Digital News Report – This year it is estimated that Americans will receive more credit card applications than last. This does not mean that everyone has a sufficient credit score to acquire a card.
There are credit cards designed specifically for customers with poor and bad credit scores, and even for young people without a credit history. The Centennial® Gold Credit Card can be used to reserve hotel rooms, rent cars and make online purchases.
Users of the new Centennial Bank card can improve their credit scores. Since the bank reports payments to the three credit reporting bureaus, on-time payments can work in the card-holder’s favor. The payments can actually improve the credit score.
There are two basic types of credit cards designed for customers with bad credit. Some banks will require a security deposit while others will not. The Centennial® Gold Credit Card does not require a security deposit.
Rather then requiring a deposit, the bank makes up for the risk by charging a higher interest rate. The rate is set a 59.9% (APR) on all purchase and cash advances. You can avoid the interest rate by paying the entire balance before the due date each month.
There is a $45 processing fee and a $30 annual fee for the first year. After that the annual fee is $45. There is also a $35 late fee and a $35 return fee applied.
There are many secured debit cards and creditcards available, but not many unsecured credit cards available for people with bad credit. This card is one of the few.
By Tina Brown