Thread: Musicians Friend credit card, bad idea?

I had never had a retail credit card but the Musicians Friend credit card had a 6 months same as cash offer on purchases <$499 and 12 months on purchases >$499. I was there this morning early for the sale and there was a really sweet deal on a Gibson Les Paul but if I did it there would got to be a way to spread it out over a year to pay for it.

Think it's a bad idea to apply for the Musicians Friend card to pay for it so I won't have any interest to pay? I know retail cards don't have the best reputation, but still this price is like unbelievably low and it's only good through the weekend.

Hi Suitelife! I work for Musician's Friend. If you are still unsure about whether or not you should apply for the card, please feel free to contact me directly with any questions you might have:

forums[at]musiciansfriend.com

Hey man thats awesome that you came here and answered me. I do got a question-

Alright if I were to apply for a new Musicians Friend credit card and then made a $1200 purchase how would the interest be tallied. I will get charged back interest if I take longer than a year to pay is that right? And then how is that done. Like if I pay off $1000 during the first 12 months and then have $200 past that, do I get charged the back interest on the $200 or on the full purchase price of $1200?

Thanks man.

Oh yea and what size of credit limit can I expect. Are you guys good with giving a limit of a couple thou if my credit isnt the best?

I've done these same-as-cash deals at Best Buy (oddly, looking at my credit report, I found my Best Buy account was closed due to inactivity) and paid them off in the agreed on time frames - except once. I thought I had paid the entire balance, but had something stupid like $2 remaining, guess my math wasn't right). Since I had it on set auto-pay from my bank, it didn't get paid. I wound up with late fees and interest from the moment of the purchase (on the entire amount). So while it can be a good deal, you have to be ultra-careful with them, especially as you're nearing the end of the term - don't make the mistake that I did and "oh, that's auto-paying, no need to look at the bill"

Originally Posted by Suitelife

do I get charged the back interest on the $200 or on the full purchase price of $1200?

Thanks man.

On the full price. That's the catch.
Divide the total purchase price by 12 equal payments and make sure it's PIF by the 12th month. If you charge additional purchases on the card, be sure to increase the payment accordingly. Don't look at the minimum payment in this case, it doesen't mean anything.

If you are unable to pay off the purchase in full before the deferred interest promotion is up, then the Musicians Friend credit card may not be the best choice. For alternatives, please check this sponsored section of the best 0% credit cards for balance transfers and purchases.

Rock on!

-CreditCardGuru