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Any Musicians Friend Platinum Card holders? Last viewed: 11 hours ago

Posts: 91 Threads: 47

So I applied for a MF Platinum Card a few weeks ago and got approved for $3200. I had a few things I wanted to get and pay off over 2-3 months since money was a little tight then.

I got the 12 month Same as Cash on orders above $700. Well, I ordered 2 things that were around $150. My minimum payment coming up is $25. I can pay it off now, but let's say I want to only do the $25 for a month or two. Since it's under $700, do I get charged the 22.9% interest or is it still interest free for 12 months or unless I miss a payment?

I am about to finish my new yamaha hexrack and wanted to finish out the clamps on this card which total about $250. Would the minimum payment still be $25? I'll be able to finish paying this off by Christmas at the latest, but since it's under $700, I'm confused on how the interest and minimum payment works. Thanks!

Posted on 12 years ago
#1
Posts: 1041 Threads: 64

Normally if it is 12 months interest free, it means that if you pay it off within the 12 month time, no interest is acrued... but if it is not paid in that time, they add all the interest for the entire year at whatever percent that they use.. I say, if you have the money.. pay it off! I dont like credit cards.

-Justin

"People might look at you a bit funny, but it's okay. Artists are allowed to be a bit different."- Bob Ross

"After silence, that which comes closest to expressing the inexpressible is music..." - Aldous Huxley
Posted on 12 years ago
#2
Posts: 5356 Threads: 87

That's some heavy interest. Pay it off soon as possible. We have most of our CC's paid off. I hate them too. If we need something we pay cash or go without it until we save for it.

Glenn.

Not a guru just havin fun with some old dusty drums.
Posted on 12 years ago
#3
Posts: 1836 Threads: 336

If it is like my Best Buy card you have to make that minimum payment or they will kick that interest rate into affect. It could be different but I imagine its the same.

Posted on 12 years ago
#4
Posts: 730 Threads: 61

Whatever you do, don't miss a payment. My guess is that the same as cash kicks in if one order is $700, not if you accrue $700 in smaller orders.

I would call the 800 number on the back of the card and speak to one of the reps. They should be able to answer your questions. Make sure you note their name if future problems arise.

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Posted on 12 years ago
#5
Posts: 2115 Threads: 26

From Brewkowski

Normally if it is 12 months interest free, it means that if you pay it off within the 12 month time, no interest is acrued... but if it is not paid in that time, they add all the interest for the entire year at whatever percent that they use.. I say, if you have the money.. pay it off! I dont like credit cards.

I agree wholeheartedly. Avoid credit cards! I use an AmEx for business but there is no interest and everything is paid in full at the first of the month. As a bonus, their rewards and customer service are the best.

If money is tight, put the hex rack on the back burner. Pay that off ASAP. I'll jump off my soapbox now.

tnsquint
Very proud owner of a new Blaemire Snare 6.5 x 14 made by Jerry Jenkins "Drumjinx"
Posted on 12 years ago
#6
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