GameStop To Offer Credit Card With Very High APR
GameStop, the retail store that purchases and resells used games, will soon introduce its own credit card. The card will be marketed to hard core game enthusiasts in the United States, but it comes with some pricey drawbacks that may send customers running in the other direction.
The GameStop card is set up to offer a rewards system for active cardholders. The more money a person spends on the card, the more rewards he or she is able to collect and use. The points can go toward a variety of merchandise online and in stores, including Star Wars memorabilia and discounts on used games
But the GameStop card has the same drawback of countless other retail credit cards: it comes with a very high APR of 26.99%. That is nearly twice the average interest rate of 14.49% for the 1,000 credit cards in the United States. The current advertisement for the card indicates “special financing offers,” which may reduce or drop that APR during an introductory period.
And the rewards are not that significant. Basic Power-Up members will get 5,000 points and Pro Power-Up members will get 15,000 points for signing up for a card. This is the equivalent of $5 or $15.