America’s worst credit card – 24/7 Wall St.

The vast majority of Americans own a credit card. Many have several. The documents that credit card companies send to owners are long and complex. It’s hard to imagine that all but a small number of cardholders can understand these fine print. Several organizations have selected the worst credit cards. Flaws range from high interest rates to high annual fees to poor rewards programs.

Time and Nextadvisor compiled a list of the worst credit cards. Wallet Hub did the same. The cards have been classified into categories. These include the worst credit card to “build credit.” Presumably, this is for people with extremely low credit scores. Another category includes cards that make transfers to other cards expensive or difficult. A scan is the worst card for small businesses. Another is the worst store cards.

At the top of this list is a card for the rich. This is called the Mastercard Black Card. It has an extremely high annual fee of $495 and is marketed as a card that very few people qualify for. The “benefits” include a very modest system for obtaining airline point-based purchases. Other features mainly benefit people who travel a lot by air.

The Mastercard Black Card comes with a number of bells and whistles that have very little value. It’s made of a black PVD coated metal, as if anyone cares. It comes in an extremely classy box. Mastercard even has a video that shows the “unboxing” of the card, which is another no-benefit feature. Another video shows why it should be considered a “luxury card”.

Mastercard created the card to compete with the American Express Platinum card. However, American Express also offers a black card. Based on a description of who can get one, the barriers seem much higher than the Mastercard version.