• http://personalfinancejourney.com Lakita (PFJourney)

    When I first read about that First Premier Gold card…I thought it was a joke. I cant understand WHY anyone would want this card??? It seems like it was created just to prey on those that don’t read the fine print.

  • Zach @College for 10k

    I guess the sad thing is that so many people can only apply for and get accepted for the First Premier Gold card. Predatory lending anyone??

  • http://www.myfuneralinsurance.com.au Jamel Rose

    If you have a credit card, chances are pretty good that your deal got worse in the past year.Secured cards allow people with bad credit, no credit, little credit history, etc., to show they can be responsible with credit.

  • gina

    I just can’t see the upside to using a credit card. Pay with cash!!

    • Mark Riddix

      That is ideal Gina.

  • Karmella

    Ouch – not good. It used to be (many, many years ago) that a secured card was a decent way to rebuild or build credit, which is an upside if you want to buy a home or car sometime. Do any of the major banks still offer the secured cards, for more reasonable fees?

    • Mark Riddix

      Most major banks have moved away from offering secured cards. I believe that Wells Fargo still offers secured cards.

  • Happi Shopr

    These practices should be illegal. I’m not seeing how the bill that just went into effect is helping those with credit card debit one bit.

  • Chris

    Credit cards are only good when you have it tied to a rewards program, like the AmEx blue cash. In those cases, I find it much better to pay by credit card than cash. The caveat being I pay the card in full every month.

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  • http://madsaver.com Mac

    This article does a good job at shining a light on those poor credit card practices, but these particular cases are more an exception than a rule. Why would anyone want to carry a card like this anyway? There are many good cards that have no annual fee, but lately very few with a fair interest rate.
    All my cards somehow jumped to 25% of late w/o me ever paying late once. :( Not that I carry a balance, but that’s besides the point.

    • Mark Riddix

      These credit cards are the extremes but the average interest rate on a credit card is up to 14%.

      • Nichole

        Yes, they are extreme BUT they are out there and many people uneducated about credit sign up for these. My friend signed up for the 1st Premier card and it was not until I showed her the fine print that she realized what a rip off it was, she just wanted a credit card very bad. By the way, Citi also offers a secured card.

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