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$80 a month to improve your credit with this secured card, is this correct?$80 per billing cycle?

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  • $80 a month to improve your credit with this secured card, is this correct?$80 per billing cycle?


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Answer #1 | 05/01 2014 13:41
You would be better off seeing if you can join a credit union & get their advise about building your credit.
Positive: 100 %
Answer #2 | 05/01 2014 13:47
Do they charge interest even if you pay it off by the next statement?
Positive: 50 %
Answer #3 | 05/01 2014 14:32
Your collateral is never touched while you own the card, so from your angle it's like spending $300 to get a credit card. But yes, you will be able to borrow that amount to buy books and food, as long as you pay it back under the normal credit card rules. If it weren't for the $300 up front, it's in line with other "beginner" cards you might find. To clarify the interest and monthly payments: that 19% is the annual rate, such that if you borrowed $100 for the whole year the interest would be $19. That makes it more like under $5 per month if you maxed out the card. They don't say what the minimum monthly payment is, but expect about 3% of the unpaid balance or about $25, whichever is higher. There will also be a $25 annual fee that first month.
Positive: 50 %

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