The Credit One Bank Credit Card is a credit card designed for applicants with poor credit. The available credit limit can range from $300 to $1,500. It is important to remember that the annual fee can vary from $75 to $99 depending on the available credit limit. This fee is generally billed to the card holder in monthly installments beginning with the second year.
The interest rates for the Credit One Bank card ranges from 23.9% to 26.9%. This number will vary considerably depending on the card holder’s credit history.
The Credit One Bank credit card suggests that reviews for credit line increases are automatic; however, the fine print states that the card holder is charged up to $49 for any increase.
For cash advances, the card charges an 8% fee. Although this fee may be waived during the first year of service, 8% is a high rate for subsequent years. In most cases, credit cards typically charge 3%. Moreover, theses are cards that are designed for applicants with poor credit. For that reason, using this credit card to receive a cash advance is not a good idea.
The Credit One site informs applicants that the online process will provide approval in less than a minute. The site also states that the application process will not have an effect on the applicant’s credit score. It is important to note that Credit One has a liberal acceptance policy and is willing to grant cards to almost all applicants that are willing to pay.
Enrollment Fees
There is no enrollment fee for applicants that sign up for this card. Many credit cards designed for applicants with bad credit have a expensive enrollment fee. This is a helpful feature for applicants that are not approved for the card, because rejected applicants will not have wasted money on the fee associated with enrollment. Enrollment fees are an issue with several other cards currently on the market.
Credit Line
There is a minimum credit line of $300 on the Credit One Bank card. Applicants that are approved for this card, receive a line of credit starting at $300. This amount of available credit is common for applicants attempting to reestablish credit. As previously mentioned, pre-qualifying for this card does not negatively impact credit scores. This is useful for applicants that simply want to check approval and not damage their credit further.
Card Design
Credit One allows card holders to select their card design from a wide range of options. While applying for the card, the applicant can customize the card by selecting a design that fits their interests and personality.
Fraud Liability
There is no fraud liability on the card. No fraud liability means that if the card is lost or stolen and fraudulent charges are made, the card holder is not held liable. This is one of the few really useful features offered by Credit One.
Alternate Payment Dates
Credit One allows card holders to select a payment due date. This feature can help card holders eliminate late payments. More importantly, due date selection can ensure that credit card bills are paid on time, because card holders can select a more convenient date to make credit card payments that works with their pay periods. The payment due date can be changed once every 6 months.
Spending Limit Fees
There is no over-the-limit fee in the event the card holder exceeds the spending limit. In some cases, credit cards can charge more than $30 for an over-the-limit fee. But it is important to remember that to avoid high interest rates, card holders should pay bills on time each month.
Overall
The Credit One Bank credit card offers a few nice features. However, it has high interest rates, high cash advance fees, and expensive annual fees. This credit card is designed for applicants with bad credit or applicants reestablishing credit. When considering applying for this card, applicants should conduct some research and shop around for the best available card.
