What the Continental Credit Card Is
Continental Credit Card is a secured credit card issued by Curo Bank. You deposit cash as collateral, and that deposit becomes your credit limit. If you have limited credit history, a low credit score, or past credit problems, this card is designed to let you build or rebuild your credit record by making on-time payments that get reported to the three major credit bureaus.
The card itself works like any other credit card: you charge purchases, receive a monthly statement, and pay what you owe. The difference is that your deposit stays in a separate account at the bank and secures the card issuer against the risk that you won't pay. As you demonstrate responsible use, you may eventually move to an unsecured card without the deposit requirement.
Key Takeaways
- You must deposit between $300 and $2,500 as collateral, and that amount becomes your credit limit.
- The card reports your payment history to Equifax, Experian, and TransUnion, which helps build your credit score over time.
- Annual fees, interest rates, and terms vary depending on your credit profile and the specific card product offered at the time you open the account.
- You can request to convert to an unsecured card after demonstrating consistent on-time payments, usually within 7 to 18 months.
- Your deposit is held in a non-interest-bearing account and is not used to pay your bill if you miss a payment.
How to Open a Continental Credit Card Account
You can open an account online through Curo Bank's website or by phone. You will need to provide your Social Security number, date of birth, current address, and employment information. The bank will perform a soft credit check, which does not lower your credit score.
Once approved, you choose your deposit amount between $300 and $2,500. This deposit is transferred to a savings account held at the bank and becomes your credit limit. For example, if you deposit $500, your card limit is $500. You will receive your card in the mail within 7 to 10 business days after your account opens.
You do not need a minimum credit score to open this card, though the terms you receive (such as the annual fee and interest rate) depend on your credit history and current credit profile. The bank may offer different versions of the card with different costs.
Fees, Interest Rates, and Monthly Costs
Continental Credit Card charges an annual fee, though the exact amount varies. You will also pay an interest rate (APR) on any balance you carry from month to month. Both the annual fee and the APR depend on your credit profile at the time you open the account.
If you pay your full statement balance by the due date each month, you will not pay interest. Interest only applies to balances you carry forward. The annual fee is charged regardless of whether you use the card, so factor that into your decision about whether to keep the account open.
Some versions of the card may include additional fees for late payments, returned checks, or other account actions. Review your account agreement and disclosure documents carefully before opening the account so you understand all costs.
How Payment History Affects Your Credit Score
Every month, Continental Credit Card reports your account activity to Equifax, Experian, and TransUnion. This means that on-time payments build your payment history, which is the largest factor in your credit score. Late or missed payments also get reported and can lower your score.
The goal of using a secured card is to demonstrate that you can manage credit responsibly. Lenders and other creditors look at your payment history when deciding whether to lend to you and at what interest rate. A year or more of on-time payments on a secured card can meaningfully improve your credit profile.
Your credit utilization — the percentage of your limit that you are using at any given time — also affects your score. Using less than 30% of your limit is generally better for your score than using more. For example, if your limit is $500, keeping your balance below $150 is ideal.
Converting to an Unsecured Card
After you have made on-time payments for a period of time (usually 7 to 18 months, depending on your credit progress), you may be able to convert your secured card to a standard unsecured card. When this happens, your deposit is returned to you, and your credit limit may increase.
The bank may contact you to offer conversion, or you can contact them to ask whether you are may be able to access. Conversion is not automatic and depends on your payment history and current credit score. If you are not yet may be able to access, continue making on-time payments and check back periodically.
Some customers choose to keep their secured card open even after converting to an unsecured card, because closing an account can temporarily lower your credit score. Keeping the account open and using it occasionally helps maintain a longer credit history and lower overall credit utilization.
What Happens If You Miss a Payment
If you miss a payment, the bank will charge a late fee and report the missed payment to the credit bureaus. A single late payment can lower your credit score by 50 to 100 points or more, depending on your current score and credit history.
Your deposit is not automatically used to cover a missed payment. You are still responsible for paying the full amount owed. If you continue to miss payments, the bank may close your account and pursue collection action.
If you are having trouble making a payment, contact the bank as soon as possible. Some banks offer hardship programs or temporary payment arrangements, though this depends on your situation and the bank's policies.
Frequently Asked Questions
Can I get my deposit back if I close the account?
Yes. When you close your account in good standing (no outstanding balance), your deposit is returned to you, usually within 5 to 10 business days. If you have an unpaid balance, the bank may explore your deposit to what you owe before returning any remainder.
What if my credit score is very low or I have recent late payments?
Secured cards are designed for people in this situation. You will likely be approved because the deposit protects the bank. However, you may receive a higher annual fee or interest rate than someone with better credit. The point is to start building a better payment history from today forward.
Can I increase my credit limit without adding more money?
Some banks allow you to request a credit limit increase after several months of on-time payments, without increasing your deposit. This depends on the bank's policies and your account performance. Contact the bank to ask about your options.
Does the deposit earn interest?
No. Your deposit is held in a non-interest-bearing account. You are not earning any return on the money while it is held as collateral. This is standard for secured credit cards.
How long does it take to rebuild my credit with this card?
Credit improvement depends on your starting point and how you use the card. Most people see meaningful improvement within 6 to 12 months of on-time payments. However, negative items like late payments or collections can stay on your credit report for 7 years, so older problems take longer to fade.