{"id":21766,"date":"2025-10-06T19:19:40","date_gmt":"2025-10-06T19:19:40","guid":{"rendered":"https:\/\/incredipros.com\/?p=21766"},"modified":"2025-10-06T19:19:40","modified_gmt":"2025-10-06T19:19:40","slug":"debt-by-design-the-true-costs-of-predatory-credit-cards","status":"publish","type":"post","link":"https:\/\/incredipros.com\/?p=21766","title":{"rendered":"Debt by design? The true costs of predatory credit cards"},"content":{"rendered":"<div>\n<div id=\"block_48a3f0bd5ac720f0e3ce7bfc50eca1da\" class=\"key-takeaways sm:border-l-4 border-(--accent) sm:pl-8 my-8 relative\" style=\"--accent: var(--color-blue-medium)\">\n    <!-- htmlmin:ignore --><\/p>\n<h2 class=\"heading-4 mt-0 mb-4 text-crop-none max-sm:flex max-sm:items-center max-sm:gap-4\" id=\"key-takeaways\" data-position=\"0\" data-beam-element-viewed=\"\" data-id=\"br-h2-0-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Key takeaways\" data-outcome=\"\">\n    <span class=\"shrink-0\">Key takeaways<\/span><br \/>\n        <span class=\"max-sm:h-0.5 max-sm:w-full max-sm:w-full max-sm:bg-(--accent) max-sm:rounded-full max-sm:block\"\/><br \/>\n    <\/h2>\n<p>    <!-- htmlmin:ignore --><\/p>\n<ul class=\"flex flex-col text-gray-700 mb-0 gap-2 list-disc\">\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            Predatory cards are often viewed as a last resort for those with the worst credit scores.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            These cards are known for sky-high interest rates, lower credit limits and myriad fees.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            Stronger credit-building options exist, even for those with poor credit.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            Help is available for those unable to pay off their card balances.\n                                                <\/li>\n<\/ul>\n<\/div>\n<p>A bad credit score doesn\u2019t just leave you struggling with high interest rates and limited financial options. It can also make you a target.<\/p>\n<p>Credit card issuers specifically design so-called \u201cpredatory\u201d cards to appeal to people with <u>poor credit scores<\/u> \u2014 often under the guise of helping them rebuild their credit or cover emergency expenses. These cards often come with excessively high fees, complicated terms and virtually no upside, keeping vulnerable consumers trapped in a cycle of debt instead of helping them escape it.<\/p>\n<p>Poor credit can affect nearly every area of your life \u2014 from qualifying for an apartment to landing a job. And while financial hardship can strike anyone due to medical bills, job loss, divorce or economic downturns, improving your credit score becomes unnecessarily difficult when the tools offered to \u201chelp\u201d you may actually be stacked against you.<\/p>\n<p>While worthwhile credit cards do exist for people with <u>bad credit<\/u>, they can be difficult to distinguish from predatory cards that cost you far more than the value they provide. Here\u2019s how to pick the best options for rebuilding your financial foundation.<\/p>\n<h2 id=\"what\" data-position=\"1\" data-beam-element-viewed=\"\" data-id=\"br-h2-1-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"What is a \u201cpredatory\u201d card?\" data-outcome=\"\">What is a \u201cpredatory\u201d card?<\/h2>\n<p>Cards are often viewed as predatory when they come with onerous costs and conditions that keep consumers in debt, says Bruce McClary, senior vice president of membership and media relations at the Washington, D.C.-based National Foundation for Credit Counseling, who has also worked as a lender and in debt collection.<\/p>\n<p>\u201cThese cards are known for charging sky-high interest rates and fees, including ones to open the card, along with annual and monthly charges, most of which come out of your card\u2019s credit limit,\u201d says McClary. \u201cYou\u2019ll also find more fees hidden in the fine print of these cards.\u201d<\/p>\n<p>While there\u2019s no exact definition of what can lead a card to be considered predatory, some common factors include:<\/p>\n<ul class=\"wp-block-list\">\n<li>No grace period on interest charges<\/li>\n<li>Fixed or variable APRs ranging from 29 to 36 percent (or more)<\/li>\n<li>Annual fees over $75 with no rewards<\/li>\n<li>Program and activation fees<\/li>\n<li>Monthly fees on top of an annual fee<\/li>\n<li>Small credit limits (especially cards with fees that count against their credit limit)<\/li>\n<li>Difficult-to-understand or hidden terms and conditions<\/li>\n<li>Legalese that makes it hard to know what you\u2019re signing up for<\/li>\n<li>Steering users into paying for unnecessary products, such as credit protection or credit monitoring<\/li>\n<\/ul>\n<p>Loretta Roney is the CEO of InCharge Debt Solutions, a nonprofit credit counseling agency. \u201cTypically, what we see is that predatory cards tend to target those who have a 680 or lower credit score. They can qualify [for cards], at higher interest rates,\u201d she says.