In the United States, you can be sure of one thing: When you fall upon hard financial times, there’s always some company or organization that’s ready to take advantage of it. From sub-prime loans to typical credit card offers targeted at people who can barely manage a bank account, it seems that anything goes here. Consumerist.com reports about The World’s Worst Credit Card. I doubt that this is really as bad as credit card terms can get, but the details do seem rather excessive:
Account setup fee: $99
Program participation fee: $89
Annual fee: $49
Account maintenance fee: $120 (charged @ $10/month)
Purchase APR: 19.92%
Authorized user fee: $30 (great! seems like $53 credit is a bit too much for a single person to handle)
Credit limit increase fee: $25 (and you don’t even have to ask for it!)
Internet payment fee: $4 for each authorized internet payment.
All of this for the generous credit limit of $53. You can find the official terms page at Continental Finance MasterCard. With all of these fees, it’s almost impossible to calculate where your money is going. Of course, with only $53 of credit, it won’t go very far.