Members thedh02 Posted December 16, 2008 Members Share Posted December 16, 2008 Important to me, at least. I just got my first offer of credit from capitalone and since I don't know anything about APRs and all this important non-sense, I was wondering if some of the more experienced here can share their credit-card experience. It says 0% APR until June 2009.Membership fee $39 annual. Anything else you might need to know to know whether I'm getting ripped off or not would be great. Link to comment Share on other sites More sharing options...
Members hecticone Posted December 16, 2008 Members Share Posted December 16, 2008 The first question is do you need a credit card? You will be alot better off paying cash. Link to comment Share on other sites More sharing options...
Members Jaron Posted December 16, 2008 Members Share Posted December 16, 2008 the APR should not matter. DONT get into debt. only spend what you have. its the reason we are in this economic mess. people living outside their means. the membership fee sucks if you arent getting rewards. but if you dont have great credit you might have to live with it Link to comment Share on other sites More sharing options...
Members Rogueweez Posted December 16, 2008 Members Share Posted December 16, 2008 Give me the credit card number, expiration date, and security code and I'll make sure you're taken care of. Link to comment Share on other sites More sharing options...
Members H.R. Shove and Stuff Posted December 16, 2008 Members Share Posted December 16, 2008 I dont know, but I've only used my debit card for online stuff and cash for in person. Seems easier. Credit card stuff involves knowing those terms and a general amount of remembering to pay Link to comment Share on other sites More sharing options...
Members Jaron Posted December 16, 2008 Members Share Posted December 16, 2008 I dont know, but I've only used my debit card for online stuff and cash for in person. Seems easier. Credit card stuff involves knowing those terms and a general amount of remembering to pay A CC can make your life easier, but it does come with a bunch of extra stuff that you have to stay on top off. I check my CC online a few times a week so that I make sure that I'm not spending too much on it Link to comment Share on other sites More sharing options...
Members SharkMinusBear Posted December 16, 2008 Members Share Posted December 16, 2008 My advice, get a credit card while you can. I had the mindset going into college that I wouldn't use one and I just used a debit card for everything. After graduating last spring, I couldn't get a card at any banks or even gas stations because I had no credit history. And I also could not get a student card or even a charge card that was meant to build credit. And I'm not a slacker, I got a great job out of school with a nice salary, but that didn't matter. So now to start a credit history, all I have is a Macy's card and hopefully I will be able to get a normal card at some point. Building credit history is good, just don't go into debt. Without a good credit history, you won't be able to take out car or house loans without a co-sign. Link to comment Share on other sites More sharing options...
Members thedh02 Posted December 16, 2008 Author Members Share Posted December 16, 2008 Ive just finished sending in the application. It's something I always knew I had to do, building credit, and had tried before but had always gotten denied. It definitely seems to me that I should just not get into debt. These late fees are f'n ridiculous it would suck to see all that debt pile up. I just have to avoid the enormous amounts of GAS that'll come from this. Link to comment Share on other sites More sharing options...
Members H.R. Shove and Stuff Posted December 16, 2008 Members Share Posted December 16, 2008 My advice, get a credit card while you can. I had the mindset going into college that I wouldn't use one and I just used a debit card for everything. After graduating last spring, I couldn't get a card at any banks or even gas stations because I had no credit history. And I also could not get a student card or even a charge card that was meant to build credit. And I'm not a slacker, I got a great job out of school with a nice salary, but that didn't matter. So now to start a credit history, all I have is a Macy's card and hopefully I will be able to get a normal card at some point. Building credit history is good, just don't go into debt. Without a good credit history, you won't be able to take out car or house loans without a co-sign. Not a total hijack, but...I did get a student credit card or something like that. I've just never managed to get around to using it. That and I don't have any checks to pay it off with. Do you have things that you can pay for the CC online straight from a bank account? Like direct deposite or something? That could be a stupid question, but I really dont know. Link to comment Share on other sites More sharing options...
