The content is accurate at the time of publication and is subject to change.

Credit cards have become an integral part of every person's life today. One cannot imagine purchasing anything online or at a retail store without these plastic cards. There are so many banks that offering various types of cards that it becomes tough to choose the ones that can work in your favor. Most often than not, due to ignorance, people end with cards that are not worth a place in your wallet. There are a few cards that you should never consider applying for. Let us take a quick look at them.

Cards that carry high initial charges

In the world, where banks are stretching themselves thin to bring in new customers, you should never commit the mistake of applying for cards that charge high initial fees. There are a number of financial institutions that are offering cards without any startup charges or annual fees. Opt for such cards and refrain from the ones that sap you of your hard earned money.

Cards that offer introductory offers for lesser than six months

Most banks offer an introductory rate to consumers applying for their credit cards, especially if they want to opt for balance transfers on it. However, some banks have a catch to it. The initial offer will hold good only for a span of two or three months and then it will revert to the regular annual percentage rate. It is recommended that you refrain from such cards since they don't offer you any benefit. Opt for cards that carry the introductory rate for at least a span of six months to a year, thus allowing you to take complete advantage of their features.

Cards with high APR

Despite the credit card being highly competitive, there are a lot of credit card lenders who are charging an arm and a leg in the form of annual percentage rates on the cards. Stay away from such cards. Before applying for credit card of any kind, ensure that you have clarity on the annual percentage rate, late fees, inactivity fees and ask for other charges that may apply. Innumerable people who signed on for cards without getting this basic information were trapped under debt for years.

Finally, there are lenders who do not report the status of your payments to the credit bureau. Stay away from such companies since you will not be able to make an impact on your credit report even if you pay your dues on time.

Disclaimer: This editorial content is not provided or commissioned by the banks or credit card issuer(s). Opinions expressed here are the author's alone, not those of the banks or credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the banks or credit card issuer(s). Reasonable efforts are made to present accurate info, however all info is presented without warranty. Consult with the issuing bank of the card or account for terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are accurate as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.