Game Stop is seeking to screw you over even harder

[Sheo_Dagana]

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.

Quite so, and pretty much what I was going to say. I have seen this story all over the internet today and people are panicking and sharpening their pitchforks already. It's understandable to dislike GameStop based on other policies, but I'm frankly surprised they haven't adopted their own label credit card sooner.

Personally, I think it's because people hate GameStop with an unreasonable passion and are always looking for more ammunition with which to feel more justified in holding that anger. I will say, however, that it seems like getting one of these cards is going to be much easier than getting a Best Buy card, but one will have to wonder what the maximum credit will be.

 

[crudus]

26.99% APR.

I want to put this in perspective for people too young to remember this time. Twenty-five years ago loan sharks had wet dreams about being able to charge such a truly unconscionable farcical rate. I mean wow, I had to use a thesaurus to find the correct words to describe such an incongruous happening.

 

[Fox12]

Credit cards are pretty normal for stores, since they drive sales and build customer loyalty. I have to peddle that nonsense at Home Depot. It feels shady, but no more shady than anyone else.

That said, they won't be opening a line of credit under my name, and if they ever attempted to convert me over to a credit without my permission there would be hell to pay. Of course, that would be illegal, so I can't see that happening.

 

[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.

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.

Meh, I like the rewards program. I don't get that on my debit card.

Also, glad you like the avvie.

 

[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.

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

Unfortunately its one of the only cheap routes to building a credit rating which you will need unless you intend to make millions and hence never need loans.

 

[Spaceman Spiff]

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.

This is pretty much what I intended to say. Nearly every big chain store tries pushing their own card onto customers. This might be new to Gamestop, but it's SOP for many retailers. Most people know the drill-

Cashier: Would you like to save 10% on this purchase by signing up for our...
Customer: No thank you.
Cashier: Are you sure? It only takes a moment to...
Customer: No thank you.

 

[Vicarious Reality]

That is hilarious
No wonder the economy had a heart skip a while ago

 

[spoonybard.hahs]

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/

You reap what you sow. Getting a credit card when you clearly can't handle it is tantamount to cleaning a loaded weapon. Also: Why is this surprising? Almost every retailer in the country offers lines of credit. Most have been doing it for decades. Hell, airlines offer credit cards. And almost all of them lure people in with ridiculously low APR, only to jack it up after X-number of months.

 

[Booklover13]

1. In the US a person must be 18 years old to have their own credit card. Someone under 18 can get a credit card by having a co-signer. So a if you are 17 you need your parents to sign up with you and take partial responsibility with how you use it.

2. Even at 18 in the US it can be rather hard to start building a line of credit. This includes getting a store credit card. I was actually denied store cards when I was first looking for one. This is due to new laws after the 2008 stock market mess. They companies are also much more restricted in what they can offer. I have siblings pre-changes and got my card post-changes. 18 year-olds no longer have a mailbox filled with credit card offers. In fact the only one I good for the longest time was a specifically student card. This card has lower limits and is designed to teach you how to use a credit card. I was really proud of myself when I got the first non-student related offer since it meant I had started to build some good credit.

3. Store credit cards can be the best cards for people trying to build a line of credit. I have not yet seen a store card that can not be payed off at the register. Just buy what you want, use the card, then immediately pay off the balance on the bill. Having multiple lines of credit is good for you credit score, as long as you keep them it good standing.

 

[jademunky]

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 deal with those people all the time at work. People who come in for a mortgage or line of credit application and totally "forget" that they have several thousand dollars owing to a collection agency for a credit card they maxed out and never paid.

 

[Haru17]

Life lesson: use a debit card or a credit card that isn't designed to take your money. Also, pay your credit bills promptly or you'll become a slave to your debt holders.

 

[Something Amyss]

I want to put this in perspective for people too young to remember this time. Twenty-five years ago loan sharks had wet dreams about being able to charge such a truly unconscionable farcical rate. I mean wow, I had to use a thesaurus to find the correct words to describe such an incongruous happening.

Unfortunately, it's now "standard practice." I think the loan sharks are jealous.

 

[Racecarlock]

Hey guys, I haven't been keeping up with excuse trends lately, so how is "They only fuck you about as hard as everyone else" a good excuse for this?

 

[Super Cyborg]

Life lesson: use a debit card or a credit card that isn't designed to take your money. Also, pay your credit bills promptly or you'll become a slave to your debt holders.

QFT. Also, if you can get cards with businesses that will allow you to pay off stuff interest free for a while (like Best Buy), then that can be good. That way if you do miss a payment or two, it won't hurt you to much.