Members Jaron Posted December 16, 2008 Members Share Posted December 16, 2008 Ive just finished sending in the application. It's something I always knew I had to do, building credit, and had tried before but had always gotten denied.It definitely seems to me that I should just not get into debt. These late fees are f'n ridiculous it would suck to see all that debt pile up.I just have to avoid the enormous amounts of GAS that'll come from this. treat it like you would a debit card. if you see something you want check your bank account first and pretend that it would come straight from there. if you take 15 mins to research your financials you can kill out a lot of gas EDIT: also come up with a monthly budget so you know when to stop charging the card Link to comment Share on other sites More sharing options...
Members Jaron Posted December 16, 2008 Members Share Posted December 16, 2008 Not a total hijack, but... I did get a student credit card or something like that. I've just never managed to get around to using it. That and I don't have any checks to pay it off with. Do you have things that you can pay for the CC online straight from a bank account? Like direct deposite or something? That could be a stupid question, but I really dont know. i pay all my CC bills online through linking my online account with my bank account Link to comment Share on other sites More sharing options...
Members paydirt Posted December 16, 2008 Members Share Posted December 16, 2008 Important to me, at least. I just got my first offer of credit from capitalone and since I don't know anything about APRs and all this important non-sense, I was wondering if some of the more experienced here can share their credit-card experience. It says 0% APR until June 2009. Membership fee $39 annual. Anything else you might need to know to know whether I'm getting ripped off or not would be great. Go back and read the responses by Jaron, then live by them. The only thing on your offer that I do not like is the annual fee. I would pass until you find a card with no annual fee. APR is secondary because if you do it right you will never carry a balance. Link to comment Share on other sites More sharing options...
Members thedh02 Posted December 16, 2008 Author Members Share Posted December 16, 2008 That $40 fee does suck but I already put it thru. Is it generally hard to cancel a credit card? Link to comment Share on other sites More sharing options...
Members thedh02 Posted December 16, 2008 Author Members Share Posted December 16, 2008 as in, do they give you a lot of hassle before letting you finally do it, is what i mean like that god damn freecreditreport.com {censored}. Link to comment Share on other sites More sharing options...
Members NITEFLY182 Posted December 16, 2008 Members Share Posted December 16, 2008 You should never get any credit card with an annual fee. Definitely get one while you can because the companies are depending on your parents bailing you out. If you get out of college and make $100,000 a year it wont matter to the credit card companies because youre too much of a risk then. Link to comment Share on other sites More sharing options...
Members SharkMinusBear Posted December 16, 2008 Members Share Posted December 16, 2008 Don't cancel it unless you REALLY have to and you have been using another card for awhile. I've heard from multiple people that companies look at the longest card youve owned as a big factor. Link to comment Share on other sites More sharing options...
Members bvester Posted December 16, 2008 Members Share Posted December 16, 2008 Never had a credit card, but I know cancelling one is bad if you plan on getting another. Link to comment Share on other sites More sharing options...
Members JK049 Posted December 16, 2008 Members Share Posted December 16, 2008 The first question is do you need a credit card? You will be alot better off paying cash. This is the best advice you'll ever get. stay away from credit cards. IMO. Link to comment Share on other sites More sharing options...
Members NITEFLY182 Posted December 16, 2008 Members Share Posted December 16, 2008 This is the best advice you'll ever get. stay away from credit cards. IMO. On the other hand this generally means staying away from home and car ownership as well. Link to comment Share on other sites More sharing options...
Members SharkMinusBear Posted December 16, 2008 Members Share Posted December 16, 2008 This is the best advice you'll ever get. stay away from credit cards.IMO. I think this is bad advice. If you are responsible with debt, building credit history is very important. How do you plan on getting a good mortgage on your first home without any credit history? Link to comment Share on other sites More sharing options...
Members Jaron Posted December 16, 2008 Members Share Posted December 16, 2008 This is the best advice you'll ever get. stay away from credit cards.IMO. There is nothing wrong with a CC as long as you are responsible. I dislike that people give this advice. If you are the type of person that cannot control your spending, then do not get one. if you can budget yourself and be an adult about it, then it will help you out down the road Link to comment Share on other sites More sharing options...
