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This is a bad combination.

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This is a bad combination.

Old 05-21-09, 05:15 PM
  #1  
YOJiMBO20
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This is a bad combination.

My LBS is having a 20% off one item sale this Saturday. This brings the price of the bike I want down to ~$2,800. I have almost $600 in cash and gift cards that I've been saving for a while to buy my new bike. And I have a $6,000 credit line.

I know using my credit card to buy this is a bad idea. But it's a great deal.

/torn
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Old 05-21-09, 05:18 PM
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Using your credit card is a great idea. Why not get points/miles/cashback if your going to buy it anyway.
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Old 05-21-09, 05:21 PM
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Because I'm a poor college student and don't have the money to pay off the card.
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Old 05-21-09, 05:23 PM
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This is exactly the kinda thing credit cards should be used for... And by that I mean, it is something you want/will buy anyway, however you dont have the cash at the moment... But, you come across a good deal, and actually have an opportunity to save money, if you buy now...

If this is something you really want, I say go for it... I just shelled out 3k for my first 'real' bike about a month ago, and I'll tell you..... I am loving it!!


Edit: Find somewhere to save some money! Kill cable and go with digital over the air..
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Old 05-21-09, 05:24 PM
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$3500 x .8 = $2800. So you're saving $700 on the bike.
$2800 - $600 = $2200

How much $$ in credit card interest will you pay on that $2200?
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Old 05-21-09, 05:27 PM
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Find a way to save up enough money to pay off your cc bill before the grace period ends. Otherwise, don't buy it.
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Old 05-21-09, 05:28 PM
  #7  
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I'm not quite sure what my interest rate is. But there's also tax. With tax it comes to about $3,045. So it'd be closer to $2500 on the card. Still doable, I guess. But I'm pretty sure my girlfriend would kill me.

Gah, I'm really close to just going for it. I still have a day to think on it.
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Old 05-21-09, 05:29 PM
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20% is NOT an incredible deal, it's an average discount a club member gets from a local shop. I got 30% off my new System Six and I don't even think that was that great of a deal, I just really wanted my bike, and they're becoming scarce at shops.

Putting that on your credit card w/o the means to pay it off is extremely irresponsible. I'm putting about a $700 on my credit card with the means to pay it off within two weeks and I feel extremely irresponsible even doing that.

Then compound that with the fact that if you're not able to pay it off by your next billing cycle you'll probably end up paying a finance fee on the balance so your "great deal" will soon become an average deal, then a ****ty deal, and god knows it wouldn't be out of the question that you might lose money on the whole situation.

The awesome thing about great deals is they'll always be there, don't rush into this. I'm not some old curmudgeon either, I'm 24 and have to pass up "great deals" all the time. Sure I'd love to go buy some Speedplays at 30% off, and then a new Selle Italia saddle for my bike for 30% off but in the end I know that if I lose my job and am sitting with a CC balance I can't pay, all the cool schwag in the world won't help.

Living within my means is a hard lesson to learn (I struggle with it myself) but the happiest I ever am is when I have money in the bank.

I'd say if there is even a little chance you would pay finance on that deal, don't go for it. trust me you won't regret not going for it.

Think about it.

Last edited by fauxto nick; 05-21-09 at 05:37 PM.
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Old 05-21-09, 05:30 PM
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Originally Posted by YOJiMBO20 View Post
I'm not quite sure what my interest rate is...
Duuuude.... that's important stuff.

Originally Posted by YOJiMBO20 View Post
But I'm pretty sure my girlfriend would kill me.
...
Duuuude.... that's not important stuff.
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Old 05-21-09, 05:33 PM
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Originally Posted by fauxto nick View Post
... you'll probably end up paying a fiance fee..
At what point did the OP mention that he was engaged to a guy?
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Old 05-21-09, 05:37 PM
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Originally Posted by celticfrost View Post
At what point did the OP mention that he was engaged to a guy?
Touche...
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Old 05-21-09, 05:40 PM
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Originally Posted by fauxto nick View Post
20% is NOT an incredible deal, it's an average discount a club member gets from a local shop. I got 30% off my new System Six and I don't even think that was that great of a deal, I just really wanted my bike, and they're becoming scarce at shops.

Putting that on your credit card w/o the means to pay it off is extremely irresponsible. I'm putting about a $700 on my credit card with the means to pay it off within two weeks and I feel extremely irresponsible even doing that.

Then compound that with the fact that if you're not able to pay it off by your next billing cycle you'll probably end up paying a fiance fee on the balance so your "great deal" will soon become an average deal, then a ****ty deal, and god knows it wouldn't be out of the question that you might lose money on the whole situation.

The awesome thing about great deals is they'll always be there, don't rush into this. I'm not some old curmudgeon either, I'm 24 and have to pass up "great deals" all the time. Sure I'd love to go buy some Speedplays at 30% off, and then a new Selle Italia saddle for my bike for 30% off but in the end I know that if I lose my job and am sitting with a CC balance I can't pay, all the cool schwag in the world won't help.

