First Credit

YesCreditOne.com Credit One Bank Credit Card Review

The Credit One Bank credit card’s range is aimed at people who have either had financial problems in the past and therefore poor credit histories or people who have not been able to build up a credit rating, yet.

Unfortunately, without signing up to their online application system, the bank won’t show potential customers what cards they could choose from for their particular circumstances and what terms these cards entail – a rather silly approach given who the cards are aimed at and considering the competition in the credit card market.

Credit One Bank Visa Platinum Card:

The card does require customers to have a credit rating and is aimed at people with poor rating looking for an unsecured card. The online approval process may be quick and fairly painless, but not showing a customer what they might potential be in for is hardly putting that customer in a position to become a “more responsible spender” in the future.

The card has high annual fees (from $75 to $99 depending on the credit limit granted) and a high APR from 23.9% to 26.9%, depending on a customer’s creditworthiness at the time of signing up. The cash advance fees are reasonable at 3%, but the APR of 23.9% is rather high. A free monthly online credit scoring is included with the 3 main credit rating companies being regularly updated. The credit limit available is up to $1,000. The card aims at people who wish to repair their credit rating. The grace period is 25 days and as long as balances are paid in full on the due date, there is no interest charged.

Credit One Classic Visa Card:

This card also has no introductory APR rate but an APR of 23.9%. There is no fee payable. The card does not offer an introductory period for balance transfers and is therefore more suitable for people wishing to build up a credit rating rather than someone wishing to sort out their credit card debts. The cash advance fee is reasonable at 3% with a minimum of $5.00 advance, however the 23.9% APR is rather unfortunate.

Credit One Visa Black Card:

This card also has an APR of 23.9% without an annual fee being payable. There are no introductory periods for balance transfers either and no grace period for payments within a specified time. The credit limit is up to $1,000, but there are automatic credit line increase reviews and free monthly online credit scoring included. This card is perhaps most suitable for those who have been scorched in the past and are now more responsible in their spending, paying off their card bills in full on the due date.

It is debatable how much benefit potential customers will derive from these unsecured cards with such a high APR and absolutely no introductory period to “ease” them into the deal. The fact that no information is available until one has undergone an initial credit check is even more disconcerting.

We generally recommend the Orchard Bank offer because it may carry a lower interest rate and fewer fees. This can save you a considerable amount of money over the life of the credit card. See how your offer compares to other top offers below. If you received a pre-approved offer it is very likely you are pre-approved to apply for a better offer. See also Orchard Bank Credit Cards and Bad Credit Credit Cards.