Terrible Credit Card Terms

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.

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