Credit One Bank 2017 Reviews
When we started our research to write this article about Credit One Bank, we noticed that for every positive Credit One Bank review, there were over 160 complaints or bad review.
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.
Credit One has plenty of issues for its customers to complain about, but at the end of the day, the firm’s Platinum Credit Card provides 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.
See Also: Best Banks to Bank With – No Fees, High-Yield Savings, Largest Banks, and Credit Unions
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.
Pros of Using Credit One’s Platinum Credit Card
| High approval rate | Despite a poor or fair credit history, you have a high chance of getting approved |
| Credit line increases | 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.) |
| Credit score tracking | Free online monthly credit score tracking |
| Build good credit | Monthly updates to major Credit Bureaus |
| No over the limit fee | No fees even when you go over your credit limit |
| Pre-approval process | Credit One allows you to get pre-approved without affecting your credit score |
| Auto rental/travel insurance coverage | No need to get auto insurance when renting a car, as the card comes with auto rental collision coverage. It also provides travel accident insurance |
| User-friendly website | Online account and website are easy to use |
All-in-One Change Management Tools
Top Rated Toolkit for Change Managers.
Get Your Change Management Tool Today...
Cons/Complaints/Issues – Top Consumer Complaints
| Predatory lender | Harassing calls, mostly when your payment is late |
| Poor customer service | Outsourced call center, rude staff, calls getting disconnected without warning, multiple call transfers (getting the “run around”), etc. |
| Suspended account | Without any warning or notification |
| $75 first year annual fee | 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 |
| Unavailable payment | When you make a payment, the payment is not immediately available |
| Payment fee | Paying your monthly fee with another credit card incurs a charge of $9.95 |
| High interest rate | The firm’s high APR was a major point of discontent with a lot of users |
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.
Image Source: BigStock
As with a lot of things, the higher the risk, the higher the possible reward.
That is the 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.
Should You Get a Credit One Credit Card?
Ultimately, as the current or future Credit One Platinum card holder, you must determine whether the benefits of opening or maintaining a Credit One credit card outweigh 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 Platinum Credit Card perfectly meets your needs.
If your credit is in good standing and/or you have many options available, you might decide that the issues outweigh the benefits.
AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.