Review and Ratings for Credit One

Is Credit One a Good Bank?

If you have a complaint against Credit One, you’re not alone.

Have you heard about a way to repair your credit using Credit One Bank? If so, you probably want to know whether Credit One Bank is a good bank, and if it’s worth taking out a new card. To help you with this we’ve compiled reviews and ratings for Credit One bank that give you a more comprehensive look into how the services work and what you can expect from things like customer service.

About Credit One Bank

Credit One Bank is a bank that provides people who have less than perfect credit with secured and unsecured credit cards. The purpose of these cards is to help improve credit scores with time by allowing cardholders free credit score summaries, the ability to track their score, and use the mobile app for all this and more.

Services Offered by Credit One Bank

In terms of services, Credit One Bank provides seven different credit cards each of which have various levels of cash back benefits and fees depending on your credit. They’re different reward programs for all 7 which give an average of 2% cash back on eligible purchases.

Applicants who have a credit score between 300 and 670 can apply for an unsecured or a Secured Credit One credit card.

The Credit One Bank Platinum Visa works as an unsecured option which requires no deposit but is only available to people who have Fair Credit. Given that most credit building cards require a security deposit, this option makes for an ideal solution for people who want a larger credit limit and don’t have any extra money or people who are having trouble getting approved for other cards.

Card holders can enjoy benefits that other credit cards don’t offer such as choosing the payment due date rather than being beholden to whatever date they signed up for the card. As mentioned, this service is really meant for those who have bad credit and are trying to build their credit which is why after just a few months of responsible usage, the bank reviews your accounts and offers credit line increases. This is automatically done on a regular basis. 

Customer Service Reviews

The customer service reviews for this Bank have to do in large part with hidden fees and the complicated nature of the terms and conditions. As mentioned, you can’t get access to the terms and conditions to which you will be subject until you are already approved for and have received your card. So in this case people who apply for a card may not want to keep the account but are still charged the unexpected fees. As one consumer stated, “Credit One charges you a yearly fee. This I did not see prior to getting card – my fault not theirs as it is in the fine print – but once you have the card you get the charge regardless if you decide you do not want the card.”

Similarly, when there are issues beyond simple account problems or people decide they don’t want the account, or anything in between, getting a hold of customer service proves problematic. One user stated, “During this coronavirus they increased minimum payment. They are not answering phones to assist customers. They charged me $28 late payment even though I can’t get on their site which says they can’t process my request at this time, to make payment.”

Customer Complaints About Credit One Bank

According to Consumer Affairs Credit One bank has a rating of 1 out of 5 stars when it comes to overall satisfaction. They give people who have bad credit a good opportunity to rebuild their credit which is what makes them so appealing for very specific situations. Card holders are able to get cash back rewards and regularly track their credit score as well as there are improvements using Experian. This is a great option for people with bad credit especially when you get the free summaries, and those who use it will see regular credit line increases. However, that comes with a price. The ability to get credit with a bad credit score, in this case, comes with the price of high interest rates and high annual fees.

Many of the consumer complaints have to do with what NerdWallet described as “confusing” credit card terms. It’s very difficult to find the terms and conditions until after you have received a card. In fact they only give generic statements on the website as the available source of information until you apply and receive approval for your card at which point you then get the finer print.

This is where a lot of the consumer problems have come into play especially with regard to the annual fee for the first year, the second year, and beyond which isn’t revealed until after you receive the card. 

They also have a lot of extra fees that aren’t made clear when consumers first investigate and are really only made clear after a consumer has been charged for something unexpectedly such as cash advance fees, late payment fees, credit limit increase fees, sales receipt request fees, replacement card fees, balance transfer fees, and duplicate monthly statement fees.

What to do if you have a complaint

If you have a complaint against Credit One Bank, and you aren’t getting a solution to your problem, we can help.

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