Number 10
BP Chase Visa
This card seems like a good choice, with no annual fee, a reasonable interest rate of 11.99% and up to 10% rebates on BP gas for the first 60 days, which then becomes 5% after the introductory period. This credit card also gives you 1% to 2% rebate on other purchases, and at some BP gas stations they'll even knock five cents off the price at the pump for some upfront savings. There must be a reason why they want you to use this card so much and offer you big incentives to do so.First, after the 0% for 6 months expires, you go to the normal interest of 11.99% to 19.99%. And if you read the fine print, you'll discover that they will even pay off your 0% balance. It all sounds fine and dandy until you realize they'll be charging you interest on the unpaid charges you racked up after the 0% introductory period expires, making it impossible to avoid interest. BP also makes it tricky to actually redeem your rewards and rebates. Once you reach the $25 rewards threshold, you have to login at the rewards center to retrieve your rebate. You can request a check or a gift card. If you have $24.99 racked up, you get nothing; if you have $49.99, you can only redeem in $25 increments. It's a good concept, but makes it nearly impossible to reap the benefits that made you sign up, which makes it the starting point for our top 10 worst credit cards list.
Number 9
Marathon Platinum Reward Card
A 5% rebate on all Marathon purchases, including gas, is certainly an attractive offer. The 15.99% to 20.99% interest rate, however, is not. Even worse is the fact that you'll pay 29.99% if your payments are late. All of this risk for a 5% rebate, which is limited to $270 per year, really isn't worth the stress. Marathon Platinum "Reward" Card should give you unlimited rebates with the interest rates they charge.Number 8
American Dream Card
If you dream of paying high interest and getting nothing for it, the American Dream Card may be for you. A 14.99% to 21.99% rate is not ridiculous if your credit isn't in top-notch shape, as is not being hit with an annual fee. The only silver lining this credit card seems to offer is entries into sweepstakes to win prizes that you will likely never win. If you are locked into getting a card with a 15%-plus interest rate (which can balloon to twice that if you are late), you are better off with a card that gives you cash back on purchases or frequent flyer points, at least. Even the department store credit cards give you discounts when you shop with them -- it's all about the rewards when you're looking at the worst credit cards out there, remember that.Number 7
Direct Merchants Bank MasterCard
At first glance, the Direct Merchants Bank MasterCard doesn't seem too bad: There's no annual fee and the basic rate is 14.9%, which is not insanely high by credit card standards today. However, if you Google search this particular credit card, you will find the results littered with complaints regarding the card issuer. The complaints are all very similar, which seem to center around payments taking days or even weeks to post to the account, all which triggers the 29.99% penalty rate and late fees. It just seems that service processing on this card is not up to par, and could end up costing you quite a bit in the end. Of course, to play devil’s advocate, one may say these complaints were a result of not following the rules -- but there are enough similar complaints out there to scare us away from ever going down this Direct Merchant Bank MasterCard path.Number 6
Orchard Bank Classic MasterCard
Orchard is more interested in collecting fees and security deposits from you rather than genuinely extending you credit. A $49 account processing fee and a $49 annual fee are there, for starters. Be prepared to pay 14.9% to 29.49% in interest, and in some cases be required to put up a security deposit in cash that represents your credit line. It sounds like a debit card to us, or at least one of the worst credit cards we've ever heard of.Number 5
Total Visa
The Total Visa comes with total up-front fees of close to $200, leaving you with a possible $50 left over on the promised $250 credit limit. A 19.92% interest rate, with a higher rate for being late or over your limit, leaves much to be desired. If you're unfortunate enough to apply, be approved and activate this card, before closing it out make sure you note the $3.50 closed account fee they assess each month.Number 4
First Premier MasterCard
A 9.9% interest rate seems reasonable, but the fee structure and maximum credit limit leave much to be desired. You are asked to pay $179 up front for various program, set up and annual fees before you can even start to use your credit card, which, if you're lucky, will have a maximum credit limit of $300. Imagine they only extended you a $150 credit limit like some others? You’d be maxed out, and likely incur an over limit fee of $29 before the card even arrived in the mail -- which might trigger the penalty rate of 19.9%. While it's only a hypothetical situation, it doesn't seem completely out of the question.Number 3
New Millennium MasterCard
Secured credit cards don't make much sense. Why would you give the bank, say, $500 in exchange for a $500 credit limit? If you truly are in bad shape from a credit reporting standpoint and you must get a secured card, then you have to do that. However, with all the fees charged by this group, what's the point? New Millennium MasterCard takes an annual fee of $59, a $70 processing fee, plus your deposit when you sign up for this horrible credit card. Even worse, the interest rate is 19.5% and there's no grace period. So, as soon as you activate your card or make a purchase, the interest starts racking up. Even if you pay early, it can still take a few days for the check to clear, and in that time you'll be charged interest. It's almost impossible to pay this bill in full and stop the interest, unless you overpay and get a credit balance in addition to the security deposit you put up in the beginning.Number 2
Aspire Visa
Fool.com thinks this one is pretty bad, and we also think it's oh-so close to the very top of the worst credit cards out there. The interest rate remains in the 19.5% region, regardless of the prime rate. If prime rates go down, as they have been, your rate will never go lower than 19.5% on the Aspire Visa. Of course, if rates go up, the 19.5% will rise in tandem. Aspire Visa offers a tiny $300 limit, which may be good for starters, but after you get whacked with the $150 annual fee, the $29 application fee and the $6.50 monthly fee, you have less than $115 available when your card arrives in the mail.Number 1
Continental Finance MasterCard
This might be the worst credit card, ever. First, the $200 account processing fee, which is classified as a finance fee, should immediately scare you off. However, if you're OK with that atrocity, note that you will be paying a 19.9% interest rate, which starts to immediately accrue on your finance charges. You do have a 25-day grace period on purchases, as long as the balance was paid in full the previous month. However, that's about where the positives end with this horrible credit card. You'll see a $12-per-month account maintenance fee, a $50 annual fee and a $25 credit increase fee each time your limit is raised; even if you didn't ask for the increase.credit card blues
Always read the fine print when it comes to credit cards. Remember: All credit card companies want you to use their card in the hope that they can rack up big interest fees to take your money. Sometimes, the easier it is to obtain the credit card, the less you get for it and the more it will cost you in the end.Resources
http://www.chase.com/
http://www.financeglobe.com/
http://www.orchardbank.com/
http://www.rewardscards.com/
http://www.firstpremier.com/
http://www.creditcards.com/
http://www.creditnet.com/
www.aspirecard.com
www.americandreamcard.com
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