These finances can be found in two forms secured and unsecured:
What Credit Card to get for a 19 year old student?
I got a lot of questions to ask!
First of all I wanted to tell you about myself so you could make your answers more fitted for me
I'm 19 in college, I spend about 50-100 a month, i was thinking about starting with a student credit card. I'm pretty responsible and pretty sure i could make all my payments on time.
I was thinking about a credit card from one of the following:
-Bank of America: Student checking
-Citi Bank
-Amazon.com student checking (because i buy thinks from there allot + they give a percent discount on the purchases i think.
-or Buy.com
which one's the best for me? Or if you have any other suggested credit cards please list and explain.
Here are some questions i was wondering about:
-What is APR?
-When they said 0% APR for 12 months what happens after that?
-what do things like: "4.99% APR on Balance Transfers" mean?
-I already have a student saving and checking with Bank of Amer, how does the Cre-Card fit in? does it replace my debit card?
Answer
You should definitely get the Bank of America card since you have a Bank of Ameica checking account. It will be easy to view both accounts together with their online system, and you can make payments very easily. I did that before.
APR is the rate you will be paying on your balance. It is charged every billing cycle (once a month). So say you have a balance of $400 on the card and have 14% APR, you would be paying $400 * .14 * (1/12) = $4.67 in interest for that month.
That introductory APR is really good. But after that period they will probably jack it up to like 17% APR. It depends...
Balance transfer is if you have an existing credit card, you can transfer that balance to your new credit card, but you don't get the 0% APR on it. A lot of people were taking advantage of that before and where just shifting around all their credit card debt to 0% APR cards. Banks weren't making any money off of it so they stopped that.
answer? Kindly share and answer below.
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