Cardhub has released their selections of the most alarming credit cards on the market this year.
Their list is based on more than 1,000 different cards and their ability (or inability) to meet the needs of major population segments. Each card comes with an enticing alternate and tips.
Here is their list of consumer credit cards –
Worst Card for Credit Building – First Premier Bank Gold Credit Card
- This card charges $170 in initial fees and $120 in membership fees per year
- 36% APR
- 25% credit-limit-increase fee
Alternative- Harley Davidson Secured Credit Card
- Users are required to place a refundable security deposit which acts as their credit line. This prevents overspending.
- No annual fee
Worst Rewards Card – Visa Black Card
- This is an imposter card attempting to capitalize on the idea of the American Express Centurion Card’s “black card.”
- $495 annual fee
- The rewards are rather modest
Alternative – The Barclaycard Arrival Card
- This card offers an initial bonus of $400 worth in travel-related expenses
- $89 annual fee which does not start until the second year
Worst Card for Financing – Arvest Bank Classic Credit Card
- This card charges 4.9% interest on new purchases for the first six months. After that time, a 17.9% regular rate takes effect.
- Other Arvest Bank cards were among the most expensive cards for financing-big-ticket purchases
Alternative – The Citi Diamond Preferred Card
- This card offers 0% for new purchases for 18 months
Worst Card for Balance Transfers – UBS Preferred Visa Signature Card
- This card has a $495 annual fee
- Introductory interest rate is 9.99% and only remains in effect for six months
- After that six months, the regular rate of 13.24% kicks in
- Charges a 3% balance transfer fee
Alternative – The Slate Card from Chase
- This card doesn’t charge an annual fee or a balance transfer fee
- 0% on transferred debt for 15 months
Worst Student Card – US Bank College Visa Credit Card
- This card charges one of the highest interest rates on the student credit card market – 20.99%
Alternative – The Capital One Journey Student Rewards Card
- This card gives you a 1.25% cash back per dollar spent as long as you pay your bill on time.
We urge you to take this list seriously to avoid dangerous credit card debt.
However, if you end up overwhelmed with debt you can’t pay, you might have questions and concerns. We can help.
Darrell Castle & Associates concentrates in individual consumer bankruptcy. We can help you decide if bankruptcy is right for you. Our experience allows us to offer sound advice while treating you with integrity and respect.
If this is you, contact us today online or call us at (901) 327-2100.