Hi, I'm 18 and I just got a Visa credit card, can someone explain to me how this works?

I have $1000.00 in my account (one thousand dollars)..The bank just gave me any visa they didn't let me pick.. they sort of did some psychology.. they told me there was an 90% chance that I wouldnt get the visa.. then they told me I could have it as long as I deposit 1000.00 in my account.. I did...they told me that the car is in the mail now and will arrive in 5 bussiness days...





How much on average will they charge me for using the credit card, monthly.. I know you dont know my interest rate, but neither do I.. one of my friends told me that I shouldnt use the credit card until my money is finished, I should stop using it when theres 100.00 dollars left in my account.





HOW DOES THE **** WORK???? HELP ME PLEASE!





When I ask the bank questions they give me short vague answers..





I need the credit card topay for my SAT online and send score reports, pay application fees, etc then Im canceling it.. Im at a boarding school so I cant use my parents.Hi, I'm 18 and I just got a Visa credit card, can someone explain to me how this works?
He's right, a debit card will allow you to do all the kinds of transactions a credit card would, without building up debt.





Find out the interest rate on your card. Call the 1-800 number and ask directly. It is probably outrageously high (anything over 9% seems too high for me, but if you religously pay off the balance every month, you can live with the higher rate, and even build a good credit rating.) I've heard about cards that give better rates for better grades, yours sound like one of those. The fact that you have to deposit $1,000 indicates that this account comes with training wheels.





DO NOT MISS A PAYMENT (usually monthly)! This will cause a bunch of charges, and MESS UP YOUR CREDIT SCORE! Your credit score comes in handy when you want to buy a car or house.





Be careful! Keep an eye on your account statements. Don't over use it! Live within your budget, always. Good luck.Hi, I'm 18 and I just got a Visa credit card, can someone explain to me how this works?
Rip off!





All you need is a DEBIT card form your bank.... the ones that make you make a deposit are almost always high fee.
7 little known Visa credit card facts to bowl you over





1. Visa stands for Visa International Service Association. The company consists of six different entities. Each segment focuses on one particular geographical area, providing offers and meeting regulations that vary from region to region.





2. There is a huge variety of credit cards suited both to the corporate and consumers. For every $100 that consumers spend, approximately $14.60 is spent with a Visa-branded product.





3. More than 500 million Visa credit cards are currently circulating in United States. This is the nations leading electronic payment brand.





4. No credit cards are directly issued by Visa. An association of member banks provide cards to its wide customer base.





5. Visa is accepted in over 150 countries around the world. This makes it as one of the most universal credit cards available. The wide acceptance of Visa is substantiated by the fact that more than 20 million merchants accept Visa cards across the globe.





6.Security for its cardholders is the first priority for Visa. To achieve this Visa has adopted a ';Continuous Monitoring'; system. Unusual credit card transactions are quickly tracked and recorded. Visa also has a free helpline for identity theft. Read more from: http://www.credit-card-gallery.com/artic鈥?/a>
Ask the bank who is issuing the card, to send you detailed information on the charges for the card , otherwise return the card or complain to the authorities
If it's truly a credit card, you shouldn't need to have $1000 deposited, unless that's a scheme they use to ensure you'll make your monthly payments. Are you sure it's not a Visa ';debit'; card?





In any case, if you are careful about using the card, and make the payments on time, and don't go nuts with it, it will probably help establish a good credit rating for you. So it's not all bad, but it can be if you don't exercise good judgment.
First of all. If you had to deposit money it might be a secured visa card. They give this kind of cards to people who don't have credit history yet (or have really bad one). This is how i started too. The most important is to always pay your bill by the due date. You will get a bill and it shows when your due date is, usually a billing cycle is around 20-25 days. Try to pay your bill in full, not just the minimum amount. If you pay the whole amount in time, you won't have any charges. Shouldn't be any interest, or late fees. There might be a annual fee, but this is the most you should pay if you take care of your credit properly.


If this is a secured visa card as i had assumed- after maybe a year you might get a check with your deposit, and they consider your card as a regular credit card. Be responsible and you will build a good credit history, they will raise your credit limit later, if they see that you have no debt, and you always pay punctually. If you close the credit account it might affect your credit history, so just use the card and don't overspend.
Is this a debit card or a credit card? A debit card deducts money from your checking account at the bank similar to writing a check but more convenient. The amount you are allowed to use is limited to the amount in your account. A real credit card has a limit on it and you are charged interest each month. When you put $100 on the card, the balance the following month would be $115 (15% interest) if you don't pay the entire balance when the bill comes. Every month the interest will build on top of the original $100 until you pay the balance.
you can only use every month what you will pay off the end of the month . otherwise you are spending money for nothing...


paying fees and stuff