I need credit help, what does this mean?

Question

Blue for Students® is an essential tool for students. The Card has no annual fee and currently offers a fixed 8.90% APR for purchases for the first 6 months, then Prime plus 7.99%, currently 16.24%, for purchases with a grace period of 25 days.

Does this mean that I get 25 days to pay the balance in full before I get charged intrest?

Answer 1

Yes. If you don't pay in full, then you will be charged interest on the balance. If you don't pay the minimum, then you get charged a higher APR and, depending on how late it was, will go as a late payment on your credit report. If you miss a payment on one card, any other cards you have then have a right to charge you delinquency APR.

Answer 2

Not sure what you mean when you call it an essential tool for students. No credit card is an essential tool for a fulltime student with little income, it's actually a dangerous thing. That's precisely why you'll see cc ads all over campus enticing you to take one or ten. Once they have you on the hook they can jack up that interest to 25% or higher with one (1) late payment. All they need is an excuse. The intial terms on that card are so-so, not horrendous but not great. Just be very careful with a credit card as long as you have limited means to make the payments. Rather than me go off on a long rant about the credit industry you should post another question asking what someone in your position ought to watch out for with ccs and ways they can ruin you.

Answer 3

It is possible. Being a student call the institution to be clear and the also send the disclosures booklet to read. Grace could mean they may not charge you late fees. So many Gimmicks>
You need call them to verify because of the fine lines.

Answer 4

You have 25 days to make the minimum payment from the day that the payment is due.

Answer 5

Yes, that is what it means.