Who else is going to get the Gamestop credit card so they can buy a PS4?
http://www.destructoid.com/gamestop-to-roll-out-a-credit-card-with-a-really-high-interest-rate-278712.phtml
>GameStop is set to offer its own credit card to customers that ties directly into the company's PowerUp Rewards program, according to anonymous sources. We obtained photographs that outline the details of the card showing that the primary incentive for signing up is 5,000 bonus points for PowerUp Basic members and 15,000 bonus points for PowerUp Pro members. Also noted are exclusive offers to cardholders.
>>255295869
>buying a PS4
>not getting an xbox one
>financing a $50 video game
idiots, idiots everywhere
>>255295869
>26.99%
they might as well hold a gun to your face while they're at it
>>255296337
gr8 b8 m8
>26.99%
Worst part about this insanity is that someone will actually get and use this shit.
>>255297828
Building credit is a good thing, as long as you pay the bill in full each month to avoid interest payment charges.
>>255295869
>buy a PS4
lol
>>255298000
You expect modern teens to be responsible with a credit card?
Oh laws
>>255298259
The CARD Act of 2009 prohibits issuers from issuing credit cards to people under 21 if they can't prove they have decent income.
Wow, Gamestop actually is evil.
>15,000 power up points
Thats like not even a keychain
>26.99%
People will get it just to look like a gamer and gamestop knows people are stupid enough to for that reason alone
>>255297828
my credit card is almost that high
but i pay it off within days of use anyway
>>255298158
Isnt 27% pretty normal for a starter credit card?
Thats what like, 3% a a month? 3$ on every hundred you borrow doesnt seem like that much unless you are some sort of retard, or i have no idea what im talking about.
Thats still like 10x cheaper than a rent to own place.
>27%
Who in the holy hell would sign up for something like this.
How do credit cards even work? I'm 20 and have no credit. Does it immediately garner interest for each purchase or does the interest rate only go into affect if you don't pay the bill on time.
>26.99%
Fuck that god damn
Mines 4.99% and jumps to 16% next year before staying there. That's fuckin it.
>>255298535
Don't even consider that shit bro.
Save money instead. You do not want to get in debt with that kind of interest.
>>255298535
each purchase, if you don't pay off the interest you'll get into some serious debt though
>>255298535
The latter.
>>255298535
Basically its a loan shark inside of a plastic card.
>Want to buy 4000 dollar couch
>Use credit card
>Pay off increments of the couch each months
>Miss a payment and they take your house
>>255298535
>annual
12 months in a year
Divide the APR by 12 and add that percentage to your bill at the end of the month. You only have to pay off whatever the recurring debt is, the problem is when you have like 3k on your card and every month you are paying hundreds on just interest because you are stupid.
>>255298535
Interest is calculated when you carry a balance from one month to the next. If you pay the bill IN FULL so that you carry over $0 each month, you never pay interest.
>>255298535
>How do credit cards even work? I'm 20 and have no credit. Does it immediately garner interest for each purchase or does the interest rate only go into affect if you don't pay the bill on time.
If you pay the bill in full each month: No interest
If you don't pay the entire bill and only pay the minimum, or more than the minimum but less than the full amount: As long as you're carrying some balance, purchases will start to accrue interest charges on a daily basis.
>>255295869
>26.99%
Are you kidding me? God this is straight from Israel type of jewery
>>255298684
>>255298741
>>255298749
Nigga that sounds awful
ITT: Kids that don't understand credit cards.
>>255298535
You use it to buy stuff and at the end of the month you'll get a bill. You can choose if you pay the bill or not, but the more you delay the payment the more intrest your dept will gather.
>>255298837
it's more like miss a payment and you owe them another thousand dollars. the only people i know who don't regularly pay at least some of their owing debt are ones who just juggle cards.
>>255298684
Building credit is important, though. Just make sure you don't buy anything with your card that you won't be able to pay off within the grace period.
Someone post that story about the guy using gamestop preorders as a bank.
>>255298640
4.99% APR? Are you sure about that? Sounds like a monthly rate.
Man I'm glad I dont live in the glorious US of A.
>>255298912
Miss you Gus.
>got credit card when I was 13
>always paid in full
>eight years later and never missed a payment
>keep turning down limit increases cause they're just getting ridiculous
>>255295869
why'd I want to get a loan card?
>>255295869
>26.99%
>>255295869
Who buys a games console on credit?
>ITT: People who don't understand credit cards.
Although it is stupid for them to have a credit card unless they got mad rewards for it.
>>255299072
He said its an intro rate. So he gets like 5% for a few years then it jumps to a normal rate.
>>255299120
13 year olds aren't allowed to have credit cards.
>>255299072
Its typically reserved for insanely rich people with a lot of available cash, but yeah you get APR's like that.
>>255299139
Gamestop's card is shit, but most credit cards give decent rewards, good benefits (e.g. free extended warranty), and build your credit rating (has credit/non-credit implications) while strengthening consumer protections.
