College student credit cards?
I have had discover for over a year, never had a problem started at 0% interest but now that the year is up they bumped my up to 24.5% interest for some reason. I also paid way more then the minimum, so i don't know why its so high. That is why I am thinking about applying for a different credit card and canceling discover, there is Citibank, Capital One and I believe Visa might have a student card too. Which one is the best and why or is there another option?
Update:Also I don't have high balances because the max I have is a $700 limit, as I said its a student card. Also I don't owe discover anything right now thats why I'm most likely going to cancel
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As others have said, it's best to pay the card off in full. In the meantime though, you should call Discover and ask if they can offer you a better interest rate.
If your history with them is good, they may either lower the rate or even offer 0% financing for another six months. My daughter has a Discover card and when she couldn't pay balance in full at one point, they offered her six months, 0%.
Be very nice. Explain that you'd really much rather stay with them, but with the rate so high, you're thinking you may have to switch to a different card and you just wonder if there's any way that they could help you out with a better interest rate.
If you do get a lower rate, be sure to get it paid off during that time so that you don't have a balance when your time is up.
You had a card with a low introductory rate that was good for 1 year. That year is over & now you pay the normal rates. They offer that low rate to get people to apply for the card. As long as you pay the bill, in full, each month, you will not pay any interest. You will only be charged the 24% on the unpaid amount, that is called "carrying a balance". You can apply for another card ,but there is no guarantee that they will approve you or that you will get a lower interest rate.
I do not want you to apply for another card.
Why? You will just run up credit card balances all over again.
It's not about the interest, it's the damage carrying balances does to credit scores.
You probably carried high balances, that's why the high interest rate.
You could be causing serious damage to your score.
Pay off that Discover card, and leave it open.
I've seen credit card balances destroy credit, and sometimes destroy financial lives.
on the grounds which you have had the 1st card for over a 365 days, the inquiry for a 2nd card shouldn't harm your score. the main severe ingredient to remember is to in elementary terms value what you are able to handle to pay for to pay in finished and on time each month. via the way, the guy who reported lenders in elementary terms see your score is particularly incorrect. lenders seem at your total credit checklist and make judgements in accordance with what's there. Your score is barely a small component of the credit determination.
under 21 you cannot get a card with a parent that is the law. It would also be foolish to get another card. You need to learn to control spending and just pay your debts. You chose to spend and not pay the debt now you will pay with interest or ruin your credit.