First time credit -- is my APR too high?

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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?

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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.
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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.

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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.

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