Credit cards are small plastic cards, having a specific Credit card number or account number written on them it and each credit card is attached to an account where you have kept your money.
Credit cards are a convenient way to purchase goods and are provided by banks, financial services, and building societies, etc. It’s very hard to carry the cash around with you. Wherever you go, but Credit cards are very easy to use and reliable. Very small in size but helps you manage your money. A credit card will do the job, so you don’t have to pay using cash and keep its record.
Credit cards mainly provide you with credit that you can use to buy goods, pay your bills, transfer money and make transactions. But it charges you for it. It’s like you take a loan and make the payment by the due date monthly. But if you use it wisely and follow several steps, you can minimize the charges and payment. You can shrink your credit card payment by making the payment for your credit card before the due date, by selecting those credit cards that don’t cost you an annual fee, by making larger payments, by reviewing your budget, by negotiating lower interest rates, etc.
With so many credit cards available out there, it can be a tricky job to select the credit card that benefits you and meets your requirements very well. A credit card that suits you and your budget. There are many options available, some credit cards will be best to use by the students, some are for beginners and some prove to be best for those who earn.
Suggested Read: Can You Buy Gift Card With Credit Card
What Is a Good Credit Card
There are several characteristics on the basis of which you can choose the best credit cards for yourself. These characteristics include a grace period, credit limit, cash advance features, interest rates, rewards, bonuses, policies, and many more. One should and always go for those cards that have low-interest rates, minimum transaction fees, big bonuses, credit boosting tools and the list goes on. So there are several things that you should keep in mind while choosing a credit card, a credit card that will help you preserve your money and save you from any kind of fraud or scam.
Worst Credit Cards in 2021
While looking for credit cards, we found some of the best cards available but it was also found out that there are some really bad Credit cards, and to discuss those cards and their attributes that make them worst is essential so people become aware of what they should use and what they should avoid. For making things convenient for you we have made a list of the Worst Credit Cards of 2021, why they are pretty bad, why you should refrain from them and why you should choose better options.
1. First PREMIER Bank Gold Credit Card:
This Gold Credit card is the worst for rebuilding credit. This credit has been on the list of worst Credit cards for 10 years. It’s an unsecured card if you want to rebuild your credit with an extremely high APR, and it doesn’t offer any rewards which is a negative point as well. Plus it comes with really high fees which are not affordable. Yes, this card comes with a number of pros but it’s quite pricey when it comes to its fees. Its fees are high and big and includes
- Program fees, which should be paid right away when you open your account
- Annual fee, which you pay on yearly basis. The financial company deducts it from your account.
- Monthly fees, which you have to pay every month as long as you have your credit account.
- Penalty fees, in case you are to return your card you’ll have to pay 39$.
- Additional User fees, if you add a member to your credit card 29$ will be paid from your credit card.
- Express delivery fees, if the credit card that you are using is stolen or misplaced and you want a new card first you’ll have to pay 35$ for the new card.
Considering Only the fees of this credit card which is over the top, plus the high APR which is 36% more than the average rate, you should reconsider your choice if you are using it and should look for a secured credit card.
2. Mastercard Gold Card:
It is known to be worst for its rewards and 2021 is its 5th year on the worst Credit card list. Cardholders who use this credit card have to pay a 995$ annual fee and a 295$ additional fee. The question arises what’s so unique about this credit card that it comes with this price. The credit card makers have only paid attention to the design and luxurious appearance of the card like it’s known to have plated in gold rather than making the card valuable and comfortable for its cardholders and if appearance doesn’t matter to you, you can find a better and secured card in a better budget that offers you bonus as well.
3. TrustCo Bank Hometown Visa Signature Real Reward Cards:
It’s Called worst because of its poor balance transfers and it’s this card’s first year on the list of worst Credit cards. Credit cards are supposed to add comfort to our lives and they should be as smooth as the credit card companies claim. What’s the point of having a credit card if it doesn’t allow you to transfer the balance. A balance transfer is necessary for debt consolidation, thus offering help to the customer with high debts, but unfortunately, these credit cards don’t provide us with this opportunity. In addition to this, The TrustCo Bank that offers these credit cards has received some of the worst customer reviews ever. It’s simple that If Bank is not worth the investment then how could be it’s credit cards?
4. Hope Credit Union Platinum Visa Card:
Hope Credit Union Platinum Visa Card is overall a good card with the best characteristics, with reasonable fee, extremely low APR, low balance transfer fee and with so many other credit card benefits, but there should be a reason why it’s on the list of worst Credit cards of 2021. The reason is Financing new purchases and some other cons which sadly makes it 2nd time on the yearly list of worst Credit cards, which has proved to be kind of bad luck for them. One should also stop using this credit card when traveling abroad because it charges you a 3% commission, every time you are outside the US and make a transaction.
Why Hope Is One of the Worst Credit Cards
- It requires high credit for its application i.e if you want to use this card you must have excellent credit.
- It does not facilitate the customers with any signup bonuses. One always prefers credit cards that put forward high bonuses.
- Moreover, it doesn’t provide you any rewards. So many of the credit cards give rewards so why not go for them instead. It’s like they reward you for using their cards which always attracts more customers.
- No cash back facility. So yes this credit card doesn’t refund a small amount to the cardholder every time he/she purchases anything. Cashback policy offers you actual money.
5. First Digital Credit Card:
It also comes with the same traits and is seen on the list of worst credit cards ever. High fees, annual fees, monthly maintenance fees, small credit lines, high-interest rates, small or no rewards, and bonuses. This is a big turn-off.
Conclusion of Worst Credit Cards
After all this, we have come to a conclusion that It’s necessary to recognize these invalidating characteristics and go as far as you can from these credit cards. You always want the best for yourself. You always want to invest in the best.
Are you looking to build credit with a card? Rather go to the Destiny MasterCard to build better credit.