Members jsullalex Posted February 1, 2011 Members Share Posted February 1, 2011 Hey all, I was wondering if anyone has any information about this payment option with guitar center. I am looking to pull the trigger but don't enough saved yet. Apparently, there is no interest applied as long as you pay off the balance within 12 months. I would have no trouble doing this, but I was hoping to get some preliminary info from someone out there with experience before I go in and talk to somebody. Thanks. Link to comment Share on other sites More sharing options...
Members jhorne Posted February 1, 2011 Members Share Posted February 1, 2011 Pay it off before the promotional period expires and you pay no interest. If you don't pay it off before the promotional period expires, you pay interest from the beginning at a very high rate. I use these plans all the time and have never paid a penny of interest, but there are those out there that should steer clear of these plans. Only you know for sure if you have the discipline to use the credit wisely. Link to comment Share on other sites More sharing options...
Members Tubefox Posted February 1, 2011 Members Share Posted February 1, 2011 It seems like a great deal, but I'm wondering what the catch is. Link to comment Share on other sites More sharing options...
Members fu2jobu Posted February 1, 2011 Members Share Posted February 1, 2011 In general - http://www.bankrate.com/finance/credit-cards/store-credit-card-good-deal-1.aspx Link to comment Share on other sites More sharing options...
Members SwallowTheTime Posted February 1, 2011 Members Share Posted February 1, 2011 It seems like a great deal, but I'm wondering what the catch is. The catch is, if you are late on one payment, or don't pay it off before 12 months, you pay some ridiculous amount of interest, like literally 25% compounded for EVERY previous payment. So basically, you screw up, you pay twice as much for the guitar/item. haha. If you know you can do everything on time, go for it. My brother just got one, and bought a $600 banjo with it. Link to comment Share on other sites More sharing options...
Members sk8centilli Posted February 1, 2011 Members Share Posted February 1, 2011 I am looking to pull the trigger but don't enough saved yet. Then don't Link to comment Share on other sites More sharing options...
Members Tubefox Posted February 1, 2011 Members Share Posted February 1, 2011 Then don't Had to be posted. Link to comment Share on other sites More sharing options...
Members fu2jobu Posted February 1, 2011 Members Share Posted February 1, 2011 So you never plan to buy a house? Link to comment Share on other sites More sharing options...
Members D-log Posted February 1, 2011 Members Share Posted February 1, 2011 So you never plan to buy a house? There's a difference between necessity (Food, shelter, medical bills, etc) and crap you don't need (second car, vacation, more gear, etc) Link to comment Share on other sites More sharing options...
Members kit_strong Posted February 1, 2011 Members Share Posted February 1, 2011 There's a difference between necessity (Food, shelter, medical bills, etc) and crap you don't need (second car, vacation, more gear, etc) Yes but the average house also falls well outside the realm of necessity. 99% of the crap we buy does not qualify as a necessity so let's not even go there.There is a difference between not having the cash to buy something and not being able to afford it. I have almost 0 cash because any money that doesn't get spent immediately, be it on bills or on frivolity, goes directly into my brokerage account.However I have purchased, and will continue to purchase, many things by taking advantage of 0% interest deals. Link to comment Share on other sites More sharing options...
Members fu2jobu Posted February 1, 2011 Members Share Posted February 1, 2011 There's a difference between necessity (Food, shelter, medical bills, etc) and crap you don't need (second car, vacation, more gear, etc) Sure there is a difference but such offers can be used responsibly. We know nothing of the OP's financial situation other than taking their word that "...there is no interest applied as long as you pay off the balance within 12 months. I would have no trouble doing this...". I'm willing to take their word that they can handle the situation. No skin off my back if they can't. The bonus is the schmoes who can't handle it and get themselves in over their heads are good for people who can handle it responsibly. Link to comment Share on other sites More sharing options...
Members ashasha Posted February 1, 2011 Members Share Posted February 1, 2011 I've done several guitars like that because even if I have the money I don't want to necessarily spend it. But the real advantage to me is that I have a "one in, one out" policy meaning that any new guitar means one has to get sold to cover it. If there's a great deal I'll snatch it up and put the "one out" up on e-Bay. I can make monthly payments on it until it's sold and I don't have to take bottom dollar because I feel pressured because I may miss out on the great deal. Once it's sold I just pay it off. And it beats the crap out of getting raped on a trade in. Link to comment Share on other sites More sharing options...
Members Jersey Jack Posted February 1, 2011 Members Share Posted February 1, 2011 Had to be posted. That's un-American! Link to comment Share on other sites More sharing options...
Members guitarmandp Posted February 3, 2011 Members Share Posted February 3, 2011 My advice would be to stay away from using this card. The website is an absolute bitch. One time I forgot to make a payment until the last minute so I paid a rush payment at 11:00 PM my time. I called up to complain and I got some bitch in India that could barely speak English. I got slapped with a $35 late fee & a $15 rush payment fee. I paid off my balance and cut up the card Link to comment Share on other sites More sharing options...
Members jhorne Posted February 3, 2011 Members Share Posted February 3, 2011 My advice would be to stay away from using this card. The website is an absolute bitch. One time I forgot to make a payment until the last minute so I paid a rush payment at 11:00 PM my time. I called up to complain and I got some bitch in India that could barely speak English. I got slapped with a $35 late fee & a $15 rush payment fee. I paid off my balance and cut up the card YOU forgot to pay, so you called to complain? You're the one that forgot to pay on time, you should have to pay the applicable fees if you screw up. Don't 'forget' and you won't have a problem... There is nothing wrong with their website, it is the same one HSBC uses for every other account they handle (MF, M123, Best Buy, etc.). Always pay early and you won't have to worry about having to call and complain if you screw up. Handling a credit card account isn't brain surgery (for most people). Link to comment Share on other sites More sharing options...
Members orbm1 Posted February 3, 2011 Members Share Posted February 3, 2011 I have been using this card for a good while, NEVER had to pay any interests.... Just be honest with yourself, if you know you will be able to pay it within the year, do it... COMMIT to the monthly amount you need to pay to finish before the year. I usually do something I am comfortable with, ex. $100 a month, which gives me a $1200 purchase power... REMEMBER, if you do not pay it off by the end of the promotional period, you will have to pay ALL ACCRUED interests since the original purchase, not only on the remaining balance... Good luck! Omar Link to comment Share on other sites More sharing options...
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