How much would I pay a month?

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
10 posts
Jase32
 
Posts: 1
Joined: Thu Dec 12, 2013 2:29 pm
Location: Hartsville, South Carolina

How much would I pay a month?

Postby Jase32 » Thu Dec 12, 2013 2:35 pm

I got approved three cards from PacSun, Express, and JCrew. So I'm wondering how much would my monthly bill be with a 25% APR and 0.6% Daily rate?

Also could I cancel any of these cards(like PacSun) and return the credit remaining to the lender? I spent some already on PacSun but their clothes are not for me(I'm 32) so I was wondering if I could return the card and credit to them and pay whats left over in installments.


samhradh
Centurion Member
Centurion Member
 
Posts: 388
Joined: Thu Nov 21, 2013 1:13 pm
Location: United States

Postby samhradh » Fri Dec 13, 2013 1:08 am

Jase32 wrote:I got approved three cards from PacSun, Express, and JCrew. So I'm wondering how much would my monthly bill be with a 25% APR and 0.6% Daily rate?

Also could I cancel any of these cards(like PacSun) and return the credit remaining to the lender? I spent some already on PacSun but their clothes are not for me(I'm 32) so I was wondering if I could return the card and credit to them and pay whats left over in installments.


I'm just gonna be blunt. You clearly have no idea how to use credit cards. Why did you apply? With that out of the way:

Your monthly bill is however much you put on the card. If you didn't use the card at all, you owe nothing. If you used the card, you owe whatever amount was charged to it. If you do not pay the bill on time and in full, you will then owe the balance PLUS a massive amount of interest based on the APR and fees they charge.

Yes, you can cancel the cards. Be aware that opening three cards at the same time and closing them shortly afterward will impact your credit score negatively for some time.

You do not "return" a credit card to the card issuer. You cancel the card. When a card is closed (cancelled) - as long as the bill is paid off - that is the end of your relationship with the issuer. The issuer will need to be paid in full before the card is cancelled.

If you do not like the clothes you bought then just return them to the store.

One last piece of advice: don't sign up for another credit card until you have a better understanding of how credit works. This forum is here for you to ask any questions you like and we will try to help you as much as possible.
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

daniel2304
Centurion Member
Centurion Member
 
Posts: 198
Joined: Tue Dec 03, 2013 1:53 pm
Location: Dallas

Postby daniel2304 » Fri Dec 13, 2013 1:22 am

Also, be aware of the lack of grace periods that some store credit cards do not offer. It means they will charge you interest the moment you purchase something. This is totally a rip-off.
All my posts are my opinions. All my posts mentioned "you" are merely for discussion-purpose only. No advice is given in any post at any time. It is also impossible for me to put effort to verify every statement that anyone has given.

JamesMS
Centurion Member
Centurion Member
 
Posts: 151
Joined: Mon Apr 13, 2015 6:17 pm
Location: Fort Worth, TX

Postby JamesMS » Tue Apr 14, 2015 10:30 am

I agree with samhradh. You don't seem to understand the concept of "credit" and should really study up on this.

My first question is why go out and get 3 store cards? While having open lines will help your credit, you are better off getting bank cards.
Main Cards:
Amex BCE
Amex Everyday
Bank of America Cash Rewards
Chase Freedom
Capital One Quicksilver
Citi Thank You Preferred

Spark Cash Back (Business), Amex Plum (Business)

popamode72
Centurion Member
Centurion Member
 
Posts: 1099
Joined: Sun May 04, 2014 4:41 pm
Location: Atlanta, GA

Postby popamode72 » Tue Apr 14, 2015 2:57 pm

Jase32 wrote:I got approved three cards from PacSun, Express, and JCrew. So I'm wondering how much would my monthly bill be with a 25% APR and 0.6% Daily rate?

Also could I cancel any of these cards(like PacSun) and return the credit remaining to the lender? I spent some already on PacSun but their clothes are not for me(I'm 32) so I was wondering if I could return the card and credit to them and pay whats left over in installments.

If you're going about this that way, then you're doing it wrong.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

jcarte29
Centurion Member
Centurion Member
 
Posts: 184
Joined: Fri Jan 30, 2015 1:29 pm
Location: Charlotte, NC

Postby jcarte29 » Tue Apr 14, 2015 5:17 pm

What concerns me the most is the OP mentioned he's 32...he's just now asking about this stuff? Oh my...
Portfolio:
CITI Diamond Preferred $7,000 [06-16]
AMEX Platinum (Charge) [11-16]
AMEX EDay $12,000 [11-14]
Lowes Store $15,000 [4-14]
CSP VISA $6,000 [7-14]
GM MC $9,000 [9-14]
AAdvantage Red MC $10,350 [10-14]
Discover IT $4,500 [03-15]
Chase Marriott VISA $5,000 [04-15]
Cap One Quick $2,600[4-10]

JamesMS
Centurion Member
Centurion Member
 
Posts: 151
Joined: Mon Apr 13, 2015 6:17 pm
Location: Fort Worth, TX

Postby JamesMS » Tue Apr 14, 2015 7:45 pm

Very true. At 32, one should know more about credit than that.
Main Cards:
Amex BCE
Amex Everyday
Bank of America Cash Rewards
Chase Freedom
Capital One Quicksilver
Citi Thank You Preferred

Spark Cash Back (Business), Amex Plum (Business)

takeshi
Centurion Member
Centurion Member
 
Posts: 1741
Joined: Wed Jun 05, 2013 3:12 pm
Location: US

Postby takeshi » Thu Apr 16, 2015 10:21 am

Jase32 wrote:How much would I pay a month?

You should be paying in full. Develop a budget and stick to it. And definitely read up on credit.

User avatar
lobbythis
Centurion Member
Centurion Member
 
Posts: 637
Joined: Sun Sep 07, 2014 8:53 pm
Location: usa

Postby lobbythis » Thu Apr 16, 2015 12:21 pm

C'mon...post is 2 years old.

OP is probably in BK now.

JamesMS
Centurion Member
Centurion Member
 
Posts: 151
Joined: Mon Apr 13, 2015 6:17 pm
Location: Fort Worth, TX

Postby JamesMS » Thu Apr 16, 2015 1:50 pm

lobbythis wrote:C'mon...post is 2 years old.

OP is probably in BK now.


Laughing at that!!
Main Cards:
Amex BCE
Amex Everyday
Bank of America Cash Rewards
Chase Freedom
Capital One Quicksilver
Citi Thank You Preferred

Spark Cash Back (Business), Amex Plum (Business)



Return to “Store Issued Cards”

Who is online

Users browsing this forum: No registered users and 0 guests