I was stupid and I accepted Credit One's credit offer... I mainly jsut wanted to use it to pay off another card and then cancel the first card. Now after some research I'm realizing how predatory and corrupt this "Credit One" company is. I was just approved, but I already want to cancel this card, I haven't even got it in the mail yet.
I'm willing to take the hit on my credit from cancelling a card right away, I just need to get out of this ASAP. Thoughts?
Its pretty easy...just dont activate the card.
Problem solved.
Don't they still have all of my info, and won't they charge me a cancellation fee???
If you are wondering about what they will charge you, look at the contract that you agreed to. That will give you a better answer than anyone at letsrun can give you.
I ran into one of these companies years ago. They eventually got fined millions of dollars for other illegal stuff they were doing.
Their biggest scam was to hold all payments past the due date and then tack on late fees. It would take a half hour to get through and then they would take them off. They made millions from people either not noticing the late fees or not wanting the hassle of getting it taken care of.
You have 30 days to cancel and get a full refund IF you don't make any charges. Make a single charge and you're on the hook for all of those fees.
I agree with you- their name and logo looks almost identical to Capital One. I'm surprised they haven't been sued for trademark infringement.
Good luck!
Jeff
Beware of the Fee Harvester Card