Published on November 8th, 2014 | by William Charles7
The Worst Credit Card That Exists
Update: The Verve Credit Card is definitely a new contender for this title.
On this blog we try to find out what credit cards are actually worth applying for and what are all hype and no substance. I’ve been spending a lot of time looking through smaller card issuers portfolios recently to try and uncover hidden gems. Unfortunately I found a lot of card issuers that are taking advantage of customers that either aren’t checking the fees table or are ignorant of what those fees should realistically be.
Below I’ve listed what I believe is the worst credit card that is currently available.
- First PREMIER Bank Credit Card. Honestly, it shocks me how bad this card actually is. We’re going to break it down so you can see why this card sucks, so so bad.
- 36% APR
- $95 processing fee
- $75 annual fee first year, then $45 annual fee
- Monthly servicing fee $6.25 which is waived the first year
That’s right, the first year you’re going to pay a total of $160, each year after that you’re going to be charged $120. If you make the mistake of carrying a balance? Bam! 36% APR, oh yeah the late payment fee is $35 as well. This card is specifically targeted at people with poor credit, but there are so many better options out there that don’t come with an annual fee or a processing fee or a monthly fee and also offer a rewards program. Looking at the fee table for this card make me feel physically sick.
If you know of anybody with this card or see somebody use one, please take a minute out of your day to explain why this is such a bad card and why there are so many better options out there. Do you know of a worst credit card? If so let me know in the comments.