US Bank Scores Twice In Roundup Of Worst Credit Cards Image courtesy of (northernplateguy)
According to the folks at CardHub.com, US Bank had the Worst Credit Card for Students — the US Bank College Visa Credit Card — which bucks the trend of offering college decent interest rates and rewards to students with little to no credit history in the hopes of creating long-term customers with above-average earning potentials. Instead, this card provides no rewards has an APR as high as 20.99% APR, the highest rate of all the student cards evaluated by CardHub.
US Bank also earned the title of Worst Small Business Credit Card for Rewards for its US Bank FlexPerks Select Rewards Visa Business Credit Card.
“The U.S. Bank FlexPerks Select Rewards Visa Business Credit Card offers the lowest ongoing rewards-per-dollar ratio of all the small business credit cards we evaluated, giving cardholders 0.5 points per $1 spent,” writes CardHub. “As a result, it doesn’t even approach average in terms of the rewards it offers, as a middle-of-the-road card will give you either 1.08 points or 0.98% cash back per $1 spent.”
Here are the remaining losers in the CardHub roundup:
Worst Credit Card for Rebuilding Bad Credit: First PREMIER Bank Gold Credit Card
“[T]he antithesis of a card well suited to credit building… charges a $95.00 processing fee prior to account opening, a $75.00 annual fee during the first year, a $45 annual fee in each subsequent year, and a $6.25 monthly fee beginning in the second year. If you aren’t able to pay your full bill one month, your balance will be subject to a 36% APR as well.”
Worst General-Consumer Credit Card for Rewards: Visa Black Card
“[A] cheap imitation of the famed Centurion Card from American Express… it only gives you 1 point per $1 spent and access to airport lounges. In other words, paying that exorbitant fee [$495] will leave you with a depleted bank account rather than a true status symbol.”
Worst General-Consumer Credit Card for Big-Ticket New Purchases: Arvest Bank Classic Credit Card
“[I]t doesn’t even provide a 0% rate and only offers its 4.9% intro APR for 6 months. When you compare that to the likes of the Citi Diamond Preferred Card, which offers 0% for 18 months, it’s obvious how much money cardholders could be leaving on the table.”
Worst General-Consumer Credit Card for Balance Transfers: UBS Preferred Visa Signature Credit Card
“Not only does the UBS Preferred Visa Signature Credit Card offer the highest introductory balance transfer APR (9.99%) for the shortest amount of time (6 months) of all the cards we evaluated, but it also charges both a 3% balance transfer fee and a $495 annual fee.”
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