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 has easy approval requirements, but does carry some fees. Including a one time $95 fee, an account set up fee of $29, and an annual fee of $48.
You will see these charges on your first monthly bill. They will be charged towards your available credit limit.
It comes with an initial credit limit of $250, and an APR of 9.9%.
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.
This means you want to keep your monthly balance around $75. After six 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.
It is accepted everywhere you see the Visa or MasterCard logo displayed. To qualify you must be over 18 years of age 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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