Q&A: What is a very good apr for somebody whos never had a credit score card?

Question by liljerzgurl128: What is a excellent apr for someone whos by no means had a credit score card?
Ive by no means had a creditcard and im making an attempt to apply for 1 but I don’t know what a great apr is. I am searching at one now that has a 22.9 apr price. IS this very good? is it as well large? I know nothing at all about these things so whatever info you could give me in the easiest terms would be tremendously appreciated.

Greatest reply:

Response by Hey HEY HeY
APR is an annual Percentage Price, that is the price of interest the credit card firm will charge you over the complete yr if your do not make a complete payment on your bill. Credit score Card firms can promote interest costs on a month-to-month basis(e.g 2% per month), but they also have to mention the APR to buyers before any sort of agreement is signed. For e.g, a credit score card company might charge one% a month, but the APR is one% x twelve months= twelve%. Hope that helps you!

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Originally posted 2012-12-23 13:05:02. Republished by Old Post Promoter

4 Responses to Q&A: What is a very good apr for somebody whos never had a credit score card?

  1. Ed360

    You should treat a credit card like a debit card. Never spend money on credit cards that you don’t have. In your position you will have to take the lowest rate you can get. 22.9 is terrible but you will not be able to do much better unless you are making a tone of money. If you are responsible the rate will not matter.

  2. Asil N

    When I first started applying for credit cards out of high school, I got two at the same time.
    My Capital One, has an APR of 16.9%, and Wells Fargo had an intro APR of 9.99% I believe, but it soon jumped to it’s regular rate of 21.65% (Really not good… I got it because I wasn’t paying attention to terms when I applied, I just wanted a card. I keep it because it’s one of my oldest accounts).

    22.9 is definitely not good. If you look around, I’m sure you could find something for under 20.

    Browse through this site:
    https://www.creditkarma.com/savings/creditcards
    It lists credit card companies and what cards they offer, lists what pros/cons the cards have, and has card reviews for each one.

    It also lists what credit scores you will probably need to get these cards (Excellent, Good, Fair, etc.). Since you’ve never had a credit card before, pay attention to the cards for those with low credit scores.

    The site may seem a little awkward to navigate at first, but what I do is go to “Filter Results”, select an Issuer (Credit Card company) I may be interested in, and look through what they have to offer.
    Click on the name of the card, and you’ll get a much more detailed report + customer reviews for the card.

    Good luck!

  3. SumDude

    You can make the rate 0% by paying off the balance IN FULL every month after you get your statement (and before the due date, of course).

    2% per month is high. Mathematically (only considering interest rate, and it compounds) if you bought a big screen TV January 1 for $ 1000 but made no payments, Dec 31 you would owe $ 1240+ for that TV.

    The lower the APR (annual interest rate) the better, if you must carry a balance.

  4. StephenWeinstein

    It does not matter, because that card is probably only for someone who has had a credit card, so you probably cannot get it.

    The only type of credit card that someone who has never had a credit card is likely to be able to get first is a “secured” credit card. After having a secured credit card for a year, you might then be able to get the card you really want.