After bankruptcy, most consumers seek credit-building opportunities, such as the Centennial Secured Credit Card. Issued by First PREMIER Bank in Sioux Falls, South Dakota, this card allows the consumer to obtain the benefits of a credit card. Unlike most traditional credit cards, a secured credit card limits the consumer’s line of credit to the security deposit held by the issuer.
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First PREMIER Bank, owned by United National Corporation, specializes in offering sub-prime credit card loans to people with bad credit. The company makes no apologies for its exceptionally high annual percentage rates and other fees associated with carrying a Centennial Secured Credit Card.
Centennial Secured Credit Card Features
Obtaining a secured credit card may be the only option for some people. Most traditional credit card issuers are reluctant to offer new credit cards to the recently bankrupt consumer. Upon discharge of unsecured debt, such as credit cards, new lenders want to see that the consumer has learned from his financial mistakes.
A fully secured credit card, such as the Centennial Secured Credit Card, limits the issuer’s risk. The cardholder must deposit 100% of the credit line he desires, in addition to application, processing, maintenance, and other costs.
If the consumer pays his card late, the Centennial Secured Credit Card charges $35.00 per month plus finance charges.
Centennial Secured Credit Card Benefits
For consumers who can’t obtain traditional unsecured credit cards, paying the hefty fees and security deposits can help to rebuild a positive credit profile. First PREMIER Bank reports the card holder’s payment history to the three major credit reporting organizations.
If the cardholder runs into a cash crunch, he can opt to take a cash advance or finance purchases with his Centennial Secured Credit Card. Unfortunately, the finance charges associated with the account will rapidly increase his debit balance.
Cardholders should manage a Centennial Secured Credit Card account with care to avoid new fees, such as “over credit limit” charges. The goal of using the secured credit card to obtain better credit can be diminished by plentiful fees imposed by the issuer.
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