Yet another credit card designed for those with poor credit. Continental Finance Gold MasterCard® is issued by First Bank of Delaware and is an unsecured card.
- Our rating: C+
- Interest rate: 9.75%
- Earning rewards: none
- Reward options: none
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Although it’s a card for those with poor credit, the fees are lower than in the case of the Classic card issued by the same bank. The Gold card has a low APR: only 9.75% and uses the average daily balance to compute the balance for purchases. The annual fee is $50 while the monthly maintenance fee is $15 (which adds up to $180 per year). There’s also a one-time account processing fee of $175. The grace period is not less than 25 days from the Statement Date.
The initial credit is $300 but after paying all the fees your available credit will be $75. Over time the credit limit can be extended to maximum $2,000. You can either opt for the automatic Credit Limit increases or you can qualify for Credit Limit increases from the sixth month your Account is open by satisfying the bank’s credit criteria. Each Credit Limit increase will be $75.00.
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The transaction fee for cash advances is 3% of the amount of cash but not less than $50. If you use your card abroad and pay in foreign currency the transaction fee is 2% of any transaction.
The card can turn out to be quite expensive but if you have poor credit and don’t mind paying these fees, Continental Finance Gold MasterCard® can be a good choice especially when compared to the same type of cards on the market.