Credit card question.

I don't plan on doing this   But SO asked me what would happen if this were to happen, and I wasn't sure of the answer.

Say you have a credit card, and spend... let's say $100. You have 0% APR for the year. What if when the bill comes... you don't have $100? Only like... $50? Does that other $50 roll onto the next bill with no interest since you have 0% APR? Orrrr what?

And when the APR starts up after the first year... and you don't pay the bill in full the first month, will the remainder just roll onto the next bill.. along with interest?

TIA  

Well, you don't have to pay it in full every month, so likely 50 would be enough to cover it and keep the rate where it is.

Quoting Dr. Paradigm Shift:" Well, you don't have to pay it in full every month, so likely 50 would be enough to cover it and keep the rate where it is."

Oh. You don't? I thought you had to in order to keep it in 'good standing'.

Clearly, this is my first credit card  

Quoting kthx.:" Oh. You don't? I thought you had to in order to keep it in 'good standing'. Clearly, this is my first credit card  "

 
Nope! If you spent say, 100, your bill would probably be like, ten bucks or so. I mean, you CAN pay it in full every month, but no, they just bill you a bit a month for x amount of months, etc.. At least, that's how all my cards are & have always been.

As long as you make the minimum payment amount they send you, you'll be just fine paying off the balance over however many months.

Quoting Dr. Paradigm Shift:"   Nope! If you spent say, 100, your bill would probably be like, ten bucks or so. I mean, you CAN pay ... [snip!] ... they just bill you a bit a month for x amount of months, etc.. At least, that's how all my cards are & have always been."

Awesome   I had no idea that's how it worked   I was really surprised I got approved for it. I tried like... 2 months ago? And was denied. My credit score is only 581   but I pay all my bills on time... it's those pesky medical bills  


And things keep happening with my damn car, so a CC is going to help a lot when I need a few hundred dollars ASAP. Thanks for your help!

Quoting kthx.:" Awesome   I had no idea that's how it worked   I was really surprised I got approved for it. I ... [snip!] ... keep happening with my damn car, so a CC is going to help a lot when I need a few hundred dollars ASAP. Thanks for your help!"

Yep, and as long as you make those payments on time, it'll help build your credit.

Quoting kthx.:" Oh. You don't? I thought you had to in order to keep it in 'good standing'. Clearly, this is my first credit card  "

No, as long as you make your required minimum payment, you will be in good standing.

How long is the 0% APR for? It usually is a time frame. Like you have 12 months or such. If you paid off the $100 in that time frame, you do not have to pay the interest accrued.

Quoting Dr. Paradigm Shift:" Yep, and as long as you make those payments on time, it'll help build your credit."

Sweet  

Quoting Mrs. God of Thunder:" No, as long as you make your required minimum payment, you will be in good standing. How long is ... [snip!] ... Like you have 12 months or such. If you paid of the $100 in that time frame, you do not have to pay the interest accrued."

It said November 2013. I don't plan on using it for big purchases, just small things here and there that I can pay off ASAP.

After November, it's 19%. Which I don't think is bad... I thought I'd have to get a card with like 28% APR since my credit isn't ideal.

Try and pay more than the minimum payment.

But yes, you have the basic idea.

Does it have a yearly fee?

Who is your card.though? I was looking to.get.one too.

Quoting kthx.:" It said November 2013. I don't plan on using it for big purchases, just small things here and there that ... [snip!] ... it's 19%. Which I don't think is bad... I thought I'd have to get a card with like 28% APR since my credit isn't ideal."

If you pay if all off by then, you will have no interest. If you continue to use it though after that date, I think you'd start collecting interest if you do not pay it off every month.

Quoting kthx.:" It said November 2013. I don't plan on using it for big purchases, just small things here and there that ... [snip!] ... it's 19%. Which I don't think is bad... I thought I'd have to get a card with like 28% APR since my credit isn't ideal."

19% is pretty high.

But, as long as you're paying on it every month as much as you can afford, not using it like free money,etc, you'll be able to improve your credit and get a much lower rate, higher limits, cards with perks, etc. Be SUPER careful with it, though.

Quoting ♫ boobook ♫:" Try and pay more than the minimum payment. But yes, you have the basic idea. Does it have a yearly fee?"

$39.