Once you start looking for good credit card offers, you begin to scrutinize your “junk” mail a little closer. Every so often you may think you just got the worst credit card offer, but yesterday I actually got the worst credit card EVER! Granted, I do not receive that many offers (at least not as many as my wife). I’m sure that has something to do with my 14 card applications last year. 🙂
So, when I do receive an offer, I am always curious to see if it is some great targeted offer rather than a generic offer. The offer I received yesterday was from First Premier Bank so I wasn’t expecting a great offer, yet was curious to see what kind of offer they had. Here is what the letter said:[blockquote]Congratulations, you are pre-approved!*
Because of your credit, you have been pre-approved* for a First PREMIER Bank Platinum MasterCard credit card with a credit line of $700.**
Enjoy the convenience of a genuine MasterCard card for groceries, everyday shopping or paying at the pump, subject to available credit.
Plus, you’re already pre-approved.* An if you visit us online, you’ll have a response in 60 seconds!
Credit limit of $700
60-second online credit response
You are pre-approved.*[/blockquote]
Ok, so how about those highpoints? The $700 credit limit was really getting me excited 🙂 but I had not seen any sign of a sign-up bonus. So, I looked up the annoying asterisks to see if there might be something there and saw that the ** meant that I would actually only have $525 of available credit initially because the card comes with a non-waived $175 annual fee! That’s right, first of all, a card that would only give me $700 of a credit line, no rewards program, no cashback, no bonus categories, and a $175 fee! I think this definitely qualifies as the worst credit card offer ever!
Take this as a warning to make sure you read the offers you receive and don’t just assume because they sent it to you that it is a good deal!
*Disclaimer – I realize that this card is for someone who has poor credit and not something most people would get. If you are trying to rebuild your credit, something like this might be what you need to get a start again. Just be careful about applying for everything you get – I have a credit score in the mid-700s so this is not something that I should have received.