While Chase business cards may be the worst credit cards for business, the business credit card by First Equity is an honorable runner-up. First Equity (founded in 2001) is a credit card company located in Columbus, GA that specializes in offering business credit cards to American small businesses.

First Equity lures unsuspecting business owners by offering them a large credit line and a low interest rate. Both facts are not always true, as credit lines offered by First Equity will be much smaller than anticipated and interest rates will be much higher.

While Chase differentiates itself from other lending institutions by following a newly adopted “loan sharking” business model, First Equity does inform its customers of it’s high interest rate of 24.99% from the beginning. So at least with First Equity, you know what you’re getting into when you start writing those cash advance checks.

However, First Equity also has some tricks up on its sleeves: due dates are often on the weekends and their web servers mysteriously are unresponsive a day before the due date. All to increase their chances for charging customers late fees and higher interest rates.

So how is First Equity’s customer service holding up? Compared to Chase, you’d think that there isn’t any better bank than First Equity, but when the honeymoon is over, you’ll find out who the real First Equity is. No point asking them if you can pay a week later, when cash flow is low (even if you agree to paying the late fee): they will hunt you down. Countless harassing phone calls at home, on your cell or at work. So no flexibility here, even with the absurdly high interest of 24.99%.

Needless to say, First Equity is one of the worst credit cards for business and they are truly parasites that you (as a business owner) need to stay away from.