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Old 09-16-2012, 01:47 AM   #1 
crowntaillove
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Credit cards?

I have no credit, and I'm not exactly sure how to start building it. I'm thinking about applying for a credit card, but I have no idea how or what any of the terms mean (APR, Prime rate, Daily interest, ect) For example if I charged $300 to my card each month and paid it off completely within the grace period, what other fees/interest would I have to pay along with that assuming my APR was around 26.99% and also annually?
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Old 09-16-2012, 01:53 AM   #2 
dramaqueen
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I don't really understand all that apr stuff. I have a credit card that I charge stuff on and make monthly payments. I always pay a little more than the minimum amount due so if the minimum amount is $20 I pay 25. I know this doesn't make sense but they really don't like it when you pay off the whole thing every month. My mom says that doesn't help build your credit.
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Old 09-16-2012, 08:20 AM   #3 
toad
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Credit card companies make money every single time you swipe your card - for every transaction, they scrape a little off the top for themselves.

There is no reason to EVER pay an annual fee - unless you want be an AmEx holder and actually use all the perks they offer (which I personally would not). There is also no reason to ever pay interest on a credit card. I always pay off my credit card bills all in one shot - I think that I've paid 2.00 in interest throughout the entire time I've had credit cards, and that was because I thought my due date was later.

I've heard that it doesn't raise your credit score to pay the whole balance, but your credit score is still going to go up for paying your bill on time, and you will be saving money by not needlessly handing it to the bank as "interest".

The thing they like to see is that you don't use a huge percentage of your credit line - I forget the exact percentage, but it was very low.
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Old 09-16-2012, 09:24 AM   #4 
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http://money.msn.com/saving-money-ti...d-2cbe37d907e1
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Old 09-16-2012, 11:02 AM   #5 
dramaqueen
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I don't pay an annual fee on my Visa.
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Old 09-16-2012, 11:15 AM   #6 
Leeniex
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I started with a store cc way back when I was 18.
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Old 09-16-2012, 11:57 AM   #7 
toad
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Quote:
Originally Posted by dramaqueen View Post
I don't pay an annual fee on my Visa.

Me either. Love my visas and my discover card.
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Old 09-16-2012, 01:06 PM   #8 
thekinetic
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With cards pay it off on time, not before not after but right on time.

Never check your score because if you do they'll take a close look at your credit and this actually makes it go down.

Make any payments on large purcheses on time as well.

That's a start on how but there's lots more.
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Old 09-16-2012, 02:42 PM   #9 
Xiuhcoati
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Also, read everything through carefully before you sign anything. When I first went to the bank to apply for a credit card, this is the first offer they gave me:

"You give us $300, and we'll make you a credit card with a $300 limit. Use it like a credit card, and use that to purchase stuff and make payments with it. You'll build your credit in no time!"

"...so...you're going to charge me interest on my own money, just so I can start building credit?"

"Yes!"

"...no."

They told me I would never be able to get approved for credit any other way. I applied for a visa credit card with reasonable interest, and got accepted withen 3 days. I built enough credit to purchase a house within 18 months.

Credit is a valuable tool, but don't let yourself get scammed.
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Old 09-16-2012, 05:02 PM   #10 
crowntaillove
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Oh, you guys have been helpful. So basically, if I get a credit card I should buy a new set of furniture (YAY) for say, 1500 and pay it off with just a little more than the minimum payment?
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