New Credit Card User Tips
Author: wyld
Posted: Fri Apr 28, 2006 11:40 am
Post subject: fairly new cc user (0% APR and BT ?'s)
hi, i've just recently been approved for an amex blue card to help get my finances managed again and i had a few questions i hope could be answered.
i've had one credit card before this one and my limit was $500 for a loooong time, and i always paid in full (i've recently increased the limit to 2k).
anyway, the blue card gives me 0% APR for 6 months and 4.99% APR on BT for the life of the balance. i have a little over 1k on my other card which has a 11.99 APR and was thinking about transferring it to my blue card. will the transfer fall under the 0% APR for 6 months?
also, how does the 0% APR for 6 months really work? does that mean i can not pay anything for 6 months and then pay it all off at the end without any repercussions? or should i pay the minimum (not sure what that will be). will not paying or paying just the minimum during the 0% period ruin my credit score?
i'm in a little debt right now and i was just hoping to use the 0% APR to help while i save up. thanks in advance!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: fitz75
Posted: Fri Apr 28, 2006 11:47 am
Post subject:
The balance transfer will fall under the 4.99% APR. New purchases will fall under the 0% APR. Be aware though if you balance transfer say 1k then make 3k in purchases, your payments will go to the BT first. Which is fine for the first 6 months, but once that time has passed the APR will go to normal.
You sill still have min payments due on the 0%. If you pay the min your credit score shouldn't be affected. If you don't pay the min your credit score will feel the pain.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: wyld
Posted: Fri Apr 28, 2006 11:59 am
Post subject:
thanks for the reply fitz75. too bad balance transfers don't count for towards cash back. any idea what the min payment is usually for blue? i forgot to pay a $40 bill on my other card and my next statement said $40.84 with a $40 min payment. i hope blue doesn't require a min of that much.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: fitz75
Posted: Fri Apr 28, 2006 12:01 pm
Post subject: New Credit Card User Tips
My min payment for a 2,500 balance from a bt is 52 bucks. Not sure if there is some forumla for figuring out min payments. I am sure someone on here knows how its done.
Author: wyld
Posted: Fri Apr 28, 2006 12:29 pm
Post subject: New Credit Card User Tips
are there any fees other than the APR if you don't pay in full monthly? i read something about a late payment fee which i don't understand.
i just figured out my other card's repayment term for an outstanding balance is 2% or $20 (whichever is greater). so for my $1000, would it be better to keep it on the current card or move it to blue?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Fri Apr 28, 2006 11:40 am
Post subject: fairly new cc user (0% APR and BT ?'s)
hi, i've just recently been approved for an amex blue card to help get my finances managed again and i had a few questions i hope could be answered.
i've had one credit card before this one and my limit was $500 for a loooong time, and i always paid in full (i've recently increased the limit to 2k).
anyway, the blue card gives me 0% APR for 6 months and 4.99% APR on BT for the life of the balance. i have a little over 1k on my other card which has a 11.99 APR and was thinking about transferring it to my blue card. will the transfer fall under the 0% APR for 6 months?
also, how does the 0% APR for 6 months really work? does that mean i can not pay anything for 6 months and then pay it all off at the end without any repercussions? or should i pay the minimum (not sure what that will be). will not paying or paying just the minimum during the 0% period ruin my credit score?
i'm in a little debt right now and i was just hoping to use the 0% APR to help while i save up. thanks in advance!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: fitz75
Posted: Fri Apr 28, 2006 11:47 am
Post subject:
The balance transfer will fall under the 4.99% APR. New purchases will fall under the 0% APR. Be aware though if you balance transfer say 1k then make 3k in purchases, your payments will go to the BT first. Which is fine for the first 6 months, but once that time has passed the APR will go to normal.
You sill still have min payments due on the 0%. If you pay the min your credit score shouldn't be affected. If you don't pay the min your credit score will feel the pain.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: wyld
Posted: Fri Apr 28, 2006 11:59 am
Post subject:
thanks for the reply fitz75. too bad balance transfers don't count for towards cash back. any idea what the min payment is usually for blue? i forgot to pay a $40 bill on my other card and my next statement said $40.84 with a $40 min payment. i hope blue doesn't require a min of that much.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: fitz75
Posted: Fri Apr 28, 2006 12:01 pm
Post subject: New Credit Card User Tips
My min payment for a 2,500 balance from a bt is 52 bucks. Not sure if there is some forumla for figuring out min payments. I am sure someone on here knows how its done.
Author: wyld
Posted: Fri Apr 28, 2006 12:29 pm
Post subject: New Credit Card User Tips
are there any fees other than the APR if you don't pay in full monthly? i read something about a late payment fee which i don't understand.
i just figured out my other card's repayment term for an outstanding balance is 2% or $20 (whichever is greater). so for my $1000, would it be better to keep it on the current card or move it to blue?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 10:24 PM
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