We’re reposting this because the card is actually worse than before. They now charge a $10 monthly maintenance fee (waived for first year). Previously they charged a $5 monthly maintenance fee.
We’ve talked about bad credit cards before and the First PREMIER Bank Credit Card is the reigning “champion”. Recently a lot of people (especially those with bad credit) have been receiving pre-approval offers for the Verve credit card which is issued by Continental Finance.
Here are the nasties:
- Annual fee of $125 for the first year, $96 annually after that
- Monthly maintenance fee of $10 ($120 annually)
- APR of 29.99%
Now I know what you’re thinking to yourself “But DoC, is it the worst card? Or is First Premier still the champ”? Let’s have a look. In the table below the annual fee rate includes the monthly maintenance fees both of these cards charge.
| Verve | First Premier | |
| Annual Fee 1st Yr | $125 | $150 |
| Annual Fee Yr 2+ | $216 | $120 |
| APR | 29.99% | 36% |
If you’re going to carry a balance (never carry a balance, please. I beg you) then First Premier’s option is worst, the APR is 6% higher and they don’t even offer a grace period. If you’re being a good little boy or girl then Verve’s massive annual fees will be worst. Oh, want another additional card? That’ll be $35 thanks.
In all seriousness, I hate predatory lenders like this. I wouldn’t be able to live with myself if I sold products like this. If you have bad credit, don’t sign up for cards like this thinking it’s your only option. You can view what I think the best secured credit cards are here. You’ll notice that none of them have annual fees, or bullshit monthly servicing fees either. Remember that if you don’t want the card anymore to cancel it as well, otherwise you will still be charged the fees!
Feel free to share your experiences with the Verve card in the comments below.
