Is a credit card w/ a limit of $1,000, and APR of 23.90% a good deal for a college student? (My second card)?

Question

This is my second card and the annual membership fee is 69 dollars with an enrollment fee of $69. It's a visa platinum card.

Answer 1

My college student son got a platinum card through a credit union. The limit is around $1,000 also, but the interest rate is less than 10%. He uses it for small purchases and pays it off, on time, each month, so he pays no interest. He is only trying to build some credit history. I would not advise paying an enrollment fee (whoever heard of that anyway?) or an annual fee. There are so many cards that don't have one, you should be able to find one. Be smart and you'[ll be OK with any card.

Answer 2

I only get credit cards that don't have annual fees, and I always look for under 20% APR.

The credit limit is pretty small for that kind of a APR and fee...

I just had an offer in the mail for a 7,000 limit and it was around the same APR and fees...

If you're really in the market for a credit card, try your back. Whomever you bank with can offer you a better credit card than that.

I bank through Bank of America and I use their credit card, they're very reasonable. I haven't had too many problems except for the fact I don't know when to stop using it sometimes. xD

-Tim

Answer 3

honestly, I would say no.
23.90 apr is pretty high and as a general rule I stay away from cards with annual fees, not to mention enrollment fees.
As a college student with a low income I would say you might want to skip it. It's inevitable that at some point you'll only be able to pay the minimum payment on it each month, and at 23.90apr, it'll take you foever to pay it off. You'll end up paying 4x or more than the items you used the card to purchase.
wait it out, more deals will come your way and they'll get better and better as time goes on.

Answer 4

It depends on your credit score, history and behavior score that internal credit card company ranks. Not everyone has low interest rate. That is a perception of most consumer thinking they should get a low interest rate. Some financial adviser also suggested calling credit card company to lower the rate, sometimes it works, sometimes it doesn't because bases on so many factors before they low the rate. I do this every day, I know. When the credit card company requires a annual fee because:
1- You have no credit history.
2- You debt/income ratio is not sufficient enough
3- Your credit score is low
4- The behavior score (internal) bases on how well you manage your finance. May be yours is not up to par.

If you have the card that you have to pay to use, it calls secured card or partial secured. Some people need to build their credit are willing to pay for the secured card. You'll get your money back after 6 months of proving your payment history.

Answer 5

That is not a good card, an APR that high AND an annual fee AND an enrollment fee? And if it's a Chase card, stay clear away! Their customer service people are hard to talk to and very rude. Keep shopping around..

Answer 6

absolutely not. The apr alone would give that one away and then add on the enrollment fee. And its not a platinum card with a 1 k limit. As the industry defines platinum it must have a 10 k + limit.

Answer 7

If you're a college student then you probably have a very limited income. If you have a very limited income you shouldn't have *any* credit card. It's way too common for people to quickly drown in credit card debt because they spend beyond their means.

Also, a yearly fee that high with nothing to offer is a bad deal.

Give the credit card a miss and wait until you're out of college and have a real job.

Answer 8

The % rate is uber high but people real serious about $$$ never pay interest because they pay off the balance every month .
(They waste 0 $ on interest).
And membership fees and enrollment fees ?
Is someone nuts ?
I have a dozen cards and would NEVER go with anyone who charged an annual or enrollment fee .

Keep shopping for another card . . .

>>>>>>>>>>>>>>>>>>>>>>>>>

Answer 9

No, that APR is way to high and the annual fee is a rip off. If you have a good credit score then you are eligible to a way better deal with no fee. Do you have good credit?

Answer 10

Is this a joke? That is a horrible deal! I wouldn't advise ANYONE to have more than 1 credit card. Having one credit card can be useful, but if you need money, you should really get a student loan instead of getting another credit card.