<\/p>\n<p>The National Consumer Law Center has highlighted the problems with these cards for years, says Mike Litt, the consumer campaign director at U.S. PIRG, a nonprofit coalition of states that advocates for consumers. \u201cThese are credit cards that have a very low credit limit. They also get loaded up with lots of fees, so the amount of actual usable credit is quite small,\u201d he says.<\/p>\n<h2 id=\"cards\" data-position=\"2\" data-beam-element-viewed=\"\" data-id=\"br-h2-2-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Cards aimed at consumers with poor credit scores\" data-outcome=\"\">Cards aimed at consumers with poor credit scores<\/h2>\n<p>Since there\u2019s no single definition of what constitutes a \u201cpredatory\u201d card, it\u2019s up to consumers to evaluate the different cards available to them against the factors listed above. For example, consider the following terms and conditions of seven credit cards currently on the market that are geared toward those with low credit scores:<\/p>\n<div class=\"w-full overflow-x-auto\">\n<table class=\"ck-table-resized wrapped\">\n<colgroup>\n<col\/>\n<col\/>\n<col\/>\n<col\/>\n<col\/>\n<col\/>\n<\/colgroup>\n<tbody>\n<tr>\n<td>\n<p><strong>Card name<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>APR<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>Annual fee<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>Additional fees<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>Credit limit review<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Aspire\u00ae Cash Back Rewards Mastercard*<\/p>\n<\/td>\n<td>\n<p>29.99% or 36%, based on creditworthiness<\/p>\n<\/td>\n<td>\n<p>$49 to $175; after that $0 to $49 annually<\/p>\n<\/td>\n<td>\n<p>Account maintenance, $60 to $180 annually, billed at $5 to $15 per month after the first year; authorized user, $19 annually; 3% foreign transaction fee<\/p>\n<\/td>\n<td>\n<p>Does not accept credit limit increase requests, but reserves the right to change your credit limit from time to time<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><u>FIT Mastercard\u00ae<\/u>*<\/p>\n<\/td>\n<td>\n<p>35.90%<\/p>\n<\/td>\n<td>\n<p>$99 introductory fee for the first year, then $125 thereafter<\/p>\n<\/td>\n<td>\n<p>$0 introductory monthly maintenance fee for the first year, then $150 thereafter (billed $12.50 per month); $30 additional card fee (one-time, if applicable); $95 one-time processing fee<\/p>\n<\/td>\n<td>\n<p>Can request a credit limit increase after 13 months<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Fortiva\u00ae Mastercard*<\/p>\n<\/td>\n<td>\n<p>29.99% or 36%, based on your creditworthiness<\/p>\n<\/td>\n<td>\n<p>$49 to $175; after that $0 to $49 annually<\/p>\n<\/td>\n<td>\n<p>Account maintenance, $60 to $180 annually, billed at $5 to $15 per month after the first year; 3% foreign transaction fee; authorized user, $19 annually<\/p>\n<\/td>\n<td>\n<p>Does not accept credit limit increase requests, but reserves the right to change your credit limit from time to time<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Imagine\u00ae Visa\u00ae Credit Card*<\/p>\n<\/td>\n<td>\n<p>19.24%-36%, based on your creditworthiness<\/p>\n<\/td>\n<td>\n<p>$0 to $175, the first year; after that, $0 to $59 annually<\/p>\n<\/td>\n<td>\n<p>Account maintenance, $60 to $150 annually, billed at $5 to $12.50 per month after the first year; authorized user, $19 annually<\/p>\n<\/td>\n<td>\n<p>Does not accept credit limit increase requests, but reserves the right to change your credit limit from time to time<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Perpay Credit Card*<\/p>\n<\/td>\n<td>\n<p>28.24%<\/p>\n<\/td>\n<td>\n<p>$0<\/p>\n<\/td>\n<td>\n<p>Account opening fee, $9; Monthly account service fee, $66 to $108 for the first year ($5.50 to $9.00 per month) and $108 thereafter ($9.00 per month); Foreign transaction fee, 3%<\/p>\n<\/td>\n<td>\n<p>Does not accept credit limit increase requests, but reserves the right to change your credit limit from time to time<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><span data-capi-name=\"6678\">PREMIER Bankcard\u00ae Mastercard\u00ae Credit Card<\/span>*<\/p>\n<\/td>\n<td>\n<p>36%<\/p>\n<\/td>\n<td>\n<p>Between $50 and $125 first year; $45 to $49 per year after**<\/p>\n<\/td>\n<td>\n<p>Account-opening program fee between $55 and $95; Monthly fee between $6.25 and $10.40 ($0 to $96 introductory the first year, billed monthly)**<\/p>\n<\/td>\n<td>\n<p>After 13 months; 25% credit limit increase fee imposed<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><span data-capi-name=\"240912216\">Total Visa\u00ae Card<\/span><\/p>\n<\/td>\n<td>\n<p>35.99%<\/p>\n<\/td>\n<td>\n<p>Between $50 to $125 in the first year**; $48 annual after<\/p>\n<\/td>\n<td>\n<p>Program fee, $95; Monthly service fee $0 for the first year, then between $75.00 annually ($6.25 per month) to $123.00 annually ($10.25 per month)**; Authorized user card fee, $29; Credit limit increase fee, 25% of increase (after increase is accepted)<\/p>\n<\/td>\n<td>\n<p>May review accounts for credit limit increases after 12 billing cycles<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><i>**Based on amount of credit limit<\/i><\/p>\n<p>Bankrate reached out to all card issuers referenced above for comment, but none responded as of press time.<\/p>\n<h2 id=\"options\" data-position=\"3\" data-beam-element-viewed=\"\" data-id=\"br-h2-3-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Run the numbers to understand your options\" data-outcome=\"\">Run the numbers to understand your options<\/h2>\n<p>It\u2019s important to understand how terms like these translate to your actual finances. Take the example of the unsecured PREMIER Bankcard\u00ae Mastercard\u00ae, for those with a credit score of 500 or higher.<\/p>\n<p>The card\u2019s initial credit limit can be up to $700, depending on your creditworthiness. You\u2019ll start by paying between $55 and $95 for an account-opening program fee, which PREMIER calls a \u201cone-time payment to offset risk associated with your credit account.\u201d<\/p>\n<p>Based on <u>the PREMIER Bankcard Mastercard\u2019s fine print<\/u>, you may be billed for the following services (many of which are offered for free on cards for consumers with stronger credit):<\/p>\n<ul class=\"wp-block-list\">\n<li>$29 to add an authorized user<\/li>\n<li>A credit limit increase fee equal to 25% of the amount of the increase when requested<\/li>\n<li>$3 to request a copy of any statement, sales draft or other document<\/li>\n<li>$35 for the express delivery of lost, stolen or replacement cards<\/li>\n<\/ul>\n<p>You\u2019ll also pay an annual fee of between $50 and $125, which drops to $45 to $49 per year after the first year, based on your credit limit. On top of that, there\u2019s a monthly fee that\u2019s based on your credit limit:<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>For those with $200, $300 or $400 limits,<\/strong> you\u2019ll pay $6.25 a month or $75 a year (waived during the first year).<\/li>\n<li>\n<strong>If your credit limit is $500<\/strong>, the fee is $10.40 a month or $124.80 a year, but it\u2019s waived the first year.<\/li>\n<li>\n<strong>For a $600 limit<\/strong>, you\u2019ll pay $5.85 a month or $70.20 during the first year and $8.25 per month or $99 a year after that.<\/li>\n<li>\n<strong>For a $700 limit<\/strong>, you\u2019ll pay $8.00 a month or $96.00 in the first year, then $10.40 a month or $124.80 a year. <\/li>\n<\/ul>\n<p>Keep in mind that the card\u2019s annual fee is taken from your credit limit. So if your limit is $200 and your annual fee is $50, your credit limit will drop to $150. You\u2019ll also pay the one-time program fee and monthly fees on top of that \u2014 and the card comes with an APR of up to 36 percent.<\/p>\n<p>Essentially, before you\u2019ve even had the chance to swipe the card for a purchase, you could spend $100+ just to access a credit limit of a few hundred dollars (and you\u2019ll need to wait 13 months before requesting a <u>credit limit increase<\/u>, which you\u2019ll be charged for upon request and approval).<\/p>\n<p>Now, let\u2019s say you have a $300 balance on your PREMIER Bankcard Mastercard. The card\u2019s minimum monthly payment is either $30 or 4 percent of the statement balance (whichever is greater), meaning that a $300 balance would also have a minimum monthly payment of $30. If you paid $30 on the card each month, it would take you 13 months to pay the card off, and you\u2019d pay $62 in interest alone based on the card\u2019s interest rate.