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Credit Cards... by Formula
Started on: 09-16-2001 11:21 PM
Replies: 3
Last post by: Monkeyman on 09-17-2001 06:01 AM
Formula
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Report this Post09-16-2001 11:21 PM Click Here to See the Profile for FormulaSend a Private Message to FormulaDirect Link to This Post
I got a thing (1 of 100000 that I get a day lol) that has 0.0% apr for 12 months. This actually caught my eye because I have been wanting to get a credit card and put my gas on it and just pay it off every month. this seems like its the easiest way to get a good credi record. it says after a year it goes up to 16% apr, is this what I pay extra for every purchase? Or is that what I pay for a left over balance? if its every purchase then I'll just stick with no credit record for a while.

Also, how can I get a good credit record? Should I always pay every cent off or should I leave like $20 on it to keep an "open" balance?

and, how else can I get a good record so that when I get out of college and can get a loan?

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Steve Normington
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Report this Post09-17-2001 12:44 AM Click Here to See the Profile for Steve NormingtonClick Here to Email Steve NormingtonSend a Private Message to Steve NormingtonDirect Link to This Post
*Your milage may vary* *Results not typical* *Void where prohibited*

Most (if not all) credit cards only charge you interest on the balance that is not paid by the due date. If you pay off the balance each month, you shouldn't get charged anything (unless there is a annual service fee). Rather than trust a mail order, I would go to your bank and ask them about a no annual fee credit card.

PS. Pay the bill completely at the end of the month. If you leave a balance, then you get charged interest on ALL charges.

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Formula88
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Report this Post09-17-2001 12:51 AM Click Here to See the Profile for Formula88Send a Private Message to Formula88Direct Link to This Post
Check the terms for "grace period" which is typically 25 days. Basically, if you pay off your balance each month, you don't pay any interest. But if you carry a balance, then you're charged interest on the average daily balance at the monthly periodic rate. If there's no grace period, then you're charged interest on all purchases from the time you charge it till you pay it off.
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Monkeyman
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Report this Post09-17-2001 06:01 AM Click Here to See the Profile for MonkeymanSend a Private Message to MonkeymanDirect Link to This Post
If you feel that you are financially responsible enough for a credit card and can get one, you should. When banks, etc evaluate you for a loan, they don't just look for negative credit. They look for positive credit, too. This will help you establish positive credit.

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In memory of those that died on 11 Sept 2001.

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