Originally Posted by ProToolzLE
Hi fellow gearslutz ok I recently was just approved for a Visa Platinum Card with a credit limit of $1500.00. I also filled out the Sweetwater Musician's All Access Platinum Card and now I'm looking into the bill me later. So my question to you all have you used one of these 3? What kind of purchases did you make and what route you took? Please chime in.
I bought a drum kit with a Sam Ash credit card once, I paid it off in three months, but as others have already noted, if you owe even one dollar over the 12 month no interest mark they add in all of the accrued interest from the previous 12 months and its not a low percentage rate, stay away!
The other thing you need to consider is what you're buying. If you put a $1000 piece of gear on your credit card and pay it off over a few years you'll likely have paid closer to $1500-$2000 for it, now consider if its a Pro Tools 003 or something, what's that worth once you pay it off? $400? Did you make any money with it and did it pay for itself? If so, then go for it.
I was just reminiscing the other day about how I sold a nice Guild acoustic to pay off an Emu ESI-32 sampler on a credit card. That Guild today would be worth more or less what I paid for it, I just sold the ESI-32 to a friend a year ago for $50, I had about $1500 into it once upon a time... so don't buy prosumer electronic gear with it. Period.
A credit card can be a good way to get things going, but if you can't pay it off quickly I would say lower your expectations and start simple, work at the basics (like song writing and arranging specifically). You're getting a lot of the same advice here from some very smart and experienced people, I hope you're taking it.
Otherwise just get something simple and have fun! (its so easy to forget that aspect of it around here).