first credit card

[brownboi512]

so i turned 18 and am looking to get my first crediit card so i can start building credit. i dont plan on charging more than what i have in the bank an dplan to pay off the balance every month. the ideal credit card i am looking for has no interest for a certain balance. i know 1st finanacial bank has no interest if the balance is under 250, i am looking for one similar to that. ive checked out bettercreditcard.com but couldnt find much. any help is appreciated.

 

[jmcoreymv]

If you pay off the balance every month, you don't have to pay any interest.

 

[alphatarget1]

Originally posted by: jmcoreymv
If you pay off the balance every month, you don't have to pay any interest.

I think you have to pay it within the grace period... 20 - 25 days, but i'm not 100% sure.

 

[brownboi512]

well in case of an emergency where i dont have any funds and i need to charge something i would like no interest until i can get some money. whats the general time period of a grace period? thanks

 

[3chordcharlie]

Originally posted by: brownboi512
well in case of an emergency where i dont have any funds and i need to charge something i would like no interest until i can get some money. whats the general time period of a grace period? thanks

you get your bill, and it has a due date on it; after this due date, you're not in the grace period.

 

[SwiftWind]

Don't get your first credit card for emergency. Get a credit card to build your credit history first...

 

[JEDI]

Originally posted by: brownboi512
so i turned 18 and am looking to get my first crediit card so i can start building credit. i dont plan on charging more than what i have in the bank an dplan to pay off the balance every month. the ideal credit card i am looking for has no interest for a certain balance. i know 1st finanacial bank has no interest if the balance is under 250, i am looking for one similar to that. ive checked out bettercreditcard.com but couldnt find much. any help is appreciated.

capital one 1.25% rebate card (1% plus a .25% bonus in nov)
penfed.org 1.25% rebate (plus 5% on gas)

if u have $10k and dont plan on touching it ever:
emigrantbank 1.4% rebate

household 2% rebate (credit line is like only $500) <----- best pick but hard to get

 

[GML3G0]

I like and have the Citi mtvU card. It's not exactly what you described in your post, but its fantastic when it comes to rewards. Five points (which is A LOT - most other cards give only 1 points, 3 points max) per dollar spent on books (although I think anything you purchase on Amazon, if its not through one of their merchants, counts as a "book," since they used to be a bookseller), entertainment (movies), and restaurants. And you get points for paying on time and for having a good GPA. Check it out.

 

[Schfifty Five]

Originally posted by: alphatarget1

Originally posted by: jmcoreymv
If you pay off the balance every month, you don't have to pay any interest.

I think you have to pay it within the grace period... 20 - 25 days, but i'm not 100% sure.

no you don't.

 

[kranky]

IF your card has a grace period for new purchases (and don't get a card which doesn't), then you will have 20-25 days from the billing date to pay the entire balance before you have to pay interest.

Let's say your billing date is April 9. The statement period might run from March 11 through April 9, roughly one month. Everything that was POSTED in the statement period is part of your balance when the bill comes. You might have until April 29 up to May 4 to pay that balance in full without any interest.

Every purchase has a "purchase date" and a "posting date". The posting date might be the same day or a couple days later.

If you plan to pay online, better set it up as soon as you get your card and make sure there's no limit on the first online payment. Some people just log in a day before the first payment is due, only to find their bank puts a limit on the initial online payment and they are screwed. Right off the bat they get a late fee. Plan ahead. Dop't assume you can make a payment on the due date and it will be counted instantly. Read the terms and conditions.

If you don't pay the whole balance one month, you usually lose the grace period and will pay interest on every purchase the next month.

 

[PHiuR]

my first credit card was a Citi Platinum Select...they gave me somewhere between $500 and $1000.