Guitar Center Card - Don't Pay For a Year?


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RedGoblin
05-10-2007, 04:41 PM
Anyone done this? What's the catch? Is there an activation/cancellation fee or any other hidden fees besides just paying for a guitar or whatever else you may purchase?

dio5288
05-10-2007, 04:46 PM
yeah i was wondering about this too

Bazilisck311
05-10-2007, 04:48 PM
High interest rates and restrictive credit score requirements

It allows you to pay them back within 12 months though without interest fees, if you are approved...

subliminaldelta
05-10-2007, 04:49 PM
And your credit *something* goes up 21%. My Dad was shitting bricks when he found that out after I got my Crate.

5thhorseman
05-10-2007, 04:51 PM
Make sure you pay it off before the time limit or else the interest rate will kill you. As long as you can pay it off, go for it.

yeahyeah
05-10-2007, 04:55 PM
No Payments or Interest for One Full Year Details:
*Same as Cash offer on Guitar Center Preferred Player Credit Card purchases. No Finance Charges if purchase paid in full in 12 months. If purchase not paid in full or Account not kept current, Finance Charges assessed from purchase date and Minimum Monthly Payments required. Variable Standard Rate APR: 21.9% as of 05/01/07. Variable Default Rate APR: 25.65% as of 05/01/07. Minimum Finance Charge: $2.00.. Certain rules apply to the allocation of payments and Finance Charges on your promotional purchase if you make more than one purchase on your Guitar Center Preferred Player Credit Card. Call 1-888-367-4310 or review your cardholder agreement for information. Returns and/or exchanges shall not extend or change the 12 months promotional period and all purchases are subject to Guitar Center's return policy (posted in-store).

To be eligible for the 12-month financing offer, a qualifying piece from a participating manufacturer must be purchased on the Guitar Center Credit Card. Financed purchases MUST be made at the printed/tagged priced. Items must be new and in-stock. No special orders. Offer valid 4/27/-7-5/31/07.
I would never use any of these cards offered by stores, they always have massive interest rates and sketchy terms. Plus you have to buy stuff at the sticker price ^ :(

If you do use it, pay it off on time

kanamvar32
05-10-2007, 06:52 PM
the disclaimer says everyting you need to know about the card. sure the rates are high but thats only if you don't pay off the total within 12 months. also the 21.9% APR won't kill you if you don't pay it off within the year. Sure if you don't pay it off after a year it'll cost you $219 in interest since it says that Finance Charges are assessed from purchase date but after that if you dont pay it off the next month you are really only looking at 1.8% interest each month. Still, pay off the damn account. It's not hard to pay $1k off within a year. If it is tough for you to pay it off then stop spending beyond your limit damnit hahaha

Just read the documents that come along with the card and understand them. Its really not complicated. They try making it seem that way but it isn't. If you need help understanding it you can ask me specific questions.

most regular credit cards have high rates and tons of clauses but there is nothign to worry about if you read and understand the terms and manage your spending. I don't have a GC card but thats not because of the terms, just I don't shop there enough to warrant having one haha.

Vermintide
05-10-2007, 06:55 PM
Yeah, It's totally awesome. Free guitars!!!!!!!















































With 400000% compound interest per annum. Only payable in 25 annual installments.

kanamvar32
05-10-2007, 07:00 PM
^that sounds more like one of the terms for lotto winnings hehe

ofdwolf
05-10-2007, 08:14 PM
It's a great deal if you get it paid off in time. It's like lay away with the advantage of actually having the gear at home. However, you get raped if you don't pay it off in 12 months.

The price of the item determines the amount of money interest. 21.9% doesn't mean $219 like someone posted earlier. For example if you bought a $1500 axe and didn't make any payments for the 12 month period you would owe $1864 for it and have to make at least minimum payments from from that point on, usually 3% of the balance or roughly $64 a month, but you'll also get roughly $33 dollars a month thrown on in interest in this case essentially meaning your paying them $64 but only getting 31 knocked off the balance.

