Poisonous Plastic: The Five Worst Credit Cards of 2011

As the years pass, credit cards are finding their way into more and more wallets, pockets and handbags. While they do expand consumer’s purchasing power, some can be prove to be more trouble than they are worth. As we enter into 2012, CardRatings has reported its picks for the five worst credit cards of 2011.

First Premier Gold

This credit card took home the prize for the “Highest Interest Rate” of 2011. Users of the partially-secured card are hit with a whopping fixed APR of 49.9%. And the buck doesn’t stop there. The card is rolled up with numerous other fees including a $75 first-year fee and a $6.50 monthly charge.

Applied Bank Platinum Zero

Aimed at consumers burdened by bad credit ratings, this secured credit card was awarded “Most Deceptive Marketing.” While the contract promises no interest on purchases during the card’s lifetime, be sure to take a magnifying glass to the fine print. Readers will discover that the card carries a hefty service charge that can hit $120 per year.

Applied Bank Gold Visa

Applied Bank makes CardRatings’ list yet again with its Gold Visa card, which was named the “Worst Secured Credit Card” of 2011. The bank ended up slashing the grace period on purchases, causing interest to stack up as soon as you begin swiping.

Visa Black Card

Aimed at consumers with more than a little cushion to their bank accounts, this card was ultimately dubbed the “Least Premium Credit Card.” CreditRatings calls it a “weird, cheap knockoff” of American Express’ Centurion card, which offers premium perks to its carriers. Touting an annual fee of $495, the Visa Black card does boast an arsenal of perks. However, they end up being more comparable to less expensive options, such as Chase Sapphire Preferred.

World of Warcraft Visa

Marketed toward the near 10.3 million subscribers of the wildly popular MMORPG, this card takes the cake for “Most Embarrasing Credit Card.” With every purchase, gamers can rack up points that can earn them a free month of WoW game time. But on closer inspection, cardholders are getting less than .67% back in cash value.

J.C. Penney Retail Credit Card

The last, and perhaps not so least, the J.C. Penney card picks up the nod for “Card With the Most Unfairly Bad Reputation.” Akin to its retail relatives, this credit card carries a high interest rate, but it does offer yearlong perks and bonus coupons to shoppers.

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