DansDeals Forum > Credit Cards And Finance
Credit Card For Beginners
nfsnyc:
I was SURE there was a similar post up already, but couldnt find it, so at the risk of askin an old question, ill post this.
Whats a good FIRST credit card? Everyone says Capital One, but I dunno, they send out all that junk mail, and when you call them the reps are too eager to "assist" you..
Is there another option for a newcomer to the CC scene, such as a "student" card?
Ive been eye-ing Chase Banks cards, such as:
http://www.firstusa.com/cgi-bin/webcgi/webserve.cgi?partner_dir_name=cac_regal_stu&page=index
Says $0 annual fee, "At least 20 days Grace Period" (At least??) and various APR rates on par with other low credit rating cards. And its a "Student Card", so im assuming I should be approved?
Not 100% sure how that 20 day grace period works would be nice if someone can explain this to me:
Say my cycle ends on the 15th, and I buy something on the 16th (which +20 days grace would mean my "grace period" is up on the 5th (or 6th) of the following month) Now what if I have an "auto pay" set up to pay the full balance every 15th, will my payment be too late now (for the 16th purchase)? (Since it wont pay till the 15th of the following month, 29 days later)?
If anyone understands my question it would be nice if sum1 can clarify lol. ;)
Yoel:
The grace period is at least 20 days, meaning if you made a purchase the last day of your billing cycle, you have at least 20 days until your bill is due. If you made a purchase 1 day after your billing cycle than your grace period is obviously longer than 20 days, more like 7 weeks.
Dan:
http://www.dansdeals.com/archives/2902
nfsnyc:
--- Quote from: Yoel on July 01, 2008, 11:31:06 AM ---The grace period is at least 20 days, meaning if you made a purchase the last day of your billing cycle, you have at least 20 days until your bill is due. If you made a purchase 1 day after your billing cycle than your grace period is obviously longer than 20 days, more like 7 weeks.
--- End quote ---
So youre saying every purchase has 20 days after the billing cycle within which it was made to be paid? So you kinda have up to 50 days? (cycle plus grace?)
And Dan, I found that link you posted after writing this, kinda makes this thread repetitive, but any comments on the particular Chase Student Card I linked to?
Dan:
I wouldn't bother with a student card.
Get a Gap card, use it for a few months, and then you should be able to get a good card like the Starwood AMEX.
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