Should I...or should I not? Damn you Macy's!

  1. Okay, so I REALLY want the Tortoise Keyfob....badly. I basically don't have the money for it since I just bought a new Carly, phone (mine conveniently decided to die), and I have to get my hair done which is extremely expensive. But I want that damn keyfob!!! 20% off for friends and family is great, but it's not enough for me. I really want to get the price down. So I was thinking about opening a Macy's charge. This is where the problem comes in. I have like 7 credit cards, and I'm only 21. I don't necessarily use them all but I am still paying some of them off. I got my mom to take two of them off my hands for me but I have a huge visa bill that I just put my Carly onto. How much is the discount for opening the credit card? I was thinking maybe I'll just open it, pay it off right there, then take it home and shred it. I don't go to Macy's anyway so it's not like I'd use it. What do you guys think?
     
  2. IMO, it's not worth opening another card for the extra discount, especially if you already have 7 cc's. There's a PCE coming up - why don't you just get the keyfob then?
     
  3. I'm not sure if I'd qualify for PCE. I'm a new collector and have only bought two items in the store. The others I've bought online :0(

    But I agree with you I REALLY don't want to open up another credit card. Maybe I'll pass on this one. Mr. Turtle will have to wait to come home another day.
     

  4. It's not worth it.

    The key fob retails for $38...if you can't swing $38, do NOT open a CC just for that.

    maybe wait for it to go to the outlet?
    Case in point...people bought the rainy-day key fob when it came out for, what, $48? I saw it at the outlet 2 weeks ago for $24.

    If you REALLY want it...give up something for the next few weeks...buying coffee or magazines or something like that. just put aside $5 each week or so.

    a turtle key fob is not worth opening another credit card.
    jmo
     
  5. I agree--7 cc's for a 21 yo is a lot! Just save it up or wait & see. I'm 35 & I've been dying for an Hermes kelly. Talk about expensive!!!! Each day, though, I wait and don't buy. The only way I'll get it is if DH gets a great bonus at the end of the year (btw, I'm 35). Good things come to those who wait!
     
  6. Let's run the numbers. Retail is $38...with F & F it is $30.40...minus 15% for the new card would make it $25.84. So, you would be saving less than $5 and your credit rating would take a hit. Save the new card discount for later when you are purchasing a larger item, if you really need it then.

    If you want the key fob, find somewhere else in your budget to save the $5!

    Good luck, you sound like a very thoughtful young lady.
     
  7. Yes, you could pay it off right away and not pay any interest or anything, but it's the long-term effect on your credit that it really costly. That one time charge will stay on your credit for a long, long time, and the more charges you have, the lower your rating. You're obviously smart, you can get that turtle in a week or two by just saving a little here and a little there.

    Good luck!

    Edited to add- I'm new here, what is F&F?? I have a Macy's, but never bought Coach there because I have a Coach and a Coach outlet within an hour. Is it a discount or something and how do you guys get it?
     
  8. just go in the stoer and ask for a 20% off coupon, or print out the one that s in one of these threads named F&F coupon
     
  9. oh and welcome!
     
  10. No, NO, NO, NO, NO!! Did I mention - No?? :graucho:

    Okay, I know it seems like a great deal now, but the problem is that once you open that card to receive the discount on the $38 keyfob - then you HAVE it... so if you need to pick up some shoes, you can just throw them on the card, then some shorts - Oh, just throw those on the card... And so forth.

    I am guessing that if you're 21, you're a student - and trust me, I will be the first to tell you... being a student is REALLY tough!! They are always things that come up, you're accepting more responsibilities as far as cars, insurance, utility bills for apartments, cell phones that break, etc... So that "only disposable" income you may have had as a HS student has disappeared, and if you don't live near your parents - shopping trips become fewer and farther between... It's tough!!

    If you already have 7 cards at 21, I would definately put a cap somewhere... even if you are not carrying a balance on all of them - this can really hurt your credit score for on the down the line when you want to buy a car or a house...

    When I was in college, I felt I had to get a bunch of store cards to keep up. I had two PT jobs, one at the mall and one as a dance instructor where I made a bit more then usual... Temptation is great though, and if you have seperate cards for everytime you walk into Victoria Secret or Express... it adds up quickly!!

    After college I canceled all of the store cards I had (I think I had at least 4 or 5), and consolidated any leftover balances to one major credit card... I was fortunuate enough to start my own business after college and was able to pay the debt off very quickly - but not everyone has that same situation after college, and I still have friends that are paying for their choices during college... I probably still would be if I wouldn't have opened the studio.

    BTW- I'm 23 now (turning 24 on Sat. :p ) and I only have my major credit cards now and the 2 recently opened up store cards for NM & Saks, which I vowed to myself will be the ONLY store cards I'll ever have again out of necessity... They both have zero balances (well, I just ordered a wallet from Saks, but that will be paid off after it arrives), because regular credit cards can be bad... but I think definately that the store cards are what REALLY get you in trouble big time.

    We've bought & sold a house, purchased 2 cars, and I had a business loan in the 3 years since college - I don't know if any of this would have been possible if I wouldn't have been able to get rid of all of those store cards that weigh down your cc score. Things chance rapidly during this time right out of college, so being as ready as possible is a plus.

    I'm sorry this is so long, but I just flash back to college and realize how many choices I could have made differently and how bad it COULD have been, if I didn't fall into the fortunuate circumstances after college. This is exactly what I was talking about, when I replied to someone's post in the Coach section about $$, and mentioned that $38 isn't the same to everyone, geographically, situation wise... Pay for the little things with cash now - and a few years from now when you are starting your career with minimal debt... you will definately appreciate it!!

    I hope this helps!! :smile:
     
  11. do NOT open a macy's charge just for that. I did a whole post about this before, but opening all of these store cards left and right is really not good for your credit report.

    you would save under $10. not worth it
     
  12. I really don't think you should open another credit card just for the keyfob. Maybe you can sell some old purse in your closet that you don't use anymore. That's what I've done to get money for a new purse that I'm wanting at Macys F&F. I still think its worth buying the keyfob now because the sale is rare at macy's for coach.
     
  13. Don't do it!! You really should get down to one major cerdit card if possible. And no store credit cards - especially if you leave balances on them - they rape you with 20 something % interest rates!!! One good Visa with a nice fixed interest rate and that's it. If you can't spare the extra $5 then you really ought to take a buying break. Enjoy your Carly - stop chasing the next purchase!
     
  14. I agree with the other posters that you SHOULD NOT open another credit card, especially for something so inexpensive.

    Credit cards are very alluring, and these companies heavily target twenty-somethings, so I know it can be tough to ignore, but take a deep breath and really think things though.

    If you really want the key fob, just call store and ask about the next PCE and ask if you can be put on the list. A lot of times, they're happy to do it for you.

    I hope you'll be one of those people who has mastery over their credit cards. I am very diligent about making sure our ccs are paid in full every month, and I can tell you that nothing is more freeing than not having to worry about cc debt.

    It's better than chocolate. Seriously!:jammin:
     
  15. nononononono!!!!!

    It will make your credit score automatically go down 5 points, which will increase apr's on all the other cards and you'll be paying wayyyyy more in the end!! store credit cards are horrible for stuff like that!