<\/p>\n<p>However, you\u2019re also still on the hook for the card\u2019s fees during those 13 months. Breaking it down, you could be responsible for the following costs:<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>Months 1-12<\/strong>: A $95 one-time program fee and a $125 annual fee<\/li>\n<li>\n<strong>Month 13<\/strong>: A $49 annual fee and a $10.40 monthly fee (plus $10.40 per month for any additional months you carry a balance beyond month 13)<\/li>\n<\/ul>\n<p>These fees, plus the $62 in interest, add up to $341.40 throughout the 13-month payoff period \u2014 meaning you\u2019ll pay more in fees than your original $300 balance.<\/p>\n<h2 id=\"why\" data-position=\"4\" data-beam-element-viewed=\"\" data-id=\"br-h2-4-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Why do people fall victim to predatory cards?\" data-outcome=\"\">Why do people fall victim to predatory cards?<\/h2>\n<p>On paper, the case against predatory cards seems obvious. So why do consumers still sign up for them? For one, when you feel you don\u2019t have better options, you may be tempted to apply for one of these cards to build your history and boost your score \u2014 even promising yourself that you\u2019ll use the card responsibly and not rack up debt.<\/p>\n<p>But beyond the temptation to just open any card you can access, credit card advertising often obscures the real limitations of these products. \u201cCredit cards have to be marketed in a way that makes them attractive, so you see people smiling, having fun and looking like they\u2019re living a better life,\u201d says McClary. \u201cBut they gloss over or omit completely some of the very important considerations you should know about the product before deciding to use it.\u201d \u2029<\/p>\n<p>Advertising limitations also mean those with bad credit don\u2019t receive important information about these cards, says McClary. \u201cIt\u2019s a 60-second ad that needs more time to cover the pertinent information. Or it\u2019s that tiny print at the very bottom of the television screen that no one can see or read,\u201d he says.<\/p>\n<p>\u201cIt goes back to the consumer to not make a quick decision in response to those ads, but to do a little checking and see if the lender is offering a service that will make sense, is affordable and isn\u2019t going to run your finances into the ground.\u201d<\/p>\n<p>A provision in the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act), made carrying a predatory card even more dangerous, says Roney. \u201cIf you miss a payment by even one day, you automatically default to the card\u2019s highest interest rate,\u201d she says.<\/p>\n<h2 id=\"alternatives\" data-position=\"5\" data-beam-element-viewed=\"\" data-id=\"br-h2-5-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Predatory card alternatives\" data-outcome=\"\">Predatory card alternatives<\/h2>\n<p>Ultimately, signing up for a predatory card should be considered your option of last resort, since there are other ways to boost your credit score that aren\u2019t as potentially damaging to your credit history or finances. \u201cThere are credit builder loans and lines of credit that are available through credit unions and other nonprofits with a low barrier of entry and can help people,\u201d says McClary.<\/p>\n<p>For example, the Washington, D.C.-based <u>Credit Builders Alliance<\/u> (CBA) was created by and for its nonprofit members, including credit unions and community-based organizations, to help those with poor or no credit build it up. \u201cThe interest rate is not going to be the lowest possible one you can qualify for in the market, but it\u2019s going to be reasonable and won\u2019t be packed with extra fees,\u201d says McClary.<\/p>\n<p>My hometown of Baltimore has five <u>CBA members<\/u> that offer services including <u>credit builder loans<\/u> and <u>secured credit cards<\/u>, along with <u>debt consolidation<\/u> and management, emergency loans and <u>financial education<\/u>.<\/p>\n<p>Secured cards like the <u><span data-capi-name=\"221010773\">Capital One Platinum Credit Card<\/span><\/u> could be another alternative. It\u2019s actually the card that\u2019s been in my wallet the longest, since 2001, when I was first trying to rebuild my credit. While it doesn\u2019t come with any perks or a welcome bonus, it does give you a way to rebuild your credit responsibly \u2014 with <u>no annual fee<\/u> or other pesky fees charged by predatory cards.<\/p>\n<p>The card\u2019s current APR is <span data-capi-apr=\"ongoing_purchases\" data-pid=\"221010773\">29.49% (Variable)<\/span>, which is on the high side. However, Capital One not only offers credit limit reviews every six months \u2014 which can be helpful for improving your credit utilization ratio, if your limit is increased \u2014 it also gives you the chance to upgrade to cards including the <u><span data-capi-name=\"22105773\">Capital One VentureOne Rewards Credit Card<\/span><\/u> and the <u><span data-capi-name=\"221012282\">Capital One Savor Cash Rewards Credit Card<\/span><\/u>.