And you'll pay no interest if you pay the bill in full each month - meaning the price is the same as debit or cash for you.
>>255298927
I grew up in a house where my parents only ever paid in cash.
this is dumb because it's 2014 and no one shops at game jew
what if steam had one? I'd use a steam credit card.
>>255299120
when my first card expired i didn't realize i'd signed up for the increase, turns out they'd set me to $12k instead of the $3k i started with.
they wouldn't change it back either, so i just cancelled the card and went with another provider.
>>255299234
I was an authorized user of one of my dads cards, then I got my own.
>>255295869
As long as you tie it to a bank account and enroll in auto pay the card is totally worth it. You'd use it just like a debit card and get vidya discounts.
However they are banking on the retards (some of whom are in this thread) that can't keep a checking account in the black to make their money on that interest rate.
>meanwhile at the reservation
>>255299298
>paying interest on top of not even owning your games
fuck outta here gaben
>>255299072
Totally serious
>>255299198
I buy everything with my credit card and just pay it off before my bill posts. Simply a matter of convenience. If you're not a retard and you're capable of keeping track of how much you spend it's not a problem. The problem is when idiots treat credit cards like free money.
>>255299278
And they paid higher interest rates for shit, and didn't take advantage of cash back.
>>255299227
My brother got a best buy card for a tv or something like 4 years ago, he just keeps it paid off and goes on a free shopping spree at the end of the year.
>>255299367
I'd poke her hontas.
>>255299367
>116% APR
>26.99%
Okay, I don't know anything about credit cards since I've always just used a debit card. But isn't that kind of insane?
>Got a card when I hit 18
>Set a few recurring things on it, my phone bill, my tax, some food things I have shipped each month
>Have it so it pays off everything from my debit account
>be 21
>"Congratulations, your new credit limit is £30,000"
>will never ever need that much ever short of buying a house since I just rent, even my car is rented and everything is a 30 day rolling contract so I can quit whenever
>have £20k in my bank to back up any purchase
>still scared insane of debt, like, the debt monster keeps me up at night with it's giant dick in me
>it's circumsised
>>255299367
So like, do you have to give them your first born for a house loan?
>>255299198
American Express gave me 90 days accidental damage coverage and a year extra warranty on my Wii U, a little cashback, all at no extra cost (no interest charged since I paid it in full).
>>255299367
>116% APR
Holy Jesus
>>255299460
my brother in law does that too, he says it works out really well. he gets a much better return policy at bestbuy too, so everyone has him make their big purchases there and then they pay him for them.
>>255299557
27% is subprime. To be expected when they're preapproving any powerup rewards member though.
Who knows, it might have decent in store promotions. Macys store card has a similar APR but great fucking discounts if you like shopping there.
>>255299367
>$5000 loan
>84 monthly payments of $486
>People will pay fucking $40,000 for $5000
how are people this dumb
how do they even remember to breath
Only a goddamn retard would use a debit card nowadays. You basically are admitting you are too stupid to keep track of your money.
>this thread
It's so high because:
1) the target demographic is 17 year old mountain dew kids and they are very volatile
2) it's will primarily be used for <$100 purchases.
>>255299367
seems native americans are the best at screwing native americans over
>>255299557
No, it's a perfectly standard entry level or store credit card rate. Bear in mind that's 27% ANNUAL interest, not monthly.
>>255299749
I have a credit and a debit but because I'm 20 my credit card doesn't give me any advantages really and since I've got a lot of money in the bank I just pay with my debit. Mainly because I can never remember my credit cards PIN
>>255299739
Macys is actually a good store, though.
GameStop is not. They may just bump up the 10% trade in and pre-own buy bonuses up to 20% at the most. What a benefit.
So if I got this card and literally only used it once what would happen.
>>255299557
all credit cards have insane rates, that's a little crazier than most though. i'd guess the average for a new card owner is around 21%
Ok, there are a ton of idiots, even though the picture clearly states what I'm about to say but I'll say it anyway.
That 26.99% is nothing special about a gamestop card, most cards are that high. However, YOU ONLY GET CHARGED THAT ON YOUR CARD IF YOU DON'T PAY YOUR BILL FOR THAT MONTH. It doesn't actually cost you 26.99% interest just to use your credit card for everyday shit that you pay off.
>>255299746
I've met grown adults who don't even understand the concept of negative numbers so it's not so surprising.
>>255299863
You'd be raided by SWAT and raped while you watch your mother burn alive
>>255299863
Seriously do you know anything about life aside from video games?
Since you guys answered this >>255298535 guys question, can you explain to me how taxes work? I get paid in cash (i sell drugs) so do I have to pay any taxes?
>>255299746
yeah but if you bring that $5000 to a casino you could make far more and pay it back at the same time!
