You want to apply Gordmans credit card? is it worth it or not ? well! check it out guys! ;) if we talk about Credit cards, there are two type, the top tier company! and the non top tiers! 😂 so the question is what the different ? the top tier have APR 14% for purchase and 24% for cash advances! but for non top tier company, they will charge APR about 24% or double APR than top tiers! because they make profit from there! but the benefit with them, the administrative requirement are not to high like top tiers! i.e fast approval and they lowering their Credit score! so if you have low credit score under 500 point, then applying Gordman its not bad start!
If I were you and don't have Credit history or my credit score are to low to get top Credit cards!, then I will try them! but remember their APR are double than citiBank APR! if we talk about APR, most credit card company will offer 0% APR, for intro or first years! if you pay on time and no late payment every single month! they will not charge any interest rates! but of course after first years pass, then you have to pay 1-2 % interest rates! 😂 example, I buy some stuff, $1800! I use Credit cards! and make payment every month for tenor 18 month! since the APR 24% then every month I have to pay about $124 x18 month! so total payment are about $2232! or 24% interest rate for 18 month payment!
So if you applying Credit cards just to get some discount! for me personally its not good idea! but if you want to save big purchase, then its okay! you can apply with them, and for long term, it can benefit both side! the idea about profitable Credit cards, is simply because if you use them for business and don't have enough cash flow to run your own business! then use credit cards to get low interest rate debt! but for personal buying, using credit cards are the worse! since they have 1% interest rate permonth!
Here a good example for profitable credit cards! you have business selling some stuff or what so ever! visit wholesales website, and buy their product! and then sell it again to your costumers! repeat and rinse! you will make nice profit! first you don't have to borrow money from loan shark! secondly, you have more capital to purchase more product! and it can increase your cash flow with low interest rates, as 2% per month! 😎 what if, I don't have any kind of business ? or just use Credit card for personal purchase ? well, for long term you'll have financial problems! yep! that 24% interest rate! are the biggest problems! 😂 imagine if you can't cover that 24% interest rate ? or can make profit more than 24% per years ? yep! your debt will increase after time! and to be honest, most of people that can get away from credit card problems are people that doing business! but for average mom and pops! eventually they will suffers because of interest rate!
Here some hint! go to ebay, and sell some stuff in there as your hobby to cover that 24% interest! rate! 😀 buy some stuff from wholesales! try saleehoo! because in there, you will get huge list of US wholesale company! one more things learn about dropship system! if you doing right, 24% interest are no problems! do like your hobby! don't push to much, I am sure, your credit cards hobby will last for good! 😎