New Credit Card Terms Tips
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Posted: Wed Dec 01, 2004 6:07 pm
Post subject: New Credit Card Terms Tips
Josh
Date: 11/11/2000 3:53 pm CDT
I just recently recevied my first credit card in the mail. The card was issued from Associates National Bank (Deleware)and was one of those pre-approved deals I get so many of. I have never really considered a credit card, mainly because of the lack of knowledge I have about them. I finally became interested in a credit card after purchasing a new automobile. My interest rate on a car loan is sky high and I'm serching for ways to build on my lack of credit history. I applied and recieved my card with a 500 dollar limit and a 25.99 annual percentage rate. I am scared to use the card though because there is one big question I cannot seem to find an answer for. I only plan to use the card for gas, I spend about 225 dollars a month in gas. I have to fill up about every three days. What I want to know is this........ Lets say I rack up 225 bucks in gas on my new visa card this month and get my bill at the end of the month. I want to pay the whole bill at the end of the month. Will that amount be for only the 225 dollars I racked up in gas for the month or will they still charge me interest even though my debt is for the month I am being billed for. I want to know this because I dont really see myself needing a credit card if I'm still being charged interest even though I will pay my entire bill off at the end of each month. I understand paying interest on a debt that carries over month to month until the debt is paid in full, I just dont want to get a bill for 126 bucks at the end of the month when I only spent 100 bucks on the card. Please help before I go out and end up paying 25 percent more a month for gas just to build my credit.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Wed Dec 01, 2004 6:08 pm
Post subject: New Credit Card Terms Tips
dave
Date: 11/11/2000 4:33 pm CDT
Look in the materials they sent you about the terms of the card. What you are looking for is the disclosure table that tells you if there is a grace period for purchases. If there is, you don't have to worry about interest.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Wed Dec 01, 2004 6:08 pm
Post subject: New Credit Card Terms Tips
Mom
Date: 11/11/2000 5:13 pm CDT
Does the card have a grace period? if so then yes you will only be required to pay what you used, if it DOESN"T have a grace period then the interest begins accruing the first time you make a purchase.
Posted: Wed Dec 01, 2004 6:07 pm
Post subject: New Credit Card Terms Tips
Josh
Date: 11/11/2000 3:53 pm CDT
I just recently recevied my first credit card in the mail. The card was issued from Associates National Bank (Deleware)and was one of those pre-approved deals I get so many of. I have never really considered a credit card, mainly because of the lack of knowledge I have about them. I finally became interested in a credit card after purchasing a new automobile. My interest rate on a car loan is sky high and I'm serching for ways to build on my lack of credit history. I applied and recieved my card with a 500 dollar limit and a 25.99 annual percentage rate. I am scared to use the card though because there is one big question I cannot seem to find an answer for. I only plan to use the card for gas, I spend about 225 dollars a month in gas. I have to fill up about every three days. What I want to know is this........ Lets say I rack up 225 bucks in gas on my new visa card this month and get my bill at the end of the month. I want to pay the whole bill at the end of the month. Will that amount be for only the 225 dollars I racked up in gas for the month or will they still charge me interest even though my debt is for the month I am being billed for. I want to know this because I dont really see myself needing a credit card if I'm still being charged interest even though I will pay my entire bill off at the end of each month. I understand paying interest on a debt that carries over month to month until the debt is paid in full, I just dont want to get a bill for 126 bucks at the end of the month when I only spent 100 bucks on the card. Please help before I go out and end up paying 25 percent more a month for gas just to build my credit.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Wed Dec 01, 2004 6:08 pm
Post subject: New Credit Card Terms Tips
dave
Date: 11/11/2000 4:33 pm CDT
Look in the materials they sent you about the terms of the card. What you are looking for is the disclosure table that tells you if there is a grace period for purchases. If there is, you don't have to worry about interest.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Wed Dec 01, 2004 6:08 pm
Post subject: New Credit Card Terms Tips
Mom
Date: 11/11/2000 5:13 pm CDT
Does the card have a grace period? if so then yes you will only be required to pay what you used, if it DOESN"T have a grace period then the interest begins accruing the first time you make a purchase.
posted by CardRatings.com at 12:16 PM
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