Credit Card eZine - News and Articles about Credit Cards

Credit cards that should be avoided at all costs

Monday, June 06, 2011

The credit card industry is extremely dynamic and there are changes that take place almost every other day. Though the CARD Act has brought about some amount of discipline and transparency to this industry, there are a lot more loopholes that need to be covered. Credit card issuers are trying to come up with newer ways and means to make up for lost revenue. As a result, customers who are not well versed with the norms of this industry are at the receiving end. While there are certain credit cards in the market that are worth signing up for, there are a few that should be shunned at all times, even when no other bank is willing to offer a credit card.

The Visa Black Card with a variable APR of 14.99% and annual fee of $495 is one of the worst credit cards in the industry today. The only advantage of this card is the 1% cash back it offers when customers use it to pay for their purchase.

The Business Platinum Credit Card from Wells Fargo is another card that should not be applied for. The terms and conditions governing this card are ambiguous and there is no transparency in the fees and other charges associated with this card. There are no rewards offered for using this card and the interest rate varies from 9.24% to 18.24%.

The First Premier Bank Credit Card also does not offer anything significant to customers. Customers have to pay an amount of $95 to avail a credit limit of $300. The card carries an annual fee of $75 and carries an interest rate of 49.9%.