Report: GameStop Rolling Out Absurdly-High APR Credit Card

There was a joke post originating from an imageboard not too long ago, in which the poster was said to be using GameStop as a bank. Pre-ordering games in advance when he had money, and then getting a refund before the game is released like it was a withdrawal from a bank. It was fairly stupid, as one could just use a bank. However, GameStop is looking to be more and more like a bank by the day, as Destructoid reports through anonymous sources that the gaming retailer is set to unveil its own credit card as part of the PowerUp Rewards program.

The source also provided Destructoid with promotional and informational materials for the GameStop credit card, including the interest rates and charges on the account. It boasts an insane 26.99% APR (variable on Prime Rate within the market), as well as a $2 minimum, no matter if you only owe one penny for the month’s transactions. However, PowerUp Basic members received 5,000 bonus points, while PowerUp Pro members receive 15,000 upon sign up, although a Pro membership costs $14.99 annually.

If this turns out to be true (which looks and sounds likely to be the case), then what you are seeing is the grasping claws of relevancy in an ever-growing digital retail space. Not only has GameStop evolved to include purchasable phones in their stores, but now they have the opportunity to convince a very young adult who doesn’t have the money to pick up the new Call of Duty game that he can just get the GameStop credit card instead and pick it up right away. Plus, with a 26.99% APR, it’s near double the interest rate of most cards available in a much different, non-sales-numbers-driven space. Anything to make a buck, I guess, even if it is direly at the expense of customers.

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Tags: Finances GameStop Video Games

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