Which low APR credit card would you suggest?

My hubby and I need to build our credit (we basically have none), and so we want to open one credit card. We're planning to research several before we apply for anything, but I wanted to ask you ladies for any suggestions for a good credit card. Something with a low interest rate, and one that will take people with relatively low FICO scores. Even better if it has a rebate or mileage link. Thanks!!

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musicpisces

Asked by musicpisces at 2:00 AM on Oct. 11, 2008 in Money & Work

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Answers (12)
  • You don't have to pay interest to help your credit. If you get a credit card, make sure you follow your budget and only buy things you can afford to pay cash for. As long as you don't get one with annual fees, you won't be spending more on items than they initially cost. Do you have good self-control? If you do, you should be able to handle a credit card just fine. If not, you may want to look into another way to build your credit score that doesn't have the dangers credit cards do.

    We have an 8.90% interest card through Capital One, but we got a really good card. Most of theirs have annual fees and skyhigh interest rates. We also have one through Bank of America that is a 9.90% interest rate and we get rewards which is nice.
    degsyuna

    Answer by degsyuna at 9:21 AM on Oct. 11, 2008

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  • I got a Chase Visa from amazon.com...you earn points toward free stuff on amazon.
    prettyrayray

    Answer by prettyrayray at 2:43 AM on Oct. 11, 2008

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  • Well then again, I also have a Discover card too, once a year you trade in your points for either cash, or you can get a little more and get a gift card to certain places for more than you earned in cash...for example I earned $20 in cash from using it, but could also get a $25 gift card to Red Lobster :)
    prettyrayray

    Answer by prettyrayray at 2:44 AM on Oct. 11, 2008

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  • Capital one ... their rates are crazy high.
    Wamu used to be the best but they got sold.
    What ever you do ... DON'T apply for a first premier... Hidden Fees up the ying yang!
    rivmom

    Answer by rivmom at 2:46 AM on Oct. 11, 2008

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  • Good to know about First Premier! They're on a lot of the sites for bad credit.
    musicpisces

    Answer by musicpisces at 2:56 AM on Oct. 11, 2008

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  • Before you get a credit card please read this!! Did you know that if you purchase anything on a credit card that item costs so much more then it would if you paid cash so that new blouse on sale is probably going to cost you more then it would at reg. retail price. I'm a bargain shopper and I'm not paying more then actual price I mean come on if you bought something and paid cash for it would you give the bagger 6% that's like throwing money away and credit cards is the #1 reason of debt in America today.
    Mae264

    Answer by Mae264 at 4:42 AM on Oct. 11, 2008

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  • Don't get a credit card. Look at what debt has gotten this country. A "good credit card" as you stated in your op is the biggest oxymoron. There is no such thing. Play with snakes you get bitten. Pay your bills on time and save money. The best thing you could do right now. With a low fico score, you will get raped in interest rates anyway. Please don't do it. Look around you. turn on the news. Back away from the debt!!!
    Anonymous

    Answer by Anonymous at 8:29 AM on Oct. 11, 2008

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  • Unfortunately you are probably going to have to pay a little interest to help build your credit, but it doesn't have to cripple you...in the previous example the lady gave a 6% interest rate. If you only carried a balance of $100 on your card and didn't get wild with it, that's $6 to build credit...not bad. Just look for something with no annual fees and a low interest rate...a lot of people get in trouble with finance charges for late payments and over balance fees, which you don't want anyway since you're trying to build your credit! I know in high school they recommended for us to take out a small bank loan to build our credit and just eat the little bit of interest we would pay, but who knows what it would be like for you guys to try to get a loan right now.
    kabbot01

    Answer by kabbot01 at 8:40 AM on Oct. 11, 2008

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  • As long as you pay the card off in full every month you will build credit quickly and you won't ever pay interest. In my opinion that is the only way to use a credit card, it is far too easy to over indulge and get trapped under huge credit card bills. Been there, done that!
    coug70_99

    Answer by coug70_99 at 9:55 AM on Oct. 11, 2008

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  • DOn't! They are trouble! Get a secured card or a store card as they are easier to manage!
    SabrinaMBowen

    Answer by SabrinaMBowen at 10:38 AM on Oct. 11, 2008

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