I FOUND THE 5 WORST CREDIT CARDS EVER...(AVOID THESE!)

[Music] what's up you guys it's Graham here so buckle your seatbelts ladies and gentlemen I hope you're sitting down for this one you know on this channel we've talked about the best credit cards to get free stuff the best credit cards for free travel the best credit cards for beginners but every now and then I see an injustice and we have to take a stand for this or actually I think take a seat we have to take a seat for this so with that said I'm going to be calling out and exposing the worst credit cards currently available the cards that no one should ever get ever under any circumstances these are the cards that you wouldn't want to wish on your worst enemy and after hours of significant grueling research digging deep into the interwebs of credit card offers reading dozens of pages of fine print sacrificing my email to get past security walls and eating a lot of avocado toast I have uncovered the five worst credit cards currently available that anyone could ever get this is it and also I really got to warn everyone that this video might be upsetting to some of our more sensitive or younger viewers because these credit card offers are just bad they're really bad so with that said make sure to gently smash that like button and we will count down at the 5 worst credit cards currently available that I was able to find on the Internet alright so coming in at number 5 we have the credit one credit card now you might be thinking to yourself here wait a second grand this looks really familiar I feel like I've you know I've seen this before somewhere and you know what you're probably right because you've either been constantly throwing out those mailers that they send you every other day for years now for credit card offers or you're realizing that they're basically just a knockoff counterfeit off-brand bootleg version of another company many people confuse them with Capital One even copy that little swoop and everything like if I did this in high school I would for sure be sent home for plagiarism no credit one is pretty much a company for people who have terrible credit prior bankruptcies foreclosures or any other credit issues who basically have nowhere else to go if they want a credit card and because of that Capital One oh I mean credit one is a bit like the mischievious child who gets away with every thing when their parents aren't looking and this has evidently noticed that when I was doing some research on them I found over 2300 recorded complaints against them on consumer affairs many people say that they've had issues making payments online forcing them to pay by phone and incur additional charges they also say closing a credit card is nearly impossible here is one of their many raving recent reviews cancelled the card and they shipped another it's it's it's hard because you can't even make this up like ah I filled out the application for this card was approved and then got charged for an annual fee activation fee and processing fee cancelled card three months later was called and told I owed annual fee and late charges they're basically just a company that trolls people all day long but in terms of the specifics to the card if you sign up for this you'll find an annual fee of up to seventy-five dollars for the first year after that you'll pay up to ninety nine dollars annually just to keep the card after that and as far as credit card interest goes I mean it's typical of any sort of really credit card and that would be twenty five point nine nine percent APR but you know what as they say every cloud has a silver lining and with this credit card you get one percent cashback so if you now think you know what after that doozy how can it get any worse than that well you know what I got some terrible terrible news for you because it gets a lot worse because I present to you the first Premier Bank gold credit card and you know this is gonna be a sketchy one when a no-name credit card puts gold in the name of the credit card to make it sound a little bit more prestigious now this credit card like the last one is really designed for people who have terrible credit also known as we know you have nowhere to run so we're just gonna take all of your money so I then went to their website to start doing some research and their website is basically a time capsule from 2002 and now I'm not really sure who designed their website probably a third-grader but you know this brings back some solid memories an AOL dial-up now I gotta hand it to it because this company is pretty clever for hiding all of their fine print in the terms and conditions which let's be real like no one actually reads this but me because it's like Tuesday at 10:00 p.m. and I'm sitting there late at night on my computer reading fine print cuz I have nothing better to do but if I didn't read that fine print I wouldn't have found out why this credit card is just so bad first of all they got a 95 dollar one-time setup fee to open off the credit card that's basically the price of 15 subway footlong sandwiches and after that they charge you monthly just as your fee for keeping the credit card open and again that's reduced from your total credit limit just because they can know if you think that can't get any worse just remember these just get worse as I go along but that is because they charge you a 36% interest rate my anxiety reading that just is through the roof in addition to that they also charge you 36% interest on cash advances but wait there's more they also charge you an $8 