First Premier Bank offered the Aventium Classic credit card to people with poor credit and advertised it as a way to rebuild their credit histories, NerdWallet reports. It was available to consumers with a credit score below 620 and was an option for consumers with few other choices, reports Elite Personal Finance. The card offered a maximum initial credit limit of $300.Continue Reading
The Aventium Classic card is no longer available, according to FinanceGlobe.com.
The Aventium Classic card required a deposit of $95, charged annual fees of $75 per year, a $6.50 monthly fee, and featured an annual interest rate of 49.9 percent on purchases and cash advances, reports NerdWallet. The annual cost was therefore $123 to maintain a $300 limit; it was named the "worst card in existence" in 2012 by CreditCardForum.com. Nerd Wallet explained many better credit cards were available for people with bad credit.
First Premier Bank specializes in credit cards for the sub-prime credit market. The Federal Trade Commission sued the company for targeting unsophisticated consumers, making unauthorized EFT charges to consumer accounts, pressuring customers to sign up for additional services and unethical marketing practices. The FTC halted First Premier's operations and froze its accounts in 2003.Learn more about Credit & Lending