Help with my 1st Credit Card - BankAmericard Cash Rewards

[hendrix91]

Hello everyone,

First time poster to the forums, but I wanted to get some more experienced members' input on my situation..

I am 22 years old and graduating from college this upcoming December, and I just now received my very first credit card, the BankAmericard Cash Rewards Platinum Plus Visa. I had always been opposed to having a credit card in college, thinking it could only lead me toward trouble, but I finally gave in after the BoA lady hassling me about it my last few visits.

I don't really know too much about it, but my initial instinct is to feel like they only pushed it on me in hopes of hefty interest payments down the road. I would normally come to my dad to ask questions about this sort of thing, but he's always preached to stay away from credit cards until I graduate, and that I will also receive lower interest rates through some other foundation because he's a member (I vaguely remember what he said). 

I'm not too familiar with all of the abbreviations I've seen used, but here's the card details:

• Credit Line: $1,000
• Cash Credit Line: $200
• 0% APR for 12 months
• After 12 months, a variable 22.9% 
• 3% transaction fees for balance transfers
• 1% back on everything, 2% on groceries, 3% on gas

That's about it, but I have no idea how to feel about the situation (even though it is a bit exciting). Any insight, input, advice, pointers, comments, remarks, you name it, please help me out and let me know haha.

[azguy13]

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@hendrix91 wrote:

Hello everyone,

First time poster to the forums, but I wanted to get some more experienced members' input on my situation..

I am 22 years old and graduating from college this upcoming December, and I just now received my very first credit card, the BankAmericard Cash Rewards Platinum Plus Visa. I had always been opposed to having a credit card in college, thinking it could only lead me toward trouble, but I finally gave in after the BoA lady hassling me about it my last few visits.

I don't really know too much about it, but my initial instinct is to feel like they only pushed it on me in hopes of hefty interest payments down the road. I would normally come to my dad to ask questions about this sort of thing, but he's always preached to stay away from credit cards until I graduate, and that I will also receive lower interest rates through some other foundation because he's a member (I vaguely remember what he said). 

I'm not too familiar with all of the abbreviations I've seen used, but here's the card details:

• Credit Line: $1,000
• Cash Credit Line: $200
• 0% APR for 12 months
• After 12 months, a variable 22.9% 
• 3% transaction fees for balance transfers
• 1% back on everything, 2% on groceries, 3% on gas

That's about it, but I have no idea how to feel about the situation (even though it is a bit exciting). Any insight, input, advice, pointers, comments, remarks, you name it, please help me out and let me know haha.

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Hey there an welcome to the forum! $1,000 initial CL for a first card is not bad at all. 

The 0% APR is fantastic and take advantage of it when you purchase items that you need the purchase protection for in case it breaks, lost, etc. 

The only way they can ban off of high interest payemnts is if you let it get that far. Credit cards should not be used like a checking account if you do not have the cash to back it up. I would suggest PIF (pay in full) at all times if you are worried about the interest. That interest rate is pretty high but if you use the card like a responsible adult, you can call sometime next year and ask for a APR reduction. 

The main purpose of my cards are for rewards and purchase protection. Also, I vacation a lot and I HATE using a debit card in foreign countries. I also love my no FTF (foreign transaction fee) cards. 

Congrats on your first card and don't go too crazy with it. I remember my first card and it ebded up bad, lol. Lear from the rest of our mistakes and you will be good to go. 

[hendrix91]

I'd like to think I'm pretty responsible when it comes to my finances, but I'm more worried about the fine print and making an honest mistake that will cost me. I'm excited to start making purchases so that I can start building my credit, but I still feel like I'm walking on eggshells.

I guess it'll just be another learning experience, but I've heard one too many horror stories to just dive right in haha

[azguy13]

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@hendrix91 wrote:

I'd like to think I'm pretty responsible when it comes to my finances, but I'm more worried about the fine print and making an honest mistake that will cost me. I'm excited to start making purchases so that I can start building my credit, but I still feel like I'm walking on eggshells.

I guess it'll just be another learning experience, but I've heard one too many horror stories to just dive right in haha

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Luckily, BoA is a large institution and isn't prone to screwing people as much as smaller, sub-prime lenders like CreditOne. Your best bet will be to set up your online account and set up automatic payments for minimum due. This way, you will never miss a payment which is the second largest mistake on a first card. The first biggest mistake people make is maxing out their card in the first week because they think it is "free money."

There really isn't too much fine print when it comes to that card. Just pay the card, monitor your account online regularly, and if you see any billing mistakes, whether is your favor or not, contact a customer service rep and ask about it.