• Report: #1025869

Complaint Review: Credit One Bank

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  • Submitted: Fri, March 08, 2013
  • Updated: Sat, March 09, 2013

  • Reported By: fluffy2 — Covington Louisiana USA
Credit One Bank
625 Pilot Road, Las Vegas, Nevada United States of America

Credit One Bank CHARGES UNNCESSARY AND ILLEGAL FEES EACH MONTH Las Vegas, Nevada

*Consumer Comment: What's illegal?

*Consumer Comment: It is all in your cardholder agreement

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CREDIT ONE BANK informed us that this particular credit card was to help improve your credit rating, and on their website, one of the national credit bureaus monitors your credit.  They provide a credit rating on their website letting you know where you stand.

What this financial institution is not realizing, is that, they are charging MONTHLY an ANNUAL FEE, which is only supposed to be charged once a year; and also with a Finance Charge, Internet Charge and User Charge, the fees truly add up to what a monthly payment could be.

I do know that financial institutions are controlled and regulated by the STATE's Financial Advisor or Banking Commissioner.  No, the State of Nevada's State Official Financial Advisor or Banking Commissioner would be the right individual to contact through mail.

The administration is very helpful and will try to assist in certain matters.  But, the employees do not control and regulate the fees.  The Chairman of the Board or President needs to receive a copy of the letter that is written to the State.

Also, I contact U. S. Senate Banking, Housing and Urban Affairs Committee Members through mail and let them know and ask them for their helpful assistance.

But, truly, **THERE IS NO WAY IN GETTING YOUR BALANCE DOWN WITH ALL THESE FEES**

THE ONLY WAY, IS TO BORROW THE FUNDS AND PAY IT TO ZERO (0).

This report was posted on Ripoff Report on 03/08/2013 08:30 PM and is a permanent record located here: http://www.ripoffreport.com/r/Credit-One-Bank/Las-Vegas-Nevada-89119/Credit-One-Bank-CHARGES-UNNCESSARY-AND-ILLEGAL-FEES-EACH-MONTH-Las-Vegas-Nevada-1025869. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

What's illegal?

AUTHOR: coast - (USA)

"CHARGES UNNCESSARY AND ILLEGAL FEES EACH MONTH"

The 'unnecessary' fees is a price you agreed to pay due to your poor credit history. Please elaborate on exactly which fees are illegal.

"they are charging MONTHLY an ANNUAL FEE, which is only supposed to be charged once a year"

Their web site states that they charge an annual fee billed on a monthly basis, not once a year.
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#2 Consumer Comment

It is all in your cardholder agreement

AUTHOR: Peter - (U.S.A.)

This is a sub prime credit card that preys on the least educated consumer (no offence intended) so yes they charge a lot of fees.  All of these fees are legal and clearly spelled out in your cardholder agreement.  I know I just read it.  You did read the cardholder agreement before you applied right?  Like Kyle in the South Park episode Humancentipad to protect yourself you have to learn to READ!  You to have read ALL of the  cardholder agreement every time you apply a credit card. That is what I mean by an educated consumer.

Interest Rates and Interest Charges
ANNUAL PERCENTAGE RATE 
(APR) for Purchases and Cash Advances 23.90%

This APR will vary with the market based on the Prime Rate.
Paying Interest We will begin charging interest on purchases and cash advances on the posting date.
Minimum Interest Charge

If you are charged interest, the charge will be no less than $1.00 for any billing cycle in which 
an Interest Charge is due. Credit lines less than $400 will not receive a charge in the First year 
(Introductory period). For Credit Card Tips from the Consumer Financial Protection Bureau

To learn more about factors to consider when applying for or using a credit card, visit the website of 
the Consumer Financial Protection Bureau at https:/www.consumerfinance.gov/learnmore.

Fees
Set-up and Maintenance
Fees  Notice: The Annual Membership Fee will be billed to your account when it is opened and will reduce the amount of your initial available credit. If your account is established with a $300 credit line, your initial available credit will be $225.

You may still reject this plan, provided that you have not yet used the account or paid a fee after receiving a billing statement. If you do reject the plan, you are not responsible for any fees or charges.

Annual Membership Fee $75 First year (Introductory period). $99 thereafter, billed monthly at $8.25.
Authorized User
 Participation Fee  $19 annually (if applicable).
Transaction Fees
Cash Advance $0 First year (Introductory period). Thereafter, either $5 or 8% of the amount of each advance, 
whichever is greater.
Penalty Fees
Late Payment Up to $35
Returned Payment Up to $35

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