>>255299863
it would turn out you had 1 cent left to repay on the card and that amount would snowball to the size of the us national debt in a few years
>>255299367
ALWAYS read the fine print
>having a credit card
>>255298489
That's not how interest works.
>>255299367
>116%
wtf America........ wtf
>>255299978
you have to report all income and pay taxes on it depending on how much you get.
as for illegal money, just don't be giving your banker reason to suspect lots of under the table money, ie loads of cash on a regular basis
>>255299978
if it's undeclared income you don't have to pay taxes on it, but the irs might notice something fishy when you buy a house with cash.
>>255299367
>116.73%
>84 monthly payments of $486.58
How is this legal
Credit cards have 0 risk if you have the money to pay it off in its entirety at the end of the month.
The only risks involved in credit cards are it being stolen or you spending more than you have. If you treat it like a debit card and only spend what you have then you might as well get one that gets you benefits.
IF YOU HAVE A PREDISPOSITION TO ADDICTION OR THINK "I'LL PAY IT OFF LATER" OR "I TOTALLY NEED THESE SHOES" THEN DON'T GET ONE
>>255298884
Quit spoonfeeding people.
>>255299938
>>255299978
Uhh, you should file income tax as self employed. But since you are a drug dealer you are probably better off staying off the grid because you probably dont know shit about money laundering.
>>255300057
>Using a debit card online
God I hate store credit cards. They make me feel even worse about my job whenever someone uses a Home Depot card because the interest is so goddamn high and it just takes advantage of immigrants and the elderly who don't know any better.
>>255299978
>I get paid in cash (i sell drugs)
i want to TRASH your post but i'll respond
you're legally obligated to declare your income and pay taxes even if you deal in cash and it's illegal.
wanna know how they got al capone? tax evasion. he was doing what your scummy as is doing (although on a huge scale) but wasn't paying taxes on any of it.
>>255295869
This is how America got completely buttfucked and dragged everyone with them.
People buying shit with money they don't have
>>255300120
>>255300186
These sorts of payday loans are ILLEGAL in most states where people don't fuck their sisters with their fathers.
>>255299830
27% annual compounded bi-monthly probably
>>255299978
No. Raping and pillaging small villages is also tax-free income so you can try that
Depends if you're self employed or employed, at least in England. If you're full time employed a bit comes of your paycheck each time you get one, if you're self employed you have to tell the goverment twice a year how much you earned and then they send you a tax bill. If you earned it in cash you can keep it quiet and if you don't earn enough to warrent investigating they wont, but shit that's gone through the bank if you don't send that in the tax man will fuck your ass so hard you wish you where gay
>friend is earning 50k a year self employed
>only claims he is earning 30k a year self employed
>does this for 4 years
>gets a 100k tax bill
>has to go bankrupt
Seriously, unless it's cash in hand and small amounts its easier just to declare what you earn. Remember if you're self employed purchases like computers and fuel can be taken directly off your tax bill
>>255300192
I'm not him, but fuck off. I'm helping people the exact way my parents helped me learn this and there are a lot of people whose parents don't teach them shit about life.
>>255299749
>Get mugged with cash
>Lose your 100 you had on you
>Get mugged with Debit Card
>You still have your 100
Fucking retard, a debit card is basically cash
>>255297358
Can't really get good rates when you're young.
>Have really good credit score
>Ask why I can't get better interest, or what I can do to get better interest
>"Be 25"
Ugh
>>255300243
Wait, why shouldn't you?
>>255300192
gr8 b8 m8
>>255299839
>credit card
>PIN
Credit cards don't require a PIN, anon. Neither do debit cards if you run them as credit instead of debit.
>>255300062
What part about what i said is wrong?
Whatever you dont pay off at the end of the month gets 1/12th of your APR added to it.
>>255300328
most credit card issuers now compound interest on the average daily balance.
>>255300293
>>255300159
>>255300136
I only make at most a few grand a month so it's probably fine, right? I pay rent and stuff in cash and don't deposit much.
>>255300418
I'm English, all cards require PIN. atleast for physical purchases. Online ones just need that little number on the back
>>255300418
Credit cards in Yurop do have PINs, as do a select few in the US.
how do i build credit safely
>>255300418
Most credit cards nowadays require a pin
>>255300435
that's horrifying, i can see the dollars flying towards juden
Is this going to be like the Play Station card that gives you like 50$ PSN credit instantly but you pay 3 times as much in yearly fees?
>>255300549
With a credit card.
>>255300498
As long as it isn't obvious that you've got lods of emone you'll probably be fine.
But I don't really know since I mean fuck, it's not like I deal drugs or make a living off that kinda thing.
>>255299896
This.
Credit cards are basically you want to make a purchase but you don't have the money to do so at this particular time. So you pay in credit from the company that holds your card.
In exchange, you can then pay off the total at a later date. If you pay the total off in full, the APR will mean nothing. If it's a larger purchase, then you'll be charged interest equivalent to your APR divided by 12. That's the monthly charge. You have to pay off the principle balance plus any interest to satisfy payment.
