Posted on July 28, 2014 AT 11:41am
According to photos of a flier obtained by Destructoid, retailer GameStop will soon be launching its own co-branded credit card.
The card, which will allegedly be tied into and branded after the store’s PowerUp Rewards program, will offer an interest rate of 26.99% annually—a rather high figure. According to a survey by the independent Bankrate.com, the average APR on variable rate credit cards on July 24 was 15.57%. That puts this GameStop card at nearly twice the national average.
The incentive for stomaching that high interest rate is the chance to earn bonus points within the PowerUp Rewards program. Basic members will receive 5,000 bonus points at sign-up, while members at the Pro level, which costs an additional $14.99 annually, will get 15,000 points.
That doesn’t appear to be a terribly valuable perk, either. A quick glance at the current rewards catalog, for instance, has a Boba Fett candy bowl holder available for 29,500 points. The same item can be purchased on Amazon for $21.18, which means that, in this instance, a single point is worth roughly .07 cents. 15,000 points, then, would come in at around $10.50. Not exactly an enormous windfall, especially considering the interest rate.
It’s perhaps worth noting that the marketing brochure also mentions unspecified “exclusive” offers for card holders, as well as special financing offers on certain purchases, but—assuming the leaked materials are real and representative of what the card has to offer—it still seems like a fairly raw deal.
My advice? Just go to a loan shark instead. Sure, he might break your kneecaps if you can’t pay back on time, but at least he won’t spend five minutes trying to bully you into pre-ordering Call of Duty: Advanced Warfare.
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