Members english_bob Posted December 16, 2008 Members Share Posted December 16, 2008 Some good advice here. Having worked for a credit card company, here's some of my top tips: 1. PAY IT OFF. However appealing it might seem to be able to borrow a ton of money and pay $5 a month minimum payments on it, the interest will add up and paying the minimum required might even mean your debt gets bigger and STILL costs you money every month. Using your card regularly and sensibly will build a good credit history, just use your head. If you monitor your spending, some credit cards will allow you to pay off your balance in full from your bank account every month, which is probably the safest way to do it. 2. IT IS NOT YOUR MONEY. Banks love to make out like they just gave you a ton of free money when they give you a credit card or a loan. They didn't. Remember that everything you put on your card was bought with someone else's money- someone who will {censored} you up big time if you get in over your head- and spend it accordingly. 3. READ THE SMALL PRINT. Interest free and "balance transfer" offers seem great, but what happens when that period runs out? with some credit agreements, if you take advantage of say, a "0% for 6 months" offer, you'll get hit with 6 months worth of interest if you don't pay the balance off in time. Check how long you have to pay off your balance before you get interest charges. With most credit cards, you won't pay interest if you pay everything off every month, but that may not be the case. It's not the bank's fault if you don't understand their terms and conditions, and they're not obliged to cut you any slack if you do something dumb out of ignorance. 4. CONSIDER INSURANCE. The payment protection credit card companies usually offer is often a poor deal, but there are other options available. If you're going to be paying off your card over the course of several months or years, consider what you're going to do about your debts if you lose your job or get sick. I worked for the government too, dealing with welfare for the unemployed and long-term sick, and many of those people were in financial difficulties because of the debts they'd run up when they were healthy and employed. 5. IF YOU DON'T TRUST YOURSELF, STAY THE HELL AWAY. If you can't handle money well, a credit card is a recipe for disaster. If you suspect that you'll blow the money and end up in debt, just don't go there. If you find that you're going a little nuts with money, cut the card up and pay it off before you spend any more. You can always order a new one later. If you aren't organised enough to send a cheque at the right time every month, either GET organised, or avoid. BTW, what's the APR after the 0% runs out? THAT'S where you're likely to get ripped off. I don't know about the US, but in the UK I'd be wary of anything over 17-18% APR if you're not planning on paying it off every month. If you are, it won't really matter. Link to comment Share on other sites More sharing options...
Members thedh02 Posted December 16, 2008 Author Members Share Posted December 16, 2008 19.8% is what it is after June. And I've decided, I know my self pretty damn well... and I've always been bad with money. However, I'm just planning on spending my gas money on it every month. I don't wanna pay minimum monthly payments, 'cause I know I'll get crazy with that. I'll pay every month off in full. At least, that's what I'm promising myself.. But about that $39 fee. Is that one big charge, or do they divide over the 12 months and include it in your fees? Link to comment Share on other sites More sharing options...
Members cleverbastid Posted December 16, 2008 Members Share Posted December 16, 2008 Terrible offer. I bet the rate goes up after june '09 (which is really soon), and an annual fee is worse. I have a free mastercard through my bank and it works just as well...My advice is to get a free one to build credit, but don't ever go over like 200 bucks on it, and only buy {censored} you're gonna keep. Buying food on a credit card is like throwing money away. Link to comment Share on other sites More sharing options...
Members SunofNothing Posted December 17, 2008 Members Share Posted December 17, 2008 Terrible offer. I bet the rate goes up after june '09 (which is really soon), and an annual fee is worse. I have a free mastercard through my bank and it works just as well...My advice is to get a free one to build credit, but don't ever go over like 200 bucks on it, and only buy {censored} you're gonna keep. Buying food on a credit card is like throwing money away. +1 CO is horrible card. I'm young and i get a letter from them every month. Using a CC is a great idea to build credit, but i would not use a CO. Search around and find something better, maybe something through your bank. Link to comment Share on other sites More sharing options...
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