can someone help me with credit card?

July 6th, 2009 | by admin |

OK well, I just for got approved for a student credit card and the card limit is $500 sooooo if i spent oh about $400 of it how much do you think my payments are going to be??? Please help me out… :)

Here are the rates and fees of it:
Purchase APR: 0% until February 2009;
after that, 19.8% variable
Transfer APR:19.8% variable
Transfer Fee:$0
Annual Fee:$0

  1. 6 Responses to “can someone help me with credit card?”

  2. By complicatedtallblonde on Jul 8, 2009 | Reply

    It’s not about how low your payments will be, it’s about the YEARS you will be paying it off and how much more your debt will be than the 400 dollar item or items you put on it. You in total will be paying over 600 dollars before you know it.

  3. By richard b on Jul 11, 2009 | Reply

    just pay it off before feb of 09 that gives you 4 months, so $100 bucks a month should do it, and also it will improve your credit score, and raise you credit limit, thats your best bet, if you make minimum payments you will be taking a long time to pay it off

  4. By nebula on Jul 11, 2009 | Reply

    Take some advice from a girl who got herself into serious credit card problems years ago, and is still paying for it.

    It doesn’t matter what the minimum payment amount is, pay AS MUCH AS YOU CAN, as often as you can. It’s just stupid to let the interest add up. Get it paid off before you lose that 0% APR.

    Then do yourself a favor, and only put as much on it as you can pay each month. This will build up your credit, but not get you into financial trouble. Start each new billing cycle with $0.

    I know you’re thinking that a $500 limit is not a big deal, but that interest rate is about $100 annually. That means you’re paying $100 more each year for what ever you buy, than you would if you would have just paid it off right away.

  5. By ~Laura and Scott on Jul 12, 2009 | Reply

    Please don’t worry about how much your payments will be. You need to worry about how bad that will affect your credit score. Your score is based on many things but one of the big ones is, how much available credit have you used.
    If you charge $400 on your card, you will be using 80% of your limit. That will make your score drop. Try to keep your balance under $150, that would be 30%. That will make your score go up! As your score goes up, you will be able to get a higher credit limit and charge more without hurting your credit. Take is slow, don’t screw up your credit now. It can take up to 10 years to repair bad credit that can happen in just a couple of months.

    Your payment would be about $30

  6. By muneepenee on Jul 13, 2009 | Reply

    averaej person hu yuze kredit kard pae 60% more wen yu add in the interest tu kard kumpany.
    thats dispite…60% av kard yuzers alwaes pae off evree month thus dont pae NE interest.

  7. By catmoosebear on Jul 15, 2009 | Reply

    Your payment will be at least $15 (maybe a few dollars more).

    It is usually a good idea to keep a low balance on your card. High balances hurt your credit score and can sometimes even result in the company canceling your card. You really don’t want to spend more that 50% of your limit, but 1/3 is much better.

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