Executive Summary -
Fees aside, this is one of the rare unsecured cards for the sub prime applicant today. A card you should consider if you want to add it to the mix of other cards in your wallet to rebuild your credit.
There are very few cards to compare this with (as far as sub prime unsecured card goes). The first reason is because there are very few unsecured competitors left in the market. We mentioned earlier that Orchard Bank is no longer around having been taken over by Capital One.
Yet, they are the best card to compare with because just like this card, you will either get approved for a secured or unsecured version depending on the assessment of your credit.
In that sense, this is the only card we know today that operates this way.
In terms of unsecured cards, the best comparable would be First Premier. And when you look into it in closer detail, you will realize that their fee structure is identical. First premier charges a $75 annual fee, then $45 from the second year onwards. They also charge a $6.25 monthly fee after the second year. So fee wise, First Premier comes out ahead.
But the interest rate on First Premier is 36%! So Continental Finance wins out here.
But regardless of the comparison, the truth is that if you have bad credit, chances are that you will get a few cards over the course of time to rebuild your credit. Most folks in your situation get a combination of secured credit cards as well as store cards. For some, getting a card like this is required to kick start the process is you have been constantly denied by other issuers.
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