You've got it! If you pay the statement balance in full when it is due then you will not pay any interest.

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Okay, I'm going to start the process once again and if I have a bad feeling or something seems fishy, I'll back out. Otherwise I'll get it. Paying the 70 or whatever to get the card and 30 a year isn't that bad. As long as it helps my credit.

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Make sure you get a card that doesn't charge monthly finance charges. I used to have one through anchor bank that charged me 20-30 bucks/month whether I payed it off in time or not. I was young, in college and just thought "oh cool, a credit card" and didn't think much else of it.

As I said in another thread, I now have a gas-based rewards credit card where if I pay it off in time not only do I incur no interest, I actually receive rewards back!

I don't mind the yearly 29 charge, but a monthly charge is what I want to avoid.

And Credit Cards are not cool. I hate them, but it appears one almost must have one to establish a line of credit.

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Kevin,
I have a couple of cards. I only need one. I charge my dinners, gas, pay online bills and so on. I rack up a couple of thousand dollars in purchases. BEFORE the due date I pay them off. I am not charged any interest. Actually I pay them off 2-3 times a month so if I get busy and forget to pay them before they close the month I don't have more than a few dollars in interest.

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Cool cool, thanks guys.

I'm trying to find one that suits my goals. I can't find the one I posted about originally. lol


Edit, read some negative things about Orchard Bank cards, so went with this one instead . Had to pay $49 though.

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Here's another tip - never buy that insurance they will eventually try to sell you. They call it "protection" in case you lose your job or something, but it's a waste of money. Just don't overextend yourself and you'll be fine.

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Thanks. I wondered about that, wasn't going to take it. If I lose my job, a small credit card with 0 balance is gonna be the least of my worries, lol.

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It doesn't matter if you have a bad credit rating if you don't need to borrow money. If you want to buy a house or car then save up for a down payment; you need to do that now anyway because of economical events of the past few years. You will find credit easy to obtain if you have a down payment and no substantial debt.

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I've learned first hand credit rating DOES matter if you need to borrow money. That statement is completely false. Better your credit rating, the lower down payment required and less financing you pay in return.

Yes, either way you need to save and have something. And I've found good credit very difficult to obtain, regardless of how long I've been at my job, money available for down payment and little to no debt.

You paint a black and white picture ... that's very inaccurate from the personal experiences I've encountered over the last frustrating an agonizing decade.

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