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Musicians Friend "Credit Card"

Discussion in 'Miscellaneous [BG]' started by Matt Till, Jan 8, 2006.

  1. Matt Till

    Matt Till

    Jun 1, 2002
    Edinboro, PA
    I looked over the details of it on their website, but didn't quite soak it all up. I've decided that I want to own an awesome amp... but then I realized I don't have money.... soooOooOOoOo, I figured payment plans sound cool.

    I for them, I really have only two questions:

    1) Where's the amp?
    2) Give me the amp.

    Yeah, you do get the item you purchase right away... right? This is like a house payment/car payment right? I know it's probably a dumb question... but hey... I'm an idiot.

    Also, they ran over about 7 different interest options and totally lost me. What I want to know, in simple terms, will this screw me over. Also, is it worth it getting screwed over.

    Anyone use this service?
  2. MAGUS®


    Dec 23, 2004
    They dont seem like a good company to deal with. Check the other guys thread here -
  3. syciprider

    syciprider Banned

    May 27, 2005
    Inland Empire
    If you don't pay the balance in full right away or (commonly) after the 12 mos/0% interest dealio is over, then you'll pay a pretty stiff interest. You'll see this in your bill. Most of your monthly payment goes to the interest with only a few dollars actually paying down the principal. They're not screwing you over because it's all explained to you in the terms and conditions.

    Credit cards are all about self control. If you can check your urges you will be fine.

    Or...You can say: I'm getting that Ampeg Classic! It's only money! I can't take it with me!
  4. syciprider

    syciprider Banned

    May 27, 2005
    Inland Empire
    MF has always been good to me.
  5. SuperDuck


    Sep 26, 2000
    I think this is the type of attitude that gets people in Matt's an my age bracket in serious financial trouble. :meh: People who look at purchases from that perspective can find themselves in a lot of credit card debt very fast.

    What's the APR on the card? Keep in mind that depending on what your payments are, on a big purchase you need to pay off MORE than the minimum payment, otherwise you could get stuck paying off the interest and not making any headway.

    I would say that you should figure out what types of payments you would be making on the amp setup and instead of starting a credit card, open a savings account. Every month you make a deposit in that amount, and once you have the total you can purchase the amp.

    With the credit card, you're paying out probably 10-15% (or more!) interest for the privelege of having the amp now. With the savings account, you get PAID a small amount of interest (perhaps 2%, I'm not sure what the going rate is), and you get your amp at the end of your savings period.

    If you buy on credit, you're paying MORE than what it's worth. If you put your money in savings, you're not gaining anything to write home about, but you're not losing any money on the deal.

    If you combine the hit you take of buying something new (it loses 15-20% of its value as soon as you take it out of the box) with the interest rates you'll be paying, you might be able to calculate how much money you'll be flushing down the toilet. So, if you buy a $1,500 amp at a generous rate of 10%/month and figuring you'll pay it off in a year, you're looking at roughly $1,600 for something that is worth $1,000 to $1,200 as soon as it comes out of the box. That's $400-600 you could be spending on something else, and a good chunk of change that you could have avoided spending.

    Unless you positively, absolutely MUST have it NOW NOW NOW, I would wait and save for it. If you're willing to take the committment of monthly payments, why pay someone else to do so? Do it on your own terms! If times are tough, you can just give yourself a waiver on the month of July instead of letting your credit report (something to be considering at your budding young age) take the hit.

    EDIT: As someone who has gone down both paths, let me add another thought: getting something immediately and paying it off over time for anything other than a house or a car just sucks. Five months later you've got your amp or bass or laptop or whatever, and it's getting dinged up and you love it but you still have to shell out $200 a month for it. Writing those checks gets painful! It's almost depressing. I started to feel spite towards by bass, like a pet that seemed like a good idea at the time but now eats more than you expected and you have to pay money for a rock that it can sit on.

    On the other hand, when you can swagger into the store and plop down your wad o' cash and point to what you want and say "Wrap it, Tom", the only way to describe that is exultant joy. You feel like you really earned it (which you did!), and you get to take it home and ENJOY it, no strings attached, as opposed to worrying about whether or not you can make this month's payment for it.

    Silly? Maybe. But I know how I'm going to make MY purchases. ;)
  6. fourstringdrums

    fourstringdrums Decidedly Indecisive Supporting Member

    Oct 20, 2002
    I've thought about doing this a few times, but have always stopped myself for the reason that was just pointed out: I don't want to buy something, possibly lose interest in it, or have it get beat to hell, and still have to pay on it for months. This isn't a car, which in it's own right is a lousy investment, it's a bass. With the amount of time I've had some basses before I lost interest in it, sold it and got another, I would have be screwed if it were on credit.

