The Worst Of Secured Credit Card To Avoid This Three Cards
Three of the worst credits cards available in 2011 . You’ll have to decide be it really worth the privilege of looking like you have arrived or not.They top our worst secured credit card for their high fees and high interest rates or low credit limits.
1.First Premier Bank Secured MasterCard – High Annual Fee And Hard To Incease Credit Limit
First Premier Bank Secured MasterCard has a high annual fee ($50), a higher APR (19.9 percent), and is stingy on granting credit limit .
A high interest rate:19.9 percent on purchases and cash advances.
In addition, if the bank increases your credit limit, it requires that you simply only post 50% of that quantity as a deposit. But it won’t consider increasing your credit limit until you’ve been a customer for more than a year, and even then the increase won’t be more than $100. That’s way too long to wait, plus it will hinder your progress in graduating for an unsecured credit card.secured card.
Fees
Annual fee: $50.
Late payment fee: $29-$35.
Returned payment fee: $29.
Credit limit increase fee: 50 percent of credit line increase.
2. Applied Bank Secured Visa Card – high fees and very low credit limits
There is a $50 annual fee the 1st year. But after the first year, The annual fee is dropped, replaced by a monthly fee of $9.95 – or almost $120 a year!
The Credit limits, which are based on the size of the security deposit you set up, are outrageously small – just $200 to $500
The bank charges $100 each time your meager credit limit will be increased. Credit limits, which are based on the size of the security deposit you put up, are outrageously small ¨C just $200 to $500. The bank doesn¡¯t pay interest on your deposit either. There’s no grace period, so your balance starts incurring interest immediately.
Fees
Annual fee: $50 first year only, then $9.95 per month ($119.40 annually).
Credit limit increase fee: $100.
Upgrade fee: $100.
Late payment fee: $32-$35.
Returned payment fee: $30.
Dishonored check fee: $30.
3.Public Savings Bank Visa Secured Card – $75 set-up fee and $25 every time it increases
Although this card carries one of the lowest interest rates, 11.24%, in the secured card arena. Plus there’s even zero percent interest for the first six months.
But there are too many fees associated with this card. While it doesn’t charge an annual fee, it does charge a hefty $75 account set-up fee, which is non-refundable. It also charges $25 every time it increases – or decreases – your credit limit. Of course, you’ll also have to increase the size of your security deposit to match the higher credit limit.
Fees
Account set-up fee: $75.
Credit limit increase fee: $25.
Late payment fee: $20 or 10 percent of payment due, whichever is greater.
Returned payment fee: $25.