• Gamestop getting a credit card, has 26.99% APR
    53 replies, posted
[QUOTE=Perfumly;45526735]To build credit I actually just took out [b]a really small personal loan[/b] and then mostly it was just paying my own insurance/bills/cellphone etc. It's cool bruh, I was being a bit of a vain cunt because sometimes I'm overly prideful. I can see how I came across wrong.[/QUOTE] I feel like that would cost you more than just using a credit card.
[QUOTE=sloppy_joes;45526754]I feel like that would cost you more than just using a credit card.[/QUOTE] tbh I'm not sure. I paid a lot on principal so my interest was really low overall. You may be right though. (I took out the loan cuz i wanted this super sick boba fett helmet) [b]Edit:[/b] [img]https://scontent-a-dfw.xx.fbcdn.net/hphotos-xap1/v/t1.0-9/10455041_10152321920864093_1111219798740593501_n.jpg?oh=40e222eef99d220493fda3623c625f15&oe=54460BA9[/img] (this 1)
Holy shit get a room
I rather not have a credit card, especially if its from GameStop.
They should have made it 13.37%
Let us all take in Perfumly's amazingness, ladies and gentleman.
I have one credit card: Cabellas For every dollar you use it, you get back so many points to spend at Cabellas. I use it for everyday things like gas and whatnot, pay it off every month, and when hunting season rolls around, I use my points for gear I need. Buy shit and get free shit in return and build my credit. HOWEVER: I only use it for things I would be buying anyways (like gas to go to work), NEVER on splurge items I couldn't already afford with it.
[QUOTE=DesolateGrun;45526293]don't ever get a credit card unless you need to build credit to buy a house or something, they are way more trouble than they are worth.[/QUOTE] I have a Barclaycard Freedom card with a £250 limit on it, it's paid off in full as soon as the bill comes in. If I didn't trust myself to have self control over it and not max it out every month, I wouldn't have applied for it. Plus it's got a rewards system behind it which tots up after a while especially as I pretty much only use it as a fuel card (double points for fuel), got like £35 worth after using it for just over 6 months
[QUOTE=Silence I Kill You] HOWEVER: I only use it for things I would be buying anyways (like gas to go to work), NEVER on splurge items I couldn't already afford with it.[/QUOTE] This is how to use a credit card as a young adult
[QUOTE=sloppy_joes;45526423]What about building credit? A lot of cards offer cashback as well, I know a guy who apparently has 2% cash back and gets several hundred dollars back each year because he puts everything on his credit card.[/QUOTE] I still don't fully understand the concept of building credit. Don't you always start with good credit and your earning are evaluated? And in the case of failed payments your credit rating goes down? At least that's how it works here. That said, credit cards do have a place, for one they're generally safer than debit ones.
[QUOTE=sloppy_joes;45526423]What about building credit? A lot of cards offer cashback as well, I know a guy who apparently has 2% cash back and gets several hundred dollars back each year because he puts everything on his credit card.[/QUOTE] this sounds dumb but I agree with him completely fuck credit cards, credit, loans, mortgages, rent and everything else I wont be part of your rat race system maaan not even joking
[QUOTE=wraithcat;45527129]I still don't fully understand the concept of building credit. Don't you always start with good credit and your earning are evaluated? And in the case of failed payments your credit rating goes down? At least that's how it works here. That said, credit cards do have a place, for one they're generally safer than debit ones.[/QUOTE] No, you start out with no credit and have to EARN a good credit score. You have to build credit to get it and get it good enough to lower your rates.
Ah different here. You don't actually get variable rates. Your income and negative credit history influences the size or timeframe of the loan.
[QUOTE=wraithcat;45527129]I still don't fully understand the concept of building credit. Don't you always start with good credit and your earning are evaluated? And in the case of failed payments your credit rating goes down? At least that's how it works here. That said, credit cards do have a place, for one they're generally safer than debit ones.[/QUOTE] no you have to spend money on shit and prove that you can afford to spend money on shit by paying ontime for said shit, credit is basically trust, the more you do right, the better the lenders can trust you. on the other side of things is pawning where you pawn items in exchange for a loan in the hope that you will come back, but if not your shit should cover the loan + extra
Signing up for a 27% interest credit card is a dumb thing to do under any circumstances. Even if you've got basically no credit, go to your freaking bank and talk to them about a credit card. God damn, even Capitol One doesn't START at 27%.
