Interest Rates & Features:  

The APR (Annual Percentage Rate) charged for purchases made using the Centennial unsecured Visa and MasterCard is 9.9%, a bargain when compared to secured credit cards. Users also can take advantage of the 25-day grace period on purchase transactions making interest effectively zero presuming that the entire card balance is paid off every month. That’s a very valuable attribute. A much higher interest rate of 19.9% applies to cash advances and such transactions don’t enjoy the grace period. If a customer were to violate the card agreement by making late payments or exceeding the card’s credit limit, a punitive interest rate of 19.9% would apply to purchases.

Other Fees:  

Other fees for Centennial unsecured cards are far less inviting. Charges totaling $179.00 are charged to the account as soon as it’s approved. They include a $48.00 annual fee and the first $7.00 monthly account servicing fee. There is also a onetime program fee of $95.00 and a $29.00 account set up fee. Given that it’s possible for the initial credit limit to be as low as $250.00 for the card, the amount that’s available as credit can initially be a mere $71.00 until the account fees are paid off. This is the price for not having to make a collateral deposit to make use of these cards.

There’s also a 3% charge for taking a cash advance which has lower and upper limits of $5-$10 per advance. Users of credit cards for bad credit should never incur the penalty charges for exceeding the card credit limit or making late payments, as this behavior is reported negatively to credit agencies in direct opposition to the goal of having the card in the first place; nonetheless, if it were to happen, it costs $29.00 per incident.

Credit Limits:  

The minimum credit limit that will be granted for a Centennial unsecured card is $250.00. Presuming satisfactory compliance with the card agreement, that amount can be raised after a period of six months. If a request for a credit limit increase is made and granted, there is a $25.00 charge.

During the first 90 days of the account, cash advances are limited to 10% of the credit limit. Complying with the terms of the agreement can result in this limit being raised to 50% following the probation period.

Features:  

Consumers pay a pretty hefty price for using this type of credit card but for many it’s worth it. Good management of charges and timely payments will result in positive information being reported monthly to all three of the major credit reporting firms. The eventual outcome is an improved credit rating that should lead to being able to get more desirable credit cards as well as other loans.

Help & Support:  

Customer support is provided by round the clock internet account access for which there is an irritating $3.95 onetime set up charge. Customer support is also provided by telephone and email.

For consumers seeking the attributes of an unsecured credit card to help build or rebuild a good credit report, the Centennial Unsecured cards are a viable option. To see how Centennial unsecured MasterCard and Visa stack up against the top rated credit cards for bad credit, please take a look at our reviews of cards from Applied Bank, UltraVX Visa and First PREMIER Bank.