Buying guns: Cash or Credit

[runrabbitrun]

Many of us merchants pay out the
nose to accept credit cards.
It's US merchants that are paying for the teaser
gimmick points they give card holders.

It's true we would all rather have cash.
(at least I would)
It's cheaper on us, so we can pass on the savings.

Unfortunately for now.
I'm full internet based biz, so cc acceptance is a must.

 

[Hungry Seagull]

KarenTOC I remember the telephone threats.

We laughed it off and told em to charge it anydam way. We didnt care as long the ultimate goal of ZERO balance was met. There were some very angry customer service people who were backed into a corner and actually physically processed teh dang payments to make a zero balance and close the account. And to rub salt into wound, we made sure they send us letter acknowledging this action or event.

They get upset now a-days whenever we call them to null the fancy radio-swipe visas and re-issue to us the old style magnetic swipe cards.

Standing up for ourselves in face of credit tryanny felt so good.

 

[eye5600]

Layaway

I can't see that I would ever put anything on layaway myself, but for guns, at least some guns, it can make sense. The gun market isn't such that you can count on the gun you want being the store the day you get the money together. Layaway is a way of reserving a gun so it's not sold out from under you.

For a really common model, and if you don't care about the details of finish or grips, you can save some money with discipline in saving, but for anything even a little bit uncommon, layaway can make sense.

 

[Hungry Seagull]

We do a little Layaway. What we do is grab a item, put some money on it on a three month layaway... to ensure that our name is on that item.

Pay it off the following paycheck that comes in. That way we dont miss an oppertunity to grab a good item that another will get after we left.

The Marine Mag were examined closely by about 8 buyers that night. I was the first to put the gun on the counter and start a layaway. The other 9 people had to either special order it or wait.

As it happened My gun was shipped direct from New York's Remington Factory to my shop.

I wonder what happened to that one 870 that I picked up off the rack and placed onto the counter. Sometimes I think that particular gun is some kind of floor display model.

Does that make sense?

 

[Dark Skies]

I buy most expensive purchases using a credit card - even though I have the cash. Then I settle up at the end of the month. The reason I do this is because when you buy with a credit card it's, obviously, a credit agreement which further affords the goods a guarantee. If the deal goes bad or the goods aren't up to scratch the credit company will weigh in on my behalf because the goods are technically theirs until I've settled. Particularly worth doing if the gun is secondhand and doesn't come with a factory warranty.

 

[MovedWest]

I already have an arsenal and don't feel the need to take out a loan for more steel. To have more guns for me at this stage in the game would be a luxury, not a necessity. I think luxury items should be purchased with money only when you have it in excess. Although I will put it on my Amex to get the points, but that gets paid off every month - to me it's the same as cash.

Might be different if you don't have any guns yet and want to build your credit by getting your first shotgun.

-MW

 

[CWL]

Seagull,
I have no idea what point you are trying to make.

I use cc's all the time because I travel internationally about 1/3rd of my time. (traveled exactly 30 days in Q1-09)

I just don't buy firearms with credit cards to decrease any paper trail.

 

[Hungry Seagull]

CWL, Sorry for the confusion.

Cash is king. Liquidty even more so.

 

[theotherwaldo]

In the words of Lazarus Long, "Budget luxuries first."

(You know you're gonna buy it, so budget for it.)

 

[mljdeckard]

But Karen, remember that the bulk of the profit of the entire industry hinges on people carrying a balance and paying interest on it. Without that, there wouldn't be enough money for any of the banks or labels to operate. The percentage of customers that NEVER wind up paying any interest or fees is just about zero. The intent of the entire industry is to make you pay interest for things you can't afford RIGHT NOW. The user fees aren't keeping Citi or anyone else in business. Visa doesn't care if you use a credit card or a debit card, it's all the same to them.

Layaway isn't terrible as long as you aren't paying any higher fees or interest for it I suppose. To that effect, I would trust smaller stores and pawn shops, that don't have layaway policies set at the 'corporate level', which will inevitably involve a department asking how the company can make a little more money off of it. (They usually set up a finance agreement with a bank.)

 

[Blue .45]

I have often purchased firearms with a Visa or Amex ... but I always pay them down to zero each month, so ...

This is typically how I do it. Since, I don't always plan my trips to the store, but
sometimes, just drop in if I'm in the area.

Besides, It's not good idea to carry large sums of cash where I live.

 

[Travis Bickle]

I always pay cash for everything. Neither a borrower nor a lender be.

 

[Big Daddy Grim]

Have a buget that I always follow

 

[cracked junior]

Cash first then credit. depending on who the merchant is. If I do use my card I already have the money saved up for it.

But I have been having evil thoughts, as in buying guns with the credit card since I cant save for several guns at once. Its save for one gun, buy it then save for another gun. And a few of them I want to get before I cant get them or the price keeps going up.

 

[BhmBill]

cash. The less time, paperwork, and fee's involved, the better.

90% of my transactions are ftf. I can go without having a BRAND NEW gun.

 

[KarenTOC]

But Karen, remember that the bulk of the profit of the entire industry hinges on people carrying a balance and paying interest on it.

In February, there was $2564 billion in outstanding consumer credit. That figure does not include mortgage debt. Of that, less than half ($955.7 bn) was for "revolving credit" - that's where most credit card debt is included (it does not include american express or any other must-pay-balance credit cards). That leaves $1608.2 bn in loans to be earning interest off.

Yes, credit card interest payments give banks a warm and fuzzy feeling. Yes, banks prefer that all their credit card holders pay lots of interest. If everyone suddenly started paying off their credit cards each month, banks would probably just get out of the credit card business.

source for the above figures:
http://www.federalreserve.gov/releases/g19/current/g19.htm

 

[Hungry Seagull]

I think the Credit Industry is going to fail. Housing did. Credit will. I suspect also the Commerical credit and Churches are running into defaults as well.

From the looks and the experiences we have had buying guns, then ammuntion and then accesories to clean, maintain and shoot properly and what seems like having to compete with a entire USA over the internet and elbow room in the big shops downtown... there is money being spent. Mostly CASH.

And a hell of alot of it and much more than I thought possible. There are some serious spending going on and I thought we were big ones too. Nay, small fish I tell ya. Small fish ya hear? Three piddiling guns and a stunner... some folks stack the stuff in a chest and out the door for tens of thousands of cash.

Windbag can sprout soothing words of National Salvation through Debts and Spending against our Children's income.... but it aint gonna hold any kind of meaning. It's all a gas and boy does it stink.

How stupid does they think we are.

 

[SoCalShooter]

I typically pay cash but my gun dealer lets me do layaway and when I see a great deal if I have the cash I do it or I'll put it on the card, I try to keep the card balance under 2k.

 

[RT55]

I use my credit cards for most purchases, pay them off, and accumulate the rewards. Every time I've bought a car in the last 12 years, I have up to $1K in free money from my credit card company. I just bought a 42" HD television for $600 and my AmEx Costco rebate. But for guns, I pay cash. That way there's no paper trail, and when my wife asks if that's a new gun, I just say I've had it for a while.

 

[kathya]

I don't support the use of credit cards. Paying to use someone else's money to get something you want (rather than need) is foolish. Credit cards are predatory, and when they find a borrower who lacks financial wisdom, it's really a nasty combination. A financial education class should be required to get credit, kind of like a driver's license is required to drive.

RT55- you should not lie to your wife, that's messed up.