Academy Sports Credit Card

[CarolinaReaper]

Anyone here have one? Some of you know I purchased my dad's b-day revolver at Academy the other day and signed up for the Academy Sports Credit Card. I used it to buy some clothes and some boxes of ammo yesterday. You have to make a payment once a month on any purchases. My credit, with me being a younger guy before me applying was 670, getting this card lowered my score 6 points! At any rate, my questions are, without this being a "traditional" credit card, will making purchases with this card and making monthly payment bring my score up at all? And I couldn't find anywhere, but can I use it to purchase a firearm?

 

[nccatfisher]

My question is what is the APR and if you already had a CC why did you get it? Most store specific cards are a ripoff.

 

[bwfarms]

A new credit card will lower your average credit age. So a lower age will affect your score.

Any credit inquiry will lower your score but not much. However if you go car shopping and you keep running credit checks that's a bad thing. It is good to know your score before you go and don't fill the application until you have found the vehicle you want to buy.

Adding a new line of credit can lower your score some unless your available credit far outweighs your credit used. Say you have a $2000 line of credit and then get a $15,000 line, it will look favorable as long as you don't use the full amount.

Best way is to pay the full balance each month, even paying it off before billing cycle. If it's a rewards program, it never pays to carry a balance, you will lose the gains.

I'm not familiar with Academy's card. Is this a store or anywhere card?

 

[CarolinaReaper]

Apply for Academy Sports + Outdoors Credit Card Today

Get rewarded for your purchases with the Academy Sports + Outdoors Credit Card. Apply now and enjoy exclusive benefits like 5% off on purchases made at Academy Spor...

www.academy.com

To answer both of you, I'm pretty sure it's a store specific card and I didn't already have a CC, was just looking for a way to maybe up my credit score. The only thing currently i have really affecting my score is my car payment and I just wanna try to raise it up a little. Also if I remember correctly it's something like 23% APR.

 

[PSell]

The age of your oldest account counts quite a bit when calculating your credit score. So I'd say it's important to find a good card,maybe through your bank, and keep it open even if you don't really use it. Also, store cards are usually very high APRs, fine if you want the initial discount, but not good to hold a balance on. Plus the negative affects on your credit score.

 

[Packfan]

People worry worry worry about credit scores. Unless you are planning a major purchase in the next few months don’t worry about it. You open a new account and it will hit your for one reporting cycle and it will pretty much rebound next month. Anytime you have inquiries you are going to get at least some hit. Most of these CC companies and auto dealers pull a beacon score and folks tend to think that they have a better score than they really do. If you really want to know where you stand pull yourself a fair Isaac or even worse a clear report. Then you can see where you really stand.

 

[turkeyfoot]

That is pretty high interest rate I wouldn't buy anything I couldn't pay right off remember its easy to get in deep with plastic. I never do store specific cards. If I get a card is look for one that is widely accepted like Visa and use for emergency or only of I could pay it off quick no need to give away money. Then you can keep it and the point made above about older account helping score will work

 

[Triggermortis]

The store specific cards can be small credit score boosts. Say you buy something interest free for 1 year, make the payments on time for that year, and pay off on time or even a bit early. You can do that and modestly increase your credit score, and you wont be paying any interest. With those cards you still have a credit limit, and the amount that you are paying off is generally quite a bit lower than your credit limit, so the entire time you are paying that off, provided you are not purchasing other things on the card, you are in a safe percentage of debt to credit ratio. (sorry for the long sentence....)

 

[pattersonj11]

As far as credit scores and car shopping, make sure they do not run your credit unless you are ready to buy. My wife and I both lost a few credit score points when car shopping. We test drive a couple of cars and the credit scores were checked while we were on the test drive. We even told them up front we would not be financing.

 

[Moose]

Credit scores are pretty meaningless pay cash for everything or payoff the full balance every month. You'll be better off in future from a guy living the dream.

 

[wcjones]

We have two credit cards. One is a rewards card and one is a low interest card from secu. We pay both balances off in full every month. We only have two because my wife uses one for her side business and it’s easier to keep up with that way.

I like the rewards. We average 100 bucks cash back every two months. But you best believe that would go away if we didn’t pay off the card every month.

If you can’t afford to buy something with your checking account you can’t afford to buy it with your credit card

 

[turkeyfoot]

We have two credit cards. One is a rewards card and one is a low interest card from secu. We pay both balances off in full every month. We only have two because my wife uses one for her side business and it’s easier to keep up with that way.

