In Bad Need of a New Revenue Stream, GameStop to Launch High Interest Credit Card

If I could describe what most people think of GameStop, I'd have to call the company "Comcast Video Game Retailer". The fact is, a lot of people just don't like the company's shenanigans, of which there have been many over the years, and given the way the industry is moving towards digital, you'd imagine that it might want to backtrack on its poor moves and start working towards impressing people. Not so, apparently.

Destructoid has learned that GameStop's latest money-making venture is a credit card, and one that carries an insane interest rate of 26.99%. That's a higher interest rate than most first-time card-holders have to deal with, and is more than double the market average of 13%. Buy a $60 game and wait a month to pay it off? That $60 will become $76.20. That's just one month and one purchase - it doesn't take a gaming scientist to realize what kind of trouble that could cause inexperienced credit users.

GameStop's card will offer a couple of perks to its users, although those are unclear at this point. Signing up for a basic card nets you 5,000 "points", while signing up for the $14.99/yr "Pro" card boosts that to 15,000.

"Get it TODAY and pay over time" - yes, GameStop is certainly hoping that you'll make good use of that "over time" ability. I hope not many fall into this alluring trap.

Via:  Destructoid
Tags:  GameStop, NYSE: GME
Comments
superhumanben 3 months ago

Oh that's a bad bad bad idea!

DonEdwardsJr 3 months ago

Sold all my stocks last year. This co. Will soon be just like blockbuster. Obsolete

GrimSanchez 3 months ago

they really should just close down , such a horrible company

nfs3freak 3 months ago

Yep. Like everybody is saying, this is incredibly awful and really sketchy. However, people still go to GameStop since it's such a huge name in gaming. With their ever-growing handle and grasp with exclusives and their continuing discussions with gaming companies with releases, it's going to push more gamers to feel compelled to shop at GameStop.

 

It won't stop until we stop going there.

thabusdriv3r 3 months ago

Gamestop: Hey, you know that game that originally cost you $60? Well will give you that game for $100, but you don't have to pay now

Customer: Buys game with gamestop credit card over 6 months costing him $100. 1 year later he goes back to Gamestop to sell it back.

Gamestop: Here's your $2

LOLZ

AllenJun 3 months ago

So who is actually going to open one with the "Comcast Video Game Retailer?"

KevinLozandier 3 months ago

I'm confused; didn't Gamestop recently stated, according to Polygon.com (http://www.polygon.com/2014/7/26/5939953/gamestop-idiot-customers-trade-ins), "less than half of their customers know they can sell games" ; why wouldn't they directly address that more than this?

Mordymion 3 months ago

I can't imagine working there and having to force this crap on people. It's sad that they have to resort to this.

infinityzen1 3 months ago

You might want to look up how credit cards work Rob. 26.99% per year, not per month. A $60 game that you waited one month to pay would cost you $61.35.

StaticFX 3 months ago

[quote user="InfinityzeN1"]

You might want to look up how credit cards work Rob. 26.99% per year, not per month. A $60 game that you waited one month to pay would cost you $61.35.

[/quote]

the trick/hope for them though is that you wont... They will give you a min due of say.. $20.. so in 4 months they will have made a few extra $. By then, you will have bought more games. lol - no matter how you look at it, the APR is about the worst/highest I have ever seen (I once saw a 28.99)

 

CliffVincent 3 months ago

gamestop needs to die like blockbuster did... soon

NickModrowski 3 months ago

It's not really any higher than any other store credit card. They're all astronomical.

KOwen 3 months ago

Macy's card is only 20%. And how exactly is this considered an "alluring trap"?. More like a blatantly obvious and ugly trap for people that don't know what APR is.

WendellBeverly1 3 months ago

I think you are right InfinityzeN1, and if you paid it off the first time you saw it on your bill I believe there is no interest. Only if you carry it over to the next billing cycle.

MADSKILLZ412 3 months ago

Well I know they made a lot of money off of me trading in my 50+ Xbox 360 games... (I got like 1-3 dollars for each) Never going to trade in there again. :/

altshep123 3 months ago

My experience with gamestop: Walk in, look at titles, walk out and find cheaper online. Kids can't open credit cards, parents and adult gamers aren't dumb enough to open one of these. GL Gamestop : /

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