Centennial MasterCard Review
The Centennial card is issued by The First Premier Bank a member of the FDIC. This is an unsecured card created for individuals looking for a second chance.
It offers easy approval and thus has some fees. These include a one time account set up fee of $29, $48 annual fee, and a one time $95 fee.
These charges are assessed to your available credit limit. When you receive your card you will have these charges shown on the 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.
When making your monthly on time payments you will create a positive payment history on your credit report.
Additionally your utilization ratio is very important. This is the amount of debt you have compared to your available credit. If you can keep your monthly balance at roughly 30% of you limit it will help the most.
If your card has a limit of $250 then you want to keep the monthly balance around $75. After you have paid on time for 6 months you will be eligible for a limit increase.
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 worldwide and everywhere you see the Visa or MasterCard logo. You can qualify for approval if you are over 18 and have a valid social security number.
As of late, we have seen a jump in interest rates even on prime credit cards. These rates are increasing to close to 30%, and without fault. This means even with on time payments the good credit cards are raising their interest rates to 30%.
In sum we suggest you explore all your options for credit if you have made some mistakes. It may be more cost effective to get a secured or prepaid card, and take other steps to repair your damaged score.
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