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getting my first credit card

post #1 of 32
7/7/09 at 10:01pm
Thread Starter 
so yeah, any tips?

i know so far to make sure there is no annual fee and fixed apr if possible, right?

i googled, got some decent info, wanted to get your opinions.

thanks!
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post #2 of 32
7/7/09 at 10:04pm
my first credit card was some piece of shit with 24% interest from capitol one and $500 limit. kept it for 2 years and then was able to pick up an amex blue with a MUCH better rate.
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post #3 of 32
7/7/09 at 10:07pm
all the cards i use are no interest for a certain period of time like 12 months and then kick into an apr like 10%. no annual fee or deferred interest.
thus the crazy spending sprees i have on occasion.
well, in my history ive paid them off all in time before it hits the apr.
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post #4 of 32
7/7/09 at 10:09pm
Sure don't use it ever. If you cannot afford something then don't buy it.

I know so many young kids who get credit cards in college and by the time they get out they have 5-10 grand in debt. Then they need furniture or a car to get their life started. By the time they are 25 they have 30 grand in credit card debt.

Any slip ups and the ARP is bumped to 20 or 30%. You could end up paying 10 grand in interest a year.

You may miss a trip or 2 to Cancun but not owing any money to anyone is one of the best feelings in the world.
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post #5 of 32
7/7/09 at 10:47pm
All that really matters is that there's no annual fee, since you should pay it off in full every month. You'll probably start with a low limit too, so there's no real opportunity to save up points.
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post #6 of 32
7/7/09 at 10:47pm
Quote:
Originally Posted by rjakapeanut View Post
so yeah, any tips?

i know so far to make sure there is no annual fee and fixed apr if possible, right?

i googled, got some decent info, wanted to get your opinions.

thanks!

All the fine print associated with credit cards won't matter if you pay your balance every month.
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post #7 of 32
7/7/09 at 11:54pm
Thread Starter 
yeah, i'm a responsible kid so i won't fuck around and go in with the mindset of "i can pay this off when i get out of school" and all that. i do want a decent card to start out with though, and after a while i wouldn't mind being able to carry a balance over a couple months without paying a fuckload of interest. so i should stick to like 15% apr tops right? some of the apr out there is ridic. up to 30%
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post #8 of 32
7/7/09 at 11:55pm
you should really never pay credit card interest. its throwing money away
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post #9 of 32
7/8/09 at 12:10am
Thread Starter 
floating a balance a month or so if you absolutely have to can come in handy ;x
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post #10 of 32
7/8/09 at 12:12am
Quote:
Originally Posted by rjakapeanut View Post
so yeah, any tips?

i know so far to make sure there is no annual fee and fixed apr if possible, right?

i googled, got some decent info, wanted to get your opinions.

thanks!

Quote:
Originally Posted by rjakapeanut View Post
floating a balance a month or so if you absolutely have to can come in handy ;x

What's the point of asking for tips if you're going to ignore the one piece of advice every single poster gave you?
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post #11 of 32
7/8/09 at 12:13am
Thread Starter 
i'm not ignoring their advice. i intend on paying the entire bill off each and every month. my next question (the one i asked several posts ago) is: what should i look for in a card if i am interested in sometimes floating a balance?
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post #12 of 32
7/8/09 at 12:16am
don;t do it. is the devil. pay cash.
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post #13 of 32
7/8/09 at 12:17am
Quote:
Originally Posted by thekunk07 View Post
don;t do it. is the devil. pay cash.

Indeed.
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post #14 of 32
7/8/09 at 12:18am
Quote:
Originally Posted by rjakapeanut View Post
i'm not ignoring their advice. i intend on paying the entire bill off each and every month.

my next question (the one i asked several posts ago) is: what should i look for in a card if i am interested in sometimes floating a balance?

Honestly, this is a recipe for disaster. Don't use your card for anything but everyday expenditures. This ensures you will pay it off, yet accumulate credit. Floating a balance leads to debt which diminishes your credit rating, making it more difficult to purchase major purchases, such as a house or car. If you already plan on floating a balance, don't even get one; you're going to fuck yourself over.
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post #15 of 32
7/8/09 at 12:30am
This thread just gave me a really good idea.

Get a card with a 30+% APR.

That way, you'll make sure you always pay it in full, but if it's really an emergency, you can still carry a balance over until you can pay it off.
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