List of Credit Cards to Avoid

For just about anything you want to get off your chest about credit cards.
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InCreditWeTrust
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List of Credit Cards to Avoid

Postby InCreditWeTrust » Sun Apr 08, 2012 11:41 pm

All,

I wanted to make a list helpful to members and inquiring minds on which credit cards to avoid, considering there are many unhelpful and insignificant credit cards and credit card companies. I thought we compile a list of cards to avoid.

From my personal experience,

Avoid:

1. Capital One Platinum Card (Mastercard)

- Terrible low credit limit, "conservative lender" (quote from a Credit Card Specialist at Capital One), little potential in increasing credit limit. I've had the card for two years and have had a tiny credit limit increase. Not to mention the customer service from Capital One, no rewards nor cash back. Overall, this card is good as a limited time starter card.

In fact, I have decided to cancel this card as soon as my payments are complete. Hope this information helps credit card users to steer away from this card, especially College students.

Feel free to add to the list, preferably by personal experience, and provide and explanation to why you recommend credit card users avoid that credit card.

Regards, In Credit We Trust.

P.S: The views presented above are solely based on my own opinion and experience.


Celestine
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Postby Celestine » Mon Apr 09, 2012 7:30 pm

I've had that card before but I closed it. Not because of the rewards or low credit limit but because they skyrocket my APR from 14% to 22%.

Anyway, I won't say that it is a bad card. It is just not my taste to have that card.

College students shouldn't really be much concerned about rewards and such. But should be more concern in building a good to excellent credit history.

But in response to the original question by the OP; I would avoid any store branded cards no matter how tempting or how much the retailer advertises "BIG SAVINGS" by using their store branded cards.

Store branded cards are a way for retailers to "bind" the consumers to their store.
"Nearly all men can handle adversity, but if you really want to test a man's character - give him power." - Abraham Lincoln

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jumbo
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Postby jumbo » Tue Apr 10, 2012 3:07 am

I had the same capital one platinum MC. It is my second CC as a college student. After the first three months they increased my CL from 500 to 750. And now after around 16 months I have had that card, they finally increased my CL by 1000 to 1750. But I rarely use that card, due to high APR 24%. But I always pay in full, so it doesn't bother me if sometimes I use it.
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namvet
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Postby namvet » Tue Apr 10, 2012 10:24 am

This is probably a card to avoid after you have established a great credit score and history. If you are new to credit or rebuilding this is a great card to have. Credit limits are low and increases are few and far between. A card to avoid would be First Premier.

mlint007
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Postby mlint007 » Tue Apr 10, 2012 4:58 pm

In fairness to Capitol One, although I loathe them, they were the only company to give me a CC after my BK and 10 years later (thank God!) I have re-established my credit.

I have two cards with them currently but I have paid both off because as a poster mentioned earlier they will jack up your interest rate depending on your balance or another situation on your credit report...Funny thing is when I paid the balance to 0.00. My APR went from 22% to 0.00%.



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