I just recieved a credit card what should i do?

Question

I want to purchase a new decent laptop for college and do i pay the creditors full or ???
wells fargo credit card

still confused, I will pay above the minimum, let's say that a laptop with wifi with decent specs would would cost me $600-$700 from an electronic superstore near where I live and I charge with my credit card, do I have to pay full price of the laptop charge on my credit card or will it split into smaller bills that I can pay monthly.

Answer 1

First thing is to make sure your credit limit is large enough to cover the laptop purchase.

If it is, and you charge the laptop on the credit card, you will have some flexibility in how you pay for it. When you receive your bill from Wells Fargo, it will tell you how much you owe in total, and it will also tell you what your minimum payment is for that month.

The smallest amount you have to pay is the minimum payment which, for a $700 balance, will probably be about $20. You can pay the minimum, you can pay all of it, or anything in between. If you don't pay it all, then they will charge you interest for each month you have not paid your entire balance.

I suggest you don't get in the habit of paying the minimum payment because it's too easy to keep charging things you can't really afford.

Answer 2

I you charge the laptop... pay it off in full when you get the bill, if you can.... if you can't do that make larger payments than required each month and be sure not to be late or miss any payments. You do realize that if you don't pay the bill in full when received.. you will actually be paying a lot more for the laptop with the finance charges added each month. Pay it off in full as soon as possible.

Paying the bill in full or making payments on time will help your credit score also.

Answer 3

It depends on what you can afford. I used my grant money from college to purchase a computer. If you do put it on credit make sure that you are never late because late fees add up fast. Credit is so important; it is the key to getting cars, a place to live and sometimes even jobs. It is unforunate but true. be very careful and don't go wild with your first credit card.

Answer 4

If you charge that laptop on your new card, don't charge anything else till you have it completely paid for. The best thing you can do is to only charge what you can afford to pay in full and on time every month.

Answer 5

Don't forget to check if you have a high enough credit limit to buy a laptop. You can buy it online or go to a store, both ways you can pay with your card.

Answer 6

Pay Cash whenever possible. Whatever you do never pay only the minimum or you will never get out of debt.

Answer 7

The financially prudent option would be to pay cash.