The Centennial credit card is an unsecured card created for individuals with a damaged credit report. It is issued by First Premier Bank an FDIC member.

There are easy requirements for approval; however it does carry some fees. This includes a one time $95 fee, an account set up fee of $29, and an annual fee of $48.

These charges are assessed to your available credit limit. When you receive your card you will have these charges shown on the balance.

It comes with an initial credit limit of $250, and an APR of 9.9%.

It can be issued as a MasterCard or Visa, you decide. When you apply online you will get a response within 60 seconds of submitting your application.

When making your monthly on time payments you will create a positive payment history on your credit report.

Additionally your utilization ratio is very important. This is the amount of debt you have compared to your available credit. If you can keep your monthly balance at roughly 30% of you limit it will help the most.

If your card has a limit of $250 then you want to keep the monthly balance around $75. After you have paid on time for 6 months you will be eligible for a limit increase.

The First Premier Bank is a member of the Better Business Bureau. They are located in Sioux Falls, South Dakota and have issued cards to over 3 million people.

It is accepted everywhere you see the Visa or MasterCard logo displayed. To qualify you must be over 18 years of age and have a valid social security number.

Recently we have seen a rise in interest rates even with prime lending. Some rates have jumped to an outrageous 30% without cause, meaning the customer did not pay late.

In sum we suggest you look at all your options. It could be more cost effective to apply for a secured or prepaid card. Additionally you might want to focus on repairing your damaged credit report and then apply for a card.