Suicidal_Brick
05-10-2007, 08:18 PM
If you don't pay it in time, then after the twelve months, you have to pay off the compound interest from whatever the original purchase price was.

So if you buy something for $1200, don't pay for it for a year, you will get a bill in the mail for roughly $1500. So really, you are buying something for more money over time. Get it?

kanamvar32
05-10-2007, 08:37 PM
It's a great deal if you get it paid off in time. It's like lay away with the advantage of actually having the gear at home. However, you get raped if you don't pay it off in 12 months.

The price of the item determines the amount of money interest. 21.9% doesn't mean $219 like someone posted earlier. For example if you bought a $1500 axe and didn't make any payments for the 12 month period you would owe $1864 for it and have to make at least minimum payments from from that point on, usually 3% of the balance or roughly $64 a month, but you'll also get roughly $33 dollars a month thrown on in interest in this case essentially meaning your paying them $64 but only getting 31 knocked off the balance.

hahaah i was thinking about using $1000 as my example and just didnt put it in lol

sdmf5150
05-10-2007, 09:30 PM
Yeah, like others said, unless you don't pay it off, there is no real problem. I did this to get my Razorback since I didn't have a grand laying around in order to purchase the only one they were going to have in for about 4 months. However, someone stated above you have to buy at sticker price is false, I walked out the door with the razorback and case for $1000 flat. So, it doesn't have to be at sticker price, but, as long as you pay it off in 12 months, there are no problems.

SchecterAbuser7
05-10-2007, 09:38 PM
I just recently used it for my new guitar and just plan to pay it off before the end of the year...I just put down $100 a month and I'm good a couple months early for leeway

Butterfras
05-11-2007, 01:13 AM
I bought a drum set when they ran this deal around Christmas. I surprisingly was approved and payed it all off about a month ago no strings attached. Its a great deal as long as you pay it off in time.

Striketalonx
05-11-2007, 01:30 AM
Also: It doesn't apply to some really really high-end gear... When we were talking about VHT's, we asked about it, and the guy was like "well... technically we can't do that"

RedGoblin
05-11-2007, 02:07 PM
So, ok, I'm 18 and definitely don't have a credit card of any kind yet, so bear with me please. The guitar I'd be looking to purchase lists $600 on their website. If I was approved for this card, all I have to do, theoretically, and assuming all I'd want was the guitar, is give them $600 within 12 months, right? Do I have to make this in annual payments during that 12-month duration or could I drop it all at once if I felt like it? Also, after I've payed it off, can I do absolutely nothing with the card, if I don't want to, just forget about it? Thanks

Bazilisck311
05-11-2007, 02:18 PM
^ Yes, you can hand them as much as you want anytime you want before the 12 month foreberence. You can do whatever you want with the card afterwards as well.
:cheers:

Pontius2000
05-11-2007, 03:29 PM
I have a Musicians Friend card (same as the Guitar Center card). I have used it twice. bought a Fender amp and a then a Tubescreamer. haven't paid a penny in interest. the point is, don't buy something on credit if you can't afford it. the advice I can give....if you want a $1000 guitar, have about $400 saved up. then get the guitar, plunk down the $400 and make small monthly payments until it's paid off. but if you don't have will power to pay the thing off, don't use it. not only will you pay interest out the ass, it will hurt your credit rating (which will hurt you down the road when you go to buy a house or car).

but yeah, it works as advertised. there are no hidden fees or anything. my credit limit was started off at $1000, I don't know if that's the norm or what.

Pacifica112J
05-11-2007, 03:36 PM
If you can't pay them back, they take your first born son.

And to RedGoblin;

Don't get the card, you'll probably regret it. I highly doubt that you'd want to risk tarnishing your credit at the age of 18. That could come back and bite you in the ass later on in life.

But, do as you please.

guitarrocka205
05-11-2007, 03:39 PM
okok.... wait. I still haven't paid off my Dual Rec from last July. I owe $599 on it. I think i saw plus $90 at the bottom of one of the payment cards. So... this means im in trouble, right?

