Credit card/visa?

Question

i need help figuring out this whole credit card thing.

this is going to be my first time applying for a CC,

i just turned 18 so i dont really know how it works and such.

how much money do you need in your bank account in order to apply for a CC? and what does Visa Program mean?

example:

*Visa Program*

GOLD†

(Variable Rate)

$5,000-20,000

does this mean that you have to have atleast $5k in your account to apply or does this mean that you can spend $5k to $20k? i dont really know, so please help me.

and if i apply for it today, when would it be approved?

also the bank is Credit Union 1.

thanks so much =]

Answer 1

You do not need any money to get a credit card. All you do is apply and if approved they send you the card. Since you are young your credit limit most likely would be between $ 300- $1000. I think that visa program is a type of loan not a credit  card. I do not know ow that visa thing works but that dosn't sound like a type of credit they would give a teen. Every month you get a bill in the mail for how much you charge during that month. If you do not pay the entire balance they will charge you a finance charge(interest) until the balance is paid off. Once you pay on time for a few months they will raise your credit limit and you will be able to charge more then before. Just make sure you pay it...it is very hard to get caught up if you are late. The fees are outrageous. I hope this helps...Good luck....Some popular banks and websites you can get info about credit cards....

www.bankofamerica.com

www.capitalone.com

www.wamu.com

www.citibank.com

O and many banks approve you the same day. If not they will send you a letter or in some cases the card will just come. Some banks have a harder application process.

Answer 2

You should check out the helpful site below that has many cards from you to choose from. Since you are starting out, it will be easy for your to apply for the cards at the bottom of the page that don't require any credit history. You can use any card as a credit or debit. Just ask the company you get it from to give you a pin number. You can apply online and find out instantly if you got approved through the site below! I used it for my first card and it worked great. Good luck!