I recently applied for a credit card and I have some important questions?

July 26th, 2009 | by admin |

Hey everyone. I’m a first year college student getting ready to go to my second year and I applied for the Citi mtvU college student credit card. Yes, I’m young, but not irresponsible. I checked every possible student card out there and this fit me perfectly and I know I can pay a bill monthly. I just had a question about the bill payment. Let’s say I spend $100 one month or $20 a different month. Is that how much my bill is going to be for that particular month or is the bill payment fixed? Also the credit limit is $2,500 so I don’t have any worries about going over the limit. One more question. Let’s say I wanted to take money off the card and put it into my bank account. Is that even possible? Thank you and no ignorant answers please.
lol..I had to say no ignorant answers because taht’s usually what some people post.
thanks for calling me grown up! :)

  1. 5 Responses to “I recently applied for a credit card and I have some important questions?”

  2. By fyrscan on Jul 26, 2009 | Reply

    Payment amounts are based on each month’s balance — it’ll tell you in the information that comes with the card. Moving money from the card to the bank is not wise because of the interest you’ll owe — it’s higher than the interest you’ll owe on purchases, and you won’t earn near the interest from the bank that you’ll owe on the card.

  3. By mike j on Jul 26, 2009 | Reply

    Lol @ no ignorant answers:)

    The bill will usually be around $20 a month , more if you charge 2,000..It really depends .What you should do is only use it in emergencies. And if you can just pay the whole balance at the end of the month..You’ll be fine as long as you pay at least the minimum due. I’m 21 I messed up on two credit cards I’m going to pay them off the issuing banks are closing them because I haven’t been paying on time :( They were my first two card. I don’t have anymore credit cards. I regret not paying NO MATTER what happens or whatever argument you get into with them on the phone hun, just pay them on time. If you are a day late they charge you 39 dollars pay them on time establish good credit history..Wish you luck :)

    EDIT

    Sorry, about depositing money into your account from your card. You can do a cash advance off your card and there is a fee for that plus a high intrest rate..So it really wouldnt be a good idea unless its important.

  4. By Doodlebug on Jul 28, 2009 | Reply

    I know it can really be scary when you are doing these types of things for yourself for the first time…but hey, you are just trying to be grown up..which is what you are…and I congratulate you on that…
    It all depends on how the cycle is or the billing cycle I should say…
    The amount that you will owe for the month will be a certain percentage of the total bill…you always have the option to pay the entire bill…but you must pay at least the minimum payment due…
    Cash advances are allowed on most cards…you can go to any ATM…use the credit card for a cash advance, get the money…put it into your bank account…but keep in mind…you will still owe this money that you have taken from the card as a cash advance..and I am sure that there is a fee for the cash advance also…
    If you are not sure as to how all of this works…the best thing to do is to call the customer service department and have someone explain it all to you…I know that it can be very confusing when you are trying to understand all of that mumbo jumbo under terms and conditions for the card…just pick up the phone, ask for customer service…and ask someone to explain it to you…
    Good luck…and I hope this helps somewhat…

  5. By bdancer222 on Jul 30, 2009 | Reply

    The minimum payment is usually about 3% of the balance. You must make at least the minimum payment by the due date. However, it is much smarter to only charge what you can afford to pay in full each month. You’ll save interest and stay out of debt.

  6. By Classy Granny on Aug 3, 2009 | Reply

    The minimum amount due on your card will usually be 3% of the total you have ourstanding. You can take a cash advance and deposit it into your bank account, keep in mind the interest on cash advances is always higher. Example: My credit card interest is 7.99%. If I were to take a cash advance the interest is 24.99%, very expensive.

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