Digital News Report – Americans are seeing more and more credit card applications in their mailboxes nowadays. Over the last few years the number of applications decreased, but that trend is changing. Even customers with poor and bad credit are being targeted with a new application blitz.
Credit card usage is on the decline while banks scramble to enlist new customers, or customers who quit using their card. The Federal Reserve reports that revolving credit is declining and other reports suggested that 8-million Americans quit using their cards.
Some Americans find it difficult to acquire a credit card because of poor or bad credit scores. There is a solution that can give the convenience of a credit while improving the customer’s credit score.
The Centennial® Secured Credit Card allows customers to pay with Visa, a widely accepted credit card. A minimum of $200 is required.
The bank says they report to the major reporting bureaus. On-time payments can help improve your credit score.
The bank charges an interest rate of 19.9% (APR). Customers can avoid the interest by paying off the balance before the due date. This may not help improve the credit scores though. Histories with on-time monthly payments can improve the score.
The card carries a $50 annual fee. There is also a $35 late-payment fee associated with credit card.
By Tina Brown