The Vital Difference Between Payday Loan Online No Credit Check Instan…
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Credit One credit cards: Confusing for consumers Advertiser disclosure You're our first priority. Everytime. We believe everyone should be able to make financial decisions with confidence. Although our site does not include every company or financial product that is available in the marketplace, we're proud of the advice we provide as well as the advice we provide and the tools we create are independent, objective, straightforward -- and free. How do we earn money? Our partners pay us. This can influence the products we review and write about (and the way they appear on the website) However, it does not affect our recommendations or advice, which are grounded in many hours of research. Our partners are not able to promise us favorable reviews of their products or services. . Credit One credit cards: Confusion for Consumers Are you having trouble with your credit score and are get confused about Credit One credit cards? The problem isn't with you. by Ellen Cannon Ellen Cannon is a former credit card writer for NerdWallet. She was a writer for personal finance for over 20 years at Bloomberg as well as Bankrate.com. Nov 20, 2020 Editor: Paul Soucy Lead Assigning Editor Credit scoring, credit cards Personal finance Paul Soucy leads the credit cards content team at NerdWallet. He worked as an editor for the Des Moines Register, USA Today and Meredith/Better Homes and Gardens for more than 20 years. He after which he established his own successful freelance writing and editing business. The editor of The USA Today Weekly International Edition and was awarded the top distinction of the year from ACES: The Society for Editing. He holds a bachelor's degree in journalism as well as a Master of Business Administration. The majority or all of the items featured on this page are from our partners who compensate us. This influences which products we review and where and how the product is featured on the page. However, this doesn't affect our opinions. Our views are our own. Here is a list of and . >> This page is not up to the date Credit One has significantly overhauled its credit card offerings and its policies since this article was published. We're currently working on an update. The best word used to define the credit cards offered through Credit One is confusing . When you begin the process of applying and you're not sure what type of credit card you're eventually going to end up getting which includes crucial details like fees, rates and rewards, or even if you're granted an . If you don't make an order on time however, you aren't sure whether it will be crediting your account in time enough to avoid paying a late fee. The company typically takes about up to a week to process your payment and a lot of cardholders have issues when they pay online, as per the reports from the Credit One made to the Consumer Financial Protection Bureau and state regulators. The credit card on the site of the issueran important source of information regarding every card is a general statement that's intended "for purposes of information only" for Credit One. You won't be able to view the actual terms of your card until you qualify for the card you want. The name and logo of the issuer are similar to those of better-known issues Capital One, which has caused some customers to believe they're applying for a credit card from the latter. Credit One markets credit cards for people with less-than-great credit. The issuer claims that to make cards available to as many of these subprime customers as they can they must do things in a different way than what you find with cards for higher-credit consumers. True however, the confusion is real, so be warned and be cautious when applying for. Credit One offers three types of credit cards: Credit One Bank(r) Cash Back Rewards Credit Card Credit One Bank(r) Platinum Visa(r) for Building Credit Applications: It's all about prequal Some credit card issuers will allow users to . By submitting prequalification, you give the basic details and then the issuer conducts a quick check to see whether you're likely to be approved for a credit card. Prequalification does not affect your credit score. Only a real application for credit produces the "hard inquiry" that could knock the points from your credit score. But prequalifying also does not guarantee that you'll eventually be granted credit. It's like an "soft yes." Prequalification is not required by most issuers, but it's an essential element in your Credit One application process. Prequalification is required to know the specific charges, rates, and reward structure of the card you'll be applying for. Once you see those conditions, you have to decide whether to apply or not and then undergo the hard inquiry. The application review is deeper than an "prequal" review, meaning it is possible that you will be rejected or granted a different credit card as compared to what you were approved for after prequalification. >> MORE: What is the reason they behave in this manner? Credit One claims that this prequalification procedure is designed to protect consumers who are subprime, and who are the least likely to lose points from their credit scores. For example, say an issuer provides three cards