Continental Finance has received a lot of bad reviews for this abomination of a credit card, and after looking over it myself, these harsh rantings were rightly deserved. The Continental Finance Classic Blue MasterCard is definitely one of the worst cards I have come across.
DO NOT GET THIS CARD! I do not understand how they could have possibly had any success releasing this.
Lets start off with the “Finance fee”, which is actually a processing fee, of $200. Now I don’t know why anyone wouldn’t just turn away right there. $200 just to be able to use this card? That is outrageous! Most competitors offer $0 application fees, so why would anyone agree to pay $200? In addition to that “finance fee”, every month you have to pay a $15 fee for your account maintenance. $15 may not seem like much, but it is paid every month, accumulating to $180 annually. There is an ever growing number of competitors that offer cards with no annual or monthly fees at all. What type of maintenance are you doing on my card anyway that would have to cost me $15 every month? Is the initial $200 not enough? I still have the same crappy service and ugly blue card that I have had from the start. Is this funding a cure for cancer or what? No, it’s going straight to the greedy bank’s pocket.
Good luck to anyone who thought their new card would allow them some breathing room. The credit limit on this card is a low $300 and the first month you have it will only be $75 due to fees. I can’t stress enough the fact that there are so many competitors out there with no application, monthly, or annual fees and higher credit limits that are just as, if not more, accessible. If you want a higher credit limit, Continental Finance writes “Each Credit Limit increase will be $75, subject to a maximum Credit Limit of $1,500.00. Each increase will appear on your Account no later than one (1) month after you have qualified for such increase. At the time of each Credit Limit increase, a $25.00 Credit Limit Increase Fee, for each $75.00 of increase, which is a FINANCE CHARGE, will be charged to your Account.” So if you wish to have a credit limit higher then a crappy $300, you will have to pay $100. Doesn’t seem like something I would want to be apart of.
For all these fees, I would expect at least a low APR and great benefit. The APR for the Classic Blue is 19.75%. Definitely not the worst rate I’ve seen, but not the best either. Not low enough to excuse the plethora of fees.
Did someone say something about benefits? No, i didn’t think so, there are absolutely no benefits or incentives for using this card other than making some bank money.
In conclusion, stay far far away from this card, unless of course, you like to throw away money. But if you appreciate the money you’ve worked hard to earn, I’d advise you to look elsewhere for your credit card.