I decided to google credit cards today and see what kinds of offers came up for individuals with poor credit scores. I was shocked by some of the offers that I saw. These cards won’t help individuals with bad credit improve their credit; these cards will only help their credit to get worse. These are some of the worst offenders.
Next Millennium Mastercard- This is a secured credit card which is supposed to allow individuals to rebuild their credit. I am normally a fan of secured cards for people with bad credit because the savings account keeps you from going over your credit limit. That is not true of the Next Millennium card. Next Millennium charges a $99.00 processing fee to open the account and a $59.00 annual fee. Numbers of people have complained to the Better Business Bureau about being charged the processing fee even though they did they did not fully complete the application. Other people have complained about mailing the company money and receiving no credit for their payments. The company’s contact information is hidden which makes it near impossible to contact them about their fraudulent practices. If you ever do receive the card your interest rate is a minimum of 19.5%. Next Millennium offers no grace period which makes it virtually impossible to pay your balance down to zero. This is probably the worst secured card on the market.
First PREMIER Bank- First PREMIER Bank offers the First PREMIER Bank Gold Credit Card, Centennial Card and the Aventium Card. First PREMIER’s motto is U + Premier are stronger together. So let’s say you believe this and apply for a First PREMIER card. Your initial credit limit is $250 before fees. What are the fees? As soon as you receive the card you are billed for a $95.00 program setup fee, $48.00 annual fee, $29.00 servicing fee, $84.00 monthly servicing fee billed at a rate of $7.00 monthly. Add all these fees up and your available credit is $71. But when you add in the servicing fee over a full year your available credit is actually $-6.00. That’s just the beginning of the fees. If you want to schedule autodraft payments that will cost you $11. If you receive a credit limit increase, you will be charged $25. Do you want to view your account online? That will be an additional $3.95. This card boasts the highest fees of any credit card. Based on all of the fees that First PREMIER Bank charges I am surprised that they do not send the card COD.
Since new credit card regulations are capping fees on these predatory lenders, they are going to lower fees and increase interest. First PREMIER is offering cards with an interest rate close to 80%. That’s just plain ridiculous. I would say its better to have no credit card then these cards.
Personal Loans With no Credit Check: Get Loan Without Ref to your Credit Score Credit score has always posed problems in the path of availing a loan. Customers with bad credit rating had always been suffering but it’s never justified. But why these people are deprived of their rights One of the strong reasons may be the fact ….