anyone have that guitar center credit card

LCW · #1 05-04-2009, 05:13 PM

when ever i get on GC.com it always has a opo up with no intrest for one year , etc. Whats the deal with there credit card i have 0 credit i am 19 and never had anything in my name i could buy the things i want in cash but i kinda want to buy it on there credit card

so does anyone have experience with these

fdeck · #2 05-04-2009, 05:25 PM

guitar ed · #3 05-04-2009, 08:59 PM

I have had some experience selling those kinds of cards. Beware, they can be dangerous to your credit score. You will have to pay the money back.

Here's the deal. You get to borrow $XX for, in this case, 1 year. If you pay it off within the time frame, you owe no interest. Here's the downside. If, after 1 year, you owe ANYTHING on the loan, you owe interest on the ENTIRE original balance, figured from day 1. And if you read the loan contract carefully, the interest rate is in the vicinity of 24%-30%.

If you have the cash, and can handle things, this could be a good way to establish your credit. Just don't count on getting more than $500-$1000 on the card.

Think carefully, act slowly.

edg

Spector_Ray · #4 05-04-2009, 09:21 PM

Quote:

Originally Posted by guitar ed

I have had some experience selling those kinds of cards. Beware, they can be dangerous to your credit score. You will have to pay the money back.

Here's the deal. You get to borrow $XX for, in this case, 1 year. If you pay it off within the time frame, you owe no interest. Here's the downside. If, after 1 year, you owe ANYTHING on the loan, you owe interest on the ENTIRE original balance, figured from day 1. And if you read the loan contract carefully, the interest rate is in the vicinity of 24%-30%.

If you have the cash, and can handle things, this could be a good way to establish your credit. Just don't count on getting more than $500-$1000 on the card.

Think carefully, act slowly.

edg

Excellent advice. Your best bet is to save up.

CamMcIntyre · #5 05-04-2009, 11:20 PM

I have one.

I make 1 big purchase a year on it. This year it was a Bass Trainer & an Edirol R09. I make payments on it EVERY month. It's much easier for me to get it paid off that way and at tax time, I use my refund to pay off what ever is left.

Also, it makes it much easier for me to keep track of what I spend on music gear for tax reasons. I use 1 card for 99% of my equipment purchases.