Credit cards how dose this one work?

Question

"Standard Platinum Credit Card for Young Adults"

Purchase APR: 0% until December 2008;

after that, 19.55% variable

Transfer APR: 19.55% variable

Transfer Fee: $0

Annual Fee: $0

Credit Limit: $300–$3,000

This credit card i found sounds good but what dose the "Transfer APR- 19.55%-variable" mean? how much would this card cost and how dose it work? I'm trying to build my credit is this the right card?

or should i choose a different one from this site:

http://www.capitalone.com/creditcards/products/young-adults/?linkid=WWW_0608_CARD_TGUNS03_CCMAIN_H3_13_T_CCPYA

Answer 1

in order to build credit, you need to get lots of different credit cards and use them regularly and you must pay off the entire balance every month. Don't be late with your payments.

when you are late, you are assessed late fees and interest on the outstanding amount. They charge you 19,55 % interest.

Sometimes, people borrow money from the credit company and they do not charge a transfer fee in your case but they will give you a period of free usage until december 2008. After that, they will begin charging you 19.55 variable interest rates. This is a deadly credit trap.

Don't get involved in this unless you have a lot of $$$ to cover your debts. In Texas, the interest rate is as high as 50%. Watch out.

Use the credit card carefully but you must be able to cover your debts.

Answer 2

0% APR until Dec '08 means that on purchases you make (ie-you bought a shirt somewhere), the won't charge you an annual percentage rate on the purchase.

A 19.55% variable means that your rate can go up or down depending on the market...right now, I'd say a lot of people's rates are going up a little.

Transfer APR is the percentage rate you will be charged for balance transfers...aka if you put the balance of another card onto this one.

A transfer fee of $0 is great.  That means you won't get charged an extra fee for transfering balances.

You want a card with no annual fee.  I think getting charged for using a charge card is pointless...hence why I got rid of my Best Buy card!

A credit limit between $300 to $3000 means that your credit limit on the card with be anywhere between depending on your credit rating.

My very first credit card was a Capital One card...with pretty dolphins!  I've had the card for many, many years now.  It is the best card I have ever had.  Back when I got it they were very nice giving me 19.24% APR and a $500 credit limit.  At that time I had no credit at all, of course.  Now my APR is 14% but my limits the same.  They actually have asked me if I wanted to raise the limit and I said no.  Right now is a difficult financial time, for a lot of people I'm sure, and I don't want to have to depend on a credit card.

Take your time looking and maybe have some people help you look...people who have had credit card experience.  I also have a student Mastercard through my bank that has been pretty cool.

Hope this helped!

Answer 3

Yes, how DOSE one work? lol

Call a complany you're interested in. They will give you more than enough bullshit I mean information.