The Continental Finance Gold MasterCard is an unsecured credit card issued by the First Bank of Delaware. It is aimed at people that have a bad history, such as those who have previously not made their payments on time and have generally mismanaged previous accounts.
You will be assigned an initial limit which can vary from $75 to $300. The actual APR will depend on a number of things, but could be as low as 9.75% APR. The card also offers semi-annual limit increases, if you then pay off a good amount of your balance every month on time. These are applied in chunks of $75, increasing your limit up to a maximum of $2,000.
It is accepted for paying for goods and services worldwide. It also offers online access, allowing you to check your balance, pay your monthly bill and see your recent statements. There are also a number of additional online tools to help you manage your finances.
A key component is that it offers monthly reporting to the major bureaus. This means that if you are managing your finances well and paying your monthly bills on time, your rating could start to improve. You will be creating some positive payment history with the bureaus.
As with most type of offer, there are additional fees that you should be aware of before you apply. There is a one-time account processing fee that is charged, as well as an annual fee and an account maintenance fee. You should read the information carefully before committing, and see whether this is right for you.
It is also important that you make your monthly payment on time; otherwise you will be charged a late payment fee of $35. The same charge applies if you perform transactions that take you over your limit.
In order to apply you will need to verify your identification and address, and should be over 18 years old (19 in some states). There are also a small number of exclusions; you cannot reside in Wisconsin or New York, for instance. Customers who meet the criteria will be approved instantly, and will receive their cards within a few days.
If you apply for the Continental Finance Gold MasterCard and are turned down, you may be offered a Classic instead. This carries a higher APR of 19.92%, and the charges and fees vary slightly. However before you apply for any offer make sure you read the terms and conditions and are fully aware of what fees the card caries.