Game Stop is seeking to screw you over even harder

[Lunar Templar]

This time with for more damaging and dangerous implications.

Apparently, Game stop has the ability to issue credit cards. Actual, for real 'can fuck up your credit score/life if misused' credit cards, and they are doing just that. The cards seem to be the next evolution of the 'power rewards system', which would be fine except .... 26.99% APR.

lemme say that again for ya, Game Stop will be replacing, or 'upgrading' the power rewards system, with a credit card, that has a 27% interest rate.

The initial story I saw on Youtube suggested that existing Power Rewards member's would be just given the card, but the linked story doesn't say such, so I'm not sure if that's true at this point or not. Ether way, I figured a heads up should be throw out there.

Personally? I think there needs to be laws against this kind of crap. I mean I hate credit cards as is but a glorify pawn shop really has no business offering anything that can effect your ability to buy a house or a car later in life.



http://arstechnica.com/gaming/2014/07/report-gamestop-to-start-issuing-credit-cards/

 

[Treeinthewoods]

Well to be fair if you use it wisely and pay it in full each month you might get some awesome rewards or something.

Personally I still wouldn't get it, and I really don't believe they will just convert anyone in the current rewards plan to a credit card. Opening a line of credit requires a credit check which shows up on the credit report. Running someone's credit without express consent is a crime, they couldn't be that stupid.

That APR is crazy though, I can see some idiots getting in some major trouble with that.

 

[Lunar Templar]

That APR is crazy though, I can see some idiots getting in some major trouble with that.

Which I'm pretty sure is what they're counting on.

 

[senordesol]

27% !!!

Wha...wha...

I don't even... Where did they even pull that number from?

 

[tippy2k2]

Defending Gamestop makes me feel dirty but...

This is pretty common. Most major retailers have their own credit card and that APR is pretty much in line with the other stores.

For example
Target Red Card: 22.90%
Wal-Mart Discover Card: 22.90%
Best Buy Reward Card: 25.24%

Hell, even banks (while not that high) can get up there:
US Bank: 11.99% - 23.99%
Wells Fargo: 12.15% ? 25.99%

While Gamestop is shady as hell sometimes, I don't really see the big deal here.

 

[Queen Michael]

To put it monosyllabically: this is such a bad idea.

 

[Darks63]

I dont see this as shady unless they are issuing card to people who don't already have a credit rating to begin with. If they are however giving it out deceptively to young adults unschooled in credit cards and the need for fiscal responsibility then yes its really shady.

 

[The Rogue Wolf]

To put it monosyllabically: this is such a bad idea.

"Idea" has three syllables. I will now raise your APR to 39.99%! BWAHAHAHAHAHA.

But yes, it is a bad idea. You just know they're going to try to push it on everyone they can.

 

[jademunky]

27%!?!? Shit the mafia would probably give you a better rate than that.

 

[jademunky]

I dont see this as shady unless they are issuing card to people who don't already have a credit rating to begin with. If they are however giving it out deceptively to young adults unschooled in credit cards and the need for fiscal responsibility then yes its really shady.

And since employees will be incentivized to get as many people as possible signed up, it will be pretty-much inevitable that 18 and 19 year-olds with no previous credit cards will be the primary target.

 

[Lunar Templar]

I dont see this as shady unless they are issuing card to people who don't already have a credit rating to begin with. If they are however giving it out deceptively to young adults unschooled in credit cards and the need for fiscal responsibility then yes its really shady.

$20 say those are the people that will be the primary target for this thing

 

[putowtin]

Two new credit cards is the UK have an APR of 39.99%

So this really isn't all that bad

 

[FPLOON]

Huh... I think this will be the thing that will surely put me in debt for once...

Other than that... I better start practicing my "no thanks" responses before they become "mandatory" for PR[footnote]HA![/footnote] members...

 

[lacktheknack]

They could offer a card with a 500% interest rate for all I care. "Never spend more than you have" isn't a rule of thumb, it's a rule of LIFE.

That said, 27% interest is standard for credit cards of this type. There's literally nothing special about Gamestop doing this other than you can now have a credit card with a Gamestop logo on it to compliment your Publix credit card, your Wal-Mart credit card and your Home Depot credit card (all of which have 20%+ interest attached).

