4 (Really) Bad Credit Cards

Financial website Card Hub analyzed 1,000 pieces of plastic in 2012 to uncover which have the heftiest costs—here are the worst credit cards to have.

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    The Worst Credit Card for Big Purchases?

    Arvest Bank Classic: It provides the least advantageous terms of credit cards that offer a low introductory interest rate for purchases consumers can’t pay in full. The intro APR is 4.9 percent for just six months, compared with other cards that offer a zero percent APR for 18 months. (Arvest commented that this card is not meant for short-term, onetime purchases.)

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    The Worst Credit Card for Rebuilding Bad Credit?

    First Premier Bank Gold: With a $95 initial processing fee, a $75 annual fee the first year, a $45 annual fee in subsequent years, and a $6.25 monthly fee starting the second year, it’s a wonder you don’t go bankrupt just by opening the thing. Those who can’t pay their monthly bill in full will be subject to a 36 percent APR, and if you ask for a higher credit limit, the bank will charge a fee of 25 percent of the given increase. (First Premier commented that the fees reflect the credit risk and that it intentionally keeps card limits low as credit is rebuilt.)

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    The Worst Credit Card for Balance Transfers?

    UBS Preferred Visa Signature: You’ll feel the pain with this credit card with such extra fees as the highest introductory balance transfer APR at 9.99 percent for the shortest amount of time (six months), a 3 percent balance transfer fee, and a $495 annual fee.

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    The Worst Credit Card for Small Businesses?

    U.S. Bank FlexPerks Select Rewards Visa Business: Your grassroots business won’t grow with the lowest ongoing rewards-per-dollar ratio of all small business credit cards evaluated, awarding customers with 0.5 points per dollar spent while the average small business card offers 1.08 points or 0.98 percent cash back per dollar spent. (U.S. Bank commented that other FlexPerks cards have been highly rated.)

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    Your Comments

    • John

      With reference to “Common grammar mistakes”: one which I observe often (Ed on “The Ed Show” comes immediately to mind) is confusion between “infer” and “imply”. “YOU may imply something and I may infer something, but the two words are not inter-changeable!

      • Russell Byrd

        I infer that you are implying something that has nothing to do with the topic at hand. . . .

    • Miller

      If you have good credit, you have nothing to worry about – plenty of cards with low to no fees and high credit limits…