Is YesCreditOne.com a scam or legit?
Q: Hello, I received an offer in the mail from YesCreditOne.com. Is this a scam? Because I am having a hard time finding information about the issuer, Credit One Bank.
A: It’s funny you mention Credit One Bank. A few years ago I had a roommate – albeit a short-lived one – that had horrible credit. However he was able to get a credit card from Credit One Bank. I can’t recall a great deal about his personal experiences with them, but I can tell you some things I do know about the issuer…
YesCreditOne.com is not their only website
If the reason you think Yes Credit One is a scam is because the website doesn’t have much information on it, then you are mistaken. The reason there is not much information on YesCreditOne.com is because it appears to be a secondary site setup solely for offers sent through the mail, like the one you received. The official site for Credit One Bank has much more information on it.
Conclusion? The YesCreditOne.com website is not a scam.
Are their offers any good?
Well for starters, it’s important to point out that Credit One Bank focuses on credit cards for bad credit… and it’s hard to call any cards in that category “good” since the typically charge fees and have high interest rates. So we have to look at them in context to others in their league.
Here’s my review of the YesCreditOne.com card offer as of February 2011:
- The credit card offered is a Visa
- The APR listed is 23.90% or 26.90%. Both are very high but that is not unusual for cards in this category.
- The annual fee for the first year is $75.00 and $99.00 each year after that (billed at $8.25 monthly)
- I do not know if there is a processing fee or not. I cannot view the Credit One Bank card application directly because I don’t have an offer code to enter. From what I can seen on the YesCreditOne.com website, there is no mention of a processing fees but I have read reviews elsewhere where people mention a processing fee (But is there for this particular card? There doesn’t appear to be.)
- The credit line on the YesCreditOne site says “up to $1,500.” But remember that “up to” means you may or may not get anything close to that. Purportedly it can be as low as $300 (and from what I recall, $300 is what my former roommate had as his credit limit on his card).
Verdict?
I don’t know exactly how long Credit One Bank has been around, but it has been at least a few years so yes, they are a real company and a real bank chartered by the OCC (Office of the Comptroller of the Currency). They are not a scam – their operation is completely legal.
Are their credit cards a good deal? No, the fees are high and so are the interest rates. But that does not mean they are a scam. To the best of my knowledge, the Yes Credit One/Credit One cards are legitimate and if used responsibly, they can be used to build credit.
Alternatives?
If you would like to check out alternatives, please see my sponsored rankings of the best secured credit cards to rebuild credit.
Could some one give me information on Credit One bank customer service. I’ve been trying to get information so I could leave them a message about my bank problems. Some company took money out of my account and mess up my account. I have been trying to get in-touch with the bank customer service so I could explain them what is going on but I can’t seem to get through…
Thanks you guys, I’ve got enough financial problems, appreciate the advice!!!
I would avoid Credit One Bank at all costs. My experiences with their company were so bad I submitted several complaints to government regulatory agencies and spoke with an attorney (who said they had committed numerous violations of consumer rights laws). High fees, high interest, high penalties, and horrible customer service. If anybody else has had experiences like mine with Credit One Bank, I would encourage them to submit complaints as well.
Links to Government Regulatory Agencies:
Better Business Bureau of Southern Nevada – https://www.bbb.org/file-a-complaint/
Federal Trade Commission – https://www.ftccomplaintassistant.gov/FTC_Wizard.aspx?Lang=en
Consumer Financial Protection Bureau – https://help.consumerfinance.gov/app/ask_cc_complaint
Credit One Bank is an absolutely horrible credit card. They employ a number of tricks with regards to payment. Bottom line you make your payment on time (as in the day it is due) and you still get charged a late fee. You call them and their customer service team is not empowered to do the right thing and are simply robots. So, you have a due date listed on your online statement but the rules buried in their agreement state you have to make the payment 3 biz days before. Just ridiculous and bad news. Will do everything in my admittedly limited power to make sure others are aware and steer clear.
ATLEAST $75. A YEAR PLUS $19.99 A YEAR FOR AN AUTHORIZED USER
they sent me a pre-approved card the card has cost $75. a year! plus $19.99 for an 2nd user card(a year). advance cash limit of $200. a day(actually $180.00 the count the atm fee against cash withdraws) They charge $9.95 to make an express payment which posts the next day(they say) I make a few express payments with checking account. the payment posts right away but funds take about 5 days to be available ! I mailed a check to them through snail mail and was just as fast from jacksonville fl to nevada in four days max and posted same day. they say(credit one bank) if you pay with a debit card it goes through faster. I made an “express payment” an electronic payment from checking account from their website and it took 5 days. I asked why and the said it takes longer to clear this way, i said but its the same thing (electronic check and debit card) the money comes from the same source and post the same way……My mother is an authorized user on my account . She made a couple payments to the account and credit one put a block on my account and is having me checked out for credit card fraud??!!! Credit one Banks customer service is the worst at best! ask 4 reps the same question and get 4 different answers! trust me stay away from credit one bank!!!! I hear the more they raise your credit limit the more the yearly fee is!! They started me out with 400. limit and the $75 fee is taken from your credit limt. So i was given 400 cred limit and got 325 after the fee
CREDIT ONE IS FULL OF FEES AND WILL NICKLE AND DIME YOU TO DEATH!
I have used credit card companys like this in the past to rebuild my credit . They worked well for me if I get the 1500 I will probably join myself. 75 dollars the first year to rebuild credit sounds cheap to me.