Credit One Bank becomes America's least favorite card

www.bloomberg.com

It is quite well known that Wells Fargo and Bank of America are two less favored banks and also card issuers in America, but little-known Credit One Bank sits at the top of that list, as the credit card provider with the most complaint, even having twice many complaints than the chief scandal officers, Wells Fargo. 

So how does Credit One deceive people? Credit One sometimes charges an annual upfront fee of $75, even on accounts with credit limits as low as $300. Payments take as long as a week to be credited unless customers pay a $9.95 express-payment charge. But don’t be late: That costs $35. Optional “credit protection” costs about 1% percent of the balance per month. Interest rates are around 24 %, and some accounts don’t have a grace period, meaning Credit One charges interest even if the balance is paid in full every month. Credit One reported $579 million in fee revenue last year, while receiving roughly 14,700 complaints in 2017, the most complaints per card among the 11 largest U.S. card issuers. 

Companies mentioned (YTD): Capital One (-8%), Wells Fargo (-9%), Citi group (-10%), Bank of America (-5%)

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