 

[lacktheknack]

I dont see this as shady unless they are issuing card to people who don't already have a credit rating to begin with. If they are however giving it out deceptively to young adults unschooled in credit cards and the need for fiscal responsibility then yes its really shady.

And since employees will be incentivized to get as many people as possible signed up, it will be pretty-much inevitable that 18 and 19 year-olds with no previous credit cards will be the primary target.

That anyone can get to 18 years old 1. without a credit card and 2. without knowing how the suckers work is baffling and depressing. I had a credit card when I was 17, and I've never paid a cent of interest. Why are parents not educating their kids on such incredibly basic and common things? It's like letting your child hit adulthood without teaching them how to wash clothes.

 

[AuronFtw]

I dont see this as shady unless they are issuing card to people who don't already have a credit rating to begin with. If they are however giving it out deceptively to young adults unschooled in credit cards and the need for fiscal responsibility then yes its really shady.

And since employees will be incentivized to get as many people as possible signed up, it will be pretty-much inevitable that 18 and 19 year-olds with no previous credit cards will be the primary target.

That anyone can get to 18 years old 1. without a credit card and 2. without knowing how the suckers work is baffling and depressing. I had a credit card when I was 17, and I've never paid a cent of interest. Why are parents not educating their kids on such incredibly basic and common things? It's like letting your child hit adulthood without teaching them how to wash clothes.

Yeah... I was always taught that you only really use credit cards on *big* purchases, like appliances or payment for some kind of service (repairman, etc). And obviously having enough money to pay it off (should go without saying >.>). Going to gamestop and dumping $30 on a game seems like a waste of time for a credit card, just use debit or cash.

 

[blackrave]

They could offer a card with a 500% interest rate for all I care. "Never spend more than you have" isn't a rule of thumb, it's a rule of LIFE.

I have one even better
"Never get a credit card"


P.S. Also what's up with your avatar? It looks like umgah is being tortured by ilwrath infants. Disturbing as fuck.

 

[Wdbisl]

I dont see this as shady unless they are issuing card to people who don't already have a credit rating to begin with. If they are however giving it out deceptively to young adults unschooled in credit cards and the need for fiscal responsibility then yes its really shady.

And since employees will be incentivized to get as many people as possible signed up, it will be pretty-much inevitable that 18 and 19 year-olds with no previous credit cards will be the primary target.

That anyone can get to 18 years old 1. without a credit card and 2. without knowing how the suckers work is baffling and depressing. I had a credit card when I was 17, and I've never paid a cent of interest. Why are parents not educating their kids on such incredibly basic and common things? It's like letting your child hit adulthood without teaching them how to wash clothes.

Yeah... I was always taught that you only really use credit cards on *big* purchases, like appliances or payment for some kind of service (repairman, etc). And obviously having enough money to pay it off (should go without saying >.>). Going to gamestop and dumping $30 on a game seems like a waste of time for a credit card, just use debit or cash.

I was taught the same way. I honestly don't understand parents not teaching their children the value of money or how a credit card works. I have seen the affects of both teaching methods. My dad's mom never taught him how to manage money. He was horrible with managing it and about charging things. For example he would charge packs of cigarettes. I believe most of this stems from when he was a kid. My grandma wouldn't tell him why he couldn't have certain items or toys and instead say things like because I said so instead of explaining. My moms parents on the other hand would say because we need the money for dinner or to pay a bill. Basically in my dads family money was a big secret compared to my moms that told it like it was. Either way I bet this card will claim a lot of dumb young adults who haven't had the chance to experience dept. I just can't imagine it claiming a lot of older adults.

 

[CommanderL]

I dont see this as shady unless they are issuing card to people who don't already have a credit rating to begin with. If they are however giving it out deceptively to young adults unschooled in credit cards and the need for fiscal responsibility then yes its really shady.

And since employees will be incentivized to get as many people as possible signed up, it will be pretty-much inevitable that 18 and 19 year-olds with no previous credit cards will be the primary target.

That anyone can get to 18 years old 1. without a credit card and 2. without knowing how the suckers work is baffling and depressing. I had a credit card when I was 17, and I've never paid a cent of interest. Why are parents not educating their kids on such incredibly basic and common things? It's like letting your child hit adulthood without teaching them how to wash clothes.

I have never had a credit card and I am 21 I also plan on never getting one