Question About Credit Card

[Duddy]

I want to use my credit card feature on my debit card atleast once and decided to buy an Audiovox SMT5600 phone on eBay for $250.

How much a month can I expect on average (best guess).

 

[mugs]

Your minimum payment will probably be $10-20, whatever the lowest minimum payment for your card is.

Edit: Or are you asking how much you'll pay in interest per month? Like $4 I think. But why buy a $250 phone if you have to put it on a 19% credit card?

 

[RossMAN]

Your post is confusing.

Debit cards can be used as a credit card but it's a DEBIT CARD linked to your checking or savings account. So it's NOT a credit card and there is no interest charged.

 

[Duddy]

Not sure what it is.

It's a debit card from my bank with a credit card built in from Master Card.

 

[Duddy]

No, it has a credit card feature via Master Card. I charged a soda on it today. The lady asked, "Debit or Credit?"

I meant to say debit though.

 

[RossMAN]

Look on the front of the card, does it have CHECK or DEBIT written anywhere on it?

 

[Duddy]

It says Debit.

 

[RossMAN]

If it's a debit card it's linked to your checking or savings account. Unless you overdraw your account and tap into a "line of credit" there is no interest charged. It's NOT a revolving line of credit like a CitiBank credit card.

Let's say your checking account balance is $300. You buy this phone off eBay for $250, you pay for it IMMEDIATELY (you do not get a bill sent to you). Your checking account balance is now $50.

$300 - $250 eBay = $50

 

[mugs]

Where did you read about the 19% interest?

 

[vshah]

Originally posted by: RossMAN
If it's a debit card it's linked to your checking or savings account. Unless you overdraw your account and tap into a "line of credit" there is no interest charged. It's NOT a revolving line of credit like a CitiBank credit card.

Let's say your checking account balance is $300. You buy this phone off eBay for $250, you pay for it IMMEDIATELY (you do not get a bill sent to you). Your checking account balance is now $50.

$300 - $250 eBay = $50

:thumbsup:

 

[RossMAN]

Where did you get the 19% figure from?

 

[Duddy]

I guessed. This is all new to me.

My account has $4 in it and I get free overdraft courtesy from my bank. Then what?

 

[RossMAN]

You will overdraw your account and the eBay transaction will probably be declined.

Unless you have an "overdraft protection" line of credit which has a fee and interest % charges.

Save up $250 then buy the phone.

Just curious, how old are you?

 

[mugs]

Originally posted by: RossMAN
Save up $250 then buy the phone.

Or buy a V-Tech

 

[Duddy]

18 Years Old.

Could you suggest the best "First" credit card?

 

[RossMAN]

Get a co-signer (parent, brother/sister, neighbor, friend, whoever) or a college credit card
https://www.accountonline.com/ACQ/Choos...iewCategory?Category=COLLEGE&siteId=cb

 

[mugs]

Originally posted by: Duddy
18 Years Old.

Could you suggest the best "First" credit card?

Are you a college student?

Citi Divident Platinum Select for college students.

Wait, nevermind, don't get a credit card.

 

[Duddy]

My dad makes more than $150,000 .

What would be better? Co-Sign or my own?

 

[RossMAN]

If you're approved for a credit card, here's how it works:

• 1) You apply for a credit card and get approved.
• 2) 10 days later you receive the credit card via snail mail.
• 3) You call a toll free phone number to "activate" your credit card.
• 4) Buy whatever you want as long as it's not ATM/cash, those are handled differently.
• 5) About 45 days later you will have your first payment due date where you have two options:
  5a) Pay the minimum payment of $20
  5b) or pay the bill in full ($250) and you pay ZERO INTEREST, so it's like getting a free loan until your due date.

I hope that helps

Ross

 

[mugs]

If you're in college, you should have a hard time getting a college card without a co-signer. Credit card companies love college students, they run up tons of debt figuring they'll make a lot more money when they graduate, then they graduate and realize how long it takes to pay it off.

 

[Ketteringo]

If you don't have the cash to pay for the cell phone straight up, then don't get it!

Get one of the prepaid ones from the hot deal forum on FW for FAR and ~$.10 a minute. My friend got the lastest one and it's a really nice phone!

 

[Duddy]

Screw it, I'll just wait til my next paychack.

 

[RossMAN]

Originally posted by: Duddy
Screw it, I'll just wait til my next paychack.

Perfect

 

[suse920]

as it has been said that is not a credit card. It is just a debit card through mastercard. the money will be taken out of your account immediatly

 

[Vilica]

Originally posted by: Duddy
No, it has a credit card feature via Master Card. I charged a soda on it today. The lady asked, "Debit or Credit?"

I meant to say debit though.

She asked that because sometimes it is not clear whether a card is a debit card or a credit card... not because she assumed your card has "credit card features." Unless ofcourse somehow there's now an all-in-one debit/credit card, which may be possible.