People with bad credit have learned to live with a low FICO score: they’re denied most rewards credit cards and have to swallow lower credit limits and higher interest rates. Conditions have only worsened.
In the first quarter of 2010, interest rates for those with bad credit spiked from 15% to 25%. But while having poor credit has always meant accepting worse terms, there are some terms that should just never be ok.
Below are a selection of credit cards that everyone should avoid, no matter how bad their credit.
The Bad Guys
The First Premier cards: First Premier Bank gained notoriety with their 79.9% APR credit card, which was then replaced by a card with “only” 59.9% interest. The latest iterations of their sky-high interest rate cards are the Aventium and Centennial credit cards.
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My name is Jeff Rose and in my life I've trained with the U.S. Army to be an Infantry soldier. In my professional career I've trained to be a financial planner. The recent financial catastrophe brings to light how so many people have become victims of their poor financial management. I combine the discipline of my army training with the rigors of my financial planning experience to help people do something about it. I want to help you become a Soldier of Finance and take control of your life and personal finance today. To read more about me, please check out my