Often those with damaged credit don’t qualify for an unsecured credit card but the Continental Finance Gold Card can offer you the best of both worlds but beware of the higher than normal processing and annual fees making up a large portion of your initial credit balance.
Life happens, right? It happens to all of us. At some point, the unexpected happens and sometimes it’s our finances that are left in ruins. Other times, we simply make bad decisions.
Whatever your situation, you may be looking for a way to rebuild your credit. You read about a secured credit card, a card where your balance is determined by the amount of money in your account, but you decided that you wanted to look for another option because you don’t have enough money to keep in an account to fund the secured card.
The Continental Finance Gold Card is tailored for the person with damaged credit but it is an unsecured credit card. No corresponding bank account is needed to keep a balance. In most cases, you will be approved within minutes providing all of your information can be verified.
Where most credit card companies aren’t focused on helping you rebuild your credit, Continental Finance is. As you demonstrate responsible credit behavior, they report to all three credit bureaus. Even better, the attempt to educate their customers. Materials are offered describing how to rebuild and maintain good credit.
Your initial credit limit will be set at $ 300.00 with an interest rate as low as 9.75%. As your credit habits are proven, your interest rate will be reviewed periodically.
The drawback of this card is the initial fees. The processing fee is $ 175 and the annual fee is $ 50. The company states that because offering high risk customers an unsecured credit card is so risky, they have to charge higher fees as a form of insurance for the company. These fees will be charged to your initial balance so until these fees are paid, your credit balance will be $ 75.
The other negative is the late payment penalty. If late payments are made in two consecutive months, the interest rate will go up to 24.75% in addition to the late payment charges so although this card rewards good payment history, it penalizes those who don’t make payments on time. This is similar manner to most other cards. You will also be ineligible for an increase in credit limit unless a spotless payment history is demonstrated.
The payment options are comparable to most cards. If the balance is below $ 35, the full balance will be due at the end of the billing period. If the balance is above $ 35, the payment amount will be 5% of the current balance.
The Continental Finance Gold Card offers its customers online account access as well as numerous other payment options in addition to online payment. Funds may not be available immediately.
If you have damaged credit and are looking for an unsecured credit card to help you rebuild your credit report plus provide you with assistance with learning better spending and payment habits, the Continental Finance Gold Card is an option worth exploring.
