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The time is now 7:12 pm
You last visited
May 10, 2024, 1:47 pm
All times shown are
Eastern Time (GMT-5:00)
more credit card advice needed
Published:
Updated:
Fees and Disclosures
- Annual Percentage Rate 19.5% APR
- Balance Computation Method Average Daily Balance (including new purchases)
- Annual Fee $59 / yr.
- Minimum Finance Charge $0.50
do i owe 59 bucks a year if i get this card? what is that 19.5 apr? what is the 50 cent finance charge? if i buy something on a credit card do you have to pay it all back each month?
Comments
http://www.creditinfocenter.com/cards/
When was the last time you had your credit report run? Do you know your FICO (or Beacon) score?
It's hard to give advice when someone doesn't know your credit history, but JAP is correct. You are paying them to use your own money if this is a prepaid card. I have no idea how those work, but even with a regular credit card, I wouldn't pay 19.5%. To answer your basic questions - No, usually you only need to make a minimum payment. READ THE TERMS of your agreement. Some make you pay 2% or 3% of the balance. Maybe yours is different. If you don't pay the entire balance you will be charged approx 1.625 per month interest. (19.5% annually) This means if you only owe as little as $500 and pay a minimum payment like $10 or $20, your interest will almost be as high than what you pay. So you will never get out of debt if you keep using your card.
People who are ill or out of a job and need to use a card for medical bills or even to buy groceries don't have a choice. It's unfair, but often they're the people who get caught up in this credit trap. I was in such pain last year that I gave in and charged a root canal (which was a waste anyway) but I was fortunate and had a no fee, 0% card for a year.
However, if you have the cash and you've been able to pay your bills every month, why get a card that is charging you to use it? IIRC, you just bought a new computer package. Did you finance that?
Now I feel a little nosy & judgmental, but you asked. :-)
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