When we started our research to write this article on Credit One Bank, we noticed that for every 1 good Credit One Bank review, there were over 160 complaints or bad reviews.
At the end of our research, however, we were very surprised to find out that some of the complaints and bad reviews were not really the fault of Credit One Bank.
Indeed Credit One does have a lot of issues for its customers to complain about, but at the end of the day the firm’s Platinum Credit card does provide great benefits to those who are looking to reestablish or build credit.
This article addresses the pros, cons and best ways to use Credit One’s Visa card so as to avoid some of the issues that others have complained about.
This Credit One Bank review article is broken down as follows:
- Card fees and rates
- Why use a Credit One Visa card?
- Pros and Cons of using Credit One Bank’s credit card
- Best ways to use the firm’s visa card to minimize issues
- Should you get a Credit One credit card?
1. Credit One Visa card fees and rates
|First year annual fee (introductory period)||$75|
|Annual fees (after first year) – billed monthly at $8.25 a month||$99|
|Annual Percentage Rate – rate varies based on the market||23.9% – 26.9%|
|Initial credit line||$300 – $500|
|Late payment||Up to $35|
|Returned payment fee||Up to $35|
|Credit increase fee||Up to $49|
|Cash advance fee (waived the first year)||8%|
2. Why use Credit One’s Visa card?
A lot of people sign up for a Credit One Visa card to build a good credit history or to rebuild a bad or mishandled credit history. Your payment history is frequently reported to the three major credit bureaus, and making your payments on time will reflect good standing that helps you improve your credit.
3. Pros and Cons of using Credit One’s Platinum Credit Card
||Despite a poor or fair credit history, you have a high chance of getting approved|
||Your credit line increases over time based on your overall credit performance (for example, your $300 initial credit limit may be raised to $500, then $700, 1200, etc.|
||Free online monthly credit score tracking|
||Monthly updates to major Credit Bureaus|
||No fees even when you go over your credit limit|
||Credit One allows you to get pre-approved without affecting your credit score|
||No need to get auto insurance when renting a car, as the card comes with an auto rental collision coverage. It also provides travel accident insurance|
||Online account and website is easy to use|
Cons/Compliants/Issues – Top Consumer complaints
||Harassing calls, mostly when your payment is late|
||Outsourced call center, rude staff, calls getting disconnected without warning, multiple call transfers (getting the “run around”), etc.|
||Without any warning or notification|
||A lot of complaints on the $75 fee. Although this fee is noted on Credit One’s website, a lot of people forgot or did not read the fine print and were very surprised when they received their first statement|
||When you make a payment, the payment is not immediately available|
||Paying your monthly fee with another credit card incurs a charge of $9.95|
||The firm’s high APR was a major point of discontent with a lot of users|
4. Best ways to use the visa card to minimize issues
While using credit wisely can help you to build good credit, being late in your payments or exceeding your credit limit can have a negative impact on your credit rating.
Ensure that you pay your monthly fee on time. If possible, make sure that you pay off any outstanding balance on a monthly basis.
As with a lot of things, the higher the risk, the higher the possible rewards. That is the same business model being used by Credit One Bank. With more flexible approval policies than other banks, the firm charges a high APR to compensate for its very high consumer default rate.
5. Should you get a Credit One credit card?
Ultimately, you as the current or future Credit One Platinum card holder have to determine whether the benefits of opening or maintaining a Credit One credit card outweighs the numerous issues that past and current customers are experiencing. Depending on your need to establish or rebuild credit, you might find that the firm’s Platimun credit card perfectly meets your needs. CreditOneBank.Com
If your credit is in good standing and / or if you have many options available, you might decide that the issues outweigh the benefits.
Do you have a Credit One credit card or looking to get one? Let us know in the comment section below what you think about Credit One.