Released: January 22, 2007

Subprime credit card is ‘wealth destroyer’

Source: Tim Beyers, Motley Fool [MSNBC]

Having been $45,000 in debt once and down by nearly $60,000 today, I’ve had some awful credit cards. But I’ve been lucky. The worst credit card ever has never been in my wallet.

But then again, my credit has never been so bad as to need the Aspire VISA card. Pity the poor soul that’s had to carry this wealth-destroyer.

Strong words? Of course they are. That’s because the Aspire VISA has as many ways to separate you from your money as do most Vegas card sharks. Here’s a brief list.

Annual fees. The Aspire VISA charges $150 a year for the right to extend you credit. Even among those cards designed for those who are seeking to rebuild their credit history, as Aspire claims to be, this VISA falls far short. For example, the Orchard bank 2% cash back MasterCard, a top choice from the editors of researcher Cardratings, charges those with poor credit no more than $59 annually.

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