Written By: Vivek Sharma

In our previous part, we discussed about worst credit cards from the bottom and this part we’ll go through the top 5 worst credit cards. So let’s begin our journey again.

5th- Total Visa:

Fifth spot is captured by the Total Visa credit card, which comes with total up-front fees of close to $200. This leaves you with a possible $50 left over on the promised $250 credit limit. With a higher rate for being late or over your limit of 19.92%, certainly leaves much to be desired. And sadly, if you're unfortunate 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.

4th- First Premier MasterCard:

When this credit card came into market, online business magazines gave remarkable reviews since it boasted a 9.9% interest rate, but problems started increasing when the fee structure and maximum credit limit came into frame. Owning this credit card means you have to pay $179 up front for program like, set up and annual fees. If you're lucky, you can surely enjoy the credit limit of $300. Apart from that you’d be maxed out, and incur an over-limit fee of $29 before the card even arrived in the mail. This will trigger the penalty rate of 19.9%. We know it’s a hypothetical situation, but it doesn't seem completely out of the question.

3rd- New Millennium MasterCard:

It is said that secured credit cards don't make much sense and why would you give the bank, say, $500 in exchange for a $500 credit limit? Also guys, if you’re in bad shape from a credit reporting then you must get a secured card. New Millennium MasterCard usually charges atrocious annual fee of $59, a $70 processing fee, including your deposit when you sign up for this horrible credit card(Sad but its true). Even worse, the interest rate is much high of almost 19.5% and with no grace period. Even if you pay early to avoid any hassles, it can take a few days for the check to clear, and horribly you'll be charged interest for that too.

2nd- Aspire Visa:

Though, it is very rare when business week magazine like us or any other website can think alike. But this happened when one of the websites also thought that this credit card is pretty bad. Whatever may be the case, the interest rate always remains in the 19.5% region. Aspire Visa also offers a minuscule $300 limit, which may be good for starters, but after whacking 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.

1st- Continental Finance MasterCard:

And the worst credit card of all time is Continental Finance MasterCard. This worst credit card firstly, to immediately scare you off, this credit card charges the $200 account processing fee, which is classified as a finance fee. Even if you agree with this, don’t forget that you will be paying a 19.9% interest rate, which instantly starts to accrue on your finance charges. You'll also 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.

From time to time we have been informing you that always read the fine print when it comes to credit cards. All credit card companies may sound alike but they might play with you. They simply rack up big interest fees to take your money. It is easier to obtain the credit card but very difficult to cope up with the cost.

Disclaimer: Information provided above is purely based on online research and customer reviews. OctanMen is not supporting or promoting any of these credit cards.

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• Posted: 11 Sep 2008
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