I like the rewards. We average 100 bucks cash back every two months. But you best believe that would go away if we didn’t pay off the card every month.

If you can’t afford to buy something with your checking account you can’t afford to buy it with your credit card

Sad part is the CC companies get rich counting on people not being as disciplined as you so easy to swipe and worry later all of sudden they're 3 or 4 grand into it and the shiny rewards point the company dangled are of no help with all that intetest. In like you I'll take their rewards but I ain't paying them any interest

 

[302cj]

If 23% is correct would put back in wallet and not use it. Being young and dumb we went a tad overboard with CC. Not saying you will but be careful. Canceling the card will also hurt credit score. 3 years ago we took the hit and got rid of every card we had and if we cant pay cash we dont get it now. Im 41 and as of last week we are debt free. I dont have the biggest or the best house but dammit its mine now!

Maybe someone can explain but why do you use a CC then pay off at end of month? Why not just pay cash up front?

 

[Moose]

If 23% is correct would put back in wallet and not use it. Being young and dumb we went a tad overboard with CC. Not saying you will but be careful. Canceling the card will also hurt credit score. 3 years ago we took the hit and got rid of every card we had and if we cant pay cash we dont get it now. Im 41 and as of last week we are debt free. I dont have the biggest or the best house but dammit its mine now!

Maybe someone can explain but why do you use a CC then pay off at end of month? Why not just pay cash up front?

Helps me track what I'm spending money on I pay cash and end of month I cant remember.
These days travel is difficult without a cc between flights, hotels, and rental cars. Even driving on long trip I dont want to carry all that cash with me.
Additionally I have a rewards card that gives me points that I use and cost me nothing. I pay no annual fee and I pay no interest.

 

[300BlkoutLivesMatter]

Credit cards are easy to use, and you don't have to worry about carrying a bunch of cash around. If you get robbed or lose your wallet there's not a real chance you are getting the cash back. With a credit card you just call to notify the cc and they send you another, no risk on your end. Any good credit card offers 0 fraud liability to the cardholder.

You can get rewards for using the credit card like airline mile, hotel points, or whatever your card offers. Those can add up quick, I have had a few week long vacations paid for with points over the years. The good credit cards have excellent perks and buyer protections. My Amex has free extended warranties, will replace defective/broken items with a certain time window. Before citi cancelled the price rewind, I would use it to get money back buying something locally if I could find a cheaper price. Wells Fargo cc offers free cell phone insurance with a $25 deductible, can't beat that.

If you possess the discipline to only shop within your means and pay off your balance every month, you are better off using a credit card for just about everything.

 

[bwfarms]

Maybe someone can explain but why do you use a CC then pay off at end of month? Why not just pay cash up front?

Foremost is the rewards. I spend thousands of dollars each month and in return it's like free interest on your money. You are getting paid money to spend money you were already spending. I pay utilities and loans that will allow me to use a credit card to settle a bill. It is really one of the tools the 'rich' (money savvy) people use.

Second is security reasons. If somebody steals your credit card and you contest the charges, it does not put a hold on your bank account. You still have access to your cash in the bank to pay bills. Debit cards or checks are essentially same as cash and if fraudulently obtained, you don't have that cash to pay bills because of bank holds.

I even have a loan that I pay annually. My income is sporadic, when I gather the cash to cover the annual payment I save it until the due date. I'm already paying interest for the year so I put the cash in a high interest savings account to accrue more 'free' money which in effect lowers my already low interest rate.

Just savvy but to each is their own.

Edit to add, I pay my credit cards off in full each month.

 

[hunter]

My general approach is to have two credit cards. Always paid off each month. One as a backup and both with various types of rewards. Occasionally I will have an instance where one card isn't accepted or won't read hence the backup. Always problematic if it happens while traveling. Agree with what others have said about security versus cash. Having a monthly statement with most expenditures on it is also a good way to keep tabs on spending too much. A month with a bunch of sticker shock tends to reduce spending for a couple of months in my household! Also, a longtime credit card paid off promptly can help build and/or maintain a decent credit score. Useful for mortgages, other loans if needed, opening utility accounts, etc. I suspect that a good credit score is also being used for more and more things as well (e.g., employment background checks, etc.).

