I just got my first credit card?

Question

its a platinum visa card with an interest rate of 10.89%

is this good for my first card? or did I get jipped?

Answer 1

is that the introductory rate or the permanent rate? if it's the permanent, then that's great.....excellent. If you are my age (18) I don't know how you did it. I just got my first one too. its 0% introductory rate for 6 months and then after that it is 17.74%.....which is normal for a student. my credit line is only $300, but I don't mind because I won't be tempted to spend too much. Good luck with your credit. And remember only spend with the credit card when you have money in your checking account to back it up!

Answer 2

That's a pretty good deal for an interest rate! But be very careful, because if you miss payments or are late, the interest rate will jump to like 25% or something. Also, you can get in a lot of trouble with credit cards. Seems like easy money while you're spending, then when the bill comes you're screwed! So I repeat myself. BE VERY CAREFUL!

Answer 3

A platinum visa card for a first card is great. Just be responsible and pay it off IN FULL EVERY MONTH and ON TIME. You are in control of the card with self-discipline. Don't let the card control you by letting your spending habits get out of hand.

Answer 4

No, that's a good rate for a first timer. Great way to raise your credit score is to for the first year or so...6 months at least, just use it every month, and then do not carry a balance, pay it off when your statement comes. It will build your credit like crazy if you don't carry a balance.

Answer 5

That is probably the beginning interest rate which after a couple of months it will probably go up to like 28% or more. Good Luck

Answer 6

Sounds good to me. As always, make sure the new card doesn't have an annual fee and pay it off each month. That way, you won't have any fees from the interest.

Answer 7

It is an EXCELLENT rate.

Congregations you are well on your way to finical debt. Remember that you are paying interest monthly at the rate of 0.9075% each month. That sounds like very little, but it quickly mounts up, at the rate of 9 cents per $10.00 you charge, per month. That isn’t bad if you pay it off on time, but if you leave a balance on the card then it starts to mount up. If you borrow $10.00 and leave that balance on the card for 1 year then you owe the credit card company $1.09 just for the privilege of borrowing $10.00 for 12 months.

It is a good thing to have a credit card. They are great for emergencies and a way to travel without having to carry a lot of trash. Most hotels, and all car rental agencies want to see your credit card before they will work with you. They are also great for building your credit, which can effect your next job interview, determine if you can get a bank loan, a car loan, more credit cards, or if you can qualify to buy a house. Your credit rating is a score that follows you to your grave. Having a credit card is a great responsibility. If you miss a payment, your credit rating takes a hit, if you cancel a card, your credit rating takes a hit, if you have too many credit cards, then your credit rating takes a hit. If you apply for too many credit cards at once, your credit rating takes a hit, and if you get denied a credit card your credit rating takes a hit.

If this is your first credit card then you have a credit rating of only fair. If your credit rating takes a hit then your rates can go up, you can be turned down for a loan. If you have two credit cards and miss a payment on card A then card A AND card B can raise your interest rates just one month later. Even if you have no balance on card B, and have never missed a payment, your rates can still get jacked up. If you apply for a job then your prospective employer can check your credit rating. If they don’t like it then they can refuse to hire you and you will never know why.

Millions of Americans get caught in Credit Card Debt. Have you noticed how many lawyers only handle credit card debt and bankruptcy? Just check your phone book under lawyers. Lawyers make a lot of money off people that make mistakes like this. Most Americans have credit card debt, and that affects your credit score, which follows you around for the rest of your life. If you get a bad report on your credit score then you are stuck with it for at least 7 years. It could be up to 11 years.

So, you have a very good rate, you should be happy, you are on your way to building a great credit rating. Be careful, it only takes one mistake to hurt your score, and borrowing money through a credit card is the most expensive way to borrow money. It has spelled the ruin of many Americans, and spawned an entire industry devoted to handling bankruptcy (canceling of all debts, and resetting your credit rating to poor), chapter 11 (almost a bankruptcy—you still have to pay something), and credit card debt. Also congress has tightened the bankruptcy rules so it is harder to get out of credit card debt.

Check your credit report for credit cards or charges you don't recognize once a year. Credit reports are available for $8 each from each of the three credit reporting bureaus.
Equifax: 1-800.685-1111 OR www.equifax.com
Experian: 1-888.397-3742 OR www.experian.com
TransUnion: 1-800-916-8800 OR www.transunion.com

Call the three credit reporting bureaus' fraud lines to report the misuse and place a fraud alert in your file. By federal law, a victim is entitled to a free credit report (you may have to provide them copies of the police report). The fraud numbers are:
Equifax: 1-800-525-6285 OR www.equifax.com
Experian: 1-888.397.3742 OR www.experian.com
Trans Union: 1-800-680-7289 OR www.transunion.com

To report a stolen or misused social security number, call 1-800-269-0271 OR email [e-mail].

For more credit card fraud problems call the Federal Trade Commission at 877-438-4338 OR www.consumer.gov/idtheft.

You mail box is going to overflow with offers from credit card companies. You can stop this for 5 years, for free, just call: 1-888-567-888. You can chose to opt out and avoid the junk mail, or opt in to get more credit card offers.

Answer 8

Unless you're sure that you are mature enough for a credit card..cut it up. A person can get into a lot of debt with credit cards.

Answer 9

Cut It Up Before It Consumes You. Thats Why They Call You A Con-sumer!

Answer 10

sounds ok for first card. but use it wisely!, the way to beat it is to use only when needed and then pay it off when the bill comes in. if you pay the mininum, you will never pay it off!. the avg american has over $8000.00 in creditcard debt! also, you don't need more than 1-2 cards!!!!!!!!!!!!!!