<p>I just came home from my bank, Wells Fargo, and got approved for a student credit card.</p>
<p>APR for Purchases & APR for Balance Transfers- 7.90% to 13.90% introductory APR for 6 months, based on your creditworthiness. After that my APR will be 14.15% to 21.15% based on your creditworthiness.</p>
<p>APR for Cash Advances and Overdraft Protection Advances- 23.99%</p>
<p>No Annual fees</p>
<p>Just pay off your balance in full every month and it won’t matter what your APR is.</p>
<p>i been hearing mix statements from people saying i should just pay the mim each month to build my credit. is that true? What’s the best way to pay it off. Start of the month? End of the month? I was thinking of paying it off a day or two after the purchase just to build up my credit. Is that correct?</p>
<p>At those interest rates, you’d probably build credit more effectively by spending a little each month and paying it off in full within 30 days of getting the credit card bill. It seems silly to pay large amounts on interest because you chose to pay only the minimum (although technically, it seems that that would improve your credit history just as well…it’d just cost you more for fewer goods).</p>
<p>If I misunderstand the process, though, someone should feel free to correct me.</p>
<p>I’m pretty sure that if you pay everything off in full the credit company isn’t making much money (if any money at all)? Correct me if I’m wrong, but I think paying everything off in full might not build a very good credit score, just as having a credit card and never using it can lower your score as well.</p>
<p>^ Correction, paying off your bill in full each time will build a better credit score than not. But your other statement of having a credit card and not using it can hurt your score, since the bank or company might cancel your card and cancellations show up negatively. </p>
<p>BTW blkbox, I do not think it allows you to pay it off until a full month, but there should not be any interest on it if your card is like mine (I have a Wells Fargo one too, I use at least once a month just to build a good line of credit).</p>