Generally, if you want to build credit, make small purchases you can easily pay off at the end of the month related to your income. Only use a credit card for big purchases if it's absolutely necessary, like paying for a car repair, but you don't have the $700 to do so.Blown timing belts and motor mounts suck.
>/v/ - Finance 101
>>255300293
>Hello mr Tax man, last month I earned 50k selling meth, but I bought a new meth factory for 40k, so can you only charge me on the base rate for the 10k above the personal allowance I earned, cheers.
>>255300549
Use it like a debit card, meaning dont spend money you dont have
>>255300498
just keep yourself off the radar is all
>>255300312
That's not a payday loan. Payday loans rarely exceed $500. But yea most states have a limit on APR. Good thing indian reservations dont need to follow state or federal law.
>>255300057
Enjoy buying a house or a car
>Inb4 im rich had have millions of cash on me at all times
>>255300415
Because if someone steals your debit card information and uses it, your money is gone forever. Credit cards have ways of denying charges.
>>255299367
I can't into math but is this saying that you'll have to pay them back over 11,000 dollars on a 5,000 dollar loan? The fuck?
>>255300549
Get one credit card from your bank with no annual fee, make one small purchase a month with it, and pay it off in full (if you have self control and your bank account balance isn't regularly negative, put it on autopay each month).
>>255300549bank line of credit
>>255300549
Don't spend more than you earn
I budget 1/4 of my bi-weekly income to ensuring my credit cards are below $50 or I meet the minimum payments if interest isn't an issue
>>255298535
Don't get a credit card, especially if you're murrican
>>255300384
>Can't really get good rates when you're young.
Where do you live?
>>255298000
Store cards don't do jack shit for your credit.
>get line of credit on your checking account at bank
>at the end of month, borrow 100 dollars on it
>the next day, pay it off
>repeat
how to build credit w/o a credit card
>>255300757
That is where you would be wrong
Credit is credit
>>255300549
Buy shit as you normally would but use a credit card instead of cash. Credit cards are fine so long as you can pay the money back; don't ever spend more than you have available to you in a month.
>>255300715
I'm 20, English and my card is 18% with a limit of £8000
My dad's card is 6% fixed with a £100,000 limit and he's 50
>>255300375
He means that everyone should use credit cards instead. Because most credit cards offer better rewards than a debt card does. Stuff like cash back is higher for credit cards because they can fuck you harder if you fuck it.
>>255300757
That's completely incorrect, a credit card is a credit card.
>>255295869
Marketers aren't even trying anymore.
/v/, how can I best build my credit? I have a credit card that I pay off every month (been doing so for a little over a year now) and one bank account that I do so with.
>>255300789
it's a good plan, until money comes out that you're unaware of and is automatically put on your line of credit.
>>255300668
If you ahve a really shitty bank who has lax security procedures then sure it's lost forever. Better banks will straight up ring you and inquire about any recent purchases for xx amount and ask if you bought X item at Y location. If you haven't and they notice indiscrepancies they'll cancel and immediately issue you a new card and refund the money lost and file a police report.
>>255300918
Then you're already doing it.
ok so since we have a bunch of money experts here
i want to start playing the stock market, where do i start?
>>255300243
>being american
>>255300757
Store cards DO build credit. The same companies that issue credit for major network (Visa/Amex/Mastercard/Discover/Diners Club/JCB) issue store cards.
For instance, GE Money Bank issues the Walmart store card and Home Depot store card.
These issuers report positive history all the same as a visa card.
However, it is considered inferior credit to a major network, and thus you should use it as a starting point and have few/not all store cards.
>>255300978
buy stocks
>debt is good goyim
>>255300415
If your debit card details get stolen and your account gets drained you're completely fucked until you get the money back (which can take months).
If your credit card details get stolen they'll be stealing the issuers money, not yours, so it won't affect you at all.
>>255300715
Why the fuck would they give young people good rates? They're the dumb fucks who overspend using credit cards meaning they make more money from them.
>>255299978
Yeah, you do have to pay taxes. Even if the income you get is from illegal activities.
>>255300946
>not being aware of your finances
>>255300978
purchase stock
>>255300918
you're already doing it
>>255300957
after 48 hours your loss is capped at $500 on debit cards, after 60 days your losses are unlimited if you don't notice fraud.
source: US Electronic Funds Transfer Act
>>255300186
because people are retarded.
Same with Rent-a-center.
like a 500 dollar television that you're renting to own for 17.99 a week with their stupidly high 169% interest rate, you'd be paying like 2000 dollars for a 500 dollar TV
>loaning money for video games
you should start looking for the problem and not trying to avoid it. (and not even be able to manage this)
>>255300957
This
I was in London before getting a train to leeds. I took some money out an ATM and it was declined. Bank immeditely phoned me asking if it was me doing the purchase, I told the lady yes and she said ah ok, try again and it worked
Minorly annoying but useful I guess
>tfw parents are really good with their money and have good credit but have never taught me their ways
Hopefully they're just waiting till I graduate college cause as of now I really don't have a need for a credit card.
