What banks to avoid?

[GmbH]

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@FinStar wrote:

You're likely to get a spectrum of responses depending on where you are in your credit journey. 

Save for any lenders who may be known as fee-harvesters (First Premier, Credit One, etc), unless those are the only options until credit profile improves.  So, you'll see responses anywhere from I love Capital One/Barclays/BoA/Chase/Citi/SYNCB/Comenity and others that dislike them, for instance.  It's a matter of personal experiences and preferences. 

I would definitely evaluate any potential lender with things like accessibility, online/fraud support, payment flexibility, customer service, product diversity and options, rewards and benefits (if applicable), tech platform, etc. 

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This advice, take it to the bank (no pun intended). 

[K-in-Boston]

Even Credit One now offers "normal" cards with grace periods and rewards.  If a product works for the person getting it, no reason to avoid it.

[Green456]

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@Stralem wrote:

Aside from obvious fee harvesters or other predatory banks, it's really hard to say that you *must* or *should* avoid any particular bank. It's all subjective and based on individual experiences.

Personally, because of bad history and actions that smack of corporate malfeasance, I won't go within a hundred feet of TCF Bank or Wells Fargo. But that's just me.

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You are missing out on churning Wells Fargo

[TattnallTrio]

I'd avoid the cards that have monthly fees and application fees up front.

So avoid at all costs:

First Premier Bank

Bank of Missouri/Continental Finance (Has various card like Surge MasterCard and Total Visa)

Fingerhut: Their stuff is way overpriced. Just don't do it!

If your credit is really bad I'd consider these because they have a prequalification from a soft pull:

Indigo MasterCard (will always have a $300 limit, no increases, but you may prequalify for their card with no annual fee) it's issued by Genesis FS in Beaverton, OR and customer service is overseas.  I have one, I recommend it.

Milestone Gold: Seems similar to Indigo except there's not a "no annual fee option" $300 limit only. See what your annual fee is and decide. It's issued by Bank of Missouri. Not sure about customer service. 

Credit One: Prequalify from a soft pull and review the terms (annual fee) and decide. They do have cash rewards and give cli's. 
Blaze MasterCard: doesn't require an upfront deposit, $75 annual fee usually gets waived by calling customer service. I have this card, I got 2 CLI's. I'm at $1,500. Even though the card says it's issued by First Savings Bank, Beresford, SD... it is serviced by Capital Services, In Sioux Falls. I have one, I recommend this. 

Merrick Bank: See if you qualify. They have a Double Your Limit Card, That May not be a promise since Ally Bank is buying the portfolio. 

Let's talk about Capital One. I don't recommend the QuickSilver1, the $39 annual fee is a little high and these cards rarely upgrade. I recommend either the No Annual Fee MasterCard or the Journey Visa with no annual fee. These are easier to upgrade to a Quick Silver and easy to get approved for. 

[coreysw12]

Honestly if you just read the terms of the credit card offer, it's pretty obvious whether or not it should be avoided.

If you tell your parents to avoid X, Y, and Z banks, they might just assume that any offer coming from any other bank will be fine.

Rather than teaching them which banks to avoid, you should teach them what sorts of offer terms they should be looking for.

[hernaemm90]

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@TattnallTrio wrote:

I'd avoid the cards that have monthly fees and application fees up front.

So avoid at all costs:

First Premier Bank

Bank of Missouri/Continental Finance (Has various card like Surge MasterCard and Total Visa)

Fingerhut: Their stuff is way overpriced. Just don't do it!

If your credit is really bad I'd consider these because they have a prequalification from a soft pull:

Indigo MasterCard (will always have a $300 limit, no increases, but you may prequalify for their card with no annual fee) it's issued by Genesis FS in Beaverton, OR and customer service is overseas.  I have one, I recommend it.

Milestone Gold: Seems similar to Indigo except there's not a "no annual fee option" $300 limit only. See what your annual fee is and decide. It's issued by Bank of Missouri. Not sure about customer service. 

Credit One: Prequalify from a soft pull and review the terms (annual fee) and decide. They do have cash rewards and give cli's. 
Blaze MasterCard: doesn't require an upfront deposit, $75 annual fee usually gets waived by calling customer service. I have this card, I got 2 CLI's. I'm at $1,500. Even though the card says it's issued by First Savings Bank, Beresford, SD... it is serviced by Capital Services, In Sioux Falls. I have one, I recommend this. 

Merrick Bank: See if you qualify. They have a Double Your Limit Card, That May not be a promise since Ally Bank is buying the portfolio. 

Let's talk about Capital One. I don't recommend the QuickSilver1, the $39 annual fee is a little high and these cards rarely upgrade. I recommend either the No Annual Fee MasterCard or the Journey Visa with no annual fee. These are easier to upgrade to a Quick Silver and easy to get approved for. 

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Thank you