Posts Tagged ‘minimum payment’

Taking advantage of 0% APR on my credit card?

I just got my first credit card with 0% APR for the first 7 billing cycles and with an initial credit limit of 00. Let’s say I take advantage of the 0% APR by immediately buying an object worth about 0 with this credit card. And, supposing that I pay in full this 0 debt in 3 months by paying more than the minimum payment every billing cycle (within 3 months which is well before my initial zero APR changes), how will this affect my credit score ? Will it hurt or help ? This might sound like a dumb question to you, but this is my first credit card and I really want to start building my credit history in a positive note. Thanks for your comments.


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How good or bad is this credit card?

My credit card has a 8.99% APRfor purchases and a 19.99% for cash advanaces? How does this card compare to others seeing that i am still a college student? I have always made it a point to pay on time and always more then the minimum payment and have transferred a couple of other balances at 2.99% APR for the life of the loan. Currently i am satisified with the card what do you think?


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Is transferring the balance of my credit card to a 0% APR card going to hurt my credit?

I have tried asking this in different ways, but I think it would be best if I just lay it all out there, and hope that it helps.

As of now, the balance on my credit card is ,077.85. The limit on this card is ,300. I do not plan on using the card any further. I got custody of my young brother last year, and this card was mainly used for Christmas, as our fund were low (I know, bad idea). Since I realize now that it wasn’t the way to go, I’m trying my best to fix it. I have, and continue to pay my card on time, way more than the minimum payment. In the past year and a half I have only made one late payment, by three days. I know that it is still a late payment, and will still reflect on my credibility.

However, I am having one awful time with customer service on this card. It took me months to get them to remove some type of payment protector I never asked for. Each time I call they feed me a line, and in the end, my questions are never answered. I’m tired of it, and would like to move on.

My father in law asked me if I had thought about transferring the balance on my card to a new one with 0% APR for 12 months, and a low to none transfer fee. In fact I have, but I wouldn’t know where to start. Keep in mind that this is my first and only credit card.

I don’t plan on cancelling the card, but rather it will not be used. I want this balance paid off in the easiest way possible, but honestly the interest rate on my card is killing me – 19.99%. I know I have myself in a hole, but I have seen worse. I don’t want to get to that point – where I can’t pay it at all.

When/if I transfer my balance to a new card, which company charges me for transfer fees, if any? Is transferring the balance going to be hard on my credit score? If it is, how long might it take to repair it?

Thanks so much for any advice.
Please bear in mind that when I applied for this card I was not educated in things such as interest rates and such….which is why my card isn’t all that great. And yes – that interest rate is before this missed payment (they haven’t hiked it up).
Thank you SO much everyone! I kept reading responses to other questions saying that it would hurt your credit to do this, and that I shouldn’t even consider it. I don’t plan on using either card anytime soon, as I really do not need them now anyway. Like I said before, the issues I’ve had were of my own doing, because I was not educated well in this area.

I understand it much better now though, and I greatly appreciate all your help! :)


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0% APR Intro Credit Card and Finance Charge Question?

So I recently received a new credit card with a 12 mos. 0% intro APR amex card. I got it to make a purchase for the holidays and give myself time to take advantage of the 0% APR and make payments over time with the 0% APR.
My question is when I receive my first bill and make the minimum payment stated on the statement, will I be charged any fees or charges? I know there wont be interest since I have 0% APR for 12 mos, but the question is, if I only pay the minimum and plan to pay off the balance within the next few months will i be charged anything?

For example: Lets say I charge a total of 0 and instead of paying the full 0 when the first bill comes, instead I make the minimum stated payment, what happens? do i get charged a finance charge or do i not since i made at least the minimum payment?

I believe the amex card i just applied for and received uses the daily average rate, not entirely sure how that works and if i will get charged the finance charge even if i make the minimum payments. Please help explain. Thank you!!


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Looking for a credit card with Fixed Low Rate APR?

I finally have the money to pay off my first credit card ( i owed 1300$). I missed one payment once and now the APR is 21%
I want to pay off those 1300 $ in the next 2 days, close the account and look over the internet for a lnew ow rate fixed APR. So is that a wise decision? I read people talking about how not to close credit cards accounts. i dont know what are the inconvenient in doing so… I just wanna get a card with a fixed low APR where i know the minimum payment will be low! And i won’t ever use that card except for emergency! so what are the best credit card you know with fixed low rate APR?


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Will an outstanding balance on my credit card during 0% APR period affect credit score?

I’m new to the whole credit card scene, and I’m on my first credit card coming up on the end of my first month with it. I have a 0% APR for six months (and then afterwords 13%). Naturally, I currently have a balance on the card, and I was wondering if not paying off my balance in full (minimum payment due says it is still {content}) during the six month promotional period would change anything in my credit score. Thanks!


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