The Centennial Gold Credit Card is a MasterCard or Visa that has been specifically created for those who suffer from bad or damaged credit. If you are one of the millions of people in this world, who have stumbled upon hard times and it resulted in damaged credit, this may be the answer you have been looking for. In this day in age, especially with the new bankruptcy laws, it may not be the choice for you. With all the fees associated with filing bankruptcy, the hassles, the counseling, the lawyers, and perhaps the reality that you may lose some of your possessions many people are looking for other alternatives to repairing their credit.

While some people may think credit cards are not the way to go when you are trying to repair your credit, it is important to realize if they are used in good taste, they are an excellent way to fix your bad credit. You see, even if you have poor credit, if you ever want to build and repair your damaged credit you have now, you will need some sort of credit to show creditors that you have learned from your mistakes and are on the road to recovery.

The problem is finding someone who is willing to give you a new start. This is where the Centennial Gold Credit Card comes in handy. This credit card is specifically for those looking to repair their credit. This credit card comes with a lower than usual APR, especially when it comes to cards for people with poor credit. However, there are penalties of course, as with most credit cards. If you were to default on your payments or not make a timely payment twice within six months, you will face a stiff penalty. The general APR is fixed at 9.9%. However, if you default twice, it becomes 19.9%.

Furthermore, the Centennial Gold Credit Card comes with a variety of fees and charges during the first year of use. For example, you will be charged a fee of $48 annually and to set the card up you will be charged a $29 fee. Then you will be access a fee monthly, called a participation fee, which costs $6, and a $95 program fee.

However, fees aside, it is the perfect credit card for those wanting to fix their bad credit. Your credit line will continue to rise as you prove yourself credit worthy over time. The card also comes with a variety of benefits such as security and protection against fraud and internet services. However, the greatest benefit is being able to get back on the right financial track after experiencing a set back with bad credit.