with annual charges in the range of $99 $45 and $0. A person with bad credit might be eligible for the $99 card, but not the other two- but they would probably opt for the card with a zero fee first, followed by the $45 card, and then the $99 card as a last alternative. Their credit score could suffer the effects of three applications, rather than just one. Credit One however it could offer a single card with several possible combinations of rewards, fees and rates. The application process is one-time and the issuer then accepts the terms you want to use dependent on your creditworthiness. There's a good reason but it also means there's another hurdle to go through. And you won't know the terms you're receiving (or likely to get) until you've begun the process of applying in which case you may be less likely to fail. Rewards: Wait and see Terms and Conditions say that, based on your creditworthiness, you may be eligible for one of 6 cash-back reward programs. Here are the possibilities: Credit One Bank(r) Cash Back Rewards Credit Card and Credit One Bank(r) Platinum Visa(r) for Building Credit 1.1% cash back on groceries, gas and mobile phone service. internet service and satellite and cable TV services. 1% cash back on gas, groceries or dining out purchases and mobile phone service internet service and satellite TV and cable. Cash back of 1% on all eligible purchases. 5% cash back the first $5,000 when you combine spending on food, gas, mobile phone service, internet service, satellite and cable TV and 1percent cash back rewards on any other purchase. NASCAR(r) Credit Card issued by Bank Credit One Bank(r) 1% cash back on car and gas purchases. Double money back for NASCAR.com purchases. 1% cash back on all purchases. Double money back when you make NASCAR.com purchases. The main point is that you don't know exactly what you'll earn in cash back until you've received your credit card. The rewards are automatically redeemed for a statement credit each month, so the process is simple. Interest rates: They're OK The interest rates cited on the "for informational purposes only" disclosure were 19.74% to 25.74 percent as of August 2018. If you have bad or low credit, the interest rates you'll pay on any card and loan will be higher than normal. The rates offered by Credit One are on par with typical credit cards for bad credit. Annual fees: Take a guess Like other characteristics as well as other features Credit One cards, the annual fee you'll pay remains a mystery until the issuer is able to qualify you for a credit card. The beginning of the year would be "between $0 to $75." For the next year and beyond this range will increase to $0 to $99. Following the initial year, your annual fee could be charged in monthly installments. Or it might not. Certain Credit One credit card agreements -that are "real" agreements and terms that eventually apply to cardholders are included in . At the time of writing, in August 2019, the agreement outlined 21 various combinations of APRs, annual fees and other features. Also, the one that is applicable to you will be revealed only after you have been approved for a card. Nerdy Tip For some Credit One cardholders, the annual fee is charged in monthly installments rather than all at one time. That means they must pay their bill every month, even though they've not used the card. That, in turn, increases the chances of missing a payment or paying late due to the issues some cardholders experience with having their payment credited in a timely manner which is discussed further below. Here are some of the additional fees you could be charged (we use the word "might" because the "for solely informational purposes" conditions could differ from the terms of the credit card you're ultimately accepted for): Authorized user: $19 per year Authorized user must be 15 years old Foreign transaction fee: 3% (minimum $1) Cash advance: $5, or 8 percent of each cash advance, whichever is greater or $10 or 3% of every cash advance, whichever is more Late payment fee: up to $37 Fee for returned payment as high as $35 Fee for increasing credit limit From $0 to $49 The fee for duplicate statements on a monthly basis The fee is $10. Sales receipt request For sale receipts: $6 Card replacement Card replacement: $25 Fee for balance transfer 5 percent or 8% on the amount transferred, which ever is greater (if the card allows transfers at all) Grace period: Who is sure? For most credit cards, when you pay the account in full each month, you automatically receive a -- which means that you'll not be charged interest on purchases until your next due date for payment. Make sure to pay in full every month, then, and you'll never be charged any interest. When you use Credit One cards Credit One cards, however you don't know upfront whether you get a grace period. In the "for solely informational purposes" terms there's a section devoted to "paying the interest." It starts with "If your account is subject to a Grace Period ..." That's a big "if." It goes on to say that in the event that your account does not have a grace period, you will have to pay interest on every purchase from the time it is posted into your bank account. Like most important information regarding Credit One cards, you won't know whether you get an extension of grace until the time you apply. Of 