Oh God, what have I got myself into?

[agp423]

I was shopping at Macy's last week, and the salesman asked me if I wanted to open a Macy's account, and the salesman told me I'd get 20% off of everything I buy. Since I was on a shopping rampage that weekend, I didn't see why not. Today, a letter came from Macy's, in the envelope was a Macy's Star Rewards card, along with countless pamphlets and brochures with enough fineprints, when changed into size 12 Times New Roman font, that can be printed into a book as thick as Britannica's Encyclopedia. Anyway, some big words read 23.99% APR. And this really scares me. I have no problem with paying everything in cash/debit - I paid for the Cadillac in cash, I pay all my grocery with cash, almost everything I buy is with cash, debit card, or, for large purchases, a check. Last thing I want is open a credit card and have a $500 charge on it but don't know how or when to pay it, and have it turn into a $5 million dollar debit and have the government go after me (heck, I don't even know if this thing is a credit card)... Anyone with a Macy's card can tell me more about it?

[ColonelCash]

Re: Oh God, what have I got myself into?

Easy bro, just call them and get an address to send the check...you might could pay over the phone. There is a 1-800 number on the card I'm sure.

Keep the card open for a few months (you don't have to use it) so it doesn't hurt your credit score.

[Eddie6th]

Re: Oh God, what have I got myself into?

Sorry I can't help you out here.

If I'm out I just ignore all these things.I hate people pestering me with this sort of thing.

[Justin A]

Re: Oh God, what have I got myself into?

You can pay it off at the store or online.

I have one that I NEVER use. I opened it 3 years ago or so to buy a dress for my girlfriend with the 20% off and then promptly paid it off. My limit is up to $1000 or something like that, and I just used it for the first time again about two weeks ago because we NEEDED new sheets (the old ones self destructed one night), and they were happening to have a cardholder reward weekend with 20% off any purchase with your macy's card. It's paid again .

Just pay it off online, by phone, or in store as you use it and you'll be fine.

[MrCLRider]

Re: Oh God, what have I got myself into?

Colonel has the right idea..just call and get it paid off, or go back into Macy's and take care of it there..have done that a couple times at Target to just get the extra savings..

[agp423]

Re: Oh God, what have I got myself into?

How long does it take for them to bill me? It's been well over a week now.

[MyFirstES300]

Re: Oh God, what have I got myself into?

How long does it take for them to bill me? It's been well over a week now.

Typical billing cycle is 30 days.

[ColonelCash]

Re: Oh God, what have I got myself into?

How long does it take for them to bill me? It's been well over a week now.

You don't have to wait to be billed, you should know how much you spent. Go to the store or call the 1-800 number and you can pay it then and there...no bill needed.

[agp423]

Re: Oh God, what have I got myself into?

I went to the store, but the people said I need to wait for my bill to come in the mail...

[xantonin]

Re: Oh God, what have I got myself into?

I went to the store, but the people said I need to wait for my bill to come in the mail...

Relax.

You typically get your bill at the end of the 30 day billing cycle, so usually 30 days later.

After you get the bill, you have a due date which can be up to another 30 days from the billing date.

Using credit like this you can delay payments on purchases up to 60 days without ever being charged anything such as interest, and at the same time building up credit.

I do this with all my credit cards. I hardly ever get charged interest.

[Bunky]

Re: Oh God, what have I got myself into?

I have Chase BP card and it has like a 24% APR and the billing cycle is 20 days. It is really short since it takes 3 or 4 days to get to you through the mail.

You get 5% back on gas but obviously if you miss one payment and incur an interest charge, they can get it back very quickly.

[akimel]

Re: Oh God, what have I got myself into?

AGP, nothing for you to worry about. Just pay off the bill when it comes, or you can go to the store, as others have mentioned. Don't close the account, though. For some reason, closing credit card accounts counts against one's credit rating. I've never understood why, but that's the way it is.

So relax ... you haven't done anything wrong nor are you going to get yourself into a credit hole. Just pay off the account when the bill arrives.

[agp423]

Re: Oh God, what have I got myself into?

I do this with all my credit cards. I hardly ever get charged interest.

So credit card interest is only for when you cannot pay the bill on time?

[thejazzguy]

Re: Oh God, what have I got myself into?

So credit card interest is only for when you cannot pay the bill on time?

Yes. They give you a grace period of usually something like 21 days. When they send you the bill, they will tell you the balance on the card and the minimum payment required. If you only pay the minimum balance, then they will charge you interest on the full amount. However, if you pay the balance on the bill then you will incur zero interest. Making these payments on time helps build your credit and is a positive thing.

[xantonin]

Re: Oh God, what have I got myself into?

So credit card interest is only for when you cannot pay the bill on time?

Yup you got it!

And that rate is a YEARLY rate, so they only charge you for the days you held that balance

For example with $1,000 on the card, if you don't pay the bill on time or only make minimum payment, they'll charge you something like $19.17 for that month with an APR of 23%