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Centennial® Gold MasterCard®/Visa®

• Reports monthly to 4 Major Credit Bureaus
• Low APR on purchases!
• Get the prestige of a GOLD MasterCard®/Visa®
• All applications accepted!
• All credit types welcome to apply!

Issuer:  First Premier Bank

APR: 9.99% applied to purchases and balance transfers

Introductory Period: N/A

APR After Introductory Period:  N/A

Annual Fee: $48

Credit Line Possible: There is a minimum credit line of $250 that may be increased over time depending on your performance.

Insurance included:  No insurance is included with the Centennial® Gold MasterCard®/Visa®.

Financing Configuration – This is determined by multiplying the "Average Daily Balance" for purchases and for cash advances outstanding during the monthly billing cycle by the monthly "Periodic Rate." The monthly "Periodic Rate" for purchases is 0.825%, which is equivalent to an annual rate of 9.9%, which is 19.99%.

Grace Period – If you pay your previous balance in full on or before the due date shown on your previous statement you will have a grace period on purchases of 25 days (from the statement closing date to the payment due date,).

The Best Thing About It – You can improve your credit because it reports monthly to the credit bureaus.

The Worst Thing About It – You can only have access to information about your Centennial® Gold MasterCard®/Visa® account by phone unless you pay a fee.  Maintaining this type of account in general is very costly because there are numerous hidden fees including account set up fees, and account participation fees.

Credit Rating Needed For Acceptance -  Bad to Fair.

Who Is It For?

The Centennial® Gold MasterCard®/Visa® is suitable for people with less than great credit who want to improve their credit rating by having a credit card company report their on time payments monthly to the credit bureaus. You will be eligible for consideration of a credit limit increase after 6 months. This program is designed to allow individuals to increase their credit limit based on their credit performance.

The Benefits

 

You can improve your credit rating:  Sometimes these types of credit cards don’t bother to report your good behavior to the credit bureaus but this particular card does on a monthly basis, which can really help boost your credit rating.

The Drawbacks

 

You do not have access to your cash. Once your account is open and active for a minimum of 90 days and the credit card company decides that your account is not delinquent your cash advance availability may be increased to 50% of the assigned credit line. If your initial credit line is $250, your beginning cash advance line will be $25 and may increase to $125 once the criteria above is met.

There are way too many hidden fees and charges. There are all kinds of sneaky charges like the Monthly Account Maintenance Fee and the Participation Fee which are not fees usually found on credit cards.

Fees To Watch Out For

 

Minimum Finance Charge:  You must be charged at least fifty cents per transaction.

Complete Terms & Details

Late payment fee:  $25

Over The Limit fee: $25

Cash advance Fee: Greater of $5.00 or 3% of the amount of the cash advance.

Monthly Participation Fee:  6.00 per month

Monthly Account Maintenance Fee: $3 per month on closed accounts with an outstanding balance of $20 or more.

Fees for Transactions in Foreign Currencies:  1% of the transaction amount.

Credit Limit Increase Fee:  You are charged $25 each time your account is eligible and approved for an increase in limit.

Internet Access Fee:  $3.95

Copying fee: $3.00 per item if sent by email.

Return Item Fee Charge: $25.00

Card Replacement Fee:  $25.00 

Account Set Up Fee: $29.00

To Summarize –

The Centennial® Gold MasterCard®/Visa® has a ridiculous amount of fees compared to other cards and you are only allowed to take out 10% of your initial deposit as a cash advance. You will owe money to them the minute the account is opened.  There is no travel insurance and access to cash advances is expensive and limited.  However people with poor credit do qualify for it.

Intro APR	Intro APR Period	Regular APR	Annual Fee	Balance Transfers	Credit Needed
N/A	N/A	9.9%	$48	N/A	Bad Credit