Platinum Membership

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tone_aot

tone_aot

Owner of ToneJonez.com
Anybody use the platinum membership at musicians friend? I was thinkin about getting it so i'll be able to get some gear i interested in. I know i can pay the payments on time i was just wondering if anyone's had any problems, or been charged insane charges with the platinum membership.
 
what do you consider insane charges? Personally I think the high interest they charge is insane
 
Buying gear on credit is a dangerous game, and it is sooo easy to overextend yourself.
 
That's what i figured. I'm scratching that idea!!!
 
I use it quite a bit and have never had any problems at all. What I do is make sure what I order qualifies for the "interest free 12 months" deal. Over the last couple of years I've ordered several thousand dollars of band gear using it. Only 2 things you have to watch. 1. Absolutely DO NOT miss a payment or be late on one. This will cause your purchase to revert to whatever the current interest rate is, usually about 24%. 2. Make sure the balance is paid off before the end of the interest free period or the entire accumulated interest will be added in. I've even ordered equipment for our band members but I make them pay it off in 6 months instead of 12. Since we are an actively gigging band I get the payments after the gig. Has worked out well. No complaints.

DD
 
i've been thinking of getting 1 of those...not necessarily to get gear for myself, but to build up some credit - i think i'm gonna have a couple friends give me the cash upfront for some stuff they want to get, and then i'm going to open an account, order the gear, and then pay it off myself
 
i have one, 2000 limit.

i only make purchases above the $499 mark so i get 12 months instrest free.

one caution; do NOT scretch the payments out over all 12 months! pay it under 10 because if you finish paying it off the 12th or 11th month, they can try to hold your payment and make it late. they did it to me once, but i called up and screamed a little and the check was made out for a very early date, they tried to hold it for 3 weeks and slam me with all the back-interest and a late payment.

yeah go ahead, just be wise.
 
DigitalDon said:
This will cause your purchase to revert to whatever the current interest rate is, usually about 24%.
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24%??? :confused: WOW! that is insaine.
 
It is actually very typical of any credit card penalty rate that is applied if you miss a payment - not unusual at all.
 
OK, I didn't look at it as being a penalty. More as 24% interest rate period. That's ridiculous under any circumstances.
 
So if I bought a TD20 kit and made the montly payments on it... would i HAVE to pay it off in 12 months or else i end up spending 7440? :eek:
Would it be cheaper to just take out a personal loan and pay it off that way? Cause I think banks have lower intrest rates than that. :confused:
I'm really confused with all this kind of stuff. I actually just now registered to ask about this. So hi! I'm only 16 BTW. :rolleyes:
Cause if I was to pay off the whole drumset in 10 months, it'd be about 600 a month, and i wont be making that much for alot longer, and ít'd have to be 10 months cause they'll delay the bill and say it was late to charge all the interest and stuff; people are jerks enough like that. :mad:
 
clapperZZZ said:
So if I bought a TD20 kit and made the montly payments on it... would i HAVE to pay it off in 12 months or else i end up spending 7440? :eek:
Would it be cheaper to just take out a personal loan and pay it off that way? Cause I think banks have lower intrest rates than that. :confused:
I'm really confused with all this kind of stuff. I actually just now registered to ask about this. So hi! I'm only 16 BTW. :rolleyes:
Cause if I was to pay off the whole drumset in 10 months, it'd be about 600 a month, and i wont be making that much for alot longer, and ít'd have to be 10 months cause they'll delay the bill and say it was late to charge all the interest and stuff; people are jerks enough like that. :mad:
Click to expand...

I doubt you would be able to get a personal loan for gear, unless you are a professional musician making most, or all your income on the gear you're trying to get a loan for.

the best you'll probably be able to do is get a credit card through your bank or credit union. Even if it's your first credit card, you should be able to get a good interest rate through a credit union......especially if you've been a member for a while.

the only other option would probably to get a loan on your house or something.
 
Normally you have to be 18 to get a credit card. That is because, as a minor, you have the right to void contracts in most circumstances up until you turn 18. So you could buy a bunch of stuff from MF, return it a year later, and they would have to give you a refund. Naturally, stores don't like that, so they don't offer credit to minors.
 
I'm having someone who isnt a minor help me buy it. And I CAN afford it, as I have the money in my bank account cause i work my @$$ off. However, I just want to pay it off in increments instead of all at once. Otherwise, my bank account's gonna be a little empty for some time. :(
I'm just looking for the smartest, most hassle-free way to buy it in payments.
Thanks for all the info guys!
 
If you have the cash to back it up, then using a credit card to make the purchase is a good idea as long as you do not carry a balance.

The same for interest-free periods.

I use both all the time, but I always have the CASH backing up the purchases, and I haven't carried a credit card balance in over 15 years.


clapperZZZ said:
I'm having someone who isnt a minor help me buy it. And I CAN afford it, as I have the money in my bank account cause i work my @$$ off. However, I just want to pay it off in increments instead of all at once. Otherwise, my bank account's gonna be a little empty for some time. :(
I'm just looking for the smartest, most hassle-free way to buy it in payments.
Thanks for all the info guys!
Click to expand...
 
The only time it makes sense to use a credit card to finance a purchase over time is to use the promotional introductory rates. Often you can get as low 0% for a six month or longer initial period.
 
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