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First Bank of Delaware »
Credit Card Reviews » Continental Finance Gold MasterCard® |
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In-Depth Credit Card Review: |
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Are you looking for a second chance when it comes to your credit? The Continental Finance Gold MasterCard®, issued by the First Bank of Delaware, is a credit card designed with individuals who have a poor credit history in mind. This card operates with an understanding that a fundamental part of establishing a good credit history, is getting credit in the first place.
While most opportunities for poor credit consumers consist of secured or prepaid cards, these cards will rarely report activity to credit bureaus, or might even charge a fee to report to the credit bureaus. This particular card offers a rare opportunity for people with a spotty or negative credit history. The main benefit of the Continental Finance Gold MasterCard® is that any activity will indeed be reported to the three major credit bureaus, thus ensuring an opportunity to re-establish a positive credit rating.
The card has a very attractive APR of 9.75%, though it does also include an average annual fee of $27. Also, if your account goes past due two times in any six month period or goes past due for two consecutive billing cycles, the Annual Percentage Rate for purchases and cash advances will increase to 24.75%. Another consideration is the monthly maintenance fee of $10, or about $120 annually. When opening an account, the user is charged a one-time account setup fee of $99, along with a one-time program participation fee of $89. In the first year, the cardholder can be expected to pay around $335. What this translates to is an initial available credit line of $75, despite a $300 credit limit. These fees may be worrisome, but are necessary to protect the company against potential losses that could result from defaults. If you have a good credit history this card may not be for you.
Some benefits of this card come from an internet access standpoint. When applying for this card, most results will appear within seconds. Additionally, cardholders will be privy to free online access, excellent online tools for managing their finances, and semi-annual credit limit increases. The maximum Credit Limit you can obtain over time is $2,000.00. Payments can also be applied to this account via an online Web site.
The Continental Finance Gold MasterCard® just might be the right choice for those who are looking for an unsecured credit card, are willing to accept payment of various fees, and who are simply looking for a second chance at credit life.
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| (Review Updated: June 11, 2008) |
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n/a Intro APR (* see notes for details)
9.75% Regular Fixed APR for Purchases
19.92% Regular Fixed APR for Cash Advances |
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$25 Annual Fee
20 days Grace Period / Bad Credit OK |
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| Finance Configuration: Average Daily Balance (including new purchases) |
| Additional Cardholders: $30 |
| Late Payment Fee: $35 |
| Over-The-Limit Fee: $35 |
| Cash Advance Fee: 3%, $5 minimum |
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| Minimum Credit Limit: $300 |
| Maximum Credit Limit: $2,000 |
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| Type of Reward: None |
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| Additional Features for Continental Finance Gold MasterCard®: |
Various Internet account related services.
Access to free semi-annual credit limit increases.
See website for additional benefits. |
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| Important Notes for Continental Finance Gold MasterCard®: |
*See website for complete terms and conditions of card usage and application disclosure.
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| Notes: The review on Continental Finance Gold MasterCard® was updated on June 11, 2008. The review is believed to be accurate during the update, however, information posted may have changed since the update.
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