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

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50.25% (Neutral)
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2014-07-29T15:10:42Z

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.

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superhumanben
50.25% (Neutral)
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2014-07-29T15:34:56Z

Oh that's a bad bad bad idea!

DonEdwardsJr
50.25% (Neutral)
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2014-07-29T16:37:14Z

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

GrimSanchez
50.25% (Neutral)
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2014-07-29T17:09:37Z

they really should just close down , such a horrible company

nfs3freak
50.25% (Neutral)
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2014-07-29T18:52:07Z

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
50.25% (Neutral)
Member

2014-07-29T19:19:43Z

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
50.25% (Neutral)
Member

2014-07-29T22:48:40Z

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

KevinLozandier
50.25% (Neutral)
Member

2014-07-29T23:10:43Z

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
65% (Friendly)
Member

2014-07-29T23:33:12Z

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
50.25% (Neutral)
Member

2014-07-30T00:35:59Z

#10

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.

CliffVincent
50.25% (Neutral)
Member

2014-07-30T02:36:58Z

#11

gamestop needs to die like blockbuster did... soon

NickModrowski
50.25% (Neutral)
Member

2014-07-30T10:58:37Z

#12

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

WendellBeverly1
50.25% (Neutral)
Member

2014-07-30T23:02:24Z

#13

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
50.25% (Neutral)
Member

2014-07-31T13:16:48Z

#14

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. :/

KOwen
50.25% (Neutral)
Member

2014-07-31T14:57:10Z

#15

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.

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