My first credit card :)

[Deeko]

I applied for my Circuit City Visa today...and was approved with a massive limit of $300 Not too bad though, considering the Circuit City card is hard to get, and I literally have no credit, since I just turned 18. I guess the fact that when I did the app I put in the code for employees helped. Question I have is, what is the difference in the interest rates? I have a 19.8% APR and 1.95% variable monthly periodic rate(something like that)...can someone explain that to me?

 

[PsychoAndy]

Originally posted by: Deeko
I applied for my Circuit City Visa today...and was approved with a massive limit of $300 Not too bad though, considering the Circuit City card is hard to get, and I literally have no credit, since I just turned 18. I guess the fact that when I did the app I put in the code for employees helped. Question I have is, what is the difference in the interest rates? I have a 19.8% APR and 1.95% variable monthly periodic rate(something like that)...can someone explain that to me?

Look at it this way. Dont think of even trying to compute how banks work with interest. Just pay the bill in full and be done with it.

<--About to turn 18 and found out Dell gave me a $5000 credit line "just because"

-PAB

 

[fyleow]

Don't worry about interest rates, like the guy said just pay in full. Abuse the CC companies from all the benefits they bring like cash back, BVG, fraud protection and not having to carry cash around but don't get sucked in and let them win by paying interest!

 

[NogginBoink]

Call them, right now, and tell them not to raise your credit limit automatically.

Trust me on this. My first CC was a circuit city (FNANB) credit card in college with a $100 limit.

It became the bane of my existence. I'm afraid that smiley will disappear from your credit card thoughts all too soon.

 

[Deeko]

hmm ic...I wasn't really planning on loading it up and not paying it off, was just curious...and nogginboink, its worse for me, cuz yours was probably just a FNANB CC card, mine is a full fledged Visa, with the no intreset benifit at CC

 

[NogginBoink]

Nope, mine was (and is, I still use it) a FNANB VISA card.

I had no fiscal disipline and it royally bit me. I spent nights after college crying myself to sleep cuz I owed so much to so many companies.

Thankfully, I've pulled myself out of that mess... I have a mortgage, a student loan, and NO CREDIT CARD DEBT! But it took years, and a shattered credit report, to get from there to here.

 

[gopunk]

nogginboink - i'm curious as to why you assume he has no fiscal discipline... i mean it's great that you got your stuff back on track and all, and i understand that you're just giving him advice, but do you really need to make the assumption that his smile will be gone, yadda yadda yadda?

 

[Deeko]

Really? FNANB made Visa cards before? Maybe its just a new thing that ALL circuit city cards are visa's...I didn't know they had them at all before.

 

[kami]

n00b. my first CC had a $1k limit. 0wn3d!

 

[NogginBoink]

Originally posted by: gopunk
nogginboink - i'm curious as to why you assume he has no fiscal discipline... i mean it's great that you got your stuff back on track and all, and i understand that you're just giving him advice, but do you really need to make the assumption that his smile will be gone, yadda yadda yadda?

Hm... I didn't mean it as an accusation, more like a warning of someone who got himself in trouble. Deeko, if you've never had a credit card before, I do encourage you to seriously consider my advice. If you tell them not to raise your limit automatically, you can see whether you're able to handle credit responsibly with a built in damage limit. You can always ask them to raise it later.

Of course, I don't mean to imply that Deeko is as irresponsible as I was, I was merely offering advice that I wish someone had offered me 10 years ago.

 

[gopunk]

Originally posted by: NogginBoink

Originally posted by: gopunk
nogginboink - i'm curious as to why you assume he has no fiscal discipline... i mean it's great that you got your stuff back on track and all, and i understand that you're just giving him advice, but do you really need to make the assumption that his smile will be gone, yadda yadda yadda?

Hm... I didn't mean it as an accusation, more like a warning of someone who got himself in trouble. Deeko, if you've never had a credit card before, I do encourage you to seriously consider my advice. If you tell them not to raise your limit automatically, you can see whether you're able to handle credit responsibly with a built in damage limit. You can always ask them to raise it later.

Of course, I don't mean to imply that Deeko is as irresponsible as I was, I was merely offering advice that I wish someone had offered me 10 years ago.

ah i see

 

[Deeko]

n00b. my first CC had a $1k limit. 0wn3d!

lol, circuit city cards are hard to get though. I regularly decline people at work that make well over a grand more than me per month.

 

[Fritzo]

Want to get a good credit line? Get a gas card. Really! Buy all of your gas with a BP card or something similar, then pay it off at the end of the month. You get established credit and a rep of paying bills on time. Then you start getting $3000+ credit limits to put you in debt like the rest of us Americans

 

[PsychoAndy]

Originally posted by: Deeko

n00b. my first CC had a $1k limit. 0wn3d!

lol, circuit city cards are hard to get though. I regularly decline people at work that make well over a grand more than me per month.

They dont neccessarily look @ income. You can make $2000 a week, just if you have had a bankruptcy, reposession, and settled debts, it will send your score to the toilet.

-PAB

 

[kt]

Good for you.. now just don't be putting up a webpage called www.savedeeko.com in a year or two.

