Creditone Bank This Bank Is fake Internet

I know all credit agreements nowdays are so chock-full of legalese and deliberately opaque content that it makes one's eyes want to bleed, but you HAVE to DO it!  I you had read your offer and terms, you would have learned that, instead of an annual user fee, Credit One may offer a much smaller monthly fee.  The good things is, there's no surprise at the end of the year.  The BAD thing is that there is a balance to be paid each and every month.

If you accepted this card by activating it, then you began with about a $7-8 balance.  If you failed to notice this and you thought no payment was due because you made no purchases during the billing period, then you likely failed to make a payment and were charged a $30+ late fee AND your interest rate was bumped to the highest level the card agreement stipulated, typically over 30% per year.

AND if you let this happen for 2 consecutive months, you would also likely have your credit line cut to the 'then' current amount owed, so that each new monthly user fee, each new monthly payment past due fine, each over-the-limit-fine,and each monthly accumulated interest (at over 2.5% per month compounded continuously) could easily raise your balance due to just under $200 within your 1st three months of owning the card.  Your only protection is to READ your agreement and to READ your monthly account statements, whether you made purchases with the card or not. 

Companies that extend unsecured credit to persons with low credit scores really have little invested in the small lines they extend to you and they enjoy the opportunity to force terms otherwise unacceptable upon their clients in assisting them to re-establish a good credit record.  For instance, Credit One regularly 'offers' me a $100 credit line increase for a one-time $25 service fee, an outrageously unfair offer that I will never fail to refuse, but also one which I suspect too many accept. It is par for the course of unfriendly customer disservice policies often typical of such lenders offering services to persons with damaged credit.

If one isn't quite careful to read all notices and billing statements, that means that you are on the hook to make these payments consistently or to pay very substantial fines, fees, and interest rates that were not even legal not long ago.  And if you accepted their offer, the last thing you need is another negative credit report item, so suck it up, pay it up, and CUT-it-up (and mail it back to them).

I will say that my family has found both Capital One and Orchard Bank to be friendlier lenders with more customer-centric policies and service fees.  But it's hard to describe any credit card lender's rates and policies as fair, or friendly, when most all now carry very toothsome fines, fees, and rate escalation policies these days.  All-in-all, if you intend to carry a balance, you probably would do best not to have a card at all, especially one having a monthly usage fee and minimum interest charge.  If you insist upon having one, consider keeping it frozen into an ice tray where it is inconveniently accessible.  And consider keeping it only long enough to gain sufficient good standing to qualify for a card which does NOT charge you such monthly or annual fees, and which does not make you purchase the credit line increases that your responsible behaviors have earned you already at no charge.

Your mileage may vary.  The words 'Caveat Emptor' is often translated as 'Let the Buyer Beware', and better advice simply cannot be given for those seeking credit in the marketplace.  Read EVERYTHING, assume NOTHING, and never forget that you will customarily pay service rates which more than half the world's populace would consider usurious and immoral.