Author: Artem Hihach
No doubt, having a good credit score and using the right credit card company can be a perfect way to improve your financial status, while saving money. Unfortunately, some credit card companies can’t match when it comes to offering good rates and minimal charges.
Even though we wouldn’t recommend issuers with high charges and low or no benefits, it is best to know them to avoid regrets.
First Premier Bank Gold Credit Card
This credit card is notorious for devastating comments on the internet. If you compile all the bad reviews about them, they may be enough to create a tragicomic series.
The interest rate (APR) on this credit card is 36% per annum. After opening the card, the bank removes between $25 to $95 (a one-time fee). Additionally, their annual fees range from $45 to $125.
If the credit card holder asks to increase the limit, the bank withdraws 25% of the added amount. There are also other fees that are logical to explain.
It seems the bank just comes up with different charges every day. A credit card from First Premier Bank is so terrible that some of its holders are scared to make a purchase.
US Bank College Visa Card.
This card positions itself as almost perfect for college students. The credit card, however, does not provide any benefit other than an APR of 20.99%.
It is curious how most banks don’t offer a good reward to students. Almost all student credit cards have extortionate terms. Probably, the banks assume that the student will accumulate student debt, fail to find a job, and run into unsustainable debt afterward.
TrustCo Bank Hometown Visa Signature Real Rewards Card
The card offers zero APR for only 6 months which is often misleading as most banks give a minimum of 12, 15, or 18 months. Then the APR soars to 14.49%, and even more often to 23.49%.
However, the main reason why this credit card is not widely accepted by users is that it requires a perfect credit score to open.
Platinum Zero Secured Visa from Applied Bank
The presence of the word “zero” describes this card with complete accuracy. Offering services such as zero interest on purchases, zero application fee, and zero annual fees, seems like the perfect deal until the catch.
After six months the grace period will end, and reality sets in when you are hit with a $9.95 monthly fee summing up to $119.40 per year. There are also some pretty hefty penalty fees. If you make a late payment, go over your limit, have a returned payment, or a dishonored check you will be charged $35.
Even though they advertise the card as having no annual fee, there is a “monthly maintenance” fee.
Common in Bad Credit Cards:
Most bad credit cards are issued by financial institutions with bad reputations. In addition, the card issuer may not be a bank. Bad credit cards are often issued by foundations, associations, unions, etc. They have only one goal – to make excess money off their users.