can someone explain this to me? vol myfirst credit card

kidufc

kidufc

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Feb 9, 2008
ntroductory 0%[sup]†[/sup] APR only for Purchases, Balance Transfers* and Direct Deposits for your first 7 or 10 billing cycles. The duration of the Intro APR is determined based on creditworthiness. (Balance Transfers and Direct Deposits subject to the Intro APR will receive a 3% transaction fee, no less than $10. Standard fees apply after the Intro APR ends. See Terms and Conditions for details. Intro APR will end if late or overlimit. Payments are applied to lower rate balances first.) No Annual Fee?

i need to build my credit somehow.
 
What's the rate after your into APR expires? If you never had a card, you probably won't even qualify for that.
 
Originally Posted by DatZNasty

What's the rate after your into APR expires? If you never had a card, you probably won't even qualify for that.
Click to expand...

[table][tr][td][sup]†[/sup] Annual Percentage Rate (APR) for Purchases[/td] [td]0% Introductory APR for the first 7 or 10 statement Closing Dates following the opening of your account. The duration of the Introductory APR you receive is determined based on your creditworthiness. The Introductory APR will end sooner if your payment is late or the account balance is over the credit limit. After that, the Standard Variable APR is
between 11.99% and 19.99%.
The APR you receive is determined based on your creditworthiness. See [sup]1[/sup] below for explanation.[/td] [/tr][tr][td]Other APRs[/td] [td]
Balance Transfers: 0% Introductory APR for the first 7 or 10 statement Closing Dates following the opening of your account for all Balance Transfers and Direct Deposits. The duration of the Introductory APR you receive is determined based on your creditworthiness. The Introductory APR will end sooner if your payment is late or the account balance is over the credit limit. After that, the Variable APR for any balances that were subject to the Introductory APR is between 11.99% and 19.99%, based on creditworthiness. The Standard Variable APR for Balance Transfers is between 11.99% and 19.99%, based on creditworthiness. See [sup]1[/sup] and [sup]6[/sup] below for explanation.

Cash Advances: Standard Variable APR is 24.24% for all Direct Deposits, Check Cash Advances, ATM Cash Advances, Bank Cash Advances, Overdraft Protection and Cash Equivalent transactions. See [sup]7[/sup] below for explanation.

Default APR: Variable APR is 27.24% for all Purchase, Balance Transfer, and Cash Advance Balances if late or overlimit. See [sup]2[/sup] below for explanation.
[/td] [/tr][tr][td]Variable-Rate Information[/td] [td]Your APRs may vary. For each billing cycle, we determine each APR by adding a margin to the prevailing U.S. Prime Rate. The margin for the Standard Variable APR for Purchases and Balance Transfers is between 8.74% and 16.74%. The margin for the Standard Variable APR for Cash Advances is 20.99%. The margin for the Default APR is up to 23.99%. See [sup]3[/sup] below for explanation.[/td] [/tr][tr][td]Grace Period for repayment of balance for Purchases[/td] [td]At least 25 days from the statement Closing Date (provided you fully paid your New Balance Total from the previous statement by its Payment Due Date). See [sup]4[/sup] below for explanation.[/td] [/tr][tr][td]Method of computing the balance for Purchases[/td] [td]Average Daily Balance
(including new purchases).[/td] [/tr][tr][td]Minimum Finance Charge[/td] [td]$1.50[/td] [/tr][tr][td]Annual Fee[/td] [td]None[/td] [/tr][tr][td]Transaction fee for Purchases[/td] [td]Transaction fee for the purchase of wire transfers from a non-financial institution: 4% of each such transaction (minimum $10). See [sup]5[/sup] below for explanation.[/td] [/tr][tr][td]Foreign Transactions[/td] [td]Transaction Fee for any transaction made in a foreign currency and any transaction made in U.S. Dollars that is processed outside the United States: 3% of the U.S. Dollar amount of each such transaction. This fee will be in addition to any other applicable fee.[/td] [/tr][/table]


its my company/corporate website under negotiated discounts .. the card comes custom with our company logo design.. even if is negotiated with our company,does it mean that theres a chance i wont qualify?
 
You get 0% APR on the first 7-10 months depending on your credit and yes, there's a chance you will not qualify. However, if this is an offer, thenyou're qualified.
 