Why wouldn't I just use my actual credit card and then immediately pay it off with the money saved in my bank account? Actually, why would I buy a PS4?
What kind of retard actually has a credit card
I mean seriously even if you're the smartest, safest fucker ever SOMETHING is gonna go wrong and you'll be in debt for fucking life.
>>255301014
No, but building a good credit score is good.
how do i get rich off buttcoins?
>>255295869
Explain the APR to a non American. Do you seriously have to pay 27% on every purchase you make with the damn thing? Why would people do that.
>>255295869
Wow, I'm French, paying 4,5% APR and that's considered high here
>>255301190
Go back in time.
>>255300384
Insurance is pretty bad too, where I live. Male? Costs more. Under 25? Costs more. Haven't been driving long? Costs more. I'm a 23-year old guy and I pay out the asshole despite never having an accident, simply because I am a 23-year old guy.
>>255301116
My friend fell for this shit. He ended up spending a grand for like a 40 inch TV
He's dumb as rocks so I'm not surprised
>>255300556
>most
I've literally never heard of this. Maybe it's a Euro thing.
Just used my rewards points for $25 cash back. Paid in full every money for shit i need. (gas, food) But yeah guys credit cards are terrible. I now i have $25 for doing nothing. omg this sucks.
>>255300978
You gotta have at least $5,000+ to invest in the stock market to actually make money.
>>255301142
>what is a credit score
the bank of gamestop is real
>>255295869
HOLY FUCK
this is the utmost of shilling
>>255300186
Native American reservations largely exist outside of the laws governing the rest of the United States. That extends to consumer protection laws, apparently.
>>255300878
But that's stupid as well, you don't gain anything from using credit cards when you have the money to buy it at the time of purchase. Your just waiting to pay off credit card bills at that point and anything can happen to fuck you over while you wait.
>>255301156
>I mean seriously even if you're the smartest, safest fucker ever SOMETHING is gonna go wrong and you'll be in debt for fucking life.
[Citation Needed]
>>255301219
No, at the end of every month then whatever you don't pay off accrues 1/12th of that in interest. If you do pay it off then the card company gives you free shit.
>needing credit
>not having autismbux
>>255301219
read the thread yurofriend
if you didn't pay the balance off for a year, it would be 27% more. actually it would be more since compound interest
>>255301156
>I mean seriously even if you're the smartest, safest fucker ever SOMETHING is gonna go wrong and you'll be in debt for fucking life.
Yeah, I'm gonna put pile on life long debt with a single credit card.
>>255299367
>$40,000 to borrow $5000
>84 payments of 800
>paying back this loan for 7 years
jesus fucking christ
The Walmart credit card is like 22%, I thought THEY were jews
>>255301219
If you don't pay something off within a year, you pay that much interest on it. If you pay the bill in full each month, you pay no interest. If you pay the bill after
1 month: ~1/12 of APR
2 months: ~2/12 of APR
3 months: ~3/12 of APR
(interest is compounded daily so it's slightly more than those fractions).
>>255301334
>you don't gain anything from using credit cards when you have the money to buy it at the time of purchase
You gain credit, that's the whole point of credit cards.
>>255297506
eh. I'd prefer the xbone over the ps4 at this point.
>have credit card that lets you go to the movies for free when you get enough points
>use it for almost everything, but always things I can afford and pay off instantly
>Never have to pay interest since I always pay it off on time and get go to the movies at least once a month for free including snacks
>Building credit to someday have a nice mortgage while never having to pay to go to the movies again while having literally no downside as long as I keep paying it off on time
Credit companies make their money off of degenerates who buy what they can't afford with them. It's only a jewish scheme to get a hold of all of your wealth if you let it be. I literally have more money in my bank account due to my credit card because I would be spending money at the movies anyway and even if I wasn't, the monthly fee for having a credit card is basically the same as having a debit card. Life is good
>>255300856
>I'm 20, English and my card is 18% with a limit of £8000
You're 20 and you have an £8000 limit on your card? Dude that's way too much of a limit for you at that age unless you're in some super high paying full-time executive job. Then again I don't live in Britain but in Aus you can get decent rates on cards with smaller limits if you're even around 20 years of age.
8000 GBP is like $15k AUD, fuck man I don't even have a high limit of that much on my card and i'm almost ten years older than you.
>>255300978
Most of these people are here are the same ones who shitpost uncontrollably in threads they dislike instead of hiding them and are NEET faggots who haven't had a job before in their 19 years of living.
Don't go here for advice, and WHATEVER you do don't go to /biz/
Anon you have 3 to 6 months of monthly income set aside for emergencies right?
