This card from First Premier Bank makes its Secured Card look positively cheap by comparison.
Who the Centennial Gold MasterCard Is For
- People with bad credit who are desperate to get a credit card.
Credit Rating Required
- Bad (below 620)
About the Centennial Gold MasterCard
Pros
- Annual fee is waived the first year.
Cons
- Outrageously high interest rates.
- High annual fee.
- High processing fee.
- Tiny credit limits.
Rewards
- None.
APRs
- 59.9 percent on purchases and cash advances.
Fees
- Annual fee: $75 (waived the first year), billed at $6.25 a month.
- Processing fee: $75.
- Late payment fee: Up to $35.
- Returned item fee: Up to $35.
- Credit limit increase fee: 25 percent of credit line increase.
Centennial Gold MasterCard Review
You're not seeing things. This card really does carry a 59.9 percent APR. There's also a $75 processing set-up fee and a $75 annual fee starting in the second year (billed to your account at $6.25 a month). All you get for that is a measly $300 credit limit.
If you want a bigger credit limit, you'll pay even more fees. Each time your account is eligible and approved for a credit limit increase, you'll be charged a fee equal to 25 percent of the credit limit increase. For example, if you're approved for a $100.00 increase, you will be charged $25.00, which gets added to your balance. That means your credit limit increase will actually be $75, not $100. And of course that balance will be incurring that 60 percent APR the entire time.
The maximum credit limit increase is only $100, and you won't be eligible to get one for at least 13 months after you open your account.
This card is issued by First Premier Bank, which also issues identical cards under the names First Premier Bank Gold MasterCard and Aventium Gold.