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Centennial® MasterCard® Review
The Centennial MasterCard® is intended for people who have had difficulties being approved for a major credit card. The Centennial Card is issued by First PREMIER Bank, one of the nation's leading credit card issuers specializing in MASTERCARD® and VISA® credit cards.
The various fees that are applicable for this card include the following: $29 Account Set-Up Fee, $95 Program Fee, $48 Annual Fee, Monthly Servicing Fee of $7, and an annual $20 Additional Card Fee, if applicable. The minimum credit limit will be $250 and these fees will reduce your available credit until they are paid. Other fees are $25 late fee, $25 over the credit limit fee, and $25 credit limit increase fee each time your account is eligible and approved for an unsecured credit limit increase. These fees are fairly typical among unsecured cards that are designed for individuals with less than perfect credit. The fees will be billed to your first statement and will reduce your available credit until they are paid off in full.
The APR on purchases is considered very low compared to the other cards. However, individuals need to bear in mind the numerous fees that will be applied when considering this card. If you don't pay the charges in full, they'll just be applied to your overall total balance and you'll end up accruing additional finance expense charges on your account.
Also, it is important to note that even though there 9.99% rate for purchases, the cardholder's account goes past the due date two times in any six month period the penalty pricing will apply and the APR for purchases will increase to 19.9%.
Cardholder Benefit/s:
- Report transaction to the credit bureaus.
- Low APR on All Purchases*
- Access your Account by Phone Anytime
- Accepted where you see the MasterCard or Visa logo
- No liability for unauthorized transactions.
* See website for additional benefits.
* See Rates, Fees and Terms
Therefore, those who do not mind paying the fees associated with this card, which total $244 for the first year alone, may find the Centennial MasterCard® to be beneficial.
Note: We suggest that you carefully read the Terms and Conditions statement that accompanies the credit card application since the information may have changed since the review is written.
Reviewed on December 8, 2006
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| About the Author
Liz Roberts is a freelance writer and loan consultant. The website BadCreditResources.com offers resources that specialize in providing loans and credit cards to people with bad credit. |