With thousands of credit card offers, it’s inevitable that some will be better than others. You needn’t worry too much if you have one of the “worst” cards on this list, however, because with this burden comes an easy opportunity for improvement. Simply get our recommended replacement, or a card like it, and your personal finance fortunes will be sure to turn around quickly.
Highest Annual Fee: Visa Black Card
Replacement: Capital One Venture Rewards
Let’s start with the cons; the Visa Black Card has a $495 annual fee. Are any other cons really needed?
As for the pros, it has 0% APR on balance transfers for 6 months, offers 1% cash back on all purchases, provides airport lounge access and makes users eligible for so-called “luxury gifts.” Does this sound like you’re getting enough bang for your buck?
No, so replace the Visa Black Card with the Capital One Venture Rewards credit card, which offers these benefits:
- 25,000 bonus miles (equal to $250 in travel expenses) after $1,000 is spent in the first three months
- Acts basically as a 2% cash back credit card when miles are redeemed for any travel expenses
- Has no first-year annual fee (a $59 annual fee begins in the second year)
Highest APR: First PREMIER® Bank Credit Card
Replacement: Capital One Secured MasterCard
Want a 49.9% APR? How about a $75 annual fee the first year and $123 in membership fees each subsequent year? Well, the First PREMIER card has all that, so you know where to find it. If you want a partially secured credit card though, the Capital One MasterCard is a better choice since its annual fee is only $29 and its APR 22.9%. As always, the best way to effectively lower your APR is to avoid carrying a monthly balance.
Worst Credit Card for Business: Wells Fargo Business Platinum
Replacement: Cash Rewards for Business Visa Credit Card
This Wells Fargo card doesn’t have rewards or a 0% APR introductory offer on purchases or balances transfers. What it does have is a 9.24% to 18.24% regular APR and one of the least transparent business credit card issuers, according to a Card Hub study.
Therefore, opt for the Bank of America Cash Rewards card instead. Not only does it have 0% APR on purchases for nine months, but it also provides 3% cash back on purchases made at office supply stores, gas stations and for computer network services, plus 1% on everything else. In addition, it protects users against increased interest rates being applied to existing balances unless they are 60 or more days delinquent, something no other major business credit card issuer does.
Worst Across the Board: Barclay Financing Visa
Replacement: Any of the best credit cards
The absence of an annual fee is pretty much the Barclaycard’s only positive feature. Other than that, it has a 22.9% regular APR, no rewards and an unusual deferred interest feature, whereby interest is retroactively applied if you either miss a payment along the way or have not paid for your first Apple purchase in full by the end of a designated introductory period. However, many credit cards have true 0% APR introductory periods and rewards in addition to not having annual fees.
