Lowest APR Credit Card for a college student?

[FleshLight]

So I've been looking around and Citibank Platinum for college students has a 16.5% apr! Capital One Visa has 20% apr! Comparatively, the regular CitiBank Platinum has only a 10% APR but I doubt i'll get it with no credit history.

This'll be my first CC and I have a checking account, a few savings accounts, and a driver's license. Any recommendations?

 

[Hyudra]

just get one of those, and when a year goes by you'll probably get like a zillion credit card apps giving you super low rates.

I assume your planning to hold a balance.

 

[FleshLight]

Originally posted by: Hyudra
just get one of those, and when a year goes by you'll probably get like a zillion credit card apps giving you super low rates.

I assume your planning to hold a balance.

Yeah, I wasn't planning on using it at all. Just for emergencies or online merchants. But wouldn't cancelling it adversely affect my credit?

 

[Orsorum]

Don't live beyond your means, don't carry a balance, and APR won't be an issue.

 

[sniperruff]

you shouldn't even look at the APR's. i pay all of my bills on time and i never looked at the apr of a credit card. as long as it's not 75% APR when i missed a payment or something...

 

[igowerf]

Originally posted by: Orsorum
Don't live beyond your means, don't carry a balance, and APR won't be an issue.

Yep. Or you can start out with a student card. I got an Amex Blue student card and after a year, I upgraded to an Amex Blue cash without problems.

 

[FleshLight]

Ahh, I'm confused now.

I wasn't planning on carrying a balance, much less 50% of my limit. I was under the impression that APR was the extra percentage they charge for using the credit card. Alright, so how do I find out that?

 

[Orsorum]

Originally posted by: FleshLight
Ahh, I'm confused now.

I wasn't planning on carrying a balance, much less 50% of my limit. I was under the impression that APR was the extra percentage they charge for using the credit card. Alright, so how do I find out that?

Most credit cards will offer you some sort of grace period (mine is 25 days after the end of the billing cycle) during which you're not charged interest on your balance. After that grace period ends you'll be charged interest on the balance.

 

[sniperruff]

Originally posted by: FleshLight
Ahh, I'm confused now.

I wasn't planning on carrying a balance, much less 50% of my limit. I was under the impression that APR was the extra percentage they charge for using the credit card. Alright, so how do I find out that?

so basically after you qualify for a credit card, they give you some sort of a spending limit (say $500). the max you can spend within a billing cycle (of 30 days i think) is $500. say you make a $500 purchase on sept 1 and billing cycle ends at sept 15, you cannot make any purchase unless you pay that $500 balance by the bill due date (usually 25 days or more like orsorum said)

say the bill due date is oct 10, they'll start charging you interest at the APR of $500 unless you paid off the credit card statement by oct 9.

therefore if you make purchases on it, don't take any cash from it, and pay off the bills on time, APR doesn't really matter

 

[FleshLight]

Originally posted by: sniperruff

Originally posted by: FleshLight
Ahh, I'm confused now.

I wasn't planning on carrying a balance, much less 50% of my limit. I was under the impression that APR was the extra percentage they charge for using the credit card. Alright, so how do I find out that?

so basically after you qualify for a credit card, they give you some sort of a spending limit (say $500). the max you can spend within a billing cycle (of 30 days i think) is $500. say you make a $500 purchase on sept 1 and billing cycle ends at sept 15, you cannot make any purchase unless you pay that $500 balance by the bill due date (usually 25 days or more like orsorum said)

say the bill due date is oct 10, they'll start charging you interest at the APR of $500 unless you paid off the credit card statement by oct 9.

therefore if you make purchases on it, don't take any cash from it, and pay off the bills on time, APR doesn't really matter

Ah, thanks! One final question, is there typically a minimum amount I have to charge every month?

 

[jlee]

Originally posted by: FleshLight

Originally posted by: sniperruff

Originally posted by: FleshLight
Ahh, I'm confused now.

I wasn't planning on carrying a balance, much less 50% of my limit. I was under the impression that APR was the extra percentage they charge for using the credit card. Alright, so how do I find out that?

so basically after you qualify for a credit card, they give you some sort of a spending limit (say $500). the max you can spend within a billing cycle (of 30 days i think) is $500. say you make a $500 purchase on sept 1 and billing cycle ends at sept 15, you cannot make any purchase unless you pay that $500 balance by the bill due date (usually 25 days or more like orsorum said)

say the bill due date is oct 10, they'll start charging you interest at the APR of $500 unless you paid off the credit card statement by oct 9.

therefore if you make purchases on it, don't take any cash from it, and pay off the bills on time, APR doesn't really matter

Ah, thanks! One final question, is there typically a minimum amount I have to charge every month?

Not that I know of.

I've had mine (20+% apr) for a few months, and I've had many offers for new cards - one with 0% APR for a period of time, and then ~9% after (I forget the exact percentage, but it was fairly low). However, I pay mind as I go (I love online payments..), so APR doesn't matter to me.

 

[everman]

Don't carry a balance, apr isn't an issue then. I have never paid interest on any cc.

 

[sniperruff]

Originally posted by: FleshLight

Originally posted by: sniperruff

Originally posted by: FleshLight
Ahh, I'm confused now.

I wasn't planning on carrying a balance, much less 50% of my limit. I was under the impression that APR was the extra percentage they charge for using the credit card. Alright, so how do I find out that?

so basically after you qualify for a credit card, they give you some sort of a spending limit (say $500). the max you can spend within a billing cycle (of 30 days i think) is $500. say you make a $500 purchase on sept 1 and billing cycle ends at sept 15, you cannot make any purchase unless you pay that $500 balance by the bill due date (usually 25 days or more like orsorum said)

say the bill due date is oct 10, they'll start charging you interest at the APR of $500 unless you paid off the credit card statement by oct 9.

therefore if you make purchases on it, don't take any cash from it, and pay off the bills on time, APR doesn't really matter

Ah, thanks! One final question, is there typically a minimum amount I have to charge every month?

there is usually a "minimum financial charge" of like $1.50 a YEAR or something. it says in the disclosure.

btw, the citibank dividend student card has similar cash back as the platimum plus i think. apply for that. the blue student looks pretty cool too. i started out with $500 from the blue and then i had to wait a year before they let me to increase the credit line to $1000. $500 is nothing these days...

 

[mzkhadir]

PM RossMan, he knows cards.

 

[imported_goku]

0 APR, know how to get it? Well first off you start by not having a credit card, problem solved!

 

[PhaZe]

Rossmon runs bettercreditcard.com I believe. Now those cards offer some nice perks and stuff. about 9 months ago I had no credit history so it was hard for me to get a credit card. I was applying for good ones. I finally got a capital one card at 21% APR. So far I have not paid any APR charges. Although I did get charged an overdraft fee. My credit limit was 350 bucks and I went over 10 dollars. They slapped me with a 25 or 30 dollar fee cant remember. LEarned my lesson and that is all they have made off of me.

Like others have said you will get pre approved offers pouring in the mail about 7-8 after you've had one credit card. I'm going to wait a few more months and apply a card listed on bettercreditcard.com I like those 5%cash back on purchases at supermarkets, drugstores and gas stations