Centennial Classic Credit Card

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Centennial Classic Credit CardThe Centennial Classic Credit Card is issued by First PREMIER Bank to people with poor credit. Like other credit cards issued by the bank, First PREMIER’s Centennial Classic Credit Card offers a low credit limit and is considered a partially secured card. High fees, when compared to traditional credit cards, and other fees (such as costs charged to review an online statement) make the Centennial Classic Credit Card an alternative means to rebuilding credit for some consumers.

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In 2010, the Federal Reserve Board hoped to make some credit cards, such as those offered by First PREMIER, more understandable to consumers. First PREMIER’s cards come with high annual percentage rates (APRs). The Centennial Classic Credit Card has a first year annual percentage rate (APR) of 49.9%. First PREMIER offers the possibility of a reduced APR of 39.9% during the second year.

Centennial Classic Credit Card FAQs

The Centennial Classic Credit Card has a $75.00 annual fee for year one. The card’s first year fee is the maximum allowed according to the Credit Card Act of 2009 (enacted in February 2010). The Centennial Classic Credit Card offers a $225.00 line of credit, less fees, according to First PREMIER Bank. However, consumers should note that the bank charges a $95.00 processing fee to activate the card upon acceptance.

Performing a quick calculation demonstrates the truth about the Centennial Classic Credit Card: application and annual fees secure the card. Cardholders receive deposit amounts when the card is closed, less any outstanding card charges.

During year two, the Centennial Classic Credit Card charges a $45.00 annual fee, and assesses a monthly administrative charge of about $6.50.

Centennial Classic Credit Card and First PREMIER’s History

Prior to the passage of the Credit Card Act of 2009, First Premier charged even higher APRs (above 50% APRs). The acceptance fee (or today’s processing fee) represented an even higher amount of about $119. Present law limits the first year’s fees to approximately 25% of the line of credit. That’s why today’s Centennial Classic Credit Card charges a $95.00 processing fee that counts towards the card holder’s security deposit account.

Additional fees, such as online account views and payments, make the costs of maintaining a Centennial Classic Credit Card an expensive proposition for many consumers!

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Disclaimer: This content is not provided or commissioned by American Express, Visa, MasterCard, Discover, or any other credit card company or issuer. The opinions expressed here are the author's alone, not those of any credit card company or issuer, and have not been reviewed, approved or otherwise endorsed by any credit card company or issuer. Credit Card Chaser may be compensated through various affiliate programs with advertisers. As always, Credit Card Chaser is an independent website commmitted to helping people research credit card offers and find the best credit card!

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