>>255301263
People with no credit pay 40% more than people with great credit, and having no credit is actually worse than bad credit for auto insurance pricing.
http://bucks.blogs.nytimes.com/2011/06/22/want-to-pay-less-for-car-insurance-have-good-credit/
>The analysis found that young adults ages 25 to 34 with clean driving records, for instance, pay an average of $1,938 a year for full auto coverage. But those same drivers with a credit score over 750 pay an average of $1,155 — a 40 percent savings.
>Drivers in that same age group with credit scores of 650 to 749 pay an average of $1,658, a savings of $280 compared with the overall average; those with lower scores, of 500 to 649, pay an average of $2,023, or $85 more.
>(Drivers with no credit file are penalized the most; they pay an average of $2,182, or $244 more than the overall average.)
>>255301190
go back to when they were $10 a coin
>browsing /pol/ a few months ago
>buttcoin thread
>people shitting on it
>$10 for virtual money
>Its a scam
>I listen to /pol/
>fast forward
>buttcoins are worth hundreds of dollars
>people saying for months that its a bubble and will burst
>>255300668
Chase contacts me if theres some weird shit going on.
>>255300285
Fuck immigrants. I hope they all die. Fucking spics and Arabs.
>getting a credit card from any store
I'll never understand why people actually fall for this shit. Must be really desperate or really ignorant.
>>255301219
It's an annual percentage rating. Basically, it's what you get charged in interest in total through the year if you have unpaid principle. It's NOT monthly. If you want the monthly charge that gets added to the principle, it's that number divided by 12 roughly multiplied by the principle left.
Pretty simple to understand, actually. Most of /v/ is is just full of shut ins or baby anarchists that don't understand how things work, or are using (better) European/British systems, such as you.
>>255301526
only idiots don't
>>255301067
If you are working full time they will give you good rates and give you a small or moderate limit. And then offer to raise the limit later on for you if you find the amount is not enough. It's an old trick.
>>255301576
>>255301219
If you pay it off at the end of the month, no biggie. If you don't pay your balance though, you get charged a percentage of your overall balance. Rates like these suck, but usually come on a card that offers something like "No interest if paid in full within 18 months", which is a really nice way to get something now, and slowly pay it off over time, but not pay any extra money. I've done it with a bunch of stuff, and as long as you pay it ALL off within the given time period, you're fine. BUT, if you don't pay it off, and even a dollar remains, some cards will hit you with compiling interest, which essentially means you get ALL of the interest you accrued over the last say, 18 months, charged to your account all at once.
Credit cards are great ways to finance new purchases, but you gotta be smart with them.
>>255301219
The rate is the interest that you would build during the entire year, so that 27% is divided amongs whoever many times the credit card issuer decides to compound your interest. Say its annual, once a year, and you spent 100 dollars on your credit card. By not paying off the 100 in the grace period, you have built 27% debt on that 100 during the course of the entire year, making your debt now 127 dollars.
If the interest is compounded per month, then in each month where you did not pay your debt during the grace period, you build 27% intertest per year Divided by 12 months per year, 2.25% interest per month. So, in that one month where you spend 100 dollars, you build another 2.25 dollars worth of interest, this makes more money for the issuer as in the next month, the next 2.25% is calculated on your new level of debt, 102.25 instead of the original 100. As said earlier, some compound per day, meaning that your debt grows faster compared to monthly or yearly interest charges
>>255300978
buy stocks, bonds are shit right now
tech lately has been at the shitter, while walmart is shit for some reason. Exxon is down lately, if you are for real about this then that would be something I'd buy in. I am a stock broker's apprentice while I learn to become one myself, if you have any further questions.
>>255301334
>buy $500 tv with store credit card
>get 5% cash back
>free $25
>pay it off and dont let interest fuck you
>free $25
Get it now?
>>255301630
my mom does all her shopping at target so it makes sense for her
>Be 20
>Been working since 16
>Each month since I got a job get right into online banking. tell myself I'll put 1/4 of my paycheck into a savings account no matter what
>This morning just topped up this savings account to £23,000, with my debit card account having £800 in it and I've got about £500 in cash
feels good mayn. I'm also technically Jewish so..
>>255301506
I do. I'm not super high pay, but it's connected to the same bank account as my savings (see above)
I've never spent above £100 in a month on my card, ever.
>>255301141
I'll teach you the big secrets to not being retarded with money.
>Budget
Set aside a bit of money each week to pay for your monthly bills, you do not fucking touch this money for anything else but those bills you goddamn idiot. Set aside money for other expenses like groceries and whatnot, and set aside some emergency money each week too, because life doesn't make goddamn sense sometimes. Whatever is left over can be spent how you please, but a smart person would stuff it in a bank anyway so don't spend money for the sake of it.
>Credit
Use credit cards. Anyone who tells you they're evil are fucking stupid. These little shits will save your ass some day. Put things on the credit card, make sure you can actually AFFORD it before hand, pay back your debt IN FULL when it arrives and enjoy your platinum credit rating, bitch.
