idiot
Credit one...looks like Capital One, I accepted their offer for a credit card, need to cancel ASAP! 1/13/2010 10:53AM Reply | Return to Index | Report Post
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?
Widespread
RE: Credit one...looks like Capital One, I accepted their offer for a credit card, need to cancel ASAP! 1/13/2010 10:56AM - in reply to idiot Reply | Return to Index | Report Post
Its pretty easy...just dont activate the card.

Problem solved.
idiot
RE: Credit one...looks like Capital One, I accepted their offer for a credit card, need to cancel ASAP! 1/13/2010 11:00AM - in reply to Widespread Reply | Return to Index | Report Post
Don't they still have all of my info, and won't they charge me a cancellation fee???
Widespread
RE: Credit one...looks like Capital One, I accepted their offer for a credit card, need to cancel ASAP! 1/13/2010 11:19AM - in reply to idiot Reply | Return to Index | Report Post
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.
Mr Mountain
RE: Credit one...looks like Capital One, I accepted their offer for a credit card, need to cancel ASAP! 1/13/2010 5:28PM - in reply to Widespread Reply | Return to Index | Report Post
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.
Jeff from Knowzy
RE: Credit one...looks like Capital One, I accepted their offer for a credit card, need to cancel ASAP! 1/14/2010 11:39AM - in reply to idiot Reply | Return to Index | Report Post
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
http://www.knowzy.com/fee-harvester-credit-cards.htm