I have seen a number of bad credit cards in my lifetime and in my searches for interesting credit card news, I recently stumbled upon one card that has to be in my top five list of bad credit cards to have.
The Continental Finance Mastercard is so terrible that it was recently named one of the world’s worst credit cards” by consumerist.com, and as far as I can tell, the card has earned its place on that dubious list. First of all, you will only be able to get a $300 credit limit. Now, this isn’t necessarily terrible since you will usually have a low credit limit on a credit card for people with bad credit. What is really messed up about this card, however, is the fact that you will have to spend more than $300 just to have the card.
In order to set up an account with the Continental Finance MasterCard, you will have to pay $99 just to set up the account. Then, you will have to pay $49 in annual fees in addition to an $89 “program participation fee.” On top of the annual fee, the card also charges a monthly “account maintenance fee” of $10, which adds up to $120 per year. As another slap in the face, you will be hit with an interest rate of 20%.
Now, the credit card does state that it “was developed specifically for individuals with bad credit or those who has a previous bankruptcy. It is riskier, and consequently more expensive, to issue credit cards to individuals with a poor credit history.”
This little explanation doesn’t do much to win me over. I agree that it is more expensive because of the risks involved with card products for people with poor credit. Nonetheless, there are plenty of cards out there that are managing to cater properly to this audience with out such exorbitant fee harvesting.
But we’re not done yet … In addition to the regular fees you will have to pay with this card, you will be charged a $4 fee for each Internet payment you make with the card. On top of that, you might get to receive an increase to your credit card limit – but, you will have to pay $25 each time the limit is increased. Furthermore, you don’t get a choice in whether or not your credit limit is increased. Basically, whenever the company feels your limit should be increased, they go ahead and do it and charge you a $25 fee.
Related Posts:
- Macy’s Stands Alone As The World’s Worst Credit Card - Experts at EconomoyWatch.com singled out the world’s worst credit, cash-back and secured credit cards. As credit card companies are battering consumers across...
- Worst Credit Cards of 2007 - With the year coming to a close, it might be interesting to take a look at some of the worst credit cards...
- Blizzard Offering World of Warcraft Credit Card - If you are one of many people that are seemingly addicted to the online game World of Warcraft, you will be excited...
- 5 Worst Credit Cards (If You Don’t Pay on Time) - The Credit Card Accountability, Responsibility, and Disclosure Act of 2009 went into effect last year, and it protects consumers from the more...