Credit Cards Key » CreditCard Types » Virgin Credit Cards » Is this a good credit card deal?

  #1 (permalink)
: I'm 18. I have no credit. I'm looking to build my credit by paying my monthly balance on time. I've been looking for a low fixed APR but it seems nearly impossible. I found a low variable APR. What do you think. Here are the details...

Annual Percentage Rates for Purchases and Balance Transfers7.25% Variable1
Other APR'sCash Advance: 11.25%
Convenience Check: 11.25%
Penalty Rate: 16.25%2
Variable Rate InformationThe following APRs may vary monthly based on the Prime Rate.3
Purchase and balance transfer APR equals Prime Rate plus 4.00%
Cash advance and convenience check APR equals Prime Rate plus 8.00%
Penalty Rate equals Prime Rate plus 13.00%
Grace Period for Re-Payment of the Balance for Purchases25 Days from the Cycle Closing Date
Method of Computing the Balance Used in Calculating Finance Charges for PurchasesAverage Daily Balance Method (Including New Purchases)
Annual Membership FeeNone
Minimum Finance Charge$0.50
Transaction Fee for PurchasesNone
Transaction Fee for Cash Advances3.00% of the amount, but not less than $4.00 nor more than $50.00
Transaction Fee for Convenience Checks3.00% of the amount, but not less than $4.00 nor more than $50.00
Transaction Fee for Balance TransfersNone
Late Payment Fee$29.00
Over-the-Credit-Limit Fee$29.00
The terms of your account, including APRs, are subject to change. Any such change will be made in accordance with the Card Membership Rules.
If twice during any six month period prior to July 27, 2009, my payment is not received or received late, the daily periodic rate will be the Prime Rate plus 13.00% divided by the number of days in the year. This rate will be effective immediately following the statement cycle in which the second payment was late or not received. The account will again become eligible for the lower periodic rate as set forth above, after I have made the minimum payment by the payment due date for six consecutive statement cycles.
Your account has a variable rate indexed on the Prime Rate. Your rate will increase if the Prime Rate increases. Changes in APRs (increases or decreases) due to changes in the Prime Rate will be effective on the first day of your next statement cycle beginning at least two days after the change in the Prime Rate. The Prime Rate is the prime rate published in the Money Rates column of The Wall Street Journal in effect for the second business day prior to the beginning of each statement cycle. Variable rate APRs are based upon the 3.25% Prime Rate in effect on July 27, 2009.
The information about the costs of the card(s) is accurate as of July, 2009. This information may have changed after that date.
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  #2 (permalink)
: Always go into a fixed APR. I'll let you in on a little secret, there is a new act passed that is going to make credit card companies skyrocket their APRs in order to compensate for not being able to charge certain fees, etc.

On another note, get one credit card and keep it. If this company will for sure approve you, then you should probably go for it. My mother is a CFO of a credit card company and she told me that most companies aren't even giving out credit anymore due to the economy.
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  #3 (permalink)
: Deciding which credit card to use is sort of like a virgin on a ship captured by pirates trying to decide which pirate would be best to rape her. No matter what you choose you loose.

Best case is to pick a card for the needs you have. Low interest rates or a determining factor for a person carrying a balance - The card listed is ok but may change. The truth is that you simply need to pay off any balance ASAP and then it doesn't matter. To carry credit card balances is one of the poorest money choices a person can make. In this sense and this sense only the higher rate tends to discourage carrying balances.
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  #4 (permalink)
: Before you can get approved for any credit card today, you must be employed for at least 18 to 24 months. Also, if you have $500 in a saving account, you should be able to get a secured credit card. Most banks should be able to set it up for you. Make sure they belong to the credit bureau.
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