 

[MrBond]

Originally posted by: Fritzo
Want to get a good credit line? Get a gas card. Really! Buy all of your gas with a BP card or something similar, then pay it off at the end of the month. You get established credit and a rep of paying bills on time. Then you start getting $3000+ credit limits to put you in debt like the rest of us Americans

Seriously, BP Visa keeps raising my limit like nothing else. I'm up to around $8000 now, and I've only had it about a year and a half. It probably helps that I charge my tuition to it and pay it off. And the prepaid gas cards ROCK too, cause you can use them for ANYTHING they sell at the BP stores. You essentially get 3 cents/gallon back on BP gasoline, and 1% back on everything else. You have to be kind of diligent with the cash back bonus programs on a lot of cards. AFAIK, Discover card is the only company with an actual cash back bonus (other then the reward cards like my BP Visa). Some other cards have cash back programs, but they require you carry a balance.

Seriously, keep it paid off. It's so nice to be able to charge things, but I saw my older sister get BURIED with credit card debt, you have to spend within your limits. If I have the cash to pay for what I'm buying, I'll charge the purchase. If I don't, I don't charge it, simple as that.

 

[Deeko]

lol I think I'll be alright, I make $300 in a day sometimes.

 

[Deeko]

What's bp?

 

[gopunk]

Originally posted by: Deeko
What's bp?

british petroleum(sp?)

it's a gas station

 

[Deeko]

ah...never heard of it.

 

[RossMAN]

Congrats on getting approved for a cc. Who cares if it's a small limit, you gotta start somewhere. My first cc was a CitiBank VISA $300, jump forward 10 years and well ...

Speaking of gas cards, one of the best is the Shell gas card which gives you 1% cash rebate on all purchases and 5% on gas purchases.

 

[Fritzo]

Originally posted by: MrBond

Originally posted by: Fritzo
Want to get a good credit line? Get a gas card. Really! Buy all of your gas with a BP card or something similar, then pay it off at the end of the month. You get established credit and a rep of paying bills on time. Then you start getting $3000+ credit limits to put you in debt like the rest of us Americans

Seriously, BP Visa keeps raising my limit like nothing else. I'm up to around $8000 now, and I've only had it about a year and a half. It probably helps that I charge my tuition to it and pay it off. And the prepaid gas cards ROCK too, cause you can use them for ANYTHING they sell at the BP stores. You essentially get 3 cents/gallon back on BP gasoline, and 1% back on everything else. You have to be kind of diligent with the cash back bonus programs on a lot of cards. AFAIK, Discover card is the only company with an actual cash back bonus (other then the reward cards like my BP Visa). Some other cards have cash back programs, but they require you carry a balance.

Seriously, keep it paid off. It's so nice to be able to charge things, but I saw my older sister get BURIED with credit card debt, you have to spend within your limits. If I have the cash to pay for what I'm buying, I'll charge the purchase. If I don't, I don't charge it, simple as that.

I'm talking about a gas ONLY card (like a BP card that you can only use at BP, or Shell, or Cheveron, or whatever gas station chain you have locally). A gas Visa card might be too hard to get, but they give gas only cards to anyone

 

[Evadman]

My first cc was from sears. Hankering 21% APR I still have it, it was turned into a gold card. my interest is 11.?? (probably 11.99) Unfortunately, I carry a balance What will I ever do?

As for the APR, that is how much they charge for the rent of their money. for instance, assuming you had $1000 on your card, and your interest rate of %19.8, then they will charge you a total of 1198.00. They make about $200 a year on ya if you carried a $1000 balance every month. Awesome APR's range in the 5-8% range, with 13-15 probably being most common. Store cards, such as CC and besy buy have large interest rates. My Home Depot card has a APR of 22.99%. Thank god I Always pay it off. I have a comercial account there with a 60,000 limit with the same APR. I am thinking of buying a house then defaulting. What do you think?

 

[gopunk]

Originally posted by: Fritzo

Originally posted by: MrBond

Originally posted by: Fritzo
Want to get a good credit line? Get a gas card. Really! Buy all of your gas with a BP card or something similar, then pay it off at the end of the month. You get established credit and a rep of paying bills on time. Then you start getting $3000+ credit limits to put you in debt like the rest of us Americans

Seriously, BP Visa keeps raising my limit like nothing else. I'm up to around $8000 now, and I've only had it about a year and a half. It probably helps that I charge my tuition to it and pay it off. And the prepaid gas cards ROCK too, cause you can use them for ANYTHING they sell at the BP stores. You essentially get 3 cents/gallon back on BP gasoline, and 1% back on everything else. You have to be kind of diligent with the cash back bonus programs on a lot of cards. AFAIK, Discover card is the only company with an actual cash back bonus (other then the reward cards like my BP Visa). Some other cards have cash back programs, but they require you carry a balance.

Seriously, keep it paid off. It's so nice to be able to charge things, but I saw my older sister get BURIED with credit card debt, you have to spend within your limits. If I have the cash to pay for what I'm buying, I'll charge the purchase. If I don't, I don't charge it, simple as that.

I'm talking about a gas ONLY card (like a BP card that you can only use at BP, or Shell, or Cheveron, or whatever gas station chain you have locally). A gas Visa card might be too hard to get, but they give gas only cards to anyone

i looked into getting a chevron card.... i dunno. it doesn't have any perks whatsoever. what is the goddamn point?! :|

anger directed towards chevron for letting me down

 

[Evadman]

i looked into getting a chevron card.... i dunno. it doesn't have any perks whatsoever. what is the goddamn point?!

some give $$ or a % back. Those are the ones youw ant.