World’s worst credit cards

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Gotta love infographics.

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    Worst Credit Card Mistake:

    Getting one.

    The Matrix: Rebooted

    Nonsense, there’s lots of valid reasons to get a credit card. Just read the fine print and don’t be an idiot.


    NO U


    Good luck getting a loan for anything significant.

    No credit is just as detrimental as bad credit.


    Don’t buy expensive shit.


    Gotta have one to do some things. I have to rent a car to go to my middle son’s wedding and w/out a credit card, I simply can’t.


    Buy the damn car.


    We have vehicles, but none of them are big enough for all of us to drive in for 8-10 hrs. So, I’ll get a mini-van and we’ll all go up together.


    So how about a best cards infographic? I make well over $500/year from just using my cards in place of cash for everything possible. The trick is having enough discipline to spend only what you normally would and to pay it off every month. Bonus is good credit.


    I’m completely with Dreth. Haven’t had a credit card in almost a decade and haven’t missed it at all. It’s so nice to have cash, (and yes, I’ve got hotels, airline tickets and rental cars with just my debit card) and since I have no payments, I have plenty of it!


    True, but that adds up in holds. If I rent a car for 4 days, that’s a $400 hold; hotel for 3 days, another $400. The restaurant for the rehearsal dinner, $1000…or I could just give them my credit card. Debit cards are not guaranteed money for a merchant, a credit card is. So, they put huge holds on your checking account, if you use a debit card. I don’t generally keep much money in my checking acct and certainly don’t want to keep several thousand dollars in there, even if I have it.


    You lose out on the legal protections that were put in place for credit card holders. With a credit card, if someone steals your info and makes fraudulent charges (often they steal it from third parties, not you), the most you are legally liable for is $50, and most credit card companies waive that. With a debit card, no such legal protection exists. If they empty your account with a debit card transaction, and your bank / provider doesn’t have some nice perks generously written to cover you in those events, you just lost all that money.

    As for payments and having money, I just treat my credit cards the way you likely treat your debit card: I spend what I can during the month, not more, and I review the transactions each billing cycle to make sure nothing is off. Then I click to pay in full. Meanwhile, my cash in the bank earned a few cents interest as well, since it didn’t go to pay the charges immediately. The credit card companies make $0 from me; I make quite a bit from them in cash back: 1-5% depending on what I bought.


    Sorry, Patho. ANY card branded with the MasterCard or Visa logo – Debit or Credit – carries the same exact fraud/theft protection. And between user fees, annual fees, non-use fees, over-limit fees, issuance fees, renewal fees, the threat of universal default, mis-applied payments et al., I seriously doubt you’re making what you think you are, and the 20K in my bank makes much more than just a few pennies interest every month. Nyokki – As for those holds, they seem rather high (READ: outrageous). Maybe you’re dealing with the wrong bank. Are you also upset that checks are now instantly cashed as you write them?


    The Visa and Mastercard protection bit is news to me… that’s pleasant.

    As for fees, I pay none. One card I have is an Amex with no annual fee, but a requirement to maintain CostCo membership, which I was doing before I obtained that Amex anyway. That’s the closest thing to a fee involved. I don’t play with paper checks and mailing payments, and as a result, misapplied payments, etc… don’t get the chance to happen. Researching cards before signing up obviously pays off in terms of fees. There are plenty of cards with which *you* get paid and they don’t, because they’re banking on people spending beyond their means and carrying balances, so they don’t mess with annual fees and other nonsense, figuring they’ll make finance charges.

    Money in interest bearing accounts is going to earn interest… no surprise there. The few cents interest I refer to is what is generated in a small interest checking account from which I pay the cards on a monthly basis… that few cents would be reduced if every financial transaction was instant, vs. delayed almost a month.

    I have no illusions that the credit card companies are noble benefactors or that the credit reporting system is designed with our best interests in mind. They’re all about playing the numbers, and in such games, the house always wins. On the other hand, a skilled player can watch the rules and decide how to minimize or eliminate risk while gaining a benefit. If I suffered a catastrophe in my life right now, no credit might make me homeless, unable to obtain anything other than emergency medical treatment, etc… my established credit would allow me to weather a storm to a small degree, and see me through, at least temporarily and at great cost in the longer run. I play the game for the financial benefits, because this house’s rules *do* allow skilled players to make a little money, and because of the safety net afforded, as flimsy as it may be.


    It’s not my bank; it’s the businesses. They don’t like debit cards when it’s unclear what the total amount will be. They don’t put holds (or a very small amount, just to check that the card is legit) on credit cards.

    Also, it does tend to take your bank much longer to credit you back when you make a claim of fraudulent, or over, charges, up to 30 days. My credit card reverses the charge immediately, while they investigate.

    Credit card issuers are tricky. They will attempt all kinds of things; fees, changing your rates w/out telling you, change the due date, and charging annual fees. You d have to keep up w/ them. You do have to know your terms. Obama has made it more difficult for them, but they immediately started to try to work around it. Hopefully the consumer protection thingy will stop that.


    Exactly how I use my Amazon/Chase card. I like the rewards and since I never put more on it than I can pay off at the end of the month I never carry a balance, never pay interest, and get some nice rewards.


    Um, I fail to see how this is a worldwide thing. What is it about Americans that make them consider their country to be the whole world?


    Maybe the USA just happens to have the absolute worst credit cards in the world. But seriously, “World’s Worst” is an exaggerating expression in the US, and probably not indicative of the scope of the infographic.

    To actually answer your question, it’s probably our size, both physically and population-wise. /shrug

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