Freakin Credit Cards!
gsilbers
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#1
5th April 2007
Old 5th April 2007
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Thread Starter
Freakin Credit Cards!

there sooooooooooooooo many and the fine print is just a pain in the Asss!!

can someone please just recomend me a good credit card with 0% APR for 1 year and no strings attached so i can put all of my gear purchases (transfers from other cards) into one fukin card?

PD: the other side of gear sucks!
#2
5th April 2007
Old 5th April 2007
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Tibbon's Avatar
Amex, or don't do it.

I'd say that it's probably unwise to indebt yourself with credit cards. I'm sure others will agree. I've got a Citi card right now that's at 0%, and 9.9% after that, but it really isn't a good idea to throw a good bit of gear on a card. It's not a good way to start a business either.

If you do need to occasionally have a good sum of money (say for buying some gear with intents of reselling), then get an American Express card that you pay off IN FULL each and every month. Most of them don't have any preset spending limit, and you really do need to pay them off every month in full.

If you're needing to start up your studio, (and have a business plan together) then perhaps try to get a secured loan through a bank (SBA loan even)
#3
5th April 2007
Old 5th April 2007
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Quote:
Originally Posted by gsilbers View Post
there sooooooooooooooo many and the fine print is just a pain in the Asss!!

can someone please just recomend me a good credit card with 0% APR for 1 year and no strings attached so i can put all of my gear purchases (transfers from other cards) into one fukin card?

PD: the other side of gear sucks!

I don't think you are going to find any right now with 0% apr on balance transfers. Those offers are about over. If someone else knows of one, please chime in. Best deals going are Musicans Friend at 0% and once in a while Sweetwater @ 0%. Guitar Center was at 0% for quite a few years but that is trailing off now. GE does the Sweetwater credit and is very generous on the credit line. You must pay up before the promo expires to avoid high interest though at both stores.

Danny
#4
5th April 2007
Old 5th April 2007
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Looks like he's trying to transfer balances he's already run up.

Otherwise, I'd say get a loan/lease/other type of financing.

Financial experts say don't consolidate (NOT what we're talking about here) your debt with a one-payment debt consolidation loan; it may save you a little $$$, but it'll affect your credit adversely.

You actually wanna keep the credit cards open with plenty of room on them -- part of the credit rating formula is "available credit" -- unless there are annual fees.

Jeez, now I'm starting to give financial advice. OK, start over: visit a professional: it'll probably help in the long run.
gsilbers
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#5
5th April 2007
Old 5th April 2007
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oh no, its not for a studio. its gear plus other stuff. its in different credit cards and unorganized so i want just one with no APR for a Year so i can clear my debt.

i agree, credit cards just suck. i rather pay in whole for every purchased with my savings unless the gear or debt i get into pays itself and then generate money.

i needed to pay for stuff when i moved also, then to rent a car to go to work cause mine broke i didnt fill out the little box in the auto insurance that provides paymant for rental car (i thought was the insurance for whenever u rent a car!) damn

then just little things and of course the WIFE!

and im checkin for a card now it the fine print its just unbelivable.

-did u know the cards company Wants u to pay the minimun due payment!?
-and if a couple with a newly born pays $5000 for baby stuff with a credit card, the baby will grow up, go to shcool and finish college for the couple to finish paying that money for the baby stuff>!? (34 years w/ minumun due)

-also, if u get 0% apr for a year, after that year passes, the credit card company will
avaerage what u owed in that year and charge u the APR it inicially stated after one year (usually above 16%) and charge u for it in the upcoming payment?

-and if u have a late payment in any other bill your APR in any other card will go sky high? (universal clause law)


and it takes 3 hours of one classroom of 3rd year harvard law students to figure out some credit card contracts!

(if u listen to NPR u problaby now this)


so i want a good card with no strings attach to tranfer my debt from my other 3 cards into one so its one easy payment every month instead of three that confilct with other bills and that damn auto insurance! DAMN LA and its lack of good public transprtation!
#6
5th April 2007
Old 5th April 2007
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gsilbers
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#7
5th April 2007
Old 5th April 2007
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Thread Starter
Quote:
Originally Posted by Gregg Sartiano View Post
Looks like he's trying to transfer balances he's already run up.

