Visa Credit Cards For Good Credit
Is Green Dot Visa Credit Card ever a good deal?
Rite Aid is selling these cards, but they seem very expensive to me.
Here is a breakdown of the monthly cost for the first year:
Fee: $4.95, Monthly Participation fee
Interest: $1.98, $200 balance maintained @ 11.9% APR
Annual Fee: $5.83, 12-month amortization of $70
Activation Fee: $1.66, 12-month amortization of $19.95
Monthly Total: $14.43, Monthly cost of $200 credit
Annual Total: $173.15, Annual cost of $200 credit
Effective Annual Rate: 87%, Rate paid on $200 credit
Granted these cards are aimed at people with no credit history, but these costs seem excessive to me. Even if you pay your balance in full every month, the annual cost of the card is still very high.
I’m interested in opinions; is there any circumstance where this is worth it? Thanks.
No, lol, Discover will accept almost anyone (albiet with a paltry line of credit) and they have none of those fees… Your interest rate may be higher with many cards on paper but as you put it you end up paying much more in the long run.
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