The Worst Credit Cards for Credit Rebuilders 0
I’m currently shopping for a decent credit card to help rebuild my credit to the next level. I found a Gold Mastercard offered by First Premier Bank which I first thought was OK. The First Premier Bank Gold Mastercard boast a small profile of benefits that includes:
- Receive a 5% credit to your account balance on all payments for 12 months*
- Credit decisions in less than 60 seconds!*
- Low APR on Purchases*
- Reports monthly to 4 Major Credit Bureaus
- Enjoy the benefit of 24 hour account access by phone
- Prestige of a Gold Card
When I look beyond and read the details of the terms and conditions I’m required to agree with in order to be granted this credit card, I found out that this card was the biggest ripoff of all credit cards. The card seeks to take advantage of people with the worst credit ever, those in desperate need of a credit card but can’t get one from any other source. Here’s a sample of what you’ll find:
- “Available Credit and Cash Advance Limitations: The initial minimum credit limit will be at least $250 and the following fees will be billed to your first statement: Account Set-Up Fee of $29.00, the Program Fee of $95.00, the Annual Fee of $48.00, the Additional Card Fee of $20.00 per card (if applicable) and Monthly Servicing Fee of $7.00. These fees will reduce your available credit until they are paid. If you are assigned the minimum credit limit of $250 your initial available credit will be $71 ($51 if you select the additional card option). “
Having this credit card is like handing First Premier Bank your money for almost nothing and be subject to collections in case you screw up again. I think if anyone really need a decent credit card, the First Premier Bank Gold Mastercard credit card should be the last thing in mind.