23.99 APR for a credit card

Question

I'm just starting to get a credit card so I don't know much and want to start out little. It is a 200 dollar limit with 23.99 APR. So if I spend 50 dollars, how much more are they going to take out?

Answer 1

Your credit must be in the shìtter, because that's a horrible APR.

Answer 2

That's normal for you first credit card.  Pay it in full every month and then they can't charge you interest.

Answer 3

That is high APR, if you spend, you should definitely pay it off as soon as possible and don't only pay the minimum because most of that will go towards the interest.  

Answer 4

If you pay your credit card bills in full and on time then APR does not matter. Otherwise you will have to pay late fees, financial charges and interest charges.

Answer 5

AHHHHHHHHHHHHHHHHHHHHHHHHH! Ouch what a horrible rate!

Go to your bank and talk to someone there.  If you've been a customer with them and in good standing for a while, they'll have better options and can answer any questions and teach you about credit.

Answer 6

If you pay it off every month, the APR really doesn't matter.

In order to get better cards/APR, you need to pay off your balance every month.  If you use and pay off the card any time you use it you will build a positive history and get offers for cards with lower APR and higher limits.

I started off years ago with a card with a similar small limit and high APR By using it and subsequent cards responsibly I now have several cards with high limits and low APR's

Answer 7

23.99 is high. If you spend $50 and when you make your first

payment, the majority will go toward the interest only

John 17:3, Psalms 83:18

Answer 8

Well to be honest with you 23.99 is a very high interest rate however it won't really seem like a lot since your credit line is only $200. And if you spend $50 and say you paid $10 a month for 5 months, you would pay approximately $5 in interest because $50 * 23.99 = $11.99 lets just round up to $12. That's $1 a month...

And that person that said $90 doesn't know what shes talking about.

Answer 9

If you spend 50$ and dont pay the entire 50$ when your payment the $50 will now become $61.99.

Ouch....that sucks....but it is your first card. you might want to try and apply for a lower intrest credit card. Here are a few cards you might want to take a look at

http://www.easy-creditcard.com/low-inter...

Answer 10

Your card holds a high APR.  I suggest you use it only in an emergency and pay off the balance when you get the bill. Don't be late with a payment, they will up your APR.  It really hurts to give out extra money to the credit card companies when paying them back.  Be responsible and  wise, you'll be glad you did!

Answer 11

That is a pretty high interest rate. But, that is per year so if you only have the 50 and don't pay it, in a year it will have increased to aprox. $90. The point of credit cards is to gain credit. Pay off your balance every month and never use more than 1/2 of what they allow you too (100).