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Vetteman94 on 15 September 2009
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Icyedge said:
Vetteman94 said:
phnguyen89 said:
Okay, to those of you who are listening to people to avoid the credit card, just forget what they said. I have a wamu card (just got it when wamu wasn't chase to get free credit rating), chase visa, discover, and barnes and noble. When I looked at the free credit rating from wamu, I have 745 rating. Their system boosted my rating because I pay in full each month. The only time my credit went down is when I closed my bank account at bank of america to switch to wamu.

Here is how to use the Sony style credit card:
Buy a ps3 using it at the sony website. The card is zero interest for 12 months.
Don't pay off the debt until the $300 is cut to $200.
Then pay it in full.
Put away the credit card.

You still have to make the minimum payments otherwise you lose the 0% interest deal, you miss one payment during those offers and the deal is off.  Its the way all 0% deals work.   

So for those of you thinking of listening to this guy, forget what he said.

Even if you would loose the 0% interest rate, do you know much interest or time it would take before it would cost you more than 100$ of interest. I mean even if they would charge 29.95% percent of interest per year (which is unlikely since the sony card is Visa), you would need to wait and not pay for a complete year before paying 100$ of interest.

Anyway if you would go and purchase the PS3 with real money, why you wouldnt pay the minimum payment on the card?? You would need to be pretty desorganize.

Doesnt matter, missing one payment, or in the situation you laid out a year without paying, would cause damage to your credit rating that could cost you $1000s of dollars in the end, especially if you ever tried to get a loan for a house or a car.   All because someone wanted to save $100.  And the default rate for most Visa's are 22.9%.   Getting a credit card to save a small amount of money is not a good idea, your credit rating is more important.  Getting $30 bucks off on a sale will always be the better alternative.