New, 18, please help

[bodybuilder0713]

I just got my capital one $500 credit limit card in the mail. It has 0% apr until may 2009. If i buy one thing for $500 exactly, then make $100 dollar payments for 5 months, what exactly will i be charged? Anything? What happens when im paid off and dont use it for long periods of time? Also, will this help raise my credit? Thank you, some of you guys are genius when it comes to this stuff.

[Jeanie]

Since it has a 0% apr then you should not be charged any fees until the statement you get in May of 2009. Make sure with the terms and conditions but, most cards do not do anything if you do not use it for a long period of time. If you use the card and show you can keep up with payments and keep it in good standing this will help raise your credit Good luck with your new card bodybuilder0713!

~Jeanie

[Bahamut]

You will not get any charge if:

- You do not go over the credit limit.
- You do all your payments on time.
- You do not send fraudulent checks, bad payments (pay online!)
- You carry no balance after your offer ends.

However, do not charge $500... as you will max it out and damage your credit.