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Polarkraft05

Bass Pro Credit Card

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I'm signing up for my first credit card at 23 years old. So far i have no credit at all. I have tried signing up for cabelas, but they declined me due to no credit. surprisingly Bass pro accepted me. 

I just have a few questions so i don't make any bad mistakes. 

Does the APR % matter as long as i pay my bill on time? I'm pretty sure it only matters when a payment is late. And they state there is no annual fee (seems like every card advertises this) 

Are there any fee's if i don't use the card for a month or two? I'm not planning on using it a lot. and definetly only using it for what i can pay off as soon as the bill comes.there will be several months when I dont have extra cash to spend on my hobbies, so i wont use the card at all.  

here is a link to the page for the card, so you can read the rates and rules etc. https://www.applyonlinenow.com/USCCapp/Ctl/entry?sc=VABL95#b

 

as far as i know, i should be ok as long as i pay the bill on time, and i can use the card as much or little as i want with no penalty?

the rewards points dont seem to be too great, but i figure without the card ill be using my debit card and getting nothing, so I might as well make a few dollars towards tackle purchases by just spending my normal everyday budget. 

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I learned this the hard way a long time ago.  "Don't spend money that you don't already have."  I was young and dumb.  Not that I'm old now, I just chose the wrong path.  

 

You have to start building your credit somehow.  Just be careful.  The only way I would use this card is when BPS has their 6 pay payment plan.  When you know that BP charges the payment, send in your check immediately for the same amount. Just be careful.

 

I am in no way a financial person so take my advice with CAUTION! 

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It's going to be difficult to get a low APR on any credit with no credit history. Having said that, you do need to start building credit. I'm not sure if credit builds if you pay off the ending balance at the end of every month, but it is a good practice. I have a Cabela's card, and I never spend money I don't have, but that doesn't always mean I pay off my ending balance. I make a few payments and I know I'm building credit, while I have the money. A few tips for when you do decide to get a card:

 

Don't get a card with an annual fee. Check the fine print, because sometimes the first two years will be free, and then all of a sudden they hit you with an annual fee, whether you use the card or not.

 

Canceling credit cards will lower your credit score. It doesn't make any sense, but that's how it works.

 

Having too many credit cards will decrease your credit score.

 

Not only will reaching your limit be bad for your credit score, but once you pass the halfway mark, your score will also go down.

 

It's a great idea to start building credit now. It will help you in the future if you want to apply for a loan for something like a car, student loans, or when purchasing a house.

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My advice to you is to not do business with Bank of America. They will nickel and dime you for everything and are difficult to deal with. I had closed my bank accounts and credit cards with them years ago.

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Thanks for the advice so far. I didn't realize you gained credit by not paying the balance at the end of the month. I thought if you payed off the balance each month that would be best? in any case I will be paying off the balance before the interest starts charging. I believe the bass pro card has a 25 day grace period before the interest starts. 

My plan was to only use the card for what i would use cash/debit for. Then at the end of the month just pay the credit card bill with a check out of the same account that i would normally be using with my debit card. So basically the credit card will be just like cash, as i will never use it to spend more than i normally would, and the bill will be payed almost instantly rather than in a month or two after interest charges have been charged. 

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First off APR does not matter if you pay off the bill every month. Second the number of credit cards you have is somewhat irrelevant to your credit score as it is credit utilization that affects your score. Low limit credit cards will not help,your score but they won't necessarily hurt it either.

The main things that compose your credit score are

1-credit utilization

2-average age of accounts

3-payment history.

There are other things to but none have as large an impact on your score.

If you pay off your balance each month you will begin to build a credit history. Certain loans are also looked upon more highly than others when paid on time such as a mortgage or student loans.

Bottom line is credit is a tool to use but not a tool to depend on. I currently have no credit card debt and only have my student loans to finish paying off but I had upwards of 15k in credit card debt from stupid decisions but decisions that helped me shape my financial outlook for the better.

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And to clear things up credit builds if you pay your balance every month. It is a common myth that you have to carry a small balance to build credit.

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Does the APR % matter as long as i pay my bill on time? I'm pretty sure it only matters when a payment is late.

