Continental Finance MasterCard Credit Card

Continental Finance MasterCard Credit Card - Pros and Cons, Review

The Continental Finance MasterCard®, issued by First Bank of Delaware, is a credit card designed for those with poor credit who would like a second chance. The main benefit of this unsecured credit card is that it reports to credit bureaus. This is a rare opportunity for those with poor credit who would otherwise only qualify for secured or prepaid cards, which often do not report to credit bureaus or charge fees to report to credit bureaus. The interest rate for purchases is above average for this type of card, but the rate for cash advances is the same as for purchases, which is a rare benefit as the interest rate for cash advances is usually much higher. However, these rates are not ideal if the cardholder plans to carry a balance.

This card does have an average annual fee of $49, and it charges a monthly maintenance fee of $10 ($120 per year). There is also a one-time account set-up fee of $99 and a one-time program participation fee of $89. This means that the total amount of fees that a cardholder can expect to pay in the first year will be $357. However, the total amount of fees will only be $169 annually after the first year, and cardholders will have the chance to reduce that even further through the Go For the Gold Graduation Program.

The Go For the Gold Graduation Program rewards cardholders who maintain their account in good standing. Upon the first year anniversary date of maintaining the account in good standing, the cardholder will receive a free upgrade to the gold card, a free credit limit increase, and exclusive gold card benefits. Upon the second anniversary, cardholders will receive a $75 account credit and another free credit limit increase. Finally, upon the third anniversary, cardholders will no longer be assessed the monthly $10 account maintenance fee, which will reduce the total amount of annual fees for the card to $49.

Therefore, those who want a second chance with their credit, do not mind paying the various fees, and would prefer an unsecured credit card may find the Continental Finance MasterCard® to be beneficial.
Review Date: 9/27/2006

Most Attractive Feature(s): Reports to credit bureaus; no security deposit required.
Least Attractive Feature(s): Annual and monthly fees.

Additional Perks
Various Internet account related services.
Automatic enrollment in the Go For the Gold Graduation Program, which rewards cardholders for maintaining their card account in good standing.
See website for additional benefits.

Important Notations
***There is a one-time account set-up fee of $99 and a one-time program participation fee of $89.
There is a $25 fee for credit limit increases.
There is a $4 fee for Internet payments.
See website for complete terms and conditions of card usage and application disclosure.

Note: The review on this card was updated on 9/27/2006. The review is believed to be accurate during the update, however, information posted may have changed since the update. We strongly suggest that you carefully read the Terms and Conditions statement that accompanies the credit card application. Credit card review information is provided by CardOffers.com, Inc.