How do you pay off a credit card? >just my first one ever

>>962406
I thought you are supposed to pay it off in full within the payment time. Credit cards have a monthly loan interest of like 30%

What's your monthly income? Debt/Income ratio can be quite telling. I would recommend paying it off at a rate higher than the minimum, but don't just kill your savings in one go. Double minimum tends to work pretty well; just pay 2x the minimum payment. For you, this will probably be 75/month. Considering you will probably only be paying 25 dollars or so max in interest per month, this will be good progress.

Op, just keep doing what you're doing. Don't worry. You're exactly the kind of consumer America needs. Make minimum payments, for the rest of your life, on that debt that's growing at around 30% each month. Just don't default.

>>962430
this lmao

>>962412
>>962414
On a serious note.
Are you guys serious?
>>962435
OP. Pay that off, now. Why let it grow at all? That literally makes no sense.

Wait for the first statement to come in, then pay it all off. Letting interest accumulate does NOT help your credit at all.

Paying the minimum will turn that $1000 into $3000. ffs

I have heard the same thing.
I'll be lurking.

>>962406
If the credit card interest rate is greater than the rate of return you are getting on that $1000 in the bank/bonds/whatever, pay it off. Otherwise make payments.

Pay it off in full retard

>>962743
I should add, unless you have a card with 0% for X number of months, its highly unlikely you are earning more on the $1000 than they are charging in interest, hence its probably in your best interest to pay it off.

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With Credit Cards you do not want to wait 6 months. That is solely an installment loan. with CC you want 1% of the CL on 1 card to maximize the score.

>>962430
*rubs hands together*

>>963429
?

>>963431
I was implying he's jewish

>>963432
who cares if someone's jewish?
live your own life for once

Here's how you use a credit card to build our credit

1. It doesn't matter if you can afford it or if it's not much, only spend 30% of the allowed balance. So don't spend more than 300 on it.
2. Always make the payments in full within the time frame you have for 0 interest. If that's monthly pay in full every month.
3. Don't apply for multiple credit cards right away. Max you should have within 3 years depending how well it's working for you is 3 or 4

If you follow these guidelines and not fuck up with over spending you should be fine

Credit Cards without strict payment deadlines are the reason US consumers are so fucked up. It's a system that incentivises going into enormous debt and living beyond your means.

Don't let yourself get sucked into it.

Pay it off, cut it up. Don't get another card, you can't handle it.