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Centennial Credit Card - 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.
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 charges are assessed to your available credit limit. When you receive your card you will have these charges shown on the balance.
Your card will have an initial $250 limit, and 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 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.
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.
Lately there has been a rise on interest rates, even on good credit cards. The rates have jumped to around 30% and this is without cause. This Means that interest rates are rising even on customers that pay on time.
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.
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