Ok. So I have to get my car repaired, and I cannot wait and save the money. I'm thinking of applying for the Capitol One No Hassle Rewards card. I'm planing on fixing the car in stages to keep the total amount due on the card down but I most likely will have a balance most months. I also plan to use the card as a debt card of sorts for my monthly expenses which I will pay off bi-weekly. Mostly because I commute a long distance to work and they have fairly decent gas rewards. I hope to pay off the car repairs within a year at the most. According to the credit report company I am using I have a poor/fair credit score and I have a fair chance at being approved for this card. Is it a good idea for me to apply for this card?
If you’re referring to the Capital One No Hassle Cash Rewards Card (for fair / average credit), it might be an offer worth considering…
Normally, I wouldn’t suggest using a reward card to carry a balance from month-to-month. For people with good credit, having a low interest, non-reward credit card is probably the best for long-term charges. Then, you can have a second reward card to use for normal expenses that you’ll pay in full each month. This way you’re paying the least interest on the balances you carry, but you can still earn rewards from your day-to-day spending.
But since your credit is not perfect, you might not get approved for more than one credit card — and it might not be wise — especially if you’ve had problems with credit cards in the past. If the only long-term charge you plan on carrying is your car repair, GO FOR IT! But if you think you’ll start carrying other balances, go for the plain-jane Capital One Mastercard since it will provide a lower APR.
GOOD LUCK!