Be Warned About 5 of the Worst Credit Cards Ever

Credits cards are so beneficial that they have become one of the staples in everyone’s financial transactions. However, while some card companies are there to balance the bank’s profits and consumer’s satisfaction, there are others that are purely there for business. We can tell by their exorbitant fees, high interest rates, and ridiculous deals. We have compiled here a list of the worst credit cards that you might want to avoid.

All-Time Worst: First Premier Bank MasterCard

First Premier signed a $4.6 million worth of settlement in 2007 because of its deceptive marketing practice. On top of that it is the up to $95 processing fee, $75 annual fee, and up to 59.9% annual percentage rate. What’s more ridiculous about its offer is that you will be given only $300 credit limit and spend up to $170 for that. Plus, it has $11 charge for paying bills over the phone.

Scariest Fees: Continental Finance MasterCard

The rates are among our first considerations when choosing. In that case, this card is not only one of the worst credit cards, it is the most expensive as well. The $200 processing fee should be enough to scare anyone off. But if that’s okay with you, then how about the $12 monthly maintenance fee, $50 yearly fee, and the $25 fee for credit limit increase? On top of all these are the 19.9% interest rate and the very short 25-day grace period for paying off bills.

Most Extravagant Rip-Off: Visa Black Card

If you’re a credit card junkie, you know that carrying American Express Centurion means serious spending. After all, you are required to spend hundred thousands of dollars just to get this card going. The same goes for Visa Black Card. The only difference is its ridiculously high annual fee of $495, which is far way too high compared to Centurion’s annual fee. Plus, Black’s features are similar to cheaper cards.

No Grace Period: New Millennium MasterCard

Every credit card offers a grace period. That’s not only a standard but also etiquette in the finance industry. So a credit card that offers no grace period definitely deserves to be one of the worst credit cards ever. This specific card is not only harassing its users. Its annual fee is $59, processing fee is $70, and its interest rate is a whooping 19.5% without grace period. That means after activating the card and making a purchase, the interest rate will start accumulating. It’s also impossible to pay on time without overpaying because of this unjustifiable deal.

Most Deceptive: Applied Bank Platinum Zero

What’s the “zero,” you ask? That’s what makes this card the most deceptive, making it deserving to be one of the worst credit cards in history. The marketing people promise that this card will have no, as in zero, interest rate on any purchases forever. But after reading the fine print, the zero becomes roughly 24% because of the almost $120 charge for this card every year.

Most of these worst credit cards target people with poor credits. But even if you’re in the worst credit, you must think twice before signing up with any of these cards. This is the perfect time to be wise. Reading some news will help you get more acquainted with the recent worst and best credit cards in the market. If you are ever getting a card, choose those that can be considered as among the best.