Otherwise, I'd say get a loan/lease/other type of financing.

Financial experts say don't consolidate (NOT what we're talking about here) your debt with a one-payment debt consolidation loan; it may save you a little $$$, but it'll affect your credit adversely.

You actually wanna keep the credit cards open with plenty of room on them -- part of the credit rating formula is "available credit" -- unless there are annual fees.

Jeez, now I'm starting to give financial advice. OK, start over: visit a professional: it'll probably help in the long run.

hahahah financial advise in gearslutz!!!
oh dear, the additction!!!


i just want recomendations for a good card, luckily im not in that bad of a situatio for debt consolidation. as a co-worker was talking about overhere and then he said he owed about 20 grand yikes!

nono, just one card so can tranfer by balances of diferent card.. u know a card in which i got a sub and a midi controller, another cards i owed from before... so no more than 2 grand in total.
which for average its really low. not even a good high end pieace of gear.
gsilbers
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5th April 2007
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5th April 2007
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I don't know of any credit card where you don't have to pay a minimum due each month.
#10
5th April 2007
Old 5th April 2007
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Stevil's Avatar
Quote:
I don't think you are going to find any right now with 0% apr on balance transfers.
i recently got one from wamu.
the temptation to throw a nice pre on it is heavy.
gsilbers
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#11
5th April 2007
Old 5th April 2007
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Quote:
Originally Posted by Albert View Post
I don't know of any credit card where you don't have to pay a minimum due each month.
idont think u read right the previous posts,

its 0% APR which is the rate they charge for lending u that money.

and minum monhtly due is always there all the time in any debt. (except those mattress sales and sales with no payment for 3 months- one year but then they get u with high APR)
#12
5th April 2007
Old 5th April 2007
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Quote:
Originally Posted by gsilbers View Post
look interesting... but why business? can i do it if i have no business?
I don't know, but it is the best deal out there as far as I could tell...
gsilbers
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#13
5th April 2007
Old 5th April 2007
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Quote:
Originally Posted by Kris View Post
I don't know, but it is the best deal out there as far as I could tell...
ohman,looks nice but i dont have a business and it asks u for name of company and all that :(

15 month what a deal!
#14
5th April 2007
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#15
5th April 2007
Old 5th April 2007
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Tibbon's Avatar
Quote:
Originally Posted by gsilbers View Post

and it takes 3 hours of one classroom of 3rd year harvard law students to figure out some credit card contracts!
You know I heard that before, but just across the river and down Mass Ave, I think a class of Berklee students could understand it in about 5 minutes. All of it translates to, "You're ****ed and we own you".

Then again, not all of those Harvard law students are as smart as most people think. I've seen plenty of them around Boston that were of average intellgence at best, and if they were at a party at the Harvard CoOp House, they were just as dumb as the rest of us!
gsilbers
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#16
5th April 2007
Old 5th April 2007
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Quote:
Originally Posted by Tibbon View Post
You know I heard that before, but just across the river and down Mass Ave, I think a class of Berklee students could understand it in about 5 minutes. All of it translates to, "You're ****ed and we own you".

Then again, not all of those Harvard law students are as smart as most people think. I've seen plenty of them around Boston that were of average intellgence at best, and if they were at a party at the Harvard CoOp House, they were just as dumb as the rest of us!
hahah i dunno if u knew i went to berklee or not but yes it counts also hahaha

as for the law students, it was an example from a professor of harvard law with enfasis in contractual law that had an interview in NPR about credit card tricks.

i have gone to harvard and its parties and what i realize is that its liberal program , anyone can get in , but for its more traditional programs like law its really, really hard.

but the point was that its freakin hard to really really understand credit cards contracts specially in the fine print.
#17
6th April 2007
Old 6th April 2007
  #17
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credit cards

The Advanta card is probably going to be your best bet. I have an Advanta card that is 3.99% FIXED for the life of the balance transfer.

If you wanna search out other options, Bankrate is a great resource.