 

If I'm understanding you correctly, the APR DOES matter. Even if you pay on time, if you're making less than full payment, then you're paying the APR on the unpaid balance.

 

Someone warned against B of A, but I have -0- experience with them.

 

I think it's excellent that you're starting to build up a good credit history at your age.

 

As someone already mentioned, don't buy stuff with your card that you wouldn't have been able to afford if you didn't have a card.

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Just be wise and try not to spend beyond your means. My wife and I are also becoming wary of BoA, haven't cut ties as slonezp did...yet.

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Good clarification on APR making a difference if the balance isn't paid in full.

Are you a student? If so there are a lot of good student cards out there. Another good option is to join a local credit union and get one of their cards as they are usually very flexible on terms and increasing credit limits as you earn the privelege.

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My best advice.........don't let a women use it!!!!!!! I'm working on paying off mine my soon to be ex wife maxed out on me with out me knowing they were supposed to be for emergency only.

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Should have clarified, when i said I will be paying on time I meant I will be paying the balance in full on time. therefore the balance at the end of each billing cycle would be $0.00. I'm tight with my money, so I refuse to spend my money on interest, and definetly wont be spending money i don't have, just to spend more money in interest. 

 

I am a student until may then I will have my bachelors degree And looking for a job in this wonderful economy. 

If I'm understanding you correctly, the APR DOES matter. Even if you pay on time, if you're making less than full payment, then you're paying the APR on the unpaid balance.

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"25 day grace period before the interest starts" ..be careful b/c it might be an 'introductory' offer for the first 6 months. 

 

i call my credit cards every year and ask to raise my credit limit (personal and business). after 6 yrs i had more personal credit than i could ever use. it really helped with developing my business credit (when u own ur own business ur personal credit backs the business credit).

 

its good ur tight with money. some people get trapped in the minimum payment black hole. ur jaw would drop if you saw what they end up paying in the end (ex $4000 balance making minimum payment for 8 yrs @ a high interest rate can mean you end up paying $7500)

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Credit Cards in the hands of young people = disaster 9 times out of 10. Been there, done that. Take the advice here on not spending more than you can pay off as gold. I got my first card(s) when I was 18.........by 22 I was in a hole that seemed endless, took me till I was almost 30 to get out of it. I am 37 now, and the cards are only used in REAL emergencies , and get paid off ASAP. Good credit starts by not F-ing it up the first chance you get.

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We managed to get ourselves close to 26000 in debt with those stupid pieces of plastic. Well that coupled with my hours being cut in half at my old company. Be careful with it. I promise you it can get out of hand faster than you know.

As for BofA. When we got behind they kept having calling me from a call center in India. Im sorry but I cant for the life of me understand what they are saying. After the fourth week of this I informed the person on the other end that if they were going to keep calling from overseas, I had better have a Asian woman calling me from then on. I can understand them just fine. Well sure as the sun rises, every call I have had from them for the past 3 years in regards to anything account related has been by an Asian woman. Or at least a lady with an Asian sounding name. I was actually kind of impressed that they actually did what I asked.

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Credit Cards in the hands of young people = disaster 9 times out of 10.

 

I completely disagree with that statement. I've had a credit card for 5 years, and had access to a parent's credit card for 6. I've purchased a number of things on a credit card and I have had 0 problems paying it back. I also don't have a single friend who is in credit card debt. Credit cards in the hands of irresponsible people is a disaster. Not all young people are irresponsible. 

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I have a Bass Pro rewards card.  The problem I had initially was that they took a one percent per month fee for insurance, to "protect" me if someone else managed to get my card, and maxed it out.  You don't need insurance for that.  If I understand it correctly, you are only responsible for a max of fifty dollars, no matter how much they may ring up on your card.

 

Every purchase with the BassPro rewards card returns at least one percent, some two, and some as high as three percent.  As a rule, most charges will get you the one percent, though at times BPS will hold events where you get double or triple rewards.

 

In any case, the one percent rewards were wiped out by the "insurance fee" and the two and three percent rewards became one and two percent rewards.

 

As soon as I noticed this practice I called BoA and told them I did not want the insurance.  The person I was dealing with told me they could not cancel the insurance.  I would need to notify BoA in writing that I did not want the insurance.

