Centra Platinum Review
The Centra Platinum was last reviewed on 5th September 2005
Summary - The Centra Platinum Card is a catalog card targeted at those looking to build or rebuild their credit. This is not a credit card and can only be used at Centra's retail catalog. Its' main features are as follows :
- You are given up to $7,500 unsecured credit lines for use on their catalog
- You get a low 6.9% apr on purchases if your account is in good standing.
- There is no annual membership fee
Let us look at this card in greater detail.
Card Details - The Centra Platinum Card is a catalog card that allows you to use the card at their merchants catalog. You will be given a $7,500 unsecured credit line. As an incentive, you are eligible for a free computer after you sign up. Note however, that it is not entirely free as you have to pay the shipping cost of $178.97. The computer that you get is not exactly state of the art, but rather, has lower capacities and speeds than current models.
Unsecured Cash Loan - The Centra contracts several outside vendors to provide the cardholder with the potential to receive an unsecured loan of up to $1,500. Once you get your card, you will be given instructions to fill a form for the loan approval.
Fees - Though there is no annual fee for the Centra Platinum, there is a one-time application fee of $150.00. The apr is 6.90% on purchases charged to the account. You need to pay a minimum balance of $10.00 or 10% of the account balance. Your monthly balance is calculated simply based on the End of Month balance. The grace period is at least 25 days, which is longer than the 20 days that most credit card allow.
Emergency Cash Benefits - Cardholders will also get an Emergency Cash Benefits package whereby you will be provided with some cash in the event of various emergencies, like hospital and dental emergencies.
Conclusions - The Centra Platinum is designed for those looking to build or rebuild a credit. Bear in mind that this is not a credit card but a catalog card that can only be used for Centra's merchant catalogs. Though you can potentially get an unsecured credit lines, they way to build your credit is to use the card and pay off your bill fully and in the course of six months or longer, your improvement in your credit score will allow you to get a regular credit card. Those who have been turned downed on other "bad credit credit cards" may want to consider this card to help rebuild credit.
Positives
- No annual fee
- low apr
- One-time setup fee of $150.00
- Limited to using at Centra's merchants' catalogs
Negatives
| Centra Platinum Card | |
| Cost and Fees | |
| One-time Application Fee | $150.00 |
| APR (Purchase) | 6.90% |
| APR (Cash Advance) | 18.00% |
| Quaterly Maintanence Fee | $33.00 if account is inactive |
| Over-The-Limit Fee | $25.00 |
| Balance Calculation Method | End of billing period balance |
| Minimum Payment | $10.00 or 10% of account balance |
| Fees for late payment | $10.00 |
| Non-Sufficient Fund Fees | $25.00 |
Apply for the Centra Platinum