We are going to review the credit cards offered by Credit One bank. This is the literally the best second chance credit card on the market. You know your rock bottom if this credit card company denies you a credit card, as they accept people with horrible credit scores. This credit card company promises consumers that it will help repair and rebuild your credit score, and it will, provided that you never miss a payment, and try your best to make more than the minimum payment each month.
The basics of this card are simple. This card is meant for people whose credit has been destroyed. If you have no trade lines active, this card offers you a fresh start, what you do with that fresh start is up to you. There is no frills or perks to this card. No balance transfer intros, no sign up bonus, no rewards, no purchase intro APR. What does it offer you? Just a credit card. A second chance.
The down side? Expect to get nickle and dimed to death, then some more. There are random fees, credit increase fees, a $99 a year annual fee and an APR of 29.9%. You want customer service? Sure go ahead and call them, you will be speaking to someone who lives in a hut in some 3rd world nation, and I can safely say he or she does not care about your 1st world problem, and the terrible English of these CSR’s will negate anything you are trying to make happen by calling.
Those down sides seem pretty harsh? Well the truth is, this card can indeed help you build your credit back up. If your credit has been destroyed, or if you have never had credit, this is a place to start. I myself owned this card once upon a time. It served its purpose, within 8 months I scored a Capital One credit card, by keeping my balance low after the first month. Month One I maxed this card out, then paid off the balance in full. Every month there after I used 10% of my available credit, or $40 to make a purchase, then paid off that balance in full every month. This resulted in a positive payment history, enough to show Capital One, who had denied me 8 months before hand to trust me with a credit card. For a second chance card, you can not complain to much, just understand what you are getting into. Also if you do get this card, you will need to keep it for about 3 years, even after you get new credit cards, since age of accounts is what matters along with your good payment history. After you have had 2 or 3 other credit cards for a period of 2 to 3 years you can safely close out this account.