 

I told them I did not request the insurance in writing, and there was no way in heck that I was going to waste my time jumping through hoops.  I told them that either they cancel the insurance or cancel my account.  Their choice.  My position was adamant that if that person could not or would not do it then the account was to be cancelled immediately.  There would be no discussion.

 

They cancelled the insurance.

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I completely disagree with that statement. I've had a credit card for 5 years, and had access to a parent's credit card for 6. I've purchased a number of things on a credit card and I have had 0 problems paying it back. I also don't have a single friend who is in credit card debt. Credit cards in the hands of irresponsible people is a disaster. Not all young people are irresponsible. 

Just 9 out of 10. So how does it feel to be the 1 percent?

I never had problems paying them back either, until work went south. They were all paid on time every month. Work dived down and suddenly I couldnt make the payments. Then the interest rates got jacked through the roof coupled with late fees and what have you. Was I being irresponsible with the cards? No I was not. Ive had cards for the last 11 years and never had a problem in the world with them until January of last year. I was doing everything I was supposed to, paying on time and not over spending, and got slammed with hard times. Having credit card debt doesnt mean you are being irresponsible.

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 Was I being irresponsible with the cards?

 

In my opinion, yes you were being irresponsible with the cards. You were counting on future paychecks to pay balances that couldn't be paid by the end of the month.

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In my opinion, yes you were being irresponsible with the cards. You were counting on future paychecks to pay balances that couldn't be paid by the end of the month.

The money was there to pay the balances before anything was charged on them. I went from 72 and 84 hours a week down to 30 hours in 2 days time. I had been making the other hours for most of the 2 years preceding that. Paying ahead on other bills, namely house, insurance, car, and utilities became priority. Cant have those taken away. Still made the payments on the cards for the next three months. Until my hours were cut to twenty and the tax man cleaned out my remaining accounts. I see nothing irresponsible about having my hours butchered like that when I had the money to pay the cards.

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I'm glad that I have some credit cards.  Credit cards have solved sticky issues that have happened to me on several occasions.  That being said, I try to not do dumb stuff with my credit cards.

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Interest free money for the duration of the billing period, what could be better than that.  Credit is essential and the better it is the better off you are, not only are loans easier to obtain but you can get a bests rates too.  As mentioned there is no interest charge if paid in full and that does keep your credit in better standing.  Fico scores are based on a few factors, payment history being the most important and secondly the amount of available money that can be borrowed, personal assets have little bearing except mortgages and personal unsecured loans.  Having several credit cards with a good amount of powering borrowing power with an excellent payment history is golden, scores over 800 is where ya wanna be.

Being a young person establishing credit is vital and what you are doing is a good way to do it.  If you are mature enough to get a card I won't preach on how to manage it.  More than ever in today's world more than 1 card is needed, with identity theft, lost or stolen card and disputed charges.  There are times when that card can be put on hold, I've experienced that myself, having other cards to use my lifestyle was not affected.  

 

The only gripe I have with BOA is paperless statements,  it's for their convenience not mine, plus they are saving a bundle on postage by going green, the do send hard copy in the mail for credit cards.  True statements are online but only goes back maybe 6 months or a year.  I keep all my statements from all sources for quite a few years, being in business I'm used to having files for everything.  I do not like being in the "clouds", puts me under some one else's control, having hard copy I don't have to hear "that information is no longer available".

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Use the card for a couple of small purchases, like gas.  Pay off the amount on the card completely, and put the card in the drawer. 

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I prefer the paperless statements for everything myself.  If you are concerned with not having a record jsut print it out or save as a PDF and store on your computer somewhere.  Paperless statements are also much more secure in that anyone can grab your mail pretty easily where it is much more difficult to steal someone's login credentials.  One thign to look at when logging in is the last sign on date as it can indicate if your online banking may be compromised but keep in mind certain financial software systems, quicken, money, mint etc... may log in to gather information.

 

I also haven't found a need to go back more than a year max for any financial statement but your results may vary.

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In my opinion, yes you were being irresponsible with the cards. You were counting on future paychecks to pay balances that couldn't be paid by the end of the month.

See, Raider, I count on money I embezzled to pay my balance. This is much more responsible than paychecks. ;)

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