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.
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.
You will see these charges on your first monthly bill. They will be charged towards your available credit limit.
You will have an initial $250 credit limit. Additionally you have a 9.9% APR.
It can come as a MasterCard or Visa; you will decide when you apply. Additionally if you apply online you will have a response to your application within 60 seconds.
By making your monthly payments on time you will begin a positive payment history on your report.
Your utilization ratio is also an important factor in your score. This is the amount of debt you have compared to how much available credit you have. Your score will get the most benefit if you can keep your balance at roughly 30% of you limit.
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.
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 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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