First time credit -- is my APR too high?

For just about anything you want to get off your chest about credit cards.
4 posts
Posts: 1
Joined: Wed Nov 05, 2014 10:59 am
Location: Houston Texas

First time credit -- is my APR too high?

Postby Michelle2620 » Wed Nov 05, 2014 11:04 am

I have been a stay-at-home parent for the last 5 yrs while my boyfriend provides for us. So I have not credit at all. I got approved for a Kohl's card with an APR of 23.99. Is that bad? The reason I went with Kohl's is because I do shop there quite often for my girls and etc. And will this help me build some credit slowly?

User avatar
Centurion Member
Centurion Member
Posts: 410
Joined: Wed Jun 04, 2014 1:06 pm
Location: Chicago

Postby PlyrStar93 » Wed Nov 05, 2014 11:22 am

23.99% is a high APR indeed, but not necessarily too bad.

First, Kohl's card only has this APR available in application, contrary to Chase or Citi, for example, generally having a range of APR on select products prior to giving decision. Comenity and SYNCB which are both major issuers of store cards usually use single APRs that can be high. In that case, it is not an indication of your creditworthiness.

Second, if you pay in full every month, then APR is not something that worries. If you don't, though, then it's indeed something high which makes you cost more than other lower APR cards. It could be bad if you have to pay hefty interest on that.
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
Chase Freedom Visa Signature $7000 6/2014 | Citi ThankYou Premier Visa Signature $5000 1/2015
All EMV.

Centurion Member
Centurion Member
Posts: 1064
Joined: Mon Nov 03, 2014 11:12 am
Location: Great Southwest

Postby Nixon » Wed Nov 05, 2014 3:54 pm

23.99 is on the lower end for retail cards believe it or not.

I think the BEST non promo APR i've ever seen on a store card is Cabela's 9.99% on in-store purchases.

Centurion Member
Centurion Member
Posts: 1733
Joined: Wed Jun 05, 2013 3:12 pm
Location: US

Postby takeshi » Thu Nov 06, 2014 7:59 am

It's high but not the highest it could possible by and it probably is suited to your credit profile. As you build your credit you'll get better limits and APR's offered.

Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests