The Credit One Bank Credit Card: A Simple, Affordable Credit Option



 


When in need of a credit card, it is best to obtain one from a reputable company that works with its cardholders from the moment the application process is started. The credit limit is enough to start establishing a good payment history and cardholders also receive a number of other benefits that make the credit account convenient.

Throughout the years, Credit One has made a name for itself in the world of credit cards. There is one thing that they are known for and that is checking for pre-qualification without it having an impact on the credit score. What a cardholder receives is an unsecured credit card with a limit that starts a person on their way to building an even higher limit with on-time payments.

To qualify for the card, you have to be at least 18 years of age and a U.S. citizen. Credit One does reserve the right to not extend credit to the applicant if he or she does not complete an accurate and verifiable application, there is an unpaid balance on a previous Credit One Bank Account, and if the applicant is a resident of a state or U.S. territory that has restrictions. Those with APO/FPO addresses may also not be able to apply. All others can take the opportunity to apply for the card and receive a reasonable initial credit limit. Credit One does provide a minimum credit limit that is enough to begin establishing a history with the card issuer.

Features

There are a variety of features that help cardholders get the most out of their Credit One Bank Credit Card. The first feature is the immediate platinum status. The second is the gas rewards that are received on gasoline transactions. The third is with a good payment history, cardholders can receive automatic credit line increase reviews. This means that you do not necessarily have to request a review when you feel like it is time for you to receive a credit line increase. The fourth feature is the free online monthly credit score tracking. This is a number that is very important for cardholders to keep track of in order to know where their credit stands. The fifth feature is the updates to all of the Major Credit Bureaus. In other words, on-time payments are going to be reported.

Getting prequalified

To get this card, you have to get pre-qualified. You can do this online, but some individuals receive a notice in the mail that they pre-qualify for the card. If you receive a letter in the mail, then you can go online and enter the approval code that was in the letter or call the toll-free number that is in the letter. Once you do this and you complete the application form, you can receive a credit decision in just 60 seconds.

If you do not receive an instant decision on an application, you can go to the website and check back in order to see the status of the application. Once the card is received, then you use it and make on-time payments just like any credit card.

When an offer is received, you will receive an offer with an APR that can range anywhere between 17 percent and 24 percent. The exact rate is going to depend on creditworthiness and the Prime Rate. The rate is also going to determine the annual fee that is attached to the card.

$0 Fraud Liability

The $0 Fraud liability kicks in when the card has been lost or stolen and/or fraudulent charges have appeared on the card. When the card is reported within two business days, according to Visa's rules, the cardholder's liability is nothing. Losses can be greatly reduced or eliminated with timely reporting. This is one of the major security features on the card, aside from the fact the account can be managed online. When managing online in your own time, you can see your transactions, balance, make payments, and much more. The fact that you can see your transactions means that you can identify a fraudulent transaction immediately and report it.

Fees

The fees are rather straightforward with this card. Once again, the exact rate is going to determine the annual fee. In other words, your credit is going to determine the annual fee and then it goes to a set amount the following year. The annual membership fee is charged at once for the first year when the account is opened. After the first year, the annual fee will be charged in monthly installments. From there, interest will begin charging on the day that the purchase is posted to the account. Interest can be eliminated on purchases if the entire balance is paid by the due date.

If you choose to add an authorized user to the account, there is an authorized user participation fee that is charged annually. From there, other fees are charged based on usage. For example, the cash advance fee will not be charged during the first year, which is an introductory period, but it will be a percentage of the transaction or a minimum dollar amount after that year.

When a payment is made late, there is a late fee. If a payment is returned due to insufficient funds, then there is a returned payment fee. Both fees can be charged if a returned payment results in a late payment. This is the totality of the fees that are associated with the account, making it a card that does not have many fees at all.

If you receive the account and you decide that you don't want it, the annual membership fee is refundable as long as no cash advances or purchases have been made on the account. This means that you do have the opportunity to back out.

Conclusion

The Credit One Bank Credit Card gives back to its cardholder through cash back on gas purchases, the ability to have some control, and by providing cardholders with the ability to have a low annual fee based on the rate, which is based on creditworthiness. Factor in the free credit score tracking and the card is also a good tool.






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