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 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.
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 can be issued as a MasterCard or Visa, you decide. When you apply online you will get a response within 60 seconds of submitting your application.
When making your monthly on time payments you will create a positive payment history on your credit report.
Additionally your utilization ratio is very important. This is the amount of debt you have compared to your available credit. If you can keep your monthly balance at roughly 30% of you limit it will help the most.
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 has issued cards to over 3 million people. They are a member of the Better Business Bureau and are located in Sioux Falls, South Dakota.
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 look into all your options for credit. It may make more sense to do some work on removing negative marks or apply for a secured or prepaid card instead.
If you would like to make a comment, please fill out the form below.