31 card agreements spelled out by Credit One as of August 2018, about half had a grace period. Making payments: Confusion reigns A NerdWallet investigation released in October 2018 found thousands of complaints about Credit One that, because of a loophole in federal law, was not visible to customers. Paying issues are frequently discussed in the complaints as well as in posts posted in other forums. People report that they made an installment payment prior to the due date, only to see Credit One fail to process the payment until it was "late." In other cases, the customers weren't able to pay via Credit One's website. Credit One website and were forced pay via phone or by mail, resulting in additional fees. Credit One declined to comment on the findings of the investigation, but its stated policies on processing payments appear to verify the claims. The majority of credit card issuers make a payment available to a cardholder's account right away. Credit One says it will hold onto your payment for several days until you deposit a nearly $10 fee to process it within the next day. When will your payment be credited? Like all credit cards, the balance on credit cards is based on the balance of your Credit One card is made up of your cash advances, purchases (if there are any) as well as interest as well as any fees added. The minimum amount you pay on Credit One cards is 5 percent of the amount. For most credit cards, the minimum payment is between 1% and 3% of the balance. After one billing period, Credit One cardholders may contact Customer Service and choose their preferred due date, as long as it's within six days of the initial date. Cardholders may choose a different due date once every six months. It appears there is a requirement that Credit One cardholders have to be extra cautious how they make their monthly payments. The "FAQs" section of the site states that you have two choices for paying bills "Standard Pay" as well as "Express payment." From there, things can get dicey: If you choose Standard Payment, as per the FAQ "your money will be accessible in five (5) work days, and you will only be able to pay using your Bank Account." Five business days can be a challenge. If that your due date falls on the 15th of the month and in the month you're in, that 15th day falls on a Saturday. To avoid paying a late fee, you'd have to make your payment on the 7th of that month (a Friday) to ensure that your payment would be posted within the "about five (5) business days" timeframe. If you didn't pay eight days early or, more precisely, you could have to be "late." If you select Express Payment, your "funds will become available sooner (usually the next business day)." The cost for an Express Payment will be $9.95. Even the language Credit One uses is peculiar. We've never seen a credit card agreement with specific language about when "funds are available." That kind of language usually is used for bank deposits, so we can't know what it refers to in this case. However, we believe it will indicate when the payment will post onto your credit card. When does your credit available replenish? But wait! There's more! Each of the 21 cards agreements in the "real agreement on terms and conditions" document include this section: To the extent that the payment decreases the principal amount outstanding in your Credit Card account, credit will be available (subject to your credit limit) but only 12 calendar days following our receipt of the payment. This could mean that regardless of when you make your payment (on time or late, Standard, Express, etc. -- you will not be able to get access to your credit line until two weeks following your payment. Say your credit line is $500, and you're at the limit. You're able to pay off the balance, but you still can't make use of your credit card for 12 more days. To try to get clarification, we tried calling the "Application Information" number listed by Credit One, but we couldn't get past the first branch of the telephone tree. It's because, to ask a question regarding applying for an Credit One card, you need to input the 16-digit code of the Credit One card. Consumer complaints The Credit One card are offered by Credit One Bank of Las Vegas which is a subsidiary of Sherman Financial Group, a private company based within Charleston, South Carolina. In addition to the complaints to government agencies discovered by NerdWallet, payment problems are also commonplace when it comes to complaints about Credit One credit cards on the website. A lot of reviewers have reported that they tried to pay their bills online however the Credit One website was not functioning. They may have made an online payments, and it was not credited to the account in time and triggered a late fee. There are more than 1000 complaints about the company along with its support for customers Consumer Affairs. The complaints about Credit One on the other hand touch with customer service, billing and payment issues. From 129 reviews posted on Yelp at the time of the month of February, 110 gave Credit One one of five stars. The Better Business Bureau has not provided Credit One a rating. Of the 112 reviews that were posted as of February 2017 , on the site of the southern Nevada BBB Three reviews were labeled positively (although some reviews review was distinctly negative) three were classified as neutral and the rest as negative. Of the 783 complaints that were reported on the site 574 of them were classified as billing or collection issues that include payment issues. Credit protection: Expensive Another benefit highlighted in the advertisement by Credit One is its "Credit Protection Program." It's an optional program that will waive the minimum due payment for six months, if the cardholder "involuntarily" goes out of work or becomes disabled. The cost of this benefit is 96 cents for every hundred dollars of balance due. This is due each month following the time you have enrolled. For example, if you have a balance of $500 in one month enrolling in the program will cost you $4.80 that month; if your balance the next month is $400, you'll be charged $3.84 the following month and on. Once you enroll in the program, there's a 30-day waiting period before you're eligible to activate the coverage. Once you've activated the program, your account will be closed and you can't make use of the card. The minimum amount of payment is waived however, interest will accrue. Additionally, Credit One has the right to cancel the enrollment of your account if it is over 60 days in arrears and your account is at least 20% over your maximum credit amount, Credit One "no longer owns the account," you've been guilty of fraud or are in the one or more of Credit One Bank's debt management programs. Other characteristics: Good Since they are cards, cardholders are covered by Visa travel accident coverage and car rental collision damage waiver insurance. The cards also have Visa zero fraud liability and the terms and conditions inform cardholders to report unauthorized charges immediately. The law in the United States sets the maximum liability for cardholders at $50 in the event of unauthorized charges, Visa zero-risk liability assures that you are not responsible for charges that are fraudulent. The cards provide free credit scores, but you can obtain the credit score you want for no cost just about everywhere these days -- . Some credit card issuers will provide you with a free credit score even in the absence of a card. You can select from an array of designs (23 to get the rewards credit card, 20 for the rebuilding credit card) to "personalize" your credit card, however you may pay a fee for that option. That fee is not disclosed on the Terms and Conditions posted on the site. Alternatives to better alternatives There are many In light of the ambiguous terms and other drawbacks to Credit One cards, you may wonder why so many people sign up for the cards. One answer might be that people think that they're applying to a credit card issued by Capital One. The logo of Credit One's swooshy actually predates CapitalOne's, but confusion remains within the marketplace. Consumers who expressed their displeasure to the Consumer Affairs website mentioned this issue often. The Credit One cards are targeted at people with less-than-good credit, but better alternatives are available to those with or . Major issuers offer secured credit cards that come with more favorable terms, less fees and guaranteed grace period. Secured cards require an initial security deposit of at least $200-$300. Finding that cash can be a challenge in some cases, but keep in mind that you'll get the money back when you shut down the account or change to a regular , unsecure card. The fees that are charged to you by Credit One are not refunded. For example, the rewards program offers 2% cash back up to $1,000 in spending on gas and restaurants every quarter. It also gives 1percent cash back on any other purchase. Plus, after you have maintained your credit card in a responsible manner during the past seven months Discover may review your card in the hopes of upgrading you to an unsecured card. In addition the annual fee, it's zero dollars . You may also be eligible for a genuine Capital One card, the . It is possible to get a 200 credit line with a deposit of either $49, $99, or $200, and you can pay the deposit in installments before the account is activated. You may get access to a higher credit line without putting additional money down if pay on terms as short as six months. Also, there's no annual charge. If your credit is fair or average, you could be eligible for the . This card is unsecured and offers unlimited 1.5% cash back on purchases, with a minimal annual fee. When credit is limited the consumer may make poor choices, such as applying for credit with a Credit One credit card without researching their options. Take a look around and you'll discover better options that have terms and conditions that are clear and clearly stated. Author bio Ellen Cannon is a former NerdWallet writer who writes about credit cards. She was a writer also editor with Bloomberg and Time Inc. Similar to... Find the perfect credit card for you. Whether you want to pay less interest or earn higher reward points, the right card's available. Just answer a few inquiries and let us narrow your results for you. Dive even deeper in Credit Cards Learn more about smart money strategies right to your inbox Sign up and we'll send you Nerdy content on the financial topics that matter most to you along with other ways to help you make more out of your money. 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