Pacifica112J
05-11-2007, 03:44 PM
okok.... wait. I still haven't paid off my Dual Rec from last July. I owe $599 on it. I think i saw plus $90 at the bottom of one of the payment cards. So... this means im in trouble, right?

You have 12 months, no interest, so I'd say you're still safe for the time being. I can't imagine what the + $90 would be for.

doggy_hat
05-11-2007, 03:45 PM
Does the 12 month period mean after you've had the card for 12 months? For example, you get the card to buy a guitar and pay it off within 12 months, but when you go to buy something else after 12 months of having the card, do you have to be raped by interest?

Bazilisck311
05-11-2007, 03:46 PM
If you can't pay them back, they take your first born son.

And to RedGoblin;

Don't get the card, you'll probably regret it. I highly doubt that you'd want to risk tarnishing your credit at the age of 18. That could come back and bite you in the ass later on in life.

But, do as you please.

They'll probably reject him regardless. When your slate is clean, most creditors treat you as if you had horrible credit.

Does the 12 month period mean after you've had the card for 12 months? For example, you get the card to buy a guitar and pay it off within 12 months, but when you go to buy something else after 12 months of having the card, do you have to be raped by interest?

No, it starts over with each subsiquent purchase.

guitarrocka205
05-11-2007, 03:46 PM
You have 12 months, no interest, so I'd say you're still safe for the time being. I can't imagine what the + $90 would be for.


hewww.... that's the t!ts, man. Thanks for letting me know.

Pacifica112J
05-11-2007, 03:58 PM
hewww.... that's the t!ts, man. Thanks for letting me know.

You mean you didn't read the disclaimer when you bought the card?! Dumbass! :haha

Nah, just foolin'. No problem, man.

And just for future reference, you can say tits. :p:

They'll probably reject him regardless. When your slate is clean, most creditors treat you as if you had horrible credit.


Yeah, I never even thought of that.

RedGoblin
05-14-2007, 12:42 AM
They'll probably reject him regardless. When your slate is clean, most creditors treat you as if you had horrible credit.

So if I've done absolutely nothing to affect my credit score, positive or negative, they'll probably reject me? Hope I get enough graduation money....

TwoString
05-14-2007, 07:12 AM
I speak from experience...do not get the guitar center credit card. The interest rate is way too high. I would also advise against buying anything from guitar center unless you've got the cash to pay for it. For one, you can haggle and get better deals if you've got cash in hand. Second, NO KILLER INTEREST RATES!! The only time I would even say it's okay to buy something from GC with a credit card (and NOT the GC credit card, a bank credit card with an acceptable interest rate...mine is around 7%) is when you're buying something with a OEM fixed price like Mesa.

If you must buy something on credit, apply for a credit card from your bank. And if you're making a purchase at GC for more than $250, always have half of that in cash so you can pay it down before your interest rate kicks in. It is so much easier to bomb your credit score than it is to fix it later on down the road...you'll spend the rest of your life trying to recover from that PRS custom 24 that you just "had to have".

ofdwolf
05-14-2007, 09:33 AM
okok.... wait. I still haven't paid off my Dual Rec from last July. I owe $599 on it. I think i saw plus $90 at the bottom of one of the payment cards. So... this means im in trouble, right?

Nope not in trouble. The $90 at the bottom is how much interest has been differed so far. Meaning that is how much would be added if your 12 months were up right now.

Bazilisck311
05-14-2007, 09:48 AM
So if I've done absolutely nothing to affect my credit score, positive or negative, they'll probably reject me? Hope I get enough graduation money....

Yup - they view those who have no credit as a credit risk, that's why a number of credit card issuers have all kinds of "new credit" programs. It's just like if you were to buy from Ebay - Would you rather buy from the guy who had 100% positive feedback or the guy with no feedback?

:cheers:

rjhalsey
05-14-2007, 11:25 AM
The advertisement should say "Guitar Center Credit card! No payments for a whole year then you will pay for it out the ass! :D :D :D