Credit Card Question
So, I found myself lusting after a Playstation Portable, and, well, I'm debating taking out a credit card to purchase it, and then repay it over the next two months.
I know this will positively effect my credit, but I'm still kinda 'eh' about it.
Should I just save up the cash and get it later, or should I take out the card and get my instant gratification/credit score boost and pay it off over the next two months?
And yes, interest rate is bearable (14.8%).
# 1 Re: Credit Card Question
Why would you want a three year old system that got killed by the Nintendo DS?
jedk at 2007-11-15 17:55:32 >
# 2 Re: Credit Card Question
Why would you want a three year old system that got killed by the Nintendo DS?
Because the DS just doesn't have the games I'm looking to play, and strangely enough, the PSP really does. Like, I've sat down with it, played it, tried out many games, and it's just the system I'm looking for.
As dumb as it may seem to many, it's something that I really do see myself using regularly.
# 3 Re: Credit Card Question
Because the DS just doesn't have the games I'm looking to play, and strangely enough, the PSP really does. Like, I've sat down with it, played it, tried out many games, and it's just the system I'm looking for.
As dumb as it may seem to many, it's something that I really do see myself using regularly.Fair enough :)
jedk at 2007-11-15 17:57:31 >
# 4 Re: Credit Card Question
Well you should be able to estimate how much interest you'll have to pay. Its really up to you whether the instant gratification is worth that. Whatever we might tell you would be colored by our personal feelings toward paying interest.
bdb at 2007-11-15 17:58:36 >
# 5 Re: Credit Card Question
Speaking of colored personal feelings, I'll put in my two cents. I just don't see how it's worth it to pay more than the system is worth in terms of interest. With that said, I'm not sure if you're aware of this, but you actually have just under 2 months to pay off the system without paying any interest. With credit cards, interest doesn't begin to accrue until the 2nd statement, which comes 2 months after the purchase (assuming you purchase the item at the beginning of your statement). I have a couple of credit cards just so that I can accumulate the cash back/miles. With the exception of one time where I forgot, I have never paid any interest on my credit cards.
So if you can be responsible about your debt, I say go ahead. However, this doesn't apply for most of the world, and is the reason so many people are in a state of economic crisis. They say the average Amercan credit card debt is $10,000. That's a scary fact.
# 6 Re: Credit Card Question
Unless you can get a card that would offer you no interest on balances for the first six months, would suggest to you it isn't worth it. Of course getting a credit card and either paying off or at least making your minimum payments does help your credit. That being said just having a credit card, and not using it helps your credit. part of your credit score is based on how long you have had credit. I'm kicking myself for canceling my first credit card I got in 1996, now my oldest credit is only from 2000.
Even with a potential low interest rate. If you can pay it off in two months, I'd suggest you wait the two months until you have the entire amount. Credit is a great thing, but it can lead you into unnecessarily paying more for objects.
If you are going for a credit card, I like the citibank cards with thank you network, though :D I've earned more 100$ gift cards through responsible credit card use (pay off every month) thank I can remember.
Good luck
# 7 Re: Credit Card Question
Well, this always seems to be the place to get good advice, and indeed, again you guys did it.
This may just be one of those things where it would be more financially sound to just wait this out until either Christmas or when I have the money saved up for it.
Because ya never know when some major emergency will come up and and a PSP is going to be a lot less use than the $250 it cost me (PSP plus a few games).
Thank you all for your input again!
# 8 Re: Credit Card Question
One more point that has not been mentioned here- buyer protection. Your first credit card may not have this feature (if not, consider having your parents put it on their card when you have the cash to spring for it). Many credit cards offer buyer protection -- such as full refund if the item is lost, stolen, or damaged in the first 90 days, even if its your fault. The protection often extends the mfr. warranty by up to one year, which is another great reason to use a card.
As an example, my son's Mini went belly-up after 20 months, long after Apple's standard warranty was up. We got a full refund, which he used to get a 30GB video for the same price (since the prices had come down in that time).
If you're using a credit card responsibly (i.e. not paying interest, or very little interest) the right card can be a huge benefit to you, in addition to building up your credit score.
# 9 Re: Credit Card Question
wait for xbox portable itll likeley have the graphics of a gamecube or up...
# 10 Re: Credit Card Question
wait for xbox portable itll likeley have the graphics of a gamecube or up...
But I like the Playstation Portable.
Not to mention, if the Xbox Portable is ever announced, it's going to be delayed many, many times.
*sigh*
You can get out from under the bridge now.
# 11 Re: Credit Card Question
But I like the Playstation Portable.
Not to mention, if the Xbox Portable is ever announced, it's going to be delayed many, many times.
*sigh*
You can get out from under the bridge now.
hey wow sorry for making a reccomendation. i myself have a psp and its a peice of garbage, i baby every gaget i own and the buttons on that have broken only after 6 months of use. not to mention some of the games have horrible controls, but thats just my opinion. infact i just sold it for 70$ on ebay, shouldve made this thread earlier... and i am almost certain that m$ is coming out with a portable system in the near future. just trying to protect youfrom making a bad investment,dont get so mad at me. and sorry if you think im a troll. i dont care what people think of me just because the text on there computer screens tells them that.
# 12 Re: Credit Card Question
Only get it if it makes you happy and you can afford the additional cost of interest paid. Its really that simple. Oh and two things: look into the extended warranty, like from Best Buy, where you are covered on wear and tear. And most importantly get the "Star Wars Edition"..................;)
# 13 Re: Credit Card Question
hey wow sorry for making a reccomendation. i myself have a psp and its a peice of garbage, i baby every gaget i own and the buttons on that have broken only after 6 months of use. not to mention some of the games have horrible controls, but thats just my opinion. infact i just sold it for 70$ on ebay, shouldve made this thread earlier... and i am almost certain that m$ is coming out with a portable system in the near future. just trying to protect youfrom making a bad investment,dont get so mad at me. and sorry if you think im a troll. i dont care what people think of me just because the text on there computer screens tells them that.
It's not a bad investment if I enjoy the product.
I mean, most of us here could say that you made a bad investment with the Creative player, but if it's what gets your rocks off, then it's not a bad investment.
And as far as you being a troll, I only say as much because you're on an iPod forum and you're a Creative Zen user who goes around claiming your opinion as the only way to be.
# 14 Re: Credit Card Question
It's not a bad investment if I enjoy the product.
I mean, most of us here could say that you made a bad investment with the Creative player, but if it's what gets your rocks off, then it's not a bad investment.
And as far as you being a troll, I only say as much because you're on an iPod forum and you're a Creative Zen user who goes around claiming your opinion as the only way to be.
actually, im on the ipod forum because i purchased a black ipod nano, but, being the apple product that it was, it broke after a week of use. i think the ipod is a great player, but you cant stop me from having an opinion. (it would be better if it didnt break) so w/e, buy the thing if you like it.
