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How do I go about trying to get a credit card? How do I find out the interest rates for the card?


Haven't had a credit card in years. Would like to get a card just to help build credit. I only want a small limit on card. I'm super respomsible about making payments. Don't have much debt at all but don't have anything to build it except my car loan. Any info would be appreciated

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ProudMammaMia

Asked by ProudMammaMia at 8:56 PM on Feb. 27, 2010 in Money & Work

Level 17 (3,619 Credits)
Answers (8)
  • You could go to your bank and talk to them. I'm sure there are websites like visa.com or mastercard.com and they'd have interest rates, etc. Read the fine print though. Rules for the cards change Monday
    Anonymous

    Answer by Anonymous at 9:03 PM on Feb. 27, 2010

  • You could open a savings and checking account at a credit union. Then either right away or after you have been a member for awhile you can ask for a credit card. It should have a good interest rate and help your credit score quickly. You can probably do all your payments online.

    My son did this and also got a $500 computer loan. He made the payments on time and paid it off early. He was then able to get a house loan at age 21.

    Gailll

    Answer by Gailll at 9:04 PM on Feb. 27, 2010


  • OP Here: might be a stupid question but what's the difference between a credit union and a bank? I honestly don't know what it is. Thanks
    ProudMammaMia

    Answer by ProudMammaMia at 9:15 PM on Feb. 27, 2010

  • Here's a good link about the pros and cons of credit unions vs. banks.
    http://articles.moneycentral.msn.com/Banking/BetterBanking/DitchYourBankForACreditUnion.aspx
    Anonymous

    Answer by Anonymous at 9:42 PM on Feb. 27, 2010

  • Girl.... I would run from credit card for building credit if I were you. They are traps and you can get so over your head before you know it. After you get one then you will be swamped with invitations in your mailbox. The offers are made to suck you in and they will offer no interest for 6 or 12mo... it is very hard to turn them down. They will then increase your credit limit and then you will inadvertently see things you want and fall into the trap of no interest. Before you know it..... all of your money is going to credit cards. You should visit the Dave Ramsey website.... he is an awesome financial advisor and offers alot of free information. There are so many ways to build credit besides Credit Cards.... uuugh. I am talking from experience, been there, done that. If I ever get mine paid off I will NEVER get another one. I have cancelled the ones we had. Try borrowing small loans from your bank for small purchases.
    Granna2006

    Answer by Granna2006 at 9:45 PM on Feb. 27, 2010

  • I would go thru your bank, they tend to have lower interest rates and smaller payments than credit cards that you can get thru places like department stores. And you can usually set a pretty small limit, my bank visa has a $500 limit. Or, if you shop alot at somewhere that offers a credit card with rewards points, pick up a brochure and call the number, run thru the rates and conditions with the phone rep.
    StellarJKD

    Answer by StellarJKD at 9:59 PM on Feb. 27, 2010

  • Believe me you don't need a credit card. If you can't pay cash, you shouldn't buy it.
    But.... if you insist, I'd join a credit union and get one through them. Forget banks and their cards. CC are out for blood.
    Giving you a credit card is not a favor, they are not trying to help you out. These companies are out to make money and thats it.
    Even with the changes congress made that are supposed to be consumer friendly there is not really any thing that keeps them from screwing you.
    itsmesteph11

    Answer by itsmesteph11 at 9:10 AM on Feb. 28, 2010

  • The BETTER way to build your credit score, is by having utilities in your name--phone, electric, cable. Paying those bills on time, and in full will do wonders for your credit!

    If you still want a credit card, you should apply for an American Express card--small annual fee but NO interest rates. You HAVE to pay the balance in FULL each month, or your account is frozen until you do! That will keep you from racking up debt!

    The other thing you can do, is when you open a checking account at your bank, ask them for their Visa or MasterCard "Check/Debit Card." You can use the card like you would any credit card, BUT the money is withdrawn IMMEDIATELY from your checking account--but you'll get credit as if it was a traditional credit card, and there will not be any annual fee or interest assessed. BUT, you can still be assessed bank fees for insufficient funds if you go over--typically $30-40 for each overdrawn purchase made!
    LoriKeet

    Answer by LoriKeet at 10:58 AM on Feb. 28, 2010

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