Not every credit card that’s a bad deal in 2011 is one that preys on the person who has bad credit. Credit card companies are plying their trade for both ends of the economic spectrum. They target the rich and they target the poor. Either way there is money to be made and worst credit cards to avoid. Are you a target?
Worst Credit Cards Targeting the Wealthy
Some of the worst credits cards available in 2011 are directed at the rich and famous. You’ll have to decide whether it’s really worth the privilege of looking like you have arrived or not.
Premium Bank’s Visa Black Card claims to offer a set of exclusive services that make it comparable to holding the American Express Centurion Card. In reality, it’s a mere shadow of Amex’s black card. According to MSN Money, there are premium cards that give you almost as many services as this card does without the stiff $495/yr. fee. All they fail to offer is the “prestige” of using the black card for purchases and concierge services.
Concierge services can be useful for card holders who travel extensively, but this benefit is worthless for someone who doesn’t. Money managers on multiple credit card sites recommend evaluating whether this service would really be worth $495/yr before upgrading to a Visa Black credit card.
Worst Credit Cards Targeting the Poor
There are horrible credit cards out there for the credit challenged as well. The First PREMIER® Bank Credit Card is one of the worst partially-secured credit cards on the market. You have to make a deposit of $95.00 as security to access $300 in credit.
You don’t dare carry a balance with this card. The APR is 49.9%. This is in addition to a $75.00 first year annual fee. And if you think that’s a bad deal, that’s just an introductory price. Each year thereafter, you pay $120.00 to keep your credit card.
This just highlights the importance of shopping carefully if you are in a lower income bracket, have no credit or need to restore your credit. This kind of deal isn’t going to help you get ahead very quickly!
Take the time to shop carefully for credit card offers. No need to establish credit is so vital that it is worth becoming a slave to such lenders.
