Credit One Credit Card in VISA System

[feelingnutsy]

I'm thinking about applying for this credit card, but I know nothing about the company.

Could anyone address its reputation---good/bad/indifferent?

Thanks in advance.

[Pjmax]

Credit One, First Premier, Matrix should all be avoided. The fees/interest are high, and fees charged to your card monthly whether you use it or not.

Capital One is a better option. If you do apply for CapOne, make sure you apply for the Mastercards, not the Visas as they are for excellent credit. A secured card at a local CU is also a better option than the above 3.

[ace300s]

My first Credit Card six months after discharge was Merrick Bank. They gave me a $750 limit with no fees (22.9% interest rate). After 7 months of on time payments the limit is increased to $1500. I've had no problems or surprises with this company. I've read they a BK friendly...

Now I'm about a year after discharge and just got a Capitol One MasterCard with a $2000 limit. I'm sure this is a result of having the Merrick Card with good payment history and low balance.

Good luck...

[feelingnutsy]

Credit One, First Premier, Matrix should all be avoided. The fees/interest are high, and fees charged to your card monthly whether you use it or not.

Capital One is a better option. If you do apply for CapOne, make sure you apply for the Mastercards, not the Visas as they are for excellent credit. A secured card at a local CU is also a better option than the above 3.

Thanks for the info---Pjmax---and I'll check out a CU.

[feelingnutsy]

My first Credit Card six months after discharge was Merrick Bank. They gave me a $750 limit with no fees (22.9% interest rate). After 7 months of on time payments the limit is increased to $1500. I've had no problems or surprises with this company. I've read they a BK friendly...

Now I'm about a year after discharge and just got a Capitol One MasterCard with a $2000 limit. I'm sure this is a result of having the Merrick Card with good payment history and low balance.

Good luck...

Thanks for the info---ace300s---and was the Merrick Card in the VISA system?---curious.

[ace300s]

Thanks for the info---ace300s---and was the Merrick Card in the VISA system?---curious.

Yes, it is in the VISA system..

[Pjmax]

Merrick unsecured cards are only available by mail invitation. I believe you can apply for their secured cards online though.

[Rozi]

I have a Credit One Bank card and they are ok. They helped raise my credit score. What I don't like about that is how they hold your payment for five days before applying it to the card, after the first year you pay 10.00 a month to keep the card.. Try for a Capital One or a Legacy Visa card.

[reben]

I don't recommend it. I have one with $700 limit for 3 years and can't get any limit increase. They charge $12 for $100 limit increase!!! They also charge $9 per month even if you don't use the card. My recommendation is Barcley card thru Apple. Just go Apple website just like you were going to buy something and apply. You don't have to buy anything once you're approved. Was approved for $2700 then increased to $3700 6 months later and now $47000 without me asking for any increase. Good luck.

[DebtHater]

Credit One Bank are crooks. They prey on those with bad credit, sucking them into getting the card, and hitting you with ridiculous fees. You'll immediately be billed the annual $75 charge with an extra $19 if you have a secondary card. With that said, your first statement will have a balance of $94 before you start using the card! Is that a smart way to spend your money?

[LadyInTheRed]

Credit One Bank are crooks. They prey on those with bad credit, sucking them into getting the card, and hitting you with ridiculous fees. You'll immediately be billed the annual $75 charge with an extra $19 if you have a secondary card. With that said, your first statement will have a balance of $94 before you start using the card! Is that a smart way to spend your money?

Anyone applying for a CC should make sure to review and understand all of the terms. If you do that, there should be no surprises. Some people may think it is worth $94 to rebuild credit. That doesn't make the CC issuer a crook. A smarter way to go is to find a high rate card with no annual fee and pay off the balance each month so you don't pay interest. Of course, you have to make sure interest doesn't start to accrue on the day you make the charge.