Musicians Friend Platinum Payments, yay or nay?

skoti89 · #1 05-02-2007, 10:17 PM

Hey, so I have been in need of a decent bass for my metal band to drop tune it to drop C. With the Musicians Friend Platinum Payments, I could afford a brand new 500 dollar bass by working about 1-2 hours a week. If I had a credit card, it would already be done, but my parents are skeptical. Any one have experience with this? Is it a rip off with hidden charges that will screw me over, or is it good?

Is it honest?

a.green.martian · #2 05-02-2007, 10:30 PM

The minimum payments only apply to the initial charge, after that you have to pay part or all of the interest along with the $15 or whatever minimum, so your minimum payments just keep getting bigger and bigger. I wouldn't take out a line of credit unless i was sure i could put at least $100 a month into paying it off. You don't necessarily have to put that much in a month to manage your accounts, but it's a good rule to follow anyways.

Also, this is very important as you're 17, YOUR CREDIT STAYS WITH YOU, DO NOT F IT UP NOW!

I'm not much older than you, but I know people that work in the mortgage industry, and I've seen how credit can make or break your quality of living.

keyboardguy · #3 05-02-2007, 10:42 PM

""Variable Standard Rate APR: 22.9% as of 2/12/2007. Variable Default Rate APR: 26.9% as of 2/12/2007."""

Hell NO !!

Have you thought of borrowing from your Parents? Agree to pay them the principle plus a little extra. ask them. All they can say is yes or no......

Mike

hyperlitem · #4 05-03-2007, 08:09 AM

Sam ash offers no payments or interest for 12 monthes on the first purchase with their card. Thats probably a good idea if you can qualify for the card. No hidden charges, but if you dont pay it off in 12 monthes you get hit with that 22-24% apr at the end. Its common sense, dont buy anything you cant pay off in half the time you have just in case something happens. I previously worked for sam ash so i know there arent any hidden charges. I also currently work in the mortgage industry so I know no interest credit cards are becomming harder and harder to find. All the above quotes were good advice. Ill say this, im 23 and I only have an american express that i HAVE to pay off every month becuase if i dont have the cash right then, i dont buy it.

stedtale · #5 05-03-2007, 08:39 AM

Always pay cash for everything but a house.

bradjonesbass · #6 05-03-2007, 10:24 AM

IF you pay the purchase off within the zero interest period, it's a good deal. If not, then it's a horrible card. The reason they have those offers is to entice you to "buy it now", knowing that a large chunk of people don't get the purchase paid off in the time alloted and end up paying a bunch of interest. BTW, if you don't pay it off, the interest accrues from the date of purchase, not just the date of the end of the zero interest period.

If you're thinking you can pay for it by getting a job, why not get a job and save for it? When I was 17 I was working 20 hours a week. If you didn't spend your paycheck on junk, you could pay cash for a decent bass in less than two months. Much better idea.

bleeding · #7 05-03-2007, 10:28 AM

This may be a stupid question, but can you even get a credit card when you are 17???

For some reason I was thinking you had to be 18, and that it had something to do with being a legal agreement, etc.

stedtale · #8 05-03-2007, 10:28 AM

Quote:

Originally Posted by Joshua

...And any exception to the above most certainly would have no @ >20% interest rate attached to it...

For sure don't do 20%, nasty....

I pay for everything w/cash, only load is the house, and I am in no way mr. money bags, no sir. It was work to get there, but now that my wife and I are there, We don't ever want to go back, ever. The best way to not get there is to save up the $$$ and then spend it, yeah you may have to wait 2-3 months, but 2-3 months of wait is way better that starting down the $40,000+ in debt road, it is a slippery slope.

stedtale · #9 05-03-2007, 10:30 AM

Quote:

Originally Posted by bleeding

This may be a stupid question, but can you even get a credit card when you are 17???

For some reason I was thinking you had to be 18, and that it had something to do with being a legal agreement, etc.

hmmmm....

I think 18, but it may depend on state. I think you're right about the legal agreement thing.

keb · #10 05-03-2007, 11:35 AM

Yeah I give all these credit account-thingies that big retailers push a wide berth... they bring nothing but the potential for pain and suffering unless you pay it off quickly.

stedtale · #11 05-03-2007, 01:07 PM

Quote:

Originally Posted by Joshua

My feelings on being charged that kind of interest are so negatively extreme as to be impossible to convey thru the typed word. I can only express them thru interpretive dance, and that ain't pretty.

Speak for yourself, I think I need to see that. Dance for me monkey, dance...

[man in audience] He truly is the lord of the dance <single tear>[/man]