or a 5% transaction fee on top of that basically whatever is the most expensive option for you they're gonna charge but don't you worry we're not done yet because they've cut a few other tricks up their sleeve here's one of their dirty little secrets that you don't know until you read their fine print if you've been working really hard on building up your credit and hang it off on time in full and you think that you've graduated now to have $100 credit line increase well guess what they're gonna be charging you a $25 fee for increasing your credit limit basically they take 25% of your $100 credit line increase because they can so by now you're basically broke but you know what they're not done with you quite yet they know that you still have a little bit more money that you can fork over to them so that's why they decide to impose a $35 fee for express delivery of your credit card so by now they basically just bled you drive because you have no more money left you're broke they've got all your money you've used your entire credit line to pay off all of the fees that they impose on you and to make matters worse they don't even give you any rewards whatsoever for doing so so that was enough for me and I was about to click off the website and was graced with a wonderful pop-up ad just one last-ditch effort to take my money this is basically just the adult version of a bully at school trying to take your lunch money so let's now keep going down this rabbit hole a little bit further and if you think to yourself Graham how can it get any worse it can't continue to get worse well I've got some bad news for you you know I was doing some research and I came across a very very special credit card and that is the Continental Finance MasterCard reflex card they call it fist because your natural reflex is to run away when you see just how bad this credit card is and you know this is going to be a good one when you look at the top of the screen and see an accept mail offer option yep so pretty much this is one of those junk mailers that you get that says you're pre-approved for one of their premium credit cards so I started off by doing some research to read their fine print and I continued doing more research to try to read their fine print and I continued doing that and I continued doing that I started getting deeper and deeper and deeper and I couldn't find it now they're very specific about who they decide to share their terms and conditions with now let me explain in order to see the details you need to fill in all of your information and basically once they have all your information you're in the system and you can't hide anymore and the complaints against this company don't lie once they've got your phone number they call you non-stop like that ex-girlfriend who just won't leave you alone now thankfully it was able to find the fine print after a lot of searching on Google and this is what it is first of all there's a twenty nine point nine nine percent annual interest rate basically we could just call it thirty percent but they know that putting twenty nine point nine nine just makes it seem like a lot less they aren't stupid next there's a one hundred and twenty five dollar annual fee for the first year that's deducted from your total credit line so if they're nice and decide to give you a five hundred dollar credit line well basically now you have actually a three hundred and seventy five dollar credit line sneaky-sneaky then you've got one of their wonderful $120 a year annual maintenance fees because paying nine point nine nine percent interest just isn't enough next there's a five dollar or five percent cash advance fee which ever is greater I mean whatever is basically more profitable for them and finally they're gonna be charging you a ten dollar fee for a phone payment that's right a phone payment is ten dollars I'm gonna cry now why anyone actually decides to get this credit card is is just I don't know I don't get it if anyone out there watching this has this credit card please explain to me in the comments below why you got this credit card just let me know I think inquiring minds need to know this how that ever came to be it's a bad one but you know we still got two more now these last two credit cards might not take advantage of those with poor credit who have literally nowhere else to go to try to build their credit and turn their lives around they went for a slightly different angle instead and for that gotta give them credit for it get it credit now I'm sure the internal dialog of these last two credit cards went something like this let's not take advantage of people who have terrible credit with nowhere else to go that's been overdone everyone's doing that right now instead let's go for a different angle let's take advantage of people have a little bit of money by tricking them into thinking that they're getting a luxurious credit card but instead from the way I see it this is basically just a cheap knockoff version of the American Express black card that doesn't have any worthwhile redeeming qualities about it and they marketed this card very strategically to make it seem more exclusive than it really is they're basically trying to market this credit card to seem very upscale and fancy so you know what this is not going to do let's let's change this to match this credit card alright so let's check out their website and see just how fancy this one is now just check out this website this is fantastic look at that yo you have to keep scrolling keep scrolling look oh and it moves this