GameStop Unleashing a Truly Awful Credit Card Just for Gamers

If GameStop didn't already have a bad reputation with gamers already, let's add some fuel to the fire with a ridiculous credit card.

Many of us know that GameStop doesn’t have the best reputation amongst the gaming community. Now they’ve gone ahead and added even more fuel to the fire with a credit card aimed directly at gamers in the most negative way.

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GameStop will soon be offering a credit card to its customers within the next few months. PowerUp Basic members get 5,000 PowerUp Points and Pro members get 15,000 PowerUp Points just for signing up; and exclusive offers will be offered to cardholders. Rumor is that you’re “pre-approved” if you’re already a member (though it’s unconfirmed at this time).

The card will offer an interest rate of 26.99% APR. That’s twice the current fixed rate for credit cards of 13%, nearly twice the variable rate of 15% and at least 3% points above the APR that people with horrible credit get.

The “Special Financing” offers allow you to buy a lot on a low-interest rate, and then get slammed with the 27% rate at the end of six months if the balance is not paid off. Imagine buying one $60 game each month for a year, then paying only the minimum amount. It’ll take you more than 8 years to pay off $720, and you’ll pay $914 just in interest–in interest! The long-term financial damage it’ll cause for those who don’t pay attention can be catastrophic.

I don’t know about you but a GameStop credit card sounds like a bad idea in every way to me. It’s a recipe for disaster aimed at getting gamers into long-term financial debt for corporate benefit, and to me that’s not good business. Let us know what you think in the comments.

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Author
Venisia Gonzalez
Venisia is a public relations professional, video game industry contractor, published author, freelance entertainment journalist, copy editor, a co-organizer of the Latinx Games Festival, and a member of the Latinx in Gaming and the Puerto Rico Game Developers (PRGD) community. Her passion is video games. She loves the adrenaline rush from a multiplayer match and understands the frustrations of a brand-new raid. Venisia finds immense value in gaming especially in the realm of mental health.