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.
These fees will be charged against your available credit. Meaning when you are issued your card, you will have these fees on your balance.
It comes with an initial credit limit of $250, and an APR of 9.9%.
It can come as a MasterCard or Visa; you will decide when you apply. Additionally if you apply online you will have a response to your application within 60 seconds.
By making your monthly payments on time you will begin 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.
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.
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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