is oh look at that this is a very fancy website basically credit cards are now realizing that black is the new gold and by making a black credit card they think that people associate them with exclusivity and wealth when in reality this is just a very bad credit card now to start they charge you a four hundred and five dollar annual fee which I you know it's cheaper than the MX platinum okay fine I'll give them that but in return for paying four hundred ninety five dollars they leave you high and dry with just a $100 travel credit they then give you two points on travel for every $1 spent or they're gonna redeem that for one and a half percent cashback they also throw in Priority Pass lounge access that basically now every other credit card gets that doesn't charge you for one hundred ninety five dollars but okay whatever on that one now what makes matters worse beyond just trying to fake being an Amex black card is that they don't even offer you a signup bonus because they're thinking that rich people who get black credit cards shouldn't have to care about signup bonuses anyway now well this credit card isn't scammy it's just plain stupid now to dramatically better cards in this are just the Chase Sapphire Reserve and American Express Platinum and they won't make you look like you're trying to flex an Amex black card by just getting a MasterCard black card and finally without further ado we have the number one worst credit card that you can get and when it comes to this card this is the epitome of I have so much money I don't know what I'm about to do with it also I'm just gonna get this that is the MasterCard Gold Card for the low annual fee of nine hundred and ninety five dollars yes I sent it nine hundred and ninety five dollars you get a 24 karat gold plated credit card now some people might be thinking well it makes sense if it's a thousand dollars because your credit card is gold-plated 24 karat gold of course that's that's got to be worth a lot of money right you know what not really because gold plating uses such a minut amount of gold that pretty much the gold content of that card is practically worthless but you know what at least on the bright side you could say that you've spent nine hundred and ninety five dollars on a 24 karat gold-plated credit card because you didn't know what to do with all of your profits from bit Connect thankfully like the last one they've got a very super fancy website and they're very up front with their terms so it's fairly easy to see what they offer so this saved me a lot of time from doing digging and research and these are what their terms are for the very low annual fee of nine hundred ninety five dollars that was sarcasm they give you a two hundred dollar airline credit which is still 100 dollars less than the Chase Sapphire reserve and that's only 450 dollars per year they also give you back two percent on airline redemptions or they give you the option to take two percent cash back which let's be real that makes absolutely no sense that the airline redemption is the exact same as the cash redemption because at that it just makes sense just to do the cash so it's like saying what would you rather have would you rather have a two hundred dollar gift card to target or two hundred ollars cash it's like come on man give me the cash now in all fairness it does offer a few other interesting perks that many other credit cards don't offer namely 10% off of services and stores that I would never ever shop at oh and I also forgot it also offers you an exclusive subscription to Members Only luxury magazine you know to show you all the luxury stuff that you can go and buy because you've just spent nine hundred and ninety five dollars on a gold-plated credit card besides that that's pretty much it it doesn't really offer you anything else that you couldn't already get from just about any other credit card out there I also couldn't find any sort of signup bonus out there I mean you think if you're spending nearly a thousand dollars to get a credit card they would show a little mercy and give you a few points or something but nope nothing instead they just leave you feeling sad empty and disappointed and because this card cost you a thousand dollars I had to put this as the number one worst credit card out there because who spends a thousand dollars a year on a gold-plated credit card why there's pretty much no reason to do this you may as well instead just donate $1,000 to me so I can go and put it all on black on the roulette table and potentially double it then go and put it on this credit card so with that said you guys thank you so much for watching I really appreciate it if you haven't already make sure to smash that subscribe by the Spanish that like button feel free to add me on snapchat and Instagram I post here pretty much daily so if you want to be a part of it there feel free to add me there thank you good for watching and until next time

Channel: Graham Stephan

Views: 893,419

Rating: 4.9106417 out of 5

Keywords: worst credit cards, worst credit cards 2019, worst credit cards of all time, worst credit card ever, worst credit card debt, mastercard black card, mastercard gold card, mastercard review, chase sapphire reserve review, american express review, capital one, credit one credit card, capital one credit card, gold card, gold card review, best credit cards, best credit card for students, best secured credit card, how to build your credit score, credit card 101

Id: J78ARAx-1Gk

Length: 14min 57sec (897 seconds)

Published: Mon Dec 31 2018