Note About Small Business Financing: It's important to note that the designation of ‘Worst Credit Card for Small Business Funding’ has to go to the majority of small business credit cards. The Credit CARD Act of 2009 does not apply to business credit cards, which means they don’t benefit from the rule prohibiting issuers from increasing interest rates on existing balances unless a cardholder is at least 60 days delinquent. While certain issuers, like BofA, have proactively adopted that rule for their business-branded cards, everyone else's business credit cards are ill-suited to be funding vehicles for small business owners. Instead, business owners should use some of the best general-consumer 0% APR and balance transfer credit cards. You will not incur any additional personal liability relative to a business credit card by doing so.

6 Tips for Avoiding a Scary Credit Card

Halloween comes but once per year, yet scary credit cards are always lurking. So, here are some tips that will help you determine whether a given offer is a trick or a treat.

Evaluate Your Needs: There is no one-size-fits-all credit card. From the credit standing needed for approval to the fee structure and associated perks, there are myriad ways in which one credit card offer may differ from another. And since cards that excel in one particular area – rewards, for example – are likely to be deficient in others, it’s very important that you determine exactly what you need before looking into specific offers.
If you don’t know how good (or bad) your credit is, you can check your latest credit score for free on WalletHub. You can also check out WalletHub’s guide on choosing a credit card for tips on which type to get.

Try CardAdvisor: WalletHub has a new tool that helps you pick the right credit card for your needs. All you have to do is answer a few anonymous questions based on your credit standing and financial obligations, and CardAdvisor will automatically compare more than 1,000 offers to make a personalized recommendation.

Use the Island Approach: The Island Approach is a credit card strategy that involves isolating different types of transactions on different accounts in order to garner the best possible collection of terms. For example, this might entail getting a rewards card for everyday expenses that you pay off completely by the end of the month and a 0% balance transfer credit card to lower the cost of existing debt.

Compare Terms, Not Branding: Consumers too often get hung up on which bank issues their credit card or what cards they’ve seen advertised on TV. Those things don’t matter. Dollars and cents are what counts, so make sure to compare relevant offers across issuers in order to identify the card that will save you the most money.

Read the Fine Print: While credit card disclosures have improved in recent years, they still aren’t perfect. And even though fine print can lead to headaches, it can also contain crucial information that impacts how much you pay for card use as well as the overall benefit you derive from your card.

Track Your Progress: Keep tabs on your spending and payment habits by reviewing your monthly account statements. Sign up for free 24/7 credit monitoring so you’ll find out about important credit report changes right away. And check your personalized credit analysis on WalletHub for advice on improving your credit score. Using a credit card calculator to plan a debt payoff strategy before transferring a balance or making a big-ticket purchase will also help you minimize interest payments.