The World's Worst Credit Card

[min0 lee]

Danger Will Robinson: The World's Worst Credit Card - Consumerist

Golb at Money, Matter, and More Musings has located the worst credit card in the world. It is designed to prey on subprime borrowers who, sadly, cannot get a better card...

Meet the Continental Finance MasterCard. After all the fees have been collected, it has a credit limit of $53. From MMMM:

• Account setup fee: $99
• Program participation fee: $89
• Annual fee: $49
• Account maintenance fee: $120 (charged @ $10/month)
• Purchase APR: 19.92%
• Authorized user fee: $30 (great! seems like $53 credit is a bit too much for a single person to handle)
• Credit limit increase fee: $25 (and you don't even have to ask for it!)
• Internet payment fee: $4 for each authorized internet payment.

Damn. This card is shockingly awful. And to make matters worse: Golb points out that if you use this card to repair your credit history you're stuck with it because canceling the account will shorten your credit history and drop your score. What a headache.

 

[DOMS]

Weez got en offer yuze can't refuze...

 

[NordicNacho]

It should be called the sub prime card

 

[BoneCrusher]

Credit Limit and Credit Availability.Your initial Credit Limit will be $300.00 and you agree to pay the following fees, which will be billed to your Account and will appear on your first monthly Billing Statement: a one-time Account Processing Fee of $99.00, a one-time Program Participation Fee of $89.00, a monthly Account Maintenance Fee of $10.00 and an Annual Fee of $49.00. Your available credit after these charges will be $53.00 at Card issuance. Thereafter, your current Credit Limit will appear on your Monthly Billing Statement. The maximum Credit Limit you can obtain over time is $2,000.00. You agree that we may change or cancel your Credit Limit at any time without affecting your obligation to pay the amounts that you owe under this agreement.

Who would do this?

 

[FishOrCutBait]

Who would do this?

I dont know, you could just do secured deposits at your bank :/