Hey guys,
I wanted to know your opinions on the new Credit One Wander card. There seems to be very little information on it. I've heard it has a cash back feature or point system and a no annual fee option. I tried to go on the website for more official information but The website seems to be under maintenance. Does anyone have this card?
Starting Score: 650
@BearsCubsOtters wrote:The Credit One Wander card carries a $95 annual fee and earns:
5X points on eligible recreational & amusement park purchases (including national parks & sporting events)
3X points on eligible restaurant & lodging purchases (including campgrounds)
and 1X points on all other purchases
Additionally, if you buy a National Park pass in the first year of cardmembership, you get an $80 credit.
There is also a no annual fee version-but with their website down I am not sure what you would be giving up for the annual fee reduction.
Last time I checked their website, it does appear that Credit One is "moving in the right direction" in that they are starting to at least offer some sort of rewards for their annual fees.
Additionally, it seems that they are following Capital One's lead by offering different versions of the same card depending on credit rating. Higher scores will typically get lower or no annual fees. They have also started co-branding, for insance the Vegas Knights card that would appeal to fans with excellent credit-therefore; they provide better terms for those individuals while not excluding those with bad/improving credit.
I still believe there are better options than Credit One et al; but they do serve a purpose and as long as their cards are used correctly can help rebuild credit. These rewards versions do help soften the blow of annual fees.
Credit one has always offered different versions of their cards with over 20 different combinations of apr, annual fees, and maintenance fees. If anything, just like with the logo, cap1 appears to be following them. Other than the lack of rewards previously, their top combinations puts many respected fair credit offerings to shame. Unfortunately, they've gained the reputation of being a bottom feeder and these newer offerings are a way to combat that image.
@longtimelurker wrote:
@Brian_Earl_Spilner wrote:Credit one has always offered different versions of their cards with over 20 different combinations of apr, annual fees, and maintenance fees. If anything, just like with the logo, cap1 appears to be following them. Other than the lack of rewards previously, their top combinations puts many respected fair credit offerings to shame. Unfortunately, they've gained the reputation of being a bottom feeder and these newer offerings are a way to combat that image.
Apart from lack of rewards, a major issue with the older cards was no grace period. Their top cards now have a normal grace period and are somewhat competitive, as @Brian_Earl_Spilner says, they are trying to remove their legacy image. (Free tip: rebrand!)
The grace period was one of the options in the combinations. It was possible to have an Apr below 20%, no fee, grace period enabled 1% rewards card in the past. I posted a chart with all the option 2 or 3 years ago, so it's nothing new. I also agree that they need to rebrand or spin off a new brand. Worked for carvana/drivetime, Citi/one main, Hyundai/genesis, etc.