..yea well whats an APR? Why are there different rates for the same card? What is "Minimum Finance Charge for Purchases"?... lol what should i avoid as in hidden fees, or tricky wording? Thx...

 

have u tried google? :fawk:

http://www.google.com/search?q=how+d...en-US:official

 

HAN > Google but thx

*EDIT* btw those links are talking about how the magnetic strip carries the CC # and such you know... how they work

 

such a simple idea has been thrown into the "Corpratize IT!" blender and mixed and complicated so much, it's not worth the hassle.

I'm 24 and have never had a CC. There are just too many "if's" and it's too easy to mess up and then owe them a compounded 24% intrest for the past 24 months plus the remaining balance and your left nut, plus they will want you to buy them some gas and food and offer them a 4 or 5 start hotel if they come to visit. It's just a load of BS anymore. I'm going to hold off on getting one of those damn things as long as possible.

 

Thats what i'm afraid of... that If i miss a $10 payment it'll multiply into a $1000 debt somehow ... err I dont know how, somehow. lol.

 

Annual percentage rate. It is the percentage you pay in interest annually Divide that number by 12 to get the percetage rate each month. There are different rates for the same card because there are different ways to borrow money. Straight purchaces, balance transfers, cash advances...yada yada. I think minimum fiance charge is the smallest amount they are going to charge you in interest. For example you can buy a $.10 item with your card. Charging interest for that will be very small, so they set a minimum charge. So they can charge you a $.50 charge even though that is no where near the APR for a $.10 balance. I think*

If you pay your account in full before the grace period is up, there should be no fees at all if you are using a "no annual fee" card. Once you hold a balance for longer than the grace period, then you start giving them more money in the form of interest.

When you are making things like balance transfers or cash advances, then you should really read the fine print for "hidden charges" or "tricky wording." If you are only using the card to buy things, then pay off...I would just look for a card that gives you cash rewards and have a low APR...no annual fee of course.

 

how old are you?

 

Birthday:
February 16, 1982

 

At age 23...you probably should already have a good grasp on how credit works. h:

 

23 and doesnt understand credit cards/financing????? :down: