Golb at Money, Matter, and More Musings has located the worst credit card in the world. It is designed to prey on subprime borrowers who, sadly, cannot get a better card…
Meet the Continental Finance MasterCard. After all the fees have been collected, it has a credit limit of $53. From MMMM:
- Account setup fee: $99
- Program participation fee: $89
- Annual fee: $49
- Account maintenance fee: $120 (charged @ $10/month)
- Purchase APR: 19.92%
- Authorized user fee: $30 (great! seems like $53 credit is a bit too much for a single person to handle)
- Credit limit increase fee: $25 (and you don’t even have to ask for it!)
- Internet payment fee: $4 for each authorized internet payment.
Damn. This card is shockingly awful. And to make matters worse: Golb points out that if you use this card to repair your credit history you’re stuck with it because canceling the account will shorten your credit history and drop your score. What a headache.
The Worst Credit Card I Have Ever Seen [Money, Matter, and More Musings]
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You may wish to review the terms and conditions of the card as they have changed:
• $99 Account Setup Fee replaced with Account Processing Fee of $200
• Annual Fee raised from $49 to $50
• Account maintenance fee raised from $120 to $144
• Replacement card fee of $15 added
• Credit Limit reduced from $53 to $50
Fortunately the APR has remained the same!