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 MASSIVE CREDIT CARD DEBT? |
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 What if a collectors says see you in court? |
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 What percent of my paycheck can i spend on myself? |
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Additional D... |
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Additional Details
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Amazing Babe | APR of 23.8% for a store Credit Card. Is that good or bad? |
Should I get the card? |
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boomn4x4
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If its a house card (such as a Lowes, or Macys, or Best Buy) then 23.8% isn't a bad rate... pretty normal for those types of cards. The benefit to having those cards is that they give you special perks for using the card. Sometimes they will give you 10, 20, maybe even 50% off for using them. And often they will send you coupons in mail that will give you extra discounts. Sometimes they will hold special "card holder only" sales where you can get good discounts.
Contray to what everyone says that you are stupid if you don't pay off your balance every month...if you use your card wisely and take advantage of special promotions, you can save yourself good money even if you are paying a 23.8% interest rate.
Example.
A pair of shoes costs $100 at Macy's.
If you use your Macy's charge card, they will give you an additional 10% off.... you pay $90 and save $10.
If you make a payment of $15 a month for those shoes @ 23.8% you will pay off the balance in 7 months and have a total interest charge of $7 for a total cost to you of $97... you still saved $3 by putting it on your charge card....
On the other hand 23.8% is pretty bad for a regular old credit card. It should be very difficult to find a lower rate card.
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Wayne Z
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It's a bit high but store cards are always high.
If you pay it off every month, you don't have to worry about the interest rate.
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Duane L
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That's a horrible rate, stay away from it. Unless of course you can pay the bill in full each month. |
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Firebird
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It's irrelevant, because if you use a store credit card, you MUST NEVER actually pay the interest. It's much too costly. Don't buy ANYTHING that you can't pay for right away. Never ever.
The reason, obivously, is that you'd have to be a total idiot to borrow money at 23.8% interest, and you're not an idiot. If you pay it off immediately, you won't have to pay that. |
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tish
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horrible. don't get it. |
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kelly
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oh wow yes that is very high it like saying if you spend 100.00 you almost be giving away 25.00 dollars. |
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geturpopcrnready
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Thats really high. I wouldnt get the card. Go to a bank or credit union and get a card that will give you 0% interest for 9 months and then any where from 9-19 after that. Would not get it stay away from it |
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D.Zilla
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No, to crazy high. The highest I have ever had is 12%. any thing above that is absurd. |
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Clayton F
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Something to keep in mind in addition to the rate is that each time you apply for one of those store cards and they access your credit report, your credit score actually goes down a little bit (whether you get the card or not). I generally make it a habit to say no thank you when they ask if I would like to "save 15% by applying today". Not worth it to have it affect your score...especially if it is poor already. Better to ask your other credit card company (assuming you have a visa or mc) to increase your limit and use that at that store...not limited to where you can use it and usually a lower rate. Take it from me. I had a poor credit score and had to take out a car loan at 12.74%. After a year of paying down account balances and keeping my credit record clean, I refinanced both my car loans and saved...$16,400 in interest over the life of my two car loans...THAT IS A LOT OF MONEY! |
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La Vie Boheme
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No..That is very high. You are better off getting a low interest rate Visa or Mastercard |
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cody b
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Not great really to be honest. |
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SmartAndHot
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I always suggest my customers to not get store credit cards. They are very useless and have very high APR. You should rather get a card offered by a reputable bank. They have far better services and rewards. See the site below to find a card from these banks. Stay away from store cards. |
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