Regarding Capital One....

I have done my research here and it is a bad idea to go with them. Their credit reporting practices have come into question. Here's the deal. They only report to the big 3 (Experian, Equifax, & Transunion) the highest amount of credit you've utilized with them. Meaning, when you've paid down that balance they continue to report that you've utilized what your highest balance due has ever been. They do this to ward off competition from other credit card companies for your business.

Weird stuff that hurts your credit

Regarding credit usage. Credit scores are adversely effected when you begin to utilize more than 30% of your available credit. So if you have a $10K card...once you get over the 3K mark of utilization of credit on that card, your credit score begins to be adversely effected. This is why it is better to have multiple low balances on several credit cards then one credit card where almost all of the available credit is used up.

canderson

P.S. without disciplined spending, credit cards will become the bain of your existence.
gsilbers
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#18
6th April 2007
Old 6th April 2007
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Quote:
Originally Posted by canderson View Post
The Advanta card is probably going to be your best bet. I have an Advanta card that is 3.99% FIXED for the life of the balance transfer.

If you wanna search out other options, Bankrate is a great resource.

Regarding Capital One....

I have done my research here and it is a bad idea to go with them. Their credit reporting practices have come into question. Here's the deal. They only report to the big 3 (Experian, Equifax, & Transunion) the highest amount of credit you've utilized with them. Meaning, when you've paid down that balance they continue to report that you've utilized what your highest balance due has ever been. They do this to ward off competition from other credit card companies for your business.

Weird stuff that hurts your credit

Regarding credit usage. Credit scores are adversely effected when you begin to utilize more than 30% of your available credit. So if you have a $10K card...once you get over the 3K mark of utilization of credit on that card, your credit score begins to be adversely effected. This is why it is better to have multiple low balances on several credit cards then one credit card where almost all of the available credit is used up.

canderson

P.S. without disciplined spending, credit cards will become the bain of your existence.
nice info!
#19
6th April 2007
Old 6th April 2007
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Man I tell you what, credit cards are evil.

I have one card with a big balance I been carrying & then a couple smaller cards I pay every month in full.

So anyways, today while at work I posted $1,200 payment to try & knock my big balance down more, get it closer to that elusive ZERO.

Mother f*ckers!!! !!!!!

When I got home from work, there was a letter from the card company, stating they upped my limit another 2K & they even included a page of checks.

I tell you these guys are the devil.
They seriously WANT you to spend that money.

Don't do it!







Ok, what 500 module shoud I get next....
#20
6th April 2007
Old 6th April 2007
  #20
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Try discover. they are alwasy offering deals on balance transfers. I wanted some gear one time and called them and said can i have 6 months interset free to make a ourchase and they gave it to me. It also depends on ya credit, if you aleady have a high debt to income ratio, then ur probably screwed.......i should have been a business major instead of a respiratory therapist.
#21
6th April 2007
Old 6th April 2007
  #21
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Yeah credit card companies are the devil. I remember getting my first one, always having it paid off and never any debt for atleast 2 years on it. Then a labor strike at my first job left me out of work for 4 months and alongside some major car repairs.. a couple gear purchases and the debt started piling. Then I moved down to LA for a year to go to school and I used up my school loan long before I could get back home so I had to use the plastic a lot again.

Now I'm back at home, working a decent paying job, that I didn't go to school for so I can pay off my massive school loan and about 10 to 13 grand in credit cards and I'm not even 25 yet

Luckily I could write off the 15 grand I paid for school this last year so I get alll my money i paid to taxes back and that will go to pay off some high interest cards.

I've thought about debt consolidation but can never find any decent literature on it. I imagine it f@$ks ur credit up just like a bankruptcy would. Though I've had a couple coworkers that have worse debt then me and call up the credit card companies every once in a while to ask them to lower their interest rate and they do! Maybe I should do that threatening to go to debt consolidation (where they will only get about 30 percent back of what u owed them).

ok i'm done venting.
Time to start dreaming about lynx aurora converters, SCA api and neve preamps and some new mics...

I really do hate all of you guys and this site
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