>>255301630
If you get one for a grocery store or big box store you shop at literally every week it's worth it
>>255301475
Not if you pay it off right after you charge your credit, its 10x more effective to wait till its time to be billed and to not fully pay it off to build credit faster and better. Credit companies don't like it when you use credit when you don't need it
>>255301526
>tfw live paycheck-to-paycheck
>tfw ready to anhero if I get injured and cant work because no one will support me
At least I can fly with Zyzz to Mt. Olympus...right?
>>255300674
Bascially.
Jesus christ the terms on that card is awful. I got an AmEx bluecash and got $50 cash back +1-3% on every purchase. Also the APR is 12% and no interest for a full year.
>not utilizing credit well
I've never paid a dollar in interest and I'm 24. It's not hard to get a good credit score. The travel benefits and extended warranties have saved me tons of money.
This interest rate is outrageous and only a complete fool like a gamestop consumer would tall for it.
How young and naive are you kids to think you need a credit card to build credit? You shouldnt buy something yiu need a credit card to make themonthly payments on, with high interest it's how you stay in debt forever.
Please don't fall for this shot you stupid americans, there are better ways to build credit without accepting outrageous interest rates
This is exploitative of rerards
>>255301141
Just fucking ask them.
>Hey, mom and dad, how do I good finances?
You have to ask people for advice sometimes.
>>255300285
You still working there? How much harder have they been pushing that shit the last two years?
> Be NEET
> Mother goes out on vacations
> Blow food money in a day buying Pizza and vidya
> Have to survive for a week on cheap ramen and scrambled eggs
Life is suffering.
>>255301798
This is a false statement. You do not need to keep a rolling balance. Jsut wait untill they say "ok faggot, you owe use 150 bucks by next week but just give us 5 bucks." Then pay in full.
>>255301740
I don't know how it works in bongland, but if you're saving that hardcore you should be putting some away in a tax-advantaged account for retirement (401k or IRA in the US)
Can I pay for my credit cards with other credit cards? Couldn't I just get 12 credit cards and pay them all with eachother and have infinite money that way?
>>255301798
http://money.msn.com/credit-rating/7-nasty-credit-myths-that-will-not-die-weston.aspx
> Fact: You don't need to be in debt or pay a penny of interest to have good credit scores.
> **Your credit reports and scores don't "know" whether you're carrying a balance or paying it off in full every month. That's because the balance reported to the credit bureaus typically is the balance from your last statement, not what was left over after you got that statement and paid the bill. So you might as well pay in full and save yourself the interest.**
> This myth encourages people to carry unnecessary debt, putting them at the mercy of credit card issuers and eroding their financial security.
http://money.usnews.com/money/blogs/my-money/2010/08/24/six-popular-credit-score-myths
>One of the most popular credit score myths is that you need to carry a balance in order to build credit. Fortunately, that's not true. In reality, 35% of your credit score is based on your payment history and creditors don't care whether you carry a balance or not. **In fact, your credit cards will report your statement balance each month with no other information. No one knows, or cares, whether you've carried a balance from month to month or just racked up the charges on the statement in the last month.**
>>255301992
The 23k is in an ISA (Tax free savings account) giving me roughly 3% interest
I know it's not as good as investing but fuck I'm 20 I don't want to lose all of my money in stocks or something
>>255302005
omg im gunna steal this idea.
>>255301905
I have but they brush the question aside. They're really fucking weird with money for some reason
>>255302005
Sure, but it'll catch up with you and is generally a really stupid idea.
>>255302005
Paying a credit card with another credit card can't be done generally. If you use balance transfer checks to shuffle balances, they will charge you at a minimum a fee of 2-5%, and unless you have a promotion, will start charging you a higher APR than normal as soon as you transfer the balance.
Also other issuers can see if you're putting high balances on your other cards, at which point they don't issue you new ones, reduce your credit lines, or in severe cases, close your existing ones.
>>255302005
This is how many Americans think, this is also why they get their homes reposed because they couldn't afford a $500 tv
>>255301740
>tfw got a job the summer after I graduated high school
>tfw saved up pretty much all summer
>tfw had to dump it all into buying textbooks for college
From then on, I was forced to completely self-sustain on min wage jobs living in a college town. Shitsux. Luckily I've got a pretty good paying job and live in a shit cheap place so I'm starting to finally get a lot saved up.
>>255302005
No, you can't
>gamestop credit card
Nope, gamestop isn't evil at all. Definitely not the greatest threat to video games currently existing.
>>255302005
>>255302105
I know you're probably being sarcastic, but no you cannot pay off credit with credit.
Credit payments are usually restricted to debit, check, or cash transactions, specifically to prevent that thing you said.
I know there's no way to build fast credit, but what is some no-bullshit way I can build credit if I need to repair my score? I'm in the states btw.
>>255302005
thats called re-consolidating, and its a thing.
its not good for your credit score
>>255300978
>i want to start playing the stock market, where do i start?
