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SAY WORD! | A CREDIT CARD OFFER FOR SUB-PRIME SUCKERS

SAY WORD! | A CREDIT CARD OFFER FOR SUB-PRIME SUCKERS

Cfmc Props to The Consumerist as well as Golb at Money, Money, Matter, and More Musings for exposing this sham of a scam. MasterCard should be ashamed of backing such a sheisty card. It is designed to prey on subprime borrowers who, sadly, cannot get a better card. It is literally the worst credit card in the world.

Meet the Continental Finance MasterCard. After all the fees have been collected, it has a credit limit of $53.

From MMMM:

  • 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.

For the rest of this story visit: www.consumerist.com

Comments

  1. Reply

    Thanks for sharing this disgrace of a credit card. Card companies like Mastercard love these fees because this is where they earn their profit, even if they ruin lives in the process. It’s high time people know about them!

    Most are unfair and hidden like the interchange fee. It’s charged to business owners but it gets passed onto consumers in the form of higher prices.

    I’m working with the Merchants Payment Coalition and we are tired of the credit card companies, who have been taking advantage of consumers and merchants for too long!

  2. Reply
    Unalienable Rights

    Agreed, thanks for sharing Triston! First you get screwed by the banks and their ridiculous ATM fees and now the credit card companies want to fuck you too! For those not in the mix, the MPC is one of the good guys…here’s a link to their site: http://www.unfaircreditcardfees.com

  3. Reply

    I can’t imagine that anyone would actually accept that card. Wouldn’t this be considered a predatory card, like predatory lending to home buyers? Definitely not worth applying for.

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