Have to agree with a number of people here, seems like the standard amount, which is how credit card companies get so much money, the small % of people who are bad at paying their bills will give the credit card companies big money. I use Game Stop very little, and I might buy one game, so I just pay for the whole thing up front. The people who are going to get this are ones who are frequent shoppers at the store.

 

[tippy2k2]

Hey guys, I haven't been keeping up with excuse trends lately, so how is "They only fuck you about as hard as everyone else" a good excuse for this?

For multiple reasons.

1. There's an awful lot of "GAMESTOP IS TRYING TO RUIN YOU!!!". No one seems to care when Best Buy, Target, Wal-Mart, or any of these other big companies do this. So why is Gamestop evil for doing this? People just have an ax to grind with Gamestop

2. This is right in line with industry standard. This is how credit cards work.

3. Don't get one if you have a problem with it. This is a credit card; not food and water. No one will force you to get the credit card (and if they do, it's identity theft and you can hammer them for it).

Credit cards have many good uses and if people want to get the rewards through Gamestop, go for it. I have my US Bank credit card because it gives me cash back on all the stuff I need to buy anyway. I haven't had to pay any interest on my card in years; I've earned over $100 in cash-back while simultaneously building my credit rating for the future. As long as you're responsible with your credit card, there is absolutely nothing wrong with them. If I thought Gamestop offered better rewards than my card (unlikely but I suppose anything is possible), then there's no reason not to go through them instead.

 

[lacktheknack]

Nineteen here. Don't own a credit card but I at least understand how it works.

Really, I'm shocked that anyone would have a credit card before they're 18. No offense but imo it sounds extraordinarily foolish on the parents' part and could lead to some bad shopping habits starting at a young age.

You forget - the Visa statements are delivered straight to my parents' mailbox.

That forced me to adapt to my newfound power, and fast.

 

[Hairless Mammoth]

I wonder what the credit requirements are for the card. At a 26.99% APR and probably a low credit limit, I'm assuming they really are aiming for the youngest people possible and found one of the few credit agencies willing to issues card to the younger crowd with today's US credit card laws. I just hope they put in tips for keeping yourself out of debt, though I'd doubt that sits well with the bank execs lighting their cigars with $100 bills.

I'd never get a store card unless it has some sort of discount on merchandise, like a major appliance or home improvement supplies, and would definitely pay it off before being hit hard with 22% APR. I still get credit card offers about one every month and immediately thrown out (Shred anything with your name on it!) the ones with annual fees ($175 when others have the same ID protection? Screw that.) and sit and think about the ones that don't until they expire. One card is enough for me for now, until a really good offer slips in the mailbox. Another thing that bugs me is VISA cards aren't accepted at some government offices or have extra fees, but the "fancier" ones like MasterCard and American Express are accepted. I gotta get one of those someday (plenty of crap offers have come) so I don't have to bring the ol' check book to the DMV in order to avoid being nickled and dimed by VISA's policies.

I have a friend who tried to apply for Best Buy and HH Greg cards with like $500 credit limits to buy a laptop and didn't get approved. Just a year later he was able to easily buy a $3,000 Mac tool box on credit even after racking up $1,000 on his Mac account alone, not to mention his Snap-On one. So some places treat credit differently. (Of course, Mac knows you need tools for your job. Gamestop's products probably could never be classified as work expenses to 99.999% of the public)

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

Like Darks63 said, it's the best way to build credit. Another thing that's good about them is they have better ID theft and fraudulent charge protection, whereas, depending on your local laws, bank policies and how fast you report a problem, you might be liable for some fee or all fraudulent charges on a debit card. Though, banks are getting better about debit card protection, thanks to the credit fallout from recent years.

Just get at least one with no fishy business behind it and pay it off fully every month. And, carry a card with the emergency numbers to any type of card in your wallet/purse in a separate pocket/sock. Don't keep cards in a car either, no matter how short of a stay it is and how bright and easy to see your car is in a lot. I've had to help too many people call to cancel them only to find out the thieves already bought gas at the three nearist gas stations when working at the theater.

 

[Dying_Jester]

My rule for plastic, only use debit. My sisters had to use some credit while in college as dear god, how often they got bills because they could only pay the minimum on them. I can't stand when people spend money they don't have(on anything outside of "oh shit, the check was small we need food for the week") and doesn't pay it all back as soon as possible. I just want to hit them, repeatedly, into a brick wall.