit get this card because slimy companies like CreditOne prey on people in a bad spot.  It did have it's place and I'll admit that it did help me get past that first step and onto the next but remember that this company is slimy and when you're in a better position and you know it's time to cancel that card... CANCEL THAT CARD!  Don't let them talk you into keeping it because THEY WILL start charging you a monthly annual fee again and you won't even know it.


Sorry this happened to you.  This is one reason why I skipped that card completely in my rebuild. I got a USAA secured card and put it on auto pay and use it for gas purchases. USAA used to allow you to increase your credit limit by adding more to the certificate but they stopped that so unfortunately mine is stuck at a low limit and I'm likely going to cancel it or SD it soon. 

 

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 8 of 10
BM1990
New Contributor

Re: Warning if CreditOne Offers to Waive Annual Fee to Keep Card


@Who_wuda_thought wrote:

@tnhomestead wrote:

Not a huge fan of credit1, but they do offer autopsy. Also, my visa? With them charges interest from day 1, my Mc does not. And I haven't been charged an annual fee in several years. 


So, how much do they charge for an autopsy?  🤣

(sorry, but THANK YOU!!  Quite some time since something gave me a really good laugh!!)


LOL, good one!


Experian: 671
Equifax: 666
Transunion: 673
Message 9 of 10
tnhomestead
Frequent Contributor

Re: Warning if CreditOne Offers to Waive Annual Fee to Keep Card

Cost is arm, leg and one other personal part at a low low rate of 2ppd interest. That's parts per day, and yes it is compounded daily! 


@BM1990 wrote:

@Who_wuda_thought wrote:

@tnhomestead wrote:

Not a huge fan of credit1, but they do offer autopsy. Also, my visa? With them charges interest from day 1, my Mc does not. And I haven't been charged an annual fee in several years. 


So, how much do they charge for an autopsy?  🤣

(sorry, but THANK YOU!!  Quite some time since something gave me a really good laugh!!)


LOL, good one!


 

Message 10 of 10
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