[QUOTE=wraithcat;45527129]I still don't fully understand the concept of building credit. Don't you always start with good credit and your earning are evaluated? And in the case of failed payments your credit rating goes down? At least that's how it works here. That said, credit cards do have a place, for one they're generally safer than debit ones.[/QUOTE] pretend I'm dr. moneyman now, you come up to me out of nowhere and ask for some cash. I don't really know you well, so i'm like "ehh i dunno if i can trust you". You then take out a credit card and prove that you can consistently pay back the debts you put on yourself in a timely manner (you can also do this with loans and shit but a lot of people can handle paying off small purchases more than cars). You ask me for cash again and now I know you have a history, and i can trust you to pay me back when i loan you money. It's a pretty simple system people overblow like crazy, you're gonna hear a lot of "CREDIT CARDS ARE THE DEVIL" but honestly if you're not a braindead child they're one of the most useful tools in the world for establishing yourself financially
27% is normal as far as interest rates go for [i]store or consumer[/i] credit cards. JC Penny's is like 29% and Amazon's is 25%
[QUOTE=sloppy_joes;45526423]What about building credit? A lot of cards offer cashback as well, I know a guy who apparently has 2% cash back and gets several hundred dollars back each year because he puts everything on his credit card.[/QUOTE] Why do banks in the US seem to put so much emphasis on credit rating? I see a lot of people say the reason to get a credit card (instead of a debit card) is to get a good rating, in order to get loans. That is fucked up. I wonder who was bribed into making that system the status quo.
[QUOTE=Perfumly;45526446]I have no credit cards, never have had a credit card, and will never have a credit card. I have outstanding credit, a paid off house, currently I have a $5000 home equity, $1000 personal, and $26000 car loan out that I pay on time every month. I'm very established you see, never had to use a credit card.[/QUOTE] Let's see.. So first of all you need, for maximum effectiveness, something like 5 agencies with open credit portfolios to achieve the maximum level of trust. Paying off debts helps you, but the benefit will degrade over time. Credit cards offer protection. Leaving you legally not liable for any fraudulent charge on your credit history. I rarely ever use a debit card or cash, I use a credit card. All of which are paid off automatically at the end of each month. On top of that, credit cards often run promotions or cash back deals, meaning that I pay a little less than I otherwise would and have the added security level in the event that I misplace the card. The average age of your credit accounts matters. Having a few credit cards open for years looks really good on your report. They also will report monthly that you have a card in good standing. Also the more available credit you have, the better it looks. As of last month my average credit score with the three agencies was 810. I never get into debt. Credit cards only help me.
[QUOTE=DesolateGrun;45526293]don't ever get a credit card unless you need to build credit to buy a house or something, they are way more trouble than they are worth.[/QUOTE] All you need is self control. Seriously, that's it. Many people unfortunately don't have that and that is why banks make a lot of profit. I've seen people declare bankruptcy three times. Each time with their debt in the $100,00's being forgiven. Some people are just fucking retarded with their finances. It's a shame. High school only taught people how to fill out checks and other mediocre bullshit, not how to mitigate financial issues in the future. I have two secured credit cards with a small line of credit for each and I use them for small purchases and then pay them off each month. It's great that they're secured cards because no matter what I can't spend more than I have and I also build credit on top of that. It's always good to have a high credit score. You can get better financing options from banks and secure better loans than someone who only used debit their whole life. You gotta live within your means, lots of people don't understand that though.
Is that even legal? I thought Congress passed a law back in like 2009 that the max interest rate could be 25%, which is why ALL cards are 24.99?
[QUOTE=Perfumly;45526530]Don't forget muscular with good credit and a very high net worth for a self established 20 year old.[/QUOTE] Too bad you can't borrow a decent personality.
[QUOTE=SIRIUS;45525928]Are they TRYING to get worse?[/QUOTE] What other competition is there? They can get as bad as they want, it wont bring back EB Games.
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