Is your friend talking about the same card you have? She might have a different Credit One card. I mean, no grace period plus $99 annual feee doesn’t sound that great to me. Did they at least give you a decent credit line? Do they give credit line increases and can you product change to a better card later on? What did your friend say was great about it?
You might wan to consider all this now that you are still on time to cancel it. I’m not sure if it’s going to show up on your report or not if you cancel it now. I would think not ’cause they’re still processing your application but you might want to ask them.
As I said, If you are rebuilding I think you can benefit from any card if you don’t max it out and pay on time. But also, you don’t want to be working extra hard for this and it would be a good idea to look for a bank that will treat you right in the long run. I wouldn’t want to be paying any interest to them.
You’ll end up closing this card eventually as it looks like a card for people who are rebuilding. Considering you already have a secured card I would try to look for a better deal. Even a secured card by Bank of America or Citi sounds like a better deal as after a year you’ll be unsecured. The Capital One rewards sounds like a good card too.
You know, this is all my opinion, just try to make sure you know what you are getting into before you apply for anything. Check out other comments about this bank here: http://ficoforums.myfico.com/t5/Credit-Cards/credit-one/td-p/1229639