By Selena Maranjian October 18, 2007
A bad movie can be entertaining. A review of a bad movie almost always is. But a bad credit card? Well, I can find some humor in that -- but it's always tempered with sadness, because some people will invariably sign up for such a thing, and will pay for it.
I recently ran across a description of the "world's worst credit card" at consumerist.com: the Continental Finance MasterCard. I'll note upfront that in the card issuer's own words, it "was developed specifically for individuals with bad credit or those who had a previous bankruptcy. It is riskier, and consequently more expensive, to issue credit cards to individuals with a poor credit history."
Okay, fair enough. So just how bad is this card? Well, it has a $300 credit limit, but you'll spend more than that just to get and keep the card. The fees include $99 to set up the account, and $49 as an annual fee. It costs you $89 for a "program participation fee," too. Oh, and you know that annual fee? Well, that's separate from the monthly "account maintenance fee" of $10 ($120 per year!). The interest rate on purchases: 20%.
More after the click ...
My take: This is what you get if you "Borrow and Spend" beyond your means.
No comments:
Post a Comment