-"0% Introductory APR for the first 7 or 10 statement Closing Dates following the opening of your account. The duration of the Introductory APR youreceive is determined based on your creditworthiness. The Introductory APR will end sooner if your payment is late or the account balance is over the creditlimit. After that, the Standard Variable APR is
between 11.99% and 19.99%. "

0% apr on your card for 7-10 months as long as you pay your min on time.

- "Your APRs may vary. For each billing cycle, we determine each APR by adding a margin to the prevailing U.S. Prime Rate. The margin for the StandardVariable APR for Purchases and Balance Transfers is between 8.74% and 16.74%. The margin for the Standard Variable APR for Cash Advances is 20.99%. The marginfor the Default APR is up to 23.99%. See 3 below for explanation."

This means they'll charge you 8-16% more than the US Prime Rate. I don't know what a prime rate is but it can't be much more than 10%. i think.
 
If it's through your job I don't see why you would not qualify, just make sure to pay your monthly payments on time and you're good.
 
^ and don't take cash advances, which means using ur credit card as a debit card and getting money back
 
Originally Posted by MECKS

^ and don't take cash advances, which means using ur credit card as a debit card and getting money back
Click to expand...
its basically just for phone bill or gas. other then that, ill use my check debit for everything else.
 
noob question, what is APR?

and say i have a balance of $100.. and i use 30% each month, so will my monthly bill be $30
 
Originally Posted by kidUFC

noob question, what is APR?

and say i have a balance of $100.. and i use 30% each month, so will my monthly bill be $30
Click to expand...
APR = Annual Percentage Rate. It's your interest rate.
 
Originally Posted by kidUFC

noob question, what is APR?

and say i have a balance of $100.. and i use 30% each month, so will my monthly bill be $30
Click to expand...
Yes, if you used 30% of your available credit line ($100) and you had a 0% APR, you would owe $30. This would be your outstanding balance, notnecessarily the minimum payment owed. No matter your APR, pay off the entire card each and every month. I can't tell you how many posts I've read andstoried I've heard where people pay the minimum on the card because it's a low rate and then the rate skyrockets and they're stuck. Never allowthe card company to bite you in the butt for not paying the entire balance.

Regarding your question of being rejected for the card because it's a "company card"... I would just stay away since it's HIGHLY likely thatthe only reason that the card is being offered at such an attractive rate is because your company is getting a kickback from the card company. The cardcompany knows that a certain percentage of people will only pay the minimum or become delinquent on their balances and thus make more money off of you thanthey're paying the company to acquire you as a customer. Get one with a low credit line over a low APR as your first card since you won't be able toget in as much trouble that way should your plans go as you had hoped.
 
^ thanks alot ..

so always pay off the entire balance ie. (the $30 a month)?

great info thnks alot
 
credit cards confuse me. i dont even want one, but i heard having no credit is worse than bad credit? a
___ cant win for losing.
 
i pay $15 a month and i have had my card for like uhhh 2 years...

When i get a job.. im paying like $100 a month
wink.gif


also i think if you take too long to pay off the whole amount you owe they keep adding interest.. (i think)
 
Originally Posted by DipsetGeneral

i pay $15 a month and i have had my card for like uhhh 2 years...

When i get a job.. im paying like $100 a month
wink.gif


also i think if you take too long to pay off the whole amount you owe they keep adding interest.. (i think)
Click to expand...
the interest keeps accruing all the time as long as you have a balance. The only thing that will matter is how much in interest you'll pay. Let's say you owe $1000 and pay only the minimum ($25 @ 25% interest) without using your card anymore... it'll take you about 8 years to pay off thatoriginal balance by only paying the minimum and you'll have spent $1173 in interest ($2173 total).

What would you do with an extra $1173 in the bank that was earning the interest for you?
 
Originally Posted by crcballer55

Originally Posted by DipsetGeneral

i pay $15 a month and i have had my card for like uhhh 2 years...

When i get a job.. im paying like $100 a month
wink.gif


also i think if you take too long to pay off the whole amount you owe they keep adding interest.. (i think)
Click to expand...
the interest keeps accruing all the time as long as you have a balance. The only thing that will matter is how much in interest you'll pay. Let's say you owe $1000 and pay only the minimum ($25 @ 25% interest) without using your card anymore... it'll take you about 8 years to pay off that original balance by only paying the minimum and you'll have spent $1173 in interest ($2173 total).

What would you do with an extra $1173 in the bank that was earning the interest for you?
Click to expand...


^ i would put it toward a car.. but i pay $30-$60 a month now and the minimum is $15
 
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