Imagine a credit card with fees as high the credit line, an eye-popping annual percentage rate, no grace period and stiff late payment penalties. Now imagine having bad or no credit and believing this offer is the best you can get.
Credit is an important safety net.
But if it costs you this much, there has to be a better way to get it. Experts say many consumers with damaged and no credit are paying much more than they have to for a credit card. Experts say those with bad credit would be much better off getting a secured card than paying these types of fees. The fees associated with the Future Card and other unsecured credit cards are priced to compensate the bank for serving customers who may be late with payments or who fail to make payments at all. But the majority of people who take this card don't have the funds available or they don't want to put the funds aside.