First Premier Credit - Centennial Visa/MasterCard

Editor's Review: The Centennial MasterCard/Visa, which is issued by First PREMIER Bank, is a card designed especially for individuals with poor credit or with limited credit history.

There are a variety of fees associated with the Centennial MasterCard Visa, though the fees are not extraordinary when compared to other cards that are similar. There is a $48 annual fee with the card, plus an account set up fee of $29 and a program fee of $95. In addition, there is a monthly participation fee of $6. In all, these fees total $244 for the first year. All of these fees are applied to the first bill. Therefore, the available credit for the cardholder is reduced until these fees are paid.

The most important benefit of the Centennial MasterCard Visa is the fact that all transactions made using the card are reported to the four major credit bureaus. This is not always the case with similar cards. Because the transactions are reported to credit bureaus, the card can do wonders in rebuilding credit or establishing a non-existent credit history.

For a card of this nature, the APR of the Centennial MasterCard/Visa is surprisingly low. In fact, it has a 9.90% fixed APR on purchases and a 19.90% fixed APR on cash advances. These finance charges are, however, applied toward the fees associated with the card. Therefore, it is best to pay the fees as soon as possible in order to avoid additional finance charges.

The Centennial MasterCard/Visa card rewards cardholders who are responsible in making their payments with the low APR. For those who are past due on their payments two times in a six-month period or those who are late on their payments two times in a row, however, the APR is increased to 19.90% on purchases.

In addition to the $48 annual fee for the primary cardholder, there is also a $20 annual fee for secondary cardholders. There is a minimum of $250 credit limit with the card and a $1,000 maximum. Cardholders who exceed their credit limit are subject to a $25 fee. Late payments also result in a $25 fee.