If you have bad credit, chances are you want to repair that bad credit. To do that you will need creditors that are willing to work with someone, such as yourself whose credit has been damaged. You can accomplish this with a credit card meant for those with bad credit. The bad news is that most of these credit cards are terrible. Not just the interest rates, which will be among the top in the industry, since you fall into subprime credit if your score is low, but also other factors come into play. Things like customer service will be non existent, or minimal at best.
The credit card I am going to review is a contender for one of the worst credit cards on the market, and the credit card is Verve, it is issued by Continental Finance. What makes this card so terrible? For one even if you do not charge anything in a given month, you will get pegged with a 5 dollar service charge, per month, so that equals up to $60 per year. If that was not bad enough if you forget to pay this 5 dollar charge, you are now facing a late payment. The APR is high, but not as high as I have seen some credit cards, the APR is 29.99%, and I have seen other cards go as high as 36% APR. The real nasty part is that it comes with an annual fee of $125 for the first year, then $96 per year after that. They also charge you $35 to replace a lost card or to add an additional card.
The is the second worst credit card for people with bad credit to hold, followed only by First Premier credit card, which has a whopping 36% interest and has no grace period.If you are the type that carries a balance, try not to do so, as that interest will catch up on your rather quickly. This card is only slightly better than using a secured card to build credit. The reason I say this is that with secured cards, the creditor is holding onto anywhere from $300 to $1000 of your money for a period of 12 months to 3 years, with this credit card you only have to stress the $185 dollars in fees for the first year. On the plus side if you do go the secured credit card option route, then you will get that money back at some point, unless you mess up and max your card out and skip out on the balance (Yeah don’t do this, ever please).
This card will fee you to death, such as garbage monthly fees, service fees, and more. They also stink with how they process payments. After the bank has cleared the payment to Verve, it takes 8 days for them to put your credit limit back to reflect your payment. If you are going to need your credit sooner than 8 days your going to have to pony up a hefty service fee to use your debit card, because they use Western Union as their payment processor for debit cards. Over all this card is a bad deal. If you really need a credit card for people with bad credit, try the CreditOne card.