I just got approved for a $1,000 credit line for dell, with 29.99% APR, is this bad?

I really need a new computer, because im starting a new semester of college, and my computer is about to crap out. Seriously, anyday! I saw something that said 9 months 0%APR, with Dell care protection plan.. What should i do, by the way, the computer will be under $1,000, but im gonna pay about $300-$400 cash, so. PLEASE HELP.... What should i do, and no i dont have bad credit, i got no credit, 18y/o here....

29.99% is "SuperBad"

However, a $1000.00 is not bad to start off with. Most likely you'll pay that off in 9 months. If you use the card, pay it down on the spot with the $300-400.00 cash you have, then you can make regular payments every month. This will build your credit and keep you from eating that 29.99% APR.

If they start talking about increasing your credit line, DO NOT do it unless the APR is re-adjusted. You will pay dearly if per chance you purchase something above $1000.00 not having the ability to pay it off quickly.

Lastly, you have no credit and you're young; therefore, manage your credit sternly... it will pay off in your future. Cash is no longer king in this country... credit is.

If you can pay it off in those 9 months, then go for it, but yes, 29.99% is TERRIBLE APR.

Highway robbery!

29.99% is probably illegal in some states. That's terrible, but you're young and have no established credit history, so you're gonn have to eat the interest payments. Make sure you pay on time, or early, and pay more than the minimum amount. Pay it off early and see if they will lower your interest rate or increase your limit.

It doesn't sound like you were approved for the 0% interest so even if you pay it off in 9 months you're still going to pay the 29.99% APR. Not sure what type of computer you're looking at but Dell does offer discounts depending on what school you attend - have you looked into the pricing for that? Even the basic Dell desktop with 17" monitor is running $499 so given you have the $300 - $400 cash - you might be able to swing it with the educational discount and pay cash for it all and not use the line of credit with that awful interest rate. Good luck!

29.99% APR is bad, but that is what you can typically expect from store brand cards.

Decent APR is in the teens (10 - 19%). Good APR is in the single digits. Excellent is if you can get 0% APR (typically an introductory thing for 6 - 18 months, depending on the store or the bank).

Also look out for annual fees, late fees, over-limit fees, just-because-we-feel-like-it increases in interest, etc.

Try to get the 9 months at 0% APR and then try to pay it off within 5 months. Never pay just the minimum payment - it'll take you half of your lifetime to pay it off (maybe longer at 29.99% annual interest). Always pay more (much more) than the minimum payment.

><>

P.S.: After you get the computer, don't put anything else on the card until it is paid off. Pay it off ASAP. And (as long as there are not any annual fees) leave the account active and either don't use it, or use it and pay it off within a month (or as quickly as possible).

The way that these 0% financing deals work when direct from the company is this: You get zero percent for the time period specified (aka, 9 mos), but the day after that time period expires, you will get slapped with the "back interest." This means that in the first year, you would pay an extra $299.99 in interest fees. The key is, pay it off before the nine months and then you won't get charged interest. Going past the expiration date is the only time it's bad.

Get the computer if you want and just pay it off before nine months.

However, if I were you, I would skip Dell altogether and go to Best Buy. They offer up to 18 months 0% financing and are just as easy to get. Plus, you can buy other things besides computers. And honestly, Dells are not the best laptop out there. They freeze up a lot. Consider a Toshiba or an HP for the lower and mid range price. These never have problems and will last a really long time. Sony is also good, but stay away from Compaq, Acer, or Gateway.

Hope this helps.

Dude, you can get a computer good enough for college for close to what you already have on hand in cash. Just buy some disc and back all your important stuff up. Do that everyday just in case the computer does die. Next, get a job. Just working a few hours a week would net you the income within a month to get a new computer completely from cash. I worked every year while in college. I also worked every summer-except one. And, it looks better on a resume if you can say you did well in school and held down a job. I've been on the committee to chose among dozens of residents at the hospital where I work. The students that had good grades, extra curricular activies and jobs during school got our limited positions.
BTW, yes 29.99% APR is a rip-off. By the time you pay that off you will have sent Dell enough money to by two computers.

Go to you college computer store. They usually have deals where you can buy a computer through them and pay no interest. You can also sometimes now get financial aid/loans for the purchase of a computer since they are required by most schools now.

walmart had a computer from dell for 599 around thanksgiving and they had a compaq for 299. and they had PLENTY of them
all that to say if you have 400 bucks you might be able to find something thatyou can afford and not have a credit card debt at all.
meaning you dont have to buy one from dell.
Check your sunday papers in the meantime, please know I agree with all the other posters that 29% interest is HORRIBLE by all standards
MY DEFAULT rate is not that high