 Credit Card Question??? How to get one????? |
I really want a credit card, but do i need credits in order to get one?? or do i apply for one???
How does a credit card works??
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MELISSA | Credit Card Suggestions? |
Right now I have 3 credit cards.... I don't use them anymore and eventually I would like to pay off the balances...I know it could take awhile. I was thinking about transfering the 3 to one combined cards. Do you think thats a good idea?
What credit card do you suggest I get?
Here's the current situation--
Credit Card A- Balance-107 Credit Limit-150 APR- 18%
Credit Card B- Balance- 914 Credit Limit- 2500 APR 24.55%
Credit Card C- Balance- 362 Credit Limit- 410 APR 17% |
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VinTek
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At this point, transferring your balances to a 0% card probably isn't worthwhile; most of these cards charge a fee for a balance transfer and your balances aren't really big enough to make paying the fees a cost effective solution. A helpful thing would be to call each credit card company and try to negotiate a lower interest rate for each card. Threaten to transfer the balance to another card if you have to, even if you don't really mean it. They want to keep making money off of you, even if it means less money than they'd hoped. Once that's done, it's time to pay off the cards.
You've been given to 2 methods of reducing debt and paying off the cards. They are as follows:
Pay at least the minimum on all cards each month, but concentrate your efforts on paying off the one with the highest interest first. This is mathematically correct and will ensure that you will maximize your payments to principal and minimize the payments for interest. If you have the discipline to do this, then this is what you should do.
The second method is to pay at least the minimum on all of the cards, but concentrate your efforts on paying off the card with the smallest balance first. This called the "Debt Snowball" method and is endorsed by Dave Ramsey. While it is not the most efficient way to pay your cards off, it may be more effective from a psychological standpoint simply because it's so much easier to see your debt being eliminated as each card gets paid down. If you think that using this method would help you to persevere in your plan to pay off your cards, by all means, go ahead and to it this way.
Finally, a word about credit cards. They can be a great tool if used responsibly and in a disciplined manner. You don't have to worry about interest rates if you pay off the balance each and every month. Get a card with not annual fee and that pays you back something for your purchases. I have 2 cards, each of which pays back 5% on gasoline, supermarket and drugstore purchases, and 1% on anything else I buy. I get back about $600 from these 2 cards every year, and I don't pay a penny in interest. You might not spend enough to reach the $300 payback limit that these cards have, so you might only need one such card.
The point is that you can work the rules in your favor it you do so in a disciplined manner. Don't ever be late with a payment. Don't buy anything if you don't have enough money in the bank to pay for it. Keep track of your purchases so that you don't get in over your head. If you can do all that, then a credit card can be a useful tool. |
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briandoogan13
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I've been with MBNA for years now and never had a single problem with their service. I would definitly recommend them |
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ThatLady
 |
Good for you for trying to get rid of credit card debt! What you should do is work on paying off the lowest balance first while making minimum payments on the others. So, pay off Cred Card A as soon as possible. Then work on Credit Card C. This gets rid of the balance and helps you to stop paying interest on those (however small). While you're doing that you could try to see if you can find a lower interest offer and transfer the balance of Credit Card B to that. Are you a member of a credit union? Check with one. They usually have the lowest interest rates (from my experience). |
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Dave
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Credit cards do not help anybody except the credit card companies. If you decide to transfer balances be very careful that you do not and I repeat do not use the other ones. I would literally throw them away, because it is too tempting to begin again.
That is the problem with getting a zero balance by using the equity in your house...pretty soon, you will lose the house.
You do not have big balances. That is very good. Get one credit card, you will have a lower rate to pay monthly. Put that money away in a savings account for future needs.
Of course you will be losing money in the long run because the interest that you are paying for credit is greater than the interest you will be making in a savings account.
But the big difference is: You will have CASH!
Once your credit card is paid off...then only use the card with the idea in mind that at the end of the month you will pay that entire balance off.
Too much credit is bad, spending is too easy to do, and could keep you from buying a home. So, use it wisely. It is much harder now to apply for bankruptcy.
By the way...get the lowest interest rate possible. Even call the companies to talk them into a better rate. |
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T
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try and get a crad with 0% int on balance transfers for 6 months - it depends if your britain or row but maybe type 0% balance transfer on your search engine |
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cinderella
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i just did a credit transfer to natwest, they are offering a 9 month 0% interest balance transfer. |
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playfultoyz
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first off pay off the 150 cca thats so easy to do.
then pay off 362
then save the biggest one for last i know its more interest but in a month or 2 you'll have those other ones paid off. then concentrate on the big one
i wish i had your debt!
as for getting another card DON'T then they might approve you for more then you'll use it and then your not getting anywhere then are you. good luck |
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Shopaholic Chick
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ok first if you are not in default - meaning missed payments - call each card and ask the following:
can you lower my interest rate?
do you have any promotional offers for balances transfers at this time?
many cards will lower your interest if you are in good standing and ask.
also many cards will give you 6 months at 4.9% for balance transfers - or something similar.
do not transfer everything onto the card with the high limit - unless you get a transfer special & can pay it off in that time frame. - it has a higher interest and will cost you more in the end.
when you get the transfer rates if you for exampled moved A onto B at a 4.9 rate you would owe 914 @ 24.55 & 107 @ 4.9%
when you make a of say $20 - it would take $10 off each balance (or what ever split that cc uses)
what i did was i transfered all my balances around to keep as much as i could on promotional 6 month rates - and paid off as much as i could. i would always send more then the minimum. also i got paid twice a month - so i mailed them checks twice a month. i was paying more in interest to them - then i was earning on my savings account - so better to pay them off faster!!
I paid off 32k in under 2 years making only 27k a year and having to pay for household expenses!! |
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zul2973
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gimme the cards and i'll use them all.. |
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nikki_houston
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Go with the lowest interest. However, talk to a financial advisor (hopefully you have a friend who is one) and they can make suggestions on what the best deal would be for you. Also, look at the saving long-term that you will benefit from less interest coming from only 1 card. |
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illi23
 |
switch to the one with the lowest APR, cc-"a"
all those credit cards have really high APR's try getting one more with your bank, they are usually in 6%-12%, then pay it off |
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dutchfam7
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Why would you even need a credit card? All you are doing is borrowing money to purchase something with interest. Is whatever you are buying worth the extra 20 cents on the dollar? If you want to get rid of the credit cards why get more? The frustration you are having with these credit cards will not go away with another card. Pay off the debts smallest to the largest and get rid of them. |
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ArkyGirl
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I would transfer them all to one with a "low interest rate until the balance transferred is paid off" or one that says "zero percent on balance transfers and purchases". Definitely find a different card- you are paying too much on interest! |
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JUSTCHILLIN
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throw them away when you get them in the mail. |
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Anonyman
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1. Call the second card company and have them reduce your limit to $1,000 before you get yourself into a problem so big you can't get out of it.
2. Pay off, cancel, and cut up the first card.
3. Pay off, cancel, and cut up the third card.
4. Pay off the second card as you can. |
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Spoon
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Ya don't get one |
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