Eight Trendy Ways To enhance On Payday Loan Online No Credit Check Ins…
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Credit One Credit Cards: Confusion for consumers Advertiser disclosure You're our first priority. Everytime. We believe everyone should be able make financial decisions with confidence. And while our site does not include every company or financial product available on the market however, we're confident that the guidance we offer, the information we provide as well as the tools we design are independent, objective easy to use and completely free. How do we earn money? Our partners pay us. This could influence the types of products we write about (and the way they appear on our website) however it doesn't affect our suggestions or recommendations, which are grounded in hundreds of hours of research. Our partners do not promise us favorable ratings of their goods or services. . Credit One Cards from Credit One: Confusing for consumers Are you having trouble with your credit score and are confused with Credit One credit cards? It's not you. By Ellen Cannon Ellen was an ex-credit card writer at NerdWallet. She covered personal finance issues for over twenty years for Bloomberg as well as Bankrate.com. Nov 20, 2020 Written by 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, then built an established freelance writing and editing practice. Editorial duties included The USA Today Weekly International Edition and received the highest honor by ACES: The Society for Editing. He has 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 provided by our partners who pay us. This impacts the types of products we review as well as the place and way the product is featured on a page. However, this doesn't influence our evaluations. Our opinions are our own. Here is a list of and . This page is out of date Credit One has significantly overhauled its credit card offerings as well as its policies since this article was published. We're in the process of updating. The best word used to define the credit cards provided by Credit One is confusing . When you begin the process of applying it's difficult to know which type of card you'll get -- including important details like rates, fees and rewards, not to mention whether you'll get an . When you send in a payment on time but you're not sure if it will be added to your account quickly enough to avoid a late fee. The issuer often takes one week to process transactions however, many cardholders experience problems paying online, according to about credit One made for the Consumer Financial Protection Bureau and the state regulators. The credit card on the site of the issuerthe most important source of information about any card -- is a generic document designed "for purposes of information only" for Credit One. It isn't possible to read your actual terms until you're able to get a specific card. The logo and name of the issuer are identical to the logo of the more well-known card issuer Capital One, which has caused some customers to believe they were applying for a card from Capital One. Credit One markets credit cards for those with less than stellar credit. In its defense, the issuer claims that to offer credit cards to as many subprime borrowers as possible the company must conduct things differently than you will find on cards designed for consumers with better credit. Fair enough, but the confusion is real so beware and be cautious when you apply 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 The key is prequalification A lot of credit card issuers permit you to . With prequalification, you provide certain information that the issuer then runs an instant check to determine whether you're likely to be approved for a card. Prequalification does not affect your credit score. Only an actual credit application will trigger the "hard inquiry" that can knock scores off. But prequalifying also does not ensure that you'll be granted credit. It's like a "soft affirmative." Prequalification is optional with most issuers, but it's a crucial element of the Credit One application process. It is necessary to prequalify to understand the exact costs, rates and rewards structure of the credit card you're applying for. After you've seen the conditions, you can decide if you want to apply or not and then undergo the hard inquiry. The application review is deeper than a "prequal" review, which means you could still be rejected or granted a different credit card that you did not see following prequalification. >> MORE: Why do they do it this way? Credit One claims that this prequalification procedure safeguards consumers with subprime credit, who are the least likely losing points from their credit scores. For example, say an issuer provides three cards with annual fees in the range of $99 $45 or zero. Someone with bad credit might be able to get the $99 card, but not for the other twoHowever, they'd probably opt for the card with a zero fee first, followed by the $45 card, and then the $99 card as the last alternative. Their credit score will suffer the effects of three applications rather than one. Credit One, by contrast may offer one card with a dozen potential combinations of rewards charges, rates and fees. The application process is one-time, and the issuer approves for terms dependent upon your credit score. There's a good reason however, there's another hurdle to go through. You don't know what you're getting (or likely to get) until you've started the process of applying in which case you may be less likely to be able to make a decision to cancel. Rewards: Wait to see The terms and conditions stipulate that, based on your creditworthiness, you can be eligible for any of the seven cash back rewards. These are the options: Credit One Bank(r) Cash Back Rewards Credit Card and Credit One Bank(r) Platinum Visa(r) for Building Credit 1% cash back on food, gas, mobile phone service, internet service, satellite and cable TV. 1% cash back on gas, groceries, dining purchases, mobile phone service, internet service, and satellite and cable TV services. Cash back of 1% on all eligible purchases. Cashback of 5% for the first $5,000 a year in combined spending on food, gas and mobile phone service. internet service, cable and satellite TV service, and cash-back rewards of 1% on any other purchase. NASCAR(r) Credit Card from the Credit One Bank(r) 1% cash back on gas and automotive purchases. Double the cashback on NASCAR.com purchases. Cash back 1% on all purchases. You can also earn 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 get the card. Rewards are automatically redeemed as credits to your statement each month, so at least this part is pretty straightforward. Rates of interest: They're okay The rates of interest mentioned in the "for solely informational purposes" disclosure ranged from 19.74 percent to 25.74% as of August 2018. If you're in the middle or have low credit, the rates that you'll be charged on any card or loan will be on the high side. The rates offered by Credit One are on par with the rates on standard credit cards with poor credit. Annual fees: Make your guess Like other characteristics as well as other features Credit One cards, the annual cost you pay is not known until the issuer qualifies you to be a candidate for a credit card. The annual cost for the beginning of the year would be "between $0 between $75 and $0." In the second year and beyond, the range increases to $0 and $99. In the following year after the beginning, the annual fee could be charged by monthly instalments. It could also be billed in one lump sum. Certain Credit One credit card agreements -that are "real" terms and conditions that will ultimately 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 card features. Also, the one that you are eligible for will be revealed only after you qualify for a card. Nerdy Tip For some Credit One cardholders, the annual fee is charged in monthly installments instead of all at one time. This means that they will have a bill to pay each month even when they've not used the card. This, in turn, increases the likelihood of not having a payment or paying late, especially considering the problems that many cardholders have with getting their money promptly credited which is discussed further below. Here are some of the additional fees you could be charged (we say "might" because the "for solely informational purposes" terms could be different from the terms on the credit card you're ultimately authorized for): Authorized user: $19/year The authorized user must be at least 15 years old Foreign transaction fee: 3% (minimum $1) Cash advance: 5 or 8% of each cash advance, whichever is greater or $10 (or 3%) of each advances, which is greater Late payment fee: up $37 Returned payment fee as high as $35 Fee for increasing credit limit From between $0 and $49 The fee for duplicate statements on a monthly basis: $10 Receipts for sales receipts for $6 Card replacement: $25 Transfer fee for balance transfers 5 percent or 8 percent of the balance transferred the greater amount (if the card permits transfers in any way) Grace period: Who knows? On most credit cards, if you pay your account in full every month, you will immediately receive a credit -- which means that you'll not be charged charges on purchases until the next due date for payment. Make sure to pay in full every month and then you'll never be charged any interest. When you use Credit One cards Credit One cards, however it's impossible to tell in advance what grace period. In the "for solely informational purposes" terms, there's a section on "paying interest." It starts by saying "If your account is subject to grace period Grace Period ..." That's a big "if." Then it goes on to explain that if your account has no grace period, you'll pay interest on every purchase from the time it is posted to your account. As with most key details regarding Credit One cards, you don't know if you are eligible for any grace periods until you make an application. Of 31 card agreements spelled out by Credit One as of August 2018, roughly half had a grace period. Making payments: Confusion reigns A NerdWallet investigation that was published in October 2018 revealed thousands of complaints about Credit One that, because of a loophole in federal law, hadn't been visible to consumers. Paying issues are frequently discussed in the complaints and also in the comments posted in other forums. People report that they made payments prior to the due date only to see Credit One fail to process the payment until it was "late." In other cases, the customers were unable to pay through credit card on the Credit One website and had to pay by telephone or mail, and incurring additional charges. Credit One declined to comment on the findings of the investigation, but its stated policy on processing payments seem to confirm the complaints. The majority of credit card companies will apply a payment to a cardholder's account right away. Credit One says it will keep your money for several days unless you pay a nearly $10 fee to have it processed within a day. When will your payment be credits? Like any credit card the balance of your Credit One card is made from your purchases, cash advances (if there are any) plus interest, as well as any fees added. The minimum payment for Credit One cards is 5% of the balance. For most credit cards, the minimum amount is between 1% and 3percent from the total balance. After one billing period, Credit One cardholders may call Customer Service and choose their own due date as in the six days of the initial date. Cardholders may choose a different due date once every six months. It appears it is the case that Credit One cardholders have to be extra vigilant how they make their monthly payments. In the "FAQs" section on the website says you have two choices for paying the bill "Standard payment" or "Express payment." From there, things get tricky: If you select Standard Payment, as per the FAQ "your funds will become available within five (5) working days and you will only be able to pay using your Bank Account." Five business days is a long time. Let's say the due date is 15th of the month and for a particular month, this date falls on a weekend. To avoid a late fee it is recommended to pay your payment on the 7th day of the month (a Friday) in order to ensure that your payment would be received in the "about five (5) business days" period. If you haven't paid for 8 days earlier, in other words it could have to be "late." If you opt for Express Payment When you make an Express Payment, your "funds will become available sooner (usually the next business day)." The cost for an Express Payment will be $9.95. The language Credit One uses is peculiar. We've never come across a credit card agreement with wording about when "funds will be available." This kind of language typically is applicable to bank account deposits, so we can't be certain what it means in this instance. But we assume it indicates that the deposit will be made onto your credit card. When does your credit available renew? But wait! There's more! Each of the 21 card agreements that are part of"the "real Terms and Conditions" document include this section: If an amount of payment is less than the amount of principal outstanding for your card account credit will be available (subject to your credit limit) but only after 12 calendar days following our receipt of the payment. This could mean that regardless of the time you pay for your loan (on time in the past, late, Standard or Express -- you can't get access to your credit line until two weeks following the payment. Say your credit line is $500, and you're at the limit. You've paid off your balance -- however, you're unable to make use of your credit card for 12 more days. To try to get clarification We attempted to call for clarification, we called the "Application Information" number provided by Credit One however we were unable to reach the initial branch of the phone tree. It's because, to ask a question regarding applying for the Credit One card, you have to enter the 16-digit number for the Credit One card. Consumer complaints Credit One cards are issued by Credit One Bank of Las Vegas, which is a subsidiary of Sherman Financial Group, a private company based within Charleston, South Carolina. Alongside 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. Many reviewers claim they tried to pay their bills online however they found that the Credit One website was not functioning. They may have made the pay-pal, however it wasn't crediting the account in a timely fashion and resulted in a late charge. There are over 1,000 complaints about the company as well as its service to customers on Consumer Affairs. Complaints about Credit One are also centered with issues with customer support, billing and payment issues. Of the 129 reviews on Yelp in February 2017, 110 gave Credit One one out five stars. The Better Business Bureau has not provided Credit One a rating. From 112 reviews posted in February 2017 on the site of the southern Nevada BBB Three reviews were labeled with a positive rating (although some reviews was sharply negative), three as neutral , and the remainder as negative. Of 783 complaints logged on the site, 574 were identified as billing or collection issues that include payment issues. Credit protection: Expensive Another benefit highlighted by Credit One is its "Credit Protection Program." This is an optional program that will waive the minimum amount due for six months in the event that the primary cardholder "involuntarily" goes out of work or becomes disabled. The cost for this benefit is 96 cents for every 100 of the balance to be paid. The cost is paid monthly following the time you have enrolled. For example, if you've got a balance of $500 one month, being in the program is going to cost $4.80 that month; if your balance for the following month is $400, you'll be charged $3.84 the following month and so on. Once you enroll in the program, there's a 30-day waiting period before you're eligible to activate the coverage. After activation, your account is closed and you can't use the card. Additionally, the minimum payment is not charged, however, interest will continue to accrue. Also, Credit One has the option to terminate your enrollment if your account is over 60 days in arrears or if your balance is 20% or more over the credit limit, Credit One "no longer has control of the account," you have committed fraud, or are in the one or more of Credit One Bank's debt management programs. Other characteristics: Good Because these are cards, cardholders are covered by Visa travel accident insurance and car rental collision damage waiver insurance. The cards also have Visa zero liability for fraud, as well as the conditions and terms warn cardholders to report unauthorized charges immediately. While federal law restricts liability of cardholders to $50 in the event of unauthorized charges, the Visa Zero-Fraud Liability ensures that you are not liable for fraudulent charges. Credit cards are free scores, however you can get an credit score at no charge almost everywhere nowadays -and . Certain credit card issuers offer you a score for free even when you're not a cardholder. You can select among a range of options (23 for the rewards card, and 20 for the rebuilding credit card) to "personalize" your credit card, however there is a cost to use this option. The fee isn't disclosed in the terms and conditions that are available on the website. Better alternatives: Many In light of the ambiguous terms and other disadvantages of Credit One cards, you might wonder why so many people apply for them. One possibility is that consumers think that they're applying to a credit card issued by Capital One. The logo of Credit One's swooshy actually predates Capital One'slogo, however confusion remains on the market. Consumers who complained to the Consumer Affairs website mentioned this problem often. The Credit One cards are marketed to those with poor credit, however better options are available for people who have good credit or . Major issuers offer secured credit cards that come with better terms, lower fees and guaranteed grace periods. Secured cards require a security deposit of $200 to $300. Getting that money together can be a challenge to some people, however keep in mind that you get that money back when you close the account or switch to a normal unsecured card. The fees charged from Credit One are not refunded. For example, the card offers 2% cash back of up to $1000 on restaurants and gas every quarter. It also gives 1% cash back on other purchases. Plus, after you have been responsible with your card during the past seven months Discover may review your card in the hopes of making it an unsecure card. On top of that the annual fee, it's zero dollars . You might also qualify for a genuine Capital One card, the . It is possible to get a 200 credit line with a minimum deposit of $49, $99 or 200, and you can make the deposit in installments before activating your account. You could be able to access a larger credit line, without putting additional money down if pay in time for as little as six months. And there's no annual fee. If your credit score is fair or average, you might qualify for the . This unsecured card offers an unlimited 1.5 percent cash back on purchases for a fairly minimal annual fee. When credit isn't available consumers are prone to make bad decisions, such as applying for the 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 well-written. The author's bio: Ellen Cannon is a former NerdWallet writer, who specialized in credit cards. She has been a writer as well as an editor for Bloomberg and Time Inc. In a similar vein... Find the perfect credit card for you. Whether you want to lower your interest rate or earn more reward points, the right card's out there. Just answer a few concerns and we'll refine down the search for the right card for. Dive even deeper in Credit Cards Learn more about smart money strategies - straight to your inbox Sign up now and we'll email you Nerdy articles about the topics in finance that matter most to you and other ways to help you get more out of your money. 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