Credit Card Questions
By dreemsofdark
@dreemsofdark (714)
United States
August 27, 2008 1:11pm CST
I just got my first credit card, but I am afraid to buy ANYTHING on it, because it says that there's a 10% interest on it. So does that mean that the first month I spend, there's automatically a 10% interest on all of it, or does that mean that if I don't pay in the full amount I spent the first month a 10% interest is added on to whatever's left over and stuff? I don't know, but I don't want to may extra for things that I need!
3 responses
@spalladino (17891)
• United States
27 Aug 08
You only pay interest if you carry a balance over to the next month so just pay the full amount every month and you will owe no interest at all.
@dreemsofdark (714)
• United States
27 Aug 08
Thanks!!! That's exactly the answer I was looking for! (and hoping for!) I am confident that I won't overspend, because I use it for gas only, to work up credit and I am in this program called Upromise where I get a percentage back!
@snowy22315 (180476)
• United States
28 Aug 08
You are only going to be charged the interest rate if you carry a balance from month to month. ten percent is actually a decent rate. Some credit card rates can be as high as 20 to 30 percent. I would be happy with a card that has a ten pecent interest rate on it if that was me. Besides ifyou are uncomfortable with it you can always pay the balance off every month then you will have no extra charges.
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