The Worst Credit Cards of 2022

Why It’s One of the Worst Credit Cards: In addition to a 36% interest rate, this card charges a $55 - $95 processing fee prior to account opening and a first-year annual fee of $50 - $125, depending on your credit limit. You might also have to pay a monthly fee of up to $8 the first year.

In each subsequent year, you’ll have to pay an annual fee of $45 - $49 and a monthly fee of $6.25 to $10.40. There’s also a 25% fee for any credit limit increase. That’s a heck of a burden for someone with bad credit to bear.

This is the 12th year a version of this offer has been on our Worst Cards list, though the specific names have changed.

Note: First Premier sued CardHub (now part of WalletHub) in 2013 and subsequently dropped the lawsuit. The case had no bearing on the Gold Card’s inclusion on the list, as selections were purely editorial in nature.

Why It’s One of the Worst Credit Cards: In return for a terrifying $995 annual fee and a 24K gold plated card, cardholders get a $200 airfare credit each year, access to a concierge, the vague promise of luxury gifts and 1 point per $1 spent on most purchases (average for a rewards card). Even though these earnings equate to 2% back when redeemed for a statement credit and airfare, this card simply doesn’t yield enough value for its annual fee to be a good investment. After all, numerous other credit cards offer more-lucrative rewards bonuses and higher ongoing rewards earning rates for hundreds of dollars less per year.

This is the 7th consecutive year this card has been on our Worst Credit Cards list.

Why It’s One of the Worst Credit Cards: In a market full of cards offering 0% intro rates for well over a year, this card’s collection of financing terms is far from impressive. You only get 4.99% for 6 months, followed by a regular APR that could be as high as 18%, depending on your creditworthiness. You need excellent credit to be approved, by the way.

Applicants don’t have to live in a certain area or be affiliated with a particular group, as is the case with credit cards from many credit unions. Eligibility does come at the cost of a $10 membership fee, however, though $5 of that is tax-deducible as a donation to the nonprofit Hope Enterprise Corporation.

Any card with a reduced introductory interest rate might at first seem attractive. But you should use a credit card calculator to confirm that an offer will actually save you money. 

This is the 4th consecutive year this card is on our Worst Credit Cards list.

Why It’s One of the Worst Credit Cards: This card is quite expensive for people who want to reduce the cost of existing debt. It charges a 5% (min $5) balance transfer fee and a regular APR of 18% (V), which kicks in after an introductory offer of just 4.99% for 8 months.

This is the most expensive option among credit cards available to the general public that offer reduced introductory rates on balance transfers, according to our calculations. To add insult to injury, applicants need excellent credit to be approved.

This is the first year this card is on our Worst Credit Cards list.

Why It’s One of the Worst Credit Cards: This is one of many store credit cards that treats you to a reduced introductory rate (0% for 6 months, in this case), then tricks you with a feature called deferred interest if you mess up in the slightest. If you miss a payment by a day or leave even a $1 balance unpaid at the end of the 6-month intro period, a 29.99% (V) rate will be assessed to your entire original purchase amount as if the 0% deal never existed. 

This is the 6th year this card is on our Worst Credit Cards list.

Why It’s One of the Worst Credit Cards: This card offers neither rewards nor reduced intro rates, and students may end up with a regular APR as high as 17.99%. 

This is the 6th year this card is on our Worst Credit Cards list.

Why It’s One of the Worst Credit Cards: This card charges a $0 annual fee and doesn’t offer rewards or low introductory interest rates. Small business credit cards are known for their business-oriented rewards programs, so business owners who opt for the CorTrust Bank Visa Business Credit Card are forgoing the opportunity to earn a lot of free money.

This is the 9th year this card is on our Worst Credit Cards list.