I'm thinkin about getting a credit card but i know there are interest rates and such. how do you know if there are fees that they will charge you? Do they charge interest if you pay the bill off every month? Does it hurt your credit to apply for a credit card if you get denied? Where's the best place to get a credit card?
2006-07-19 04:14:21 · 4 answers · asked by bmcrowell 1 in Business & Finance ➔ Credit
The easiest place to get credit is your local banking institutions like Bank of America, and retail stores such as Target. They will start you out small, but keep making your payments and they will increase it over time. CREDIT CARDS ARE EVIL! Having said that.. even though they are evil, you DO want to carry a small balance on them. You will be charged intrest.. on a starter credit card it will be most likely around 22% APR which figures out to be about 2% per month. ($2 for each $100 outstanding amount owed) Read the find print when you sign up for a card, it will give you the APR and any fees such as annual fees. (Try to stay away from annual fees if you can because they can sneak up on you) That will help up your credit rating which is very important later on when applying for a home loan. Try not to keep more than a $100 left owing on it otherwise you may spiral out of control like I did.. I now owe over $20,000 to credit cards... (pick your jaws off the floor.. why else do ya think I am mental??)
2006-07-19 04:31:49 · answer #1 · answered by escaped_mental_case 4 · 5⤊ 1⤋
how do you know if there are fees that they will charge you? Read the terms and conditions, all the fine print. It says it there.
Do they charge interest if you pay the bill off every month? Read the terms and conditions, all the fine print. It says it there.
Does it hurt your credit to apply for a credit card if you get denied? Yes, it lowers your credit score.
Where's the best place to get a credit card? Look around some cards have deals with low interest and no monthly/yearly fees.
2006-07-19 11:22:53 · answer #2 · answered by angei0809 3 · 0⤊ 0⤋
any fees will have to be disclosed. If you pay in full monthly there is no interest on the card. If denied then no just a small hit for the authorized inquire on the credit report. As for the bank Capital One or Orchard Bank are the easiest to give credit.
2006-07-19 11:24:04 · answer #3 · answered by golferwhoworks 7 · 0⤊ 0⤋
just payoff your bill by the end of the month...no they can't increase your interest rate, yes it hurts your credit to apply for a credit card
2006-07-19 12:23:45 · answer #4 · answered by christiansareawesome 4 · 0⤊ 0⤋