Review: Continental Finance Credit Cards

continental-finance-credit-cardContinental Finance specializes in credit cards for people with bad credit histories. While cards such as these can help you improve your credit if you make your payments on time, the fees you’ll pay make them not dangerous. Our full overview / review of Continental Finance credit cards is below:

Last we looked, the most common current card being offered by Continental Finance was the Matrix MasterCard, but you may also see cards like the Reflex, Fit, Verve, Surge, Cerulean or Simply Gold cards, as well as cards branded with the Continental Finance name. Most of them offer similar terms.

These Continental Finance cards are unsecured, meaning you don’t need to put a security deposit down in order to get them. However, you will still pay:

  • An annual fee of $125 for the first year; this immediately comes out of your $500 credit line, meaning you are down to a $375 credit line before you ever use the card.
  • After the first year, you’ll pay a $96 annual fee.
  • After the first year, a $10 monthly maintenance fee kicks in.
  • If you don’t pay your balance off completely each month, you will be charged interest at 30.49%

In our view, this is a high hurdle to get a credit card. In many cases, you would be better off trying to rebuild your credit with a secured credit card. A secured credit card requires you to put down a security deposit in order to get the card, but the fees are usually not as high. See our Secured Credit Cards page for a list of secured credit cards — some of which promise you’ll be considered for an unsecured card after a year of on-time payments.