Just give your money to me directly, it'll save you the heartache.
But really you should start bybuying dummies guide to stock marketit helped me somewhat understand, then get eTrade and start buying stocks and waiting months to make money
Stock trading doesn't work if you can't invest like 100k though, money breeds money so a 2% increase on $30 stocks is 60 cents, and that's generous of 2%. SO to make big money you'd need 1000 stocks to make $600, which is an original investment of $30,000
>>255302254
Holy fucking shit are you stupid? Use a god damn credit card. This isn't some scam. That is how you build credit.
>>255301798
No, this is factually incorrect. Leaving a balance does not improve your credit more, it just costs you money. Do some research, this is a common misconception.
>>255302254
credit repair is tricky and some is just due to age. a lot of junk debt buyers are not able to have proper evidence of the debt though, or will settle for a fraction of the original amount and remove all references from your credit report (called a pay for delete or PFD).
google it, but you might want to post about your situation on creditboards.
How do I get rid of student loan debt?
>>255302005
You won't have infinite money but you will have most of your debt precariously balanced in such a way that as long as not every other credit card demands payment on the exact day(s) as another one you can pay off your debt this way. Though generally when you do pay off one credit card debt this way ideally you're supposed to cancel that card until you're left with only one or two cards.
>>255302254
get a starter card at a credit union, the requirements for them are nearly non-existent.
instead of using your debit card for purchases, use the credit card. and only buy shit you'd normally be able to afford. Then pay off the card 100% before the due date every month. Don't just pay the minimum payment. The entire balance.
>>255300418
chip/pin... americlaps have not yet adopted this
>>255301109
does anyone have experience with TD bank on this?
>>255301156
People who want to like, buy a house or something, or need ANY loan. It's easy anon, if you know you have $40 in your bank account don't buy a $1000 TV
>>255302219
Didn't go to collage. Just worked odd jobs
>Still live with parents for £200 a month
>My dad super jewed a car company so I get a brand new VW polo for £100 a month
>Job I works at pays for my fuel
>Watch money rack up because I have no friends or social life
l-living the l-life fellas
>>255302005
It's ok to do if you wanna change cards entirely, but not recommended if you're having trouble paying your bill.
I transferred about 500 bucks to a new card from an old one and got 0% interest for a year, a lower interest rate, and a higher limit. Totally worth it, but my score tanked about 40 points, i've since rebuilt it and it's only been 6 months.
>>255302471
Kill yourself or smash your head against the wall so you become retarded.
>>255302254
>get a credit card if someone will give you one with your supposed "bad credit score"
>make maximum of $50 purchases every month on it
>pay off at end of the month
>repeat
...that's all. Credit score just means you're good at making payments on time. A high score is just a way for companies to see they can trust you with credit and that you'll pay it back right on time instead of running off with their money.
>>255302484
walmart and sam's club just started doing it. if your card has a chip on it, you can't use the magnet stripe at all.
>>255302484
>chip/pin... americlaps have not yet adopted this
Very few cards have it.
Marriott Platinum Visa: Chip & signature
PenFed Cash rewards: Chip & pin
Citi AADvantage: Chip & Signature
most american points of sales don't have chip readers yet though.
>>255302471
you don't. federal loans at a minimum can't be discharged during bankruptcy.
>Credit cards are a jewish money grubbing scam!
I'm so absurdly tired of hearing this You didn't fuck up your credit and drown yourself in debt because of evil corporations, you did it because you incorrectly used credit.
Stop trying to find an excuse for your stupidity
>>255302471
I'm afraid you can't.
>>255301109
>after 48 hours your loss is capped at $500 on debit cards, after 60 days your losses are unlimited if you don't notice fraud.
source: US Electronic Funds Transfer Act
Yeah i'm not in America though, in Australia. Laws here tend to require more responsibility and well being on the corporate end.
>>255302471
Pay it off or die.
There are some ways to not have to pay it for a while if you cant get a job or get hurt. But at some point you have to pay it off. In Florida if you make a payment plan that is like 30 years long they can offer to close the account early for a smaller lump sum if they want their money faster
Yes
>>255302623
If I fake my death somehow will that work and will my degree still work?
>>255302005
No, this will murder your credit score. It's called "revolving door credit" and it's a TERRIBLE idea.
>>255302649
>walmart and sam's club just started doing it. if your card has a chip on it, you can't use the magnet stripe at all.
They're on the better side of the EMV mandate. The mandate is that you need to support it on or before October 2015 or you get fucked if you don't support it and someone claims a charge is fraud.
>>255302471
Move to a third world country.
>>255302682
Credit cards are fine if you're smart with them
But it's a fact that banks WANT you in debt. They want you to owe them more money
>>255302471
https://studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts/teacher
>>255298259
im fucking 19 and i can responsibly use my credit card. i use it for my beer.
>>255300384
>>255301263
>tfw 27
