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| *Ostroff, Fair and Company>>>Credit |
Which credit card should I go for? |
I have never own a credit card and was thinking about getting a capital one visa card, but I'm not sure which one would suit me. ( I did manage to check out their website, but I want to make sure I pick the right one) I have a very low credit score and wish to build some. I'm not looking for a credit card so I can buy anything I want. I'm just looking to spend at least 150$ a month and pay it off before due date just so I can build my credit score. I understand my APR will be high, but eventually it will drop down. Any suggestions???? If you really intend to pay it off every month, your APR is irrelevant to your search. Find a credit card with no annual fee, and spend as little as possible each month. Part of your credit score is determined on how much of your credit you use a month. Capital one is fine, but their service is not the best. Then again, they were my first credit card too and I didn't have any serious problems. Just be careful about how much you spend and be sure to pay your bill on time, every time. It seems like you have the right mind-set towards credit cards. As long as you have a game plan set and you won't use the credit as a means of income to spend, capital one will be just fine. My first card was capital one and I never had any problems. I don't know if I should say this but eventually I was in such good standings with them, they sent me an offer to do a balance transfer and the apr will be 0% for the life of the balance (as long as I didn't default). So I had about $3000 left on my car loan which had 14% apr. So I transferred the balance to the 0% offer and I paid off the rest of the balance in a timely manner much quicker. That's my experience with capital one. A very good one at that. As long as there are no annual fees, you'll be fine. Capital One was my first card as well. i started with a secured card, as I had poor credit, and I was eventually refunded my security deposit and given a no-fee card with a good APR. As the other have said, if you pay your balance in full every single month, the APR is irrelevant. Once your credit has improved, you may be able to get them to waive the annual fee. You'll want to keep the card, as having cards for a long period of time improves your credit score as well. Check out several credit card companies. They all have website nowadays but make sure to read the terms and conditions before applied for it. Most credit cards have no annual fee. However, if you have a low credit score or little credit history, they may require you to get a secured card. That means you have to put down at least $99 to use it. After 6 months proving your payment history, credit card company will review it and refund you the money back. It'll take 45 days from the day you requested the money back to get your money. In your case, APR is not your main concern because you'll pay off every month anyway. Try chase or wamu, and orchard bank and for apr no higher then 14.00% Here is a list of credit cards for people with no credit history http://www.ccvault.com/credit_cards/bad_... I recommend Orchard. good luck Since you'll be paying your balance in full, you should get the card that will pay you the most for your spending. Personally, I funnel nearly all my spending through credit cards and pay in full each month; that way I maximize my reward earnings. If you're a college student, you should consider the Citi mtvU student card as its rewards are very good. (I wish I could get it!) The Citi Driver's Edge for College Students is also quite good. You might find this reward calculator useful to compare what you'd earn in rewards from the various rewards cards: http://www.creditcardtuneup.com/... |
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