The Cerulean card is advertised as a “hybrid” credit card. This is mainly because the type of Cerulean credit card you will be approved for will depend on your credit profile during application. Depending on your credit you may get approved for an unsecured credit card (the traditional type of card we’re familiar with), a partially secured credit card, or a secured credit card. Typically, the Cerulean Discover credit card is targeted more for consumers with bad credit in the form of a secured credit card.
*Before considering a Secured credit card for bad credit, you should look into the Barclaycard Rewards MasterCard for those with Average credit. It’s probably the best traditional credit card for average credit that offers rewards as well. Definitely check out this card here.
I’ll go over what a secured credit card is first in this review, and all the details you need to know about the Cerulean Discover card.
Who Is The Cerulean Discover Credit Card For?
To start off, if you have good to excellent credit, you should not be looking into applying for the Continental Finance Cerulean Discover card!
The Cerulean Discover credit card is really for people who either have poor credit or have yet to build any credit. This is when a secured card will come in handy.
Secured Cards were designed to help people either establish or rebuild their credit history. They do not require good credit or even any credit history at all. The Cerulean Card is accepted anywhere Discover is accepted. The whole point of the Cerulean Discover Card is to make payments on time in order to build your credit history.
A Little More About Secured Credit Cards
Unlike your traditional credit card, secured credit cards are for consumers with bad credit or no credit at all. Instead of your credit limit being based on your credit profile like traditional cards, it is instead based on a security deposit that you send in when you apply. For example, if you send in a $1,500 security deposit with your application, then your credit limit will be $1,500.
With a secured credit card, your security deposit will not be used towards paying off your monthly balance. Once your account is closed in good standing, after review, you will get your deposit back.
In terms of rebuilding bad credit, secured cards are a great choice. Be careful of unsecured credit cards offered for those with bad credit, as these cards can often have higher fees than secured credit cards. If you are not able to convert your secured credit card into an unsecured credit card once your credit has improved, simply cancel your account and get your deposit back.
Investing in a secured card can help you quickly bring your credit score up, and the Cerulean Hybrid Credit Card can help do just that.
Keep in mind that most secured cards have annual fees and higher-than-average interest rates. Be sure to shop around and review the best rates and terms, because there are some bad offers floating around.
Some secured card issuers give cardholders the benefit of qualifying for a credit line increase without requiring additional funds for a security deposit. It may help to find a card that offers this if you think you’ll have to carry your secured card for a long time. Keep at it and make payments on time to keep your account in good standing.
Make sure you review the deposit requirements to be sure you can actually afford to apply for a certain secured card. Remember, the initial deposit requirement is only part of the deal. Other fees with your secured card will include annual fees, interest charges on unpaid balances, application fees,etc. All of these costs are important when deciding on a secured credit card. The actual investment you end up making over the course of the year could be much higher than the deposit, so be prepared to budget for those costs as you carry and use the secured credit card.
Review all the important key points to know what you’re getting into with the Cerulean Discover credit card. When you have bad credit, rebuilding comes at a cost.
Important Points On The Cerulean Discover Card
The Annual Fee. First of all the annual fee for the Cerulean Discover Card is $75. I agree that’s a bit steep, but rebuilding your credit history is priceless for your future financial endeavors. Now the annual fee is the one fee you can’t avoid. Let’s review some of the fees you can avoid by using this card wisely and with a planned approach.
Make your payments on time! Otherwise, you could have a Late Fee up to $35. So, make arrangements to get payments applied on time. I recommend signing up for free 24/7 online access for this. The only other payment option would be to mail it in and I always rather not trust mailed payments to route on time and route correctly. With online access you can quickly review your recent transactions, payment history, and current balance.
Online Statements Save Money. Log in online and opt for online statements only! Monthly paper statements will cost you $4.95 per month. Avoid this fee with your Cerulean Discover credit card and save trees at the same time!
Card Protection Service. Another fee that you can avoid but may not want to, depending on your situation, is the Card Protection service. It’s an optional debt cancellation program offered with your card where if you become unemployed as a result of disability or hospitalization, the program covers up to six months of payments for you and under certain circumstances, may even cancel the full balance of your account entirely. The monthly Program charge is billed to your account and will be shown on your monthly statement. The charge is based on your outstanding balance multiplied by $1.49 per $100 of outstanding balance. For job loss, disability, hospitalization and/or loss of life, you must be enrolled in the Continental Credit Protection program for 30 days before this Protected Event may be activated. You can cancel this program anytime if you change your mind; and if you do it within 30 days of enrolling, they will credit you back the program fees.
$0 Fraud Liability. You get $0 Fraud Liability, given you report within 24 hours your lost or stolen credit card.
APR for Purchases. There is a variable 29.99% annual percentage rate on purchases.
You can not have a co-applicant at the time of application, but you can add an authorized user after getting approved for the Cerulean Credit Card.You can review the entire Terms and Conditions here.
Is The Cerulean Card A Good Choice? The Honest Truth:
To be honest, compared to all the other choices available for secured credit cards, the Cerulean Discover card isn’t the most popular option anymore. Two other secured credit cards for those with bad credit that you should definitely check out would be the First Progress Platinum Elite MasterCard® Secured Credit Card and the USAA Secured Credit Cards. Both of these secured cards have lower annual fees, lower APRs on purchases,and still report to the major credit bureaus to help build your credit. You should definitely review their features first before deciding if the Cerulean card is still a good option.
*Tip: Compare the Cerulean card to these other secured credit card options for bad credit here.The contact info for the Cerulean Discover credit card seemed a bit hard to track down when I was reviewing the card details so I thought I’d share the information here:
Contact Number For Customer Service: 1-866-449-4514
Customer Care Specialist assisted account information is available Mon – Fri 8am – 9pm ET and Sat 9am – 1pm ET
To make Payment arrangements: 1-800-518-6142
To report a Lost or Stolen Card: 1-800-556-5678
To send written inquiries:
Continental Finance Company, LLC
P.O. Box 8099
Newark, DE 19714-8099
To send payments:
P.O. Box 105125
Atlanta, GA 30348-5125
Online Account Access: www.ceruleancardinfo.com