subject: A Review Of The Centennial Mastercard [print this page] The Centennial MasterCard is an unsecured credit card issued by First Premier Bank. The card is aimed at customers with less than perfect or bad credit, providing these people with most of the benefits of a regular credit card, as well as the opportunity to rebuild their credit rating.
In recent times an increasing number of people are struggling with their finances, as the global financial crisis reaches its peak. Missing personal loan and credit card payments, exceeding your overdraft limit and not paying bills on time can all adversely affect your credit rating, eventually putting you in a position of having bad credit.
Bad credit means that you are regarded as a credit risk, and people that are regarded as credit risks can often struggle to be approved for a credit card or other financial product. The good news is that credit card companies realize this, and have created credit cards for this sector of the market. The Centennial MasterCard is one such card.
The card offers reporting to the three major credit bureaus, meaning that if the customer pays their monthly statement on time every month, keeps their card within the credit limit and generally sticks to the requirements set out in the cardholder agreement, they will see a gradual increase in their credit rating.
The card is unsecured, meaning the cardholder does not need to make an upfront deposit of their own money before they can start using the card. As it carries the MasterCard logo it can be used to pay for products and services at anywhere that displays the MasterCard logo, including online businesses. A Visa version is also available.
The Centennial MasterCard has an annual percentage rate of interest of 9.9% APR, which is a standout rate for this type of credit card. Bear in mind however that the APR for ATM cash withdrawals is higher, at 19.9%. Application for the Centennial MasterCard is made through the relevant website, and First Premier Bank grant applications an instant response.
The downside with this card is that there are a number of fees and charges that become payable as soon as a new applicant receives it. These are a one-time account set-up fee of $29, a one-time program fee of $95, an annual fee of $84 and a monthly service fee of $8. These fees will reduce the amount of available credit until they are paid.
Due to the above fees and charges it is only recommended that consumers apply for the Centennial MasterCard if they are happy with the amount that they will have billed to their card on their first statement. These charges mean that the card is, in effect, costing the new customer $216 up front, then a further $8 per month.
