Description: This passage focuses on the credit one login, which talks about some bad cards. Most of the bad cards have high annual fee. Falling for a credit card scam is an incredibly frustrating experience and having your financial security disturbed for even a short time can disrupt your peace of mind.
Today we’re going to talk about the credit one card and see whether it’s the worst card. If you are new here, we’re all about how to maximize the value for credit cards, how to get the most cash back and also how to travel free.
Let’s get started, we’ve talked about a few bad cards, most of them have been high annual fee cards that don’t make sense, you’re paying a ton of money but you’re not getting positive expected value, it’s a bit different because there is no expected value.
You’re not getting any great reward instead you’re getting lured in by the promise of building up your credit score with most normal cards, we look through the numbers to see if it makes any sense, with this one specific card you don’t even need to do that.
You get no credits, you get no real benefit, you have to pay a relatively high annual fee between $50 to $100, it is not cheap by any standard and there’s a monthly fee on top of that, you start paying interest the moment you have a charge.
We talked about even the bad ones, if most other credit cards typically give you until your statement date, they start charging interest, if you do a purchase tomorrow, they’re going to start charging you, a lot of people like to say that credit one is a scam.
Scam means that I think of someone promising me something and giving me nothing in return, they’re not promising you anything, you’re knowing what you’re signing up for, but it’s very predatory, most people probably have a PPS and credit cards, at least there’s a screen up or something along that line.
When you look at this card, you already know it doesn’t make sense, but their target market isn’t you, their target market is the person who either has no credit or it was previously defaulted, they’re dangling this carrot in front of them telling you that you’re pre-approved for this and we’re going to give you credit.
The main problem is the fee and the fact that you’re getting a negative expected value, so I’m fine paying an annual fee, if I’m getting positive value, there’s not any point of doing it, you aren’t building your credit back out, there’s so many other better solutions.
This one doesn’t make sense, the first one is secure credit card, the idea is that you’re putting a $500 deposit Auto credit card, they’re giving you a $500 line, if you don’t pay it off, they can pull from that 500 deposit to pay it off, their risk of people is a lot lower.
You are getting your credit boats off, it’s good, the con is that you have to pay a deposit in most cases to your deposit after about a year, a lot of these cards graduates who has a full-time credit cards afterwards, the second solution to haves secured credit cards don’t work.
The last thing does the same thing, you’re playing $500 and you’re effectively letting in to yourself, it gets reported to the credit agencies meaning that it is showing up for a payment and it’s good for your credit score, these two options are available, there’s not any reason to get the credit one card.
I would not recommend it, if you are considering it, this is bad, there are a lot of cards in the middle that aren’t great, there are better solutions for them, those are fine because you’re not getting punished for it, these are the ones that you’re getting punished for.
There is thousand-dollar annual fee card, unless you are very rich, most people are not going to get that card, that’s a self-administered mistake, it’s very aggressive and very predatory, it doesn’t seem to be fair to me, this is the worst credit card because it has a negative expected value which is hurting real people who don’t know any better.
I hope that this was helpful, let me know if you have any questions, leave them in the comments down below. Thank you.