Centennial MasterCard Review
The Centennial card is created for individuals with a low credit score. It is issued by the First Premier Bank a member of the FDIC.
There are easy requirements for approval; however it does carry some fees. This includes a one time $95 fee, an account set up fee of $29, and an annual fee of $48.
These fees will be charged against your available credit. Meaning when you are issued your card, you will have these fees on your balance.
You will have an initial $250 credit limit. Additionally you have a 9.9% APR.
It is issued as a Visa or MasterCard your choice. If you apply online you will have an application response in less than 60 seconds.
If you make your monthly payment on time you can build a positive payment history on your report.
Your utilization ratio is also very influential on your score. This is how much debt you have versus unused credit. It will help your score if you keep a monthly balance of around 30% of your limit.
In other words a $250 limit, you want to keep your balance at $75. You will be eligible for a credit limit increase after six months.
The First Premier Bank is in Sioux Falls, South Dakota. They are a member of the Better Business Bureau and have served over 3 million people.
Your card is accepted everywhere the Visa or MasterCard logo is seen. You can qualify for the card if you are over 18 years old and have a valid social security number.
Recently we have seen a rise in interest rates even with prime lending. Some rates have jumped to an outrageous 30% without cause, meaning the customer did not pay late.
In sum we suggest you look at all your options. It could be more cost effective to apply for a secured or prepaid card. Additionally you might want to focus on repairing your damaged credit report and then apply for a card.
