Is a credit apr of 24 % to much?

i dont have a credit score at all and been appling for credit card been always turned down i finally got accepted for a credit card through US Bank that is were i have my checking account it called us bank college rewards visa credit card the apr is 24% i dont know if this is good or bad and also i tend to pay the balance of before the due date since the amount that i was accepted for it only has a 200 limit so i wont be charging much on it and what does it mean grace period of 20-25 days what is that? and how long til i build credit and does the apr limit ever go down if so how long til it does? and does the amount limit ever go up? when?
Additional Details
when will i see a difference in credit and the apr and limit on the card will i be notified so should i accept this card? it the only one i got accepted for when others that dont have a job get accepted for lots of credit card and me i have a full time job and cant even get one only this one should i take it please help asap

No that sucks hard. That's a 'we don't trust you worth poo' credit rate.
If you don't carry a balance, then grab the card to start building credit and pay it off IMMEDIATELY.
USE IT ONLY AS A TOOL, DO NOT RELY ON IT!

Never carry a balance to another month.

Eventually they will raise the limit, and in turn you will see more cards.

However, you MUST listen to me here:
-Keep a copy of the contract you intend to sign for the credit card and ask questions via their # if you don't understand.
-be SURE the grace period is 20-25 or whatever days...some have changed it from 30 to 15 ensuring they will make some money on the balance.
-Do not open every card sent to you, many times people think they will save 10% at old navy or whatever by opening a card...well this is a one time deal only too. What happens is, if you open a bunch of cards, the creditors see this as the ability to go NUTS and run up a ton of credit you could never or never intend on paying if you go nuts.

Keep your amount of credit cards low. Open the first one and decline all others until you find a REALLY good one. Many offer VERY LOW APR% but then charge you the current prime which is another % on top. Be sure you know the TOTAL APR, and for how long that APR lasts. Many times credit cards will offer 0% then switch to 24% after 6 months to a year.

Also - when you do finally find a good card with a good rate, you can apply and get that card. Hopefully with some sort of perks like miles, points, or cash back on it too! At that point, call your FIRST credit card and ask them to lower your rate or you're leaving them.

Once you have a couple cards, (visa , mastercard) don't open more than a couple department store cards that don't offer specials via using their cards more than once. IE: I have a macy's card and get 20% off certain things during certain times of the year....

ALSO - the longer you have a credit card, the better your credit score will be. Keep your credit ability down, your income high and your payments for EVERYTHING on time and you could get whatever you want (house, car etc) with a GREAT interest rate in 5-10 years!

Do not do what all the idiots do out there. They open one card, run up the card then open another that has 0% interest and pay that one off with the second card and keep doing this. The credit cards companies know this game and you will eventually fall into a trap.

**Believe it or not, just being late on your phone bill say, if it hits your credit report, will put you in a different category...your 0% apr credit card company has the option to IMMEDIATELY raise your apr to 25% + prime AND accrue ALL the interest that you SHOULD have paid with this card while you had it , check the contracts and ask this question ***

Credit is a freaking trap by soulless pigs. Your credit is worth more than 10% at some cheesy dept store, and your life depends on good credit, without it you will pay more for EVERYTHING and, it will affect your ability to get a job and you will pay higher car /health / life insurnace with bad credit!

Amazing how bad it is...and ANY company can complain that you didn't pay your bill and slap your credit report with a bad payment history...even the local mom and pop store that maybe realized you didn't pay enough for something, and contact you to pay more...you refuse and BAM without your knowledge (because they dont have to) they submit a report to TRW or equifax and you have a blemish.
Always check your report yearly or sign up for a system that alerts you to any changes.

BTW each time you apply for credit even, hurts your score!

It's a slippery slope, and I hope I was of some help. I ran into issues that have taken me going on 7 years to resolve.

I truly hope the governments step in and give us better empowerment to our own credit reports. It's very sad.

The APR won't matter if you pay off your credit card bills in-full before the deadline. You only get charged interest if you make late payments or don't pay in full. So if you plan on always paying it off, which is a good idea (I do so myself), you have nothing to worry about : )

24% is very high but it doesn't matter if you pay the entire balance off every month. The grace period means that you don't have to pay the balance, like, two days after you make a charge on the card. They give you 20-25 days after the end of the billing cycle to make the payment. The APR typically won't go down automatically. After a few months of making your payment on time you can call the credit card company and ask them to lower your interest rate. If you refuse you can tell them that you will take your business elsewhere and that usually spurs them to lower it a bit. The credit limit will go up...if this is your first card it will probably take a year or more...but, again, you can always call them after a few months and ask them to raise it. The worst they can say is no.

24% is a little high but since your new to credit cards it is typical. If you pay your balance in full every month then you do not have to worry about the apr. Once you have built a good credit history you should be able to get a better card.

If it is your first credit card don't worry about the APR just try and make a monthly charge and pay it off right away, before interest accrues. You have a grace period between when you charge something and when you get your statement before the balance starts accruing interest, so as long as you pay the balance in full each month the APR doesn't really make a difference. Different credit card companies have different protocols for raising your limit, some just do it and others make you request it. Honestly if you charge and pay your card off regularly for about six months you will start getting a million other offers from credit cards and can get a better interest rate and higher credit limit. Just make sure you pay that card off every month so you can establish good credit.

24% is too high! However, it is a first card so take it.
First off, stop the applications for credit now. The more you apply for credit, even if you get it, your credit rating goes down. Even if you just want to look at it to see what it is, it will go down.
Wait for at least 6 months, a year, preferably 2 years before applying again.
You can go to the bank where you have your card and tell them you want a low interest credit card if you intend to carry a balance.
The "grace period" is the amount of time you have from purchase till you are charged interest.
I would have that card a year, never missing a payment, before trying to get a regular low interest credit card.
If you are doing well with the card the credit limit may increase and if you do not want it to go too high, let them know right away. This can take several months or even a year.
Once you do have good credit and want a different card or another one, make sure you find out if the low intrest rate is an introductory offer or a regular thing. Some of these cards offer 10% but if you read the fine print it is only for a couple of months and then it is back up to 19%.
IF you want a card that gives you rewards, like the one you have, you usually have to pay an annual fee for it and higher interest rates.
Ask yourself if the "college rewards" are worth anything to you. Will you use it? After you have established your credit rating you can shop around for other "reward" cards. I have one for a flight mileage plan.

It's allot, but if you pay balance in full, they not going to charge you interest, plus is a first card,
after a year you will get more cards and better %. You just have to show thet you are responsible person.Good Luck!

Yes, its high, usually their 16%
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http://www.bestcreditrates.net

24% borders on being criminal. The rate should come down and the limit should go up as you demonstrate good credit practices.

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