<\/p>\n<h2 data-position=\"6\" data-beam-element-viewed=\"\" data-id=\"br-h2-6-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"The bottom line\" data-outcome=\"\">The bottom line<\/h2>\n<p>If you\u2019ve struggled with bad credit in the past, it makes sense that it would be harder to get a credit card to rebuild your score and history. But predatory cards, with their less-favorable terms, aren\u2019t your only options.<\/p>\n<p>If you\u2019ve maxed out a predatory credit card, help is available, says McClary. \u201cReach out to a nonprofit credit counselor to review your circumstances and get advice and guidance,\u201d he says. \u201cThey can help you get back on solid financial footing. Go to the <u>National Foundation for Credit Counseling\u2019s website<\/u> or call the toll-free number, 800-388-2227, to find a counselor.\u201d<\/p>\n<p>If you use your cards responsibly and your credit score rises, you should have a chance to apply for cards that are available for those with better credit. But being responsible with your cards is key. Spending carelessly could hurt your efforts to build your credit \u2014 costing you money and leaving you with an even worse credit score.<\/p>\n<p><i>The information about the Aspire\u00ae Cash Back Rewards Mastercard, FIT Mastercard\u00ae, Fortiva\u00ae Credit Card, Imagine\u00ae Visa\u00ae Credit Card and Perpay Credit Card has been collected independently by Bankrate. The card details have not been reviewed or approved by the issuer. All product names and brands are property of their respective owners. Use of these names and brands does not imply endorsement by or affiliation with Bankrate.<\/i><\/p>\n<div class=\"HelpfulCTA mx-auto flex flex-col items-center gap-6 my-6 max-w-108 py-12 text-base border-y border-gray-200\" data-helpful-cta=\"\" data-beam-element-viewed=\"\" id=\"did-you-find-this-helpful\" data-type=\"cta\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Did you find this page helpful?\">\n<div class=\"HelpfulCTA-initial w-full flex flex-col items-center gap-4\" data-cta-initial=\"\">\n<div class=\"HelpfulCTA-question text-lg font-bold text-center text-gray-900\">\n            Did you find this page helpful?<\/p>\n<div id=\"JtOr6KuMM6\" class=\"hidden\">\n<div class=\"wysiwyg wysiwyg--sm wysiwyg--flush max-w-xs\">\n<p class=\"mb-6 text-base\">\n                            <strong class=\"block font-bold text-gray-900\">Why we ask for feedback<\/strong><br \/>\n                            Your feedback helps us improve our content and services. It takes less than a minute to<br \/>\n                            complete.\n                        <\/p>\n<p>Your responses are anonymous and will only be used for improving our website.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Help us improve our content<\/p>\n<div class=\"HelpfulCTA-actions flex gap-4 mt-2\">\n            <button type=\"button\" class=\"HelpfulCTA-btn HelpfulCTA-btn--yes border border-2 border-blue-600 text-blue-600 rounded px-6 py-2 transition font-semibold flex items-center gap-2 hover:bg-blue-50\" data-cta-yes=\"\" data-beam-element-clicked=\"\" id=\"did-you-find-this-helpful-yes\" data-type=\"button\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Yes\" data-outcome=\"response submitted\"><br \/>\n                <span class=\"Icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><title>Thumbs Up Icon<\/title><path d=\"M13.165 2.175c.322 0 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rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key takeaways Predatory cards are often viewed as a last resort for those with the worst credit scores. These cards are known for sky-high interest rates, lower credit limits and myriad fees. Stronger credit-building options exist, even for those with poor credit. Help is available for those unable to pay off their card balances. A<\/p>\n","protected":false},"author":1,"featured_media":21767,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[58],"tags":[],"class_list":{"0":"post-21766","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-homes"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Debt by design? The true costs of predatory credit cards | IncrediPros<\/title>\n<meta name=\"description\" content=\"Key takeaways Predatory cards are often viewed as a last resort for those with the worst credit scores. 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