Living within my means is a hard lesson to learn (I struggle with it myself) but the happiest I ever am is when I have money in the bank.

I'd say if there is even a little chance you would pay finance on that deal, don't go for it. trust me you won't regret not going for it.

Think about it.

A big +1.

To the OP: Put what you would be spending on cc debt/intrest in the bank. Then go get your bike.
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Old 05-21-09, 05:41 PM
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Originally Posted by YOJiMBO20 View Post
This brings the price of the bike I want down to ~$2,800. ... And I have a $6,000 credit line.

Because I'm a poor college student and don't have the money to pay off the card.
Be careful. Don't miss out on a great opportunity for growth and learning...

Blow the entire $6k + your $600 in cash on your dream ride! You're only young and in college once in your life. Enjoy it!

Once you're out of college and realize that degree isn't worth all that much and you're saddled with debt you'll be forced to make better decisions. Hopefully the experience will make you wiser.

Last edited by agoodale; 05-21-09 at 05:46 PM.
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Old 05-21-09, 05:45 PM
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A poor student has no business buying a $2800 bike.
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Old 05-21-09, 05:46 PM
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Just sign up for a new card and get the 0% intro rate. That'll buy you some time to pay it off!
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Old 05-21-09, 05:49 PM
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Originally Posted by Chris(NJ) View Post
Just sign up for a new card and get the 0% intro rate. That'll buy you some time to pay it off!
Did that when I got my first job out of college and moved out on my own again, blew about $1500 on a 0% APR for 6 months card furnishing my apt and buying work clothes. Took me a year to pay that debt off. I remember hearing a statistic that companies like Best Buy do those 0% apr unless you miss a minimum payment cards because the amount of people who default is some staggering number like 95%. There's a reason these companies give out credit cards... and sadly it's not an altruistic one.
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Old 05-21-09, 05:50 PM
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Originally Posted by MONGO! View Post
A poor student has no business buying a $2800 bike.
exactly. not a wise move.
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Old 05-21-09, 05:53 PM
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Call me old fashioned, but.....

We were broke ass kids, but we always had the best rides. You gotta build the bike yourself, granted, you pay more, but there is no interest on the thing.

Start with a frame, then get the headset. Get the wheels on next so that you can roll it around and dream big (plus you can move it around easier in your 1 bedroom apartment). Then start getting the parts, one by one. Cash only!

In the 80's I rode a top of the line Faggin with full Super Record, by mowing lawns and delivering newspapers.

You can do it!

BTW- I still own all these rides (except for 2) 26 years old and newer. Even ride them for fun sometimes. No debt.

Last edited by Erzulis Boat; 05-21-09 at 06:00 PM.
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Old 05-21-09, 05:55 PM
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Young and in debt is not the place to be. Save up for your dream ride, then go buy it. I know that idea sounds like something new nowdays, but it works.

Most people can't imagine how much freedom and security can be bought by being debt free.
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Old 05-21-09, 06:01 PM
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You can buy a lot of bike if you go used. A year ago I got a CAAD 8 with Campy Record/Chorus mix, Kyserium Elite wheels for $1100 including shipping via Ebay.
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Old 05-21-09, 06:03 PM
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Originally Posted by Erzulis Boat View Post
Call me old fashioned, but.....

We were broke ass kids, but we always had the best rides. You gotta build the bike yourself, granted, you pay more, but there is no interest on the thing.

Start with a frame, then get the headset. Get the wheels on next so that you can roll it around and dream big (plus you can move it around easier in your 1 bedroom apartment). Then start getting the parts, one by one. Cash only!

In the 80's I rode a top of the line Faggin with full Super Record, by mowing lawns and delivering newspapers.

You can do it!

BTW- I still own all these rides (except for 2) 26 years old and newer. Even ride them for fun sometimes. No debt.
Not a bad point, personally I'd say keep the money in the bank and get strong on what you have. Then again in college I had the most KILLER drum set (which I still have) because I bought it piece by piece and found truly great deals. I'd wait till after the trade shows and even contact my favorite local drum builders and buy their unsold trade show snares for %60+ off, now that's a killer deal. I didn't pay 1 cent of interest on any of it either.
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Old 05-21-09, 06:10 PM
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+1 on go used and buy as you go.

I have ~$1500 in my Time w/Campy Chorus
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Old 05-21-09, 06:14 PM
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Great now I feel like **** about buying my System Six, ugh I'm done with this thread.
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Old 05-21-09, 06:15 PM
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If you are engaged to this guy it should be a joint decision on the new bike.
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Old 05-21-09, 06:15 PM
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bike5 002.jpg

Just snapped this pic at my office, some of the bikes over the years in the hallway. Cash only, built part by part.
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