There are a multitude of secured cards that have a very low to no annual fee. US Bank is one with an annual fee of only $18. Credit unions typically have secured cards with no annual fee.

First Premier's offer is laughable. The almost $300 in fees -- ONLY FEES -- that you have to pay them the first year is far better spent by getting a secured card from a reputable lender.

Most secured cards will "graduate" after a period of time and you can ultimately get a decent card from a decent bank with a decent limit. First Premier will never -- YES, NEVER -- be anything but a garbage card with an embarrasingly low limit and at least $150 in fees every year.

As if all their fees and the rock-bottom limit weren't bad enough, First Premier even charges you to view your account online and also, shockingly, charges you $25 for a credit limit increase. After several months they will charge you $25 because they saw fit to raise your limit $50.

Come on, people. Unless you have the IQ of a paperclip, start looking at your local credit union of other reputable banks for a secured card that will a) cost you far less than First Premier, b) "graduate" after a relatively short period of time with a decent credit limit, c) help you improve your credit and d) won't make you feel like an outcast when your friends see you using it.

This is a sub prime card. If you have bad credit then you can't do any better unless you secure your own line of credit with a deposit for a secured credit card. As of 3/28/2009 the Secured Orchard Bank MasterCard will not be eligible for an upgrade to unsecured status at this time. If you pass on the first offer First Premier Bank gives you, then they will offer 0.00% APR for the first year on the next offer. This allows you to pay the minimum without any interest! I recommend paying a little more than the minimum and keep your utilization of this card less than 20% when you reach that after paying a few months. I think this is an acceptable way to build your credit without forking over hundreds of dollars all at once. However, after time goes by with the Centennial credit card, the fees you will pay to keep the card will number in the hundreds spread over time which is easier for some and unaffordable to others. Bad credit equals high fees! That's just the nature for the delinquent borrower until a good history is built. Even secured credit cards are going to have $35 to $75 annual fees with a high APR of around 20.00%! In my opinion the fees are worth a better score to get a prime card. Don't close your Centennial account until you have your prime credit card account opened, as that will have impact on your credit! First Premier Bank is an accredited member of the B.B.B. with a satisfactory rating. Despite what you may have heard, credit limits have no bearing on you score, it's how you utilize the credit that you have. If you compare a maxed out $5,000.00 credit card that carries that balance every month and a $500.00 credit card that has only utilized 5% of its balance; well, the lower limit card is always getting the advantage when FICO analysis are applied. I have given the Centennial MasterCard a good rating because they will give you credit with 0.00% APR and report to 4 bureau's even if you credit is in the tank and no one else will bother with you. This card is not guaranteed to be issued to anyone. The bad, high fees! but sub prime credit gets sub prime fees. Good luck rebuilding your credit!