The worst credit cards of 2020

[Nostradamuz]

The First Premier Bank credit cards are bad 

[Jnbmom]

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@Nostradamuz wrote:

Ollo Optimum card is not subprime. It is an excellent card 

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 2.5% is great , but this card is subprime and geared toward folks with weaker credit files. 

[Nostradamuz]

I know 3 different Ollo cards. These cards are subprime, except Ollo Optimum card (unsecured card, no AF, 2.5% cash back on all purchases)

[Jnbmom]

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@Nostradamuz wrote:

I know 3 different Ollo cards. These cards are subprime, except Ollo Optimum card (unsecured card, no AF, 2.5% cash back on all purchases)

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Again I stand by my observation although nice perks this  still falls under subprime . I am not knocking anyone who has the card by any means, it one of the better rebuilders out there but again it is for the rebuilder for the most part. 

And honestly worst cards of 2020, doesn't matter what year we are in crappy issuers like credit one and FP will be worst cards in 2021 and so on.

[Nostradamuz]

Is or not subprime ? No for me. What is your opinion ?

[MoneyBurns]

They definitely target individuals who have lower scores and are paying off balances - it's why it is invite only for their 2.5% CB card.

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@Nostradamuz wrote:

Is or not subprime ? No for me. What is your opinion ?

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[mrcraft]

I have the regular Ollo, and I'm hoping to get this upgrade at some point.

I think Ollo as an issuer is probably seen as subprime (but not predatory as many in this space), but this Optimum card is not subprime in my opinion.

[Nostradamuz]

Maulik has this card and his FICO score 8 was 719 and 720. Subprime is less than 670.

[Anonymous]

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@Jnbmom wrote:

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@Nostradamuz wrote:

I know 3 different Ollo cards. These cards are subprime, except Ollo Optimum card (unsecured card, no AF, 2.5% cash back on all purchases)

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Again I stand by my observation although nice perks this  still falls under subprime . I am not knocking anyone who has the card by any means, it one of the better rebuilders out there but again it is for the rebuilder for the most part. 

And honestly worst cards of 2020, doesn't matter what year we are in crappy issuers like credit one and FP will be worst cards in 2021 and so on.

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Optimum is not a subprime card. It lies inbetween subprime and superprime as far as approvals I've seen. Average score seems to be 740 or so. They are still targeting people likely to carry a balance and turn a profit for them (which is why there aren't many 800s) but the credit requirements are much higher than their other cards.