Centennial® MasterCard® or Visa®

• Low APR on purchases
• Over 3 million credit card holders
• Quality Customer Service
• 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 payment behavior.

Insurance included:  No insurance is included with the Centennial® 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 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,

The Best Thing About It - You can improve your credit because it reports on a regular monthly basis to the credit bureaus.

The Worst Thing About It - Maintaining this type of account in general is very costly because there are numerous hidden fees including account set up fees, and account program fees.

Credit Rating Needed For Acceptance -  Bad to Fair.

Who Is It For?

This card is suitable for people with less than perfect credit who want to improve their credit rating by having a credit card company regularly report their good behavior credit bureaus. You will be eligible for a raised credit limit after 6 months of using and paying for your Centennial® MasterCard®/Visa® in a timely fashion but you have to pay a fee.

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.

You learn how to improve your credit. You get access to online credit education.

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 initial cash advance line will be $25 and may increase to $125 if you follow the rules.

Missing a payment is expensive: If your Account goes past the due date two times in any six-month period or goes past the due date for two consecutive billing cycles the APR for purchases will increase to 19.9%.

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

Fees To Watch Out For

Program Fee:  $95

Complete Terms & Details

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

Late payment fee:  $25

Over The Limit fee: $25

Cash advance Fee: This will be the 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

Additional Card Fee:  $20.00 per card

To Summarize -

The Centennial® MasterCard®/Visa® has very high set up and maintenance fees. and you are only allowed to take out 10% of your initial deposit as a cash advance.  There is no travel insurance and access to cash advances is expensive and limited. However people with poor credit do qualify for it and it may be a good way to improve your credit rating as long as you pay your balance in full each month and on time.