    I suppose the only time I would think that it would be a good idea to put something like this on credit would be if you have a majority of the money, but not all, and you need it right away. Otherwise, as it was said above, just save up the money and be patient.

    My thinking on credit is the same no matter what you're buying. If you don't absolutely have the money right now (or won't have it by the time you have to make that first minimum payment), don't buy it. Of course, unless it's an emergency. I only use my card if I can pay it off and soon as the balance posts.
  7. Bryan R. Tyler

    Bryan R. Tyler TalkBass: Usurping My Practice Time Since 2002 Staff Member Administrator Gold Supporting Member

    May 3, 2002
    It boils down to how responsible you are, and can you GUARANTEE you can pay it back before the 12 months no interst plan is over without having to eat ramen noodles for a year.

    I'm overzealous when making big purchases, and I always want immediate gratification. However, I am also very responsible about paying my bills back. My Guitar Center credit card was the only card I could get for a long time because I had no credit. It helped build my credit score into a very good one (mid 700s), but I always made sure to pay back what I needed to and more ahead of time. You can't mess it up, or those really high rates will compound and kill you if you don't pay it off in time.

    It's one of those things where you can't say, "Eh, I don't wan't to work anymore- I'll take a year off." Steady money is a must. If you can handle it, then it's great- I've taken advantage of GC's 12 month dealies a dozen times.
  8. Matt Till

    Matt Till

    Jun 1, 2002
    Edinboro, PA

    Me too. I think they are a fine company.

    This is all stuff to mull over. Financial Situation: Well, here's how it is. I'm going to get financial aid pretty soon, which I always use to buy stuff I don't need for school, AKA it's usually new gear time. :D

    I have to pay off my credit card (500 bucks), then I usually have another 500 to throw around (this is my fun money, not including rent/art stuff). I was going to buy a small dishwasher (about $125) and use the rest to buy something gear related.

    I planned on paying this off an amp over a period of two years, but... whoa, I just realized in the period of a year... I'll be getting financial aid again. Wow, there is a lot to think about. Because I was also thinking about getting a Peavy T-40 bass (one that works :spit: :D ) on Ebay for about 200. I'm going to have to figure out some pros and cons here...
  9. syciprider

    syciprider Banned

    May 27, 2005
    Inland Empire
    Did you consider working part time somewhere to get some play money? Or is real life too hectic for this alternative?

    I hate it when my wants:income ration is too high.
  10. AuG


    May 22, 2005
    Fort Collins, CO

    I'll go ahead and second this small essay. ;)

    As someone who's also been down both roads, I can say with sincerity that saving your cash is a way better road to travel. I've had the chance to rack up some serious debt, and have managed to hold off thus far. When I bought my combo amp, I walked into the store, played a few amps, and when a salesman came over I simply pointed and said Here I'll take this one. It's worth it to sidestep all the salesman mumbo jumbo and whatnot, unless you like hearing a kid fumble his sales pitch. Not to mention you don't pay any shipping, there's no worry about making payments, no chance of damage during shipping, you can actually play it before you buy it...etc.etc. I've personally gone through M123 and haven't had a problem with customer service at all. FWIW

    Good luck in your decision Matt,

  11. JimK


    Dec 12, 1999
    I just bought a 500SC from MF...the amp arrived in 4 days(UPS left it on the step; I'm lucky someone was home & heard the truck leaving).

    So far, I have yet to receive their Credit Card; MF said it may be 2 weeks before I see it.

    I have until March 2007 to pay this amp off with NO interest...still have to make the required minimum monthly payments.

    I would have preferred to buy it locally from one of my stores with their "90-Days-Same-As-Cash". Neither store wanted to order it. So they lost out, IMO.

    We'll see.
  12. AxtoOx


    Nov 12, 2005
    Duncan, Okla.
    These guys have made some very wise obsevations, and after you get to be my age, you get a new credit card offer every week, and they will loan you more than you can payback. Whith the new Bankrupcy laws, you can no longer just plead broke and get it erased.
    That being said if your responsible, you need to establish credit and get a credit rating to do a lot of things. Get and Apmt. a car, not pay deposits to a utility co. Credit checks are now the norm for getting a job. A lot of things. Some of these things you can get w/ a co-barrower, but that's a big thing to ask of someone.
    I don't know you except from here but you seem reasonable, and that's just another angle to look at it from, but I will repeat, they will loan you more than you can pay back.
  13. Matt Till

    Matt Till

    Jun 1, 2002
    Edinboro, PA
    I do have a job, it's very part time 15 hours a week. We'll see how it goes. I hate money... well the money I don't have.