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Review of the Continental Finance Mastercard
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The Continental Finance Mastercard was last reviewed on 2nd June 2008
Summary - The Continental Finance MasterCard® is issued by First Bank of Delaware. It is an unsecured credit card designed for those with not so good credit. Find out more about this card.
Fees - Like most unsecured credit cards for people with bad credit, the
Continental Finance Mastercard® comes with a fees that you should be aware of. There is a one-time account set-up fee of $200. The annual fee is $50.00 and there is a monthly account maintenance fee for $12.00 (which works out to $144.00 annually).
APR - The apr is 19.92%. The average daily balance method (including new purchases) is used to calculate monthly balances. The grace period is 25 days. Unlike most cards where the daily periodic rate is used, the Continental Finance Mastercard uses the monthly periodic rate (which technically results in a lower effective rate).
Credit Limits - New cardholders are given an initial credit limit of $300. Your credit limit after your first statement will be less than that. After deducting the annual Fee of $50.00,
one time set up fee of $200, monthly account maintenance fee of $12.00. your available credit after these charges will be $50.00. The maximum credit limit that you will be given over time is $2,000.
Verdict - The Continental Finance MasterCard® will appeal to those with poor credit or no credit. One of the interesting aspect of this card is that they use the monthly periodic rate rather than the daily periodic rate that most card use. You also get get 25 days of grace period. Though the cost and fees are high, those with bad credit may want to consider this card if they have been turned down by other issuers before.
Positives No minimum finance chargesGrace period of 25 daysUses monthly periodic rate rather than daily periodic rate
Negatives High fees
| Continental Finance Mastercard |
| Cost/Fees/Interest rates |
| Annual Fees |
$50.00 |
| Monthly Participating Fees |
$12 per month |
| One-time Setup Fees |
$200.00 |
| Purchase APR |
19.92% |
| Cash Advance APR |
19.92% |
| Min Finance Charge |
None |
| Grace Period |
25 days |
| Balance Calculation Method |
Average Daily Balance (including new purchases) |
| Cash Advance fee |
3%, min $5.00 |
| Over-the-credit-limit fee |
$35.00 |
| Late Payment fee |
$35.00 |
Apply for the Continental Finance MasterCard®.
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