 

[woodmoose]

Paying interest is not savvy

 

[turkeyfoot]

I'll agree with the not having carry cash if I lose it or gets stolen its just gone but with card I just cancel if stolen and don't have pay anything I don't purchase for travel its way to go. Not to mention there are some things like reservation need one some hotels want one on file

 

[Redeye]

Yes you can use it for firearms. I'd recommend paying it off quick si e I thing its 29% interest. You also get 5% off every purchase using it.

 

[manybeards]

A card from your personal bank will usually provide the most value. Airline credit cards used to be great, but my experience is that has diminished considerably....

 

[bwfarms]

Paying interest is not savvy

Paying credit cards or personal use, interest is not in your best interest.


It is when you are making money. Cash in hand for quick investment flips that exceed interest rates is better than slowly saving up to buy. You could miss out and be years behind in growth. Don't forget interest can reduce tax liability. A big reason why I do not put down payments or just the bare minimum.

 

[dpc]

Max that SOB out on ammo and text books.

Let Bernie pay the difference......

 

[UpATree]

As far as credit scores and car shopping, make sure they do not run your credit unless you are ready to buy. My wife and I both lost a few credit score points when car shopping. We test drive a couple of cars and the credit scores were checked while we were on the test drive. We even told them up front we would not be financing.

I went into a dealership and told them I'd be writing a check and paying for the truck in cash. They ran a credit check anyway because they said any thief could write a check and drive off, they wanted to know I was for real. And yes, an hour later, I wrote a check and drove off with my truck. You can do that if you drive the old one longer and save up for the next one. My last car payment was in 1993 and today I'm driving a 2019 Tundra with a clear title. I'm not bragging, I'm not a doctor or lawyer or anybody special, just an average working Joe letting you know that anybody can do it if you make a commitment to it.

Don't forget interest can reduce tax liability.

Consumer interest, e.g., cars and credit cards, are completely non-deductible unless you use a HELOC to borrow against your house. Since the 2018 tax reform, only about 2% of filers will now see any tax benefit from mortgage interest, as the standard deduction for married couples doubled to $24,000. Until you can beat that you haven't cut your taxes at all (and if you can beat it, you have borrowed too much money). On the other hand, every dime you make off those quick investments is taxed at earned income rates, i.e., 15% federal and 5% state for most of us. So you have to make enough off your investments to cover 20% taxes and the credit card interest before you can even break even. Good luck with that.

 

[pattersonj11]

I am aware. We bought one about a week later with cash. The point was we told them we would not be financing anything and told them we didn’t want our scores run. They did it anyway. We didn’t find out until we checked in a month or so later. Glad we didn’t buy from them.

 

[bwfarms]

I went into a dealership and told them I'd be writing a check and paying for the truck in cash. They ran a credit check anyway because they said any thief could write a check and drive off, they wanted to know I was for real. And yes, an hour later, I wrote a check and drove off with my truck. You can do that if you drive the old one longer and save up for the next one. My last car payment was in 1993 and today I'm driving a 2019 Tundra with a clear title. I'm not bragging, I'm not a doctor or lawyer or anybody special, just an average working Joe letting you know that anybody can do it if you make a commitment to it.



Consumer interest, e.g., cars and credit cards, are completely non-deductible unless you use a HELOC to borrow against your house. Since the 2018 tax reform, only about 2% of filers will now see any tax benefit from mortgage interest, as the standard deduction for married couples doubled to $24,000. Until you can beat that you haven't cut your taxes at all (and if you can beat it, you have borrowed too much money). On the other hand, every dime you make off those quick investments is taxed at earned income rates, i.e., 15% federal and 5% state for most of us. So you have to make enough off your investments to cover 20% taxes and the credit card interest before you can even break even. Good luck with that.

Your first part is suspect to me and I call bull on the credit check requirement because I've wrote personal checks for new atvs and equipment. My credit was not checked, just bank verification. If paying in cash and the amount is over $10,000 dealers are required to file a 8300 to the IRS. You were scammed.



The second part which you quoted of me, good thing I'm a proprietor. As having a business allows me to deduct or depreciate certain interest depending on application.

You are going to be taxed on your entire income regardless of how you obtain your income. The point is to utilize the tax code to when is advantageous to your tax liability. This is a general statement, not tax advice. I hire an accountant to work through what I can and can't do.

 

[woodmoose]

Don't forget interest can reduce tax liability

wrong thread for going there but you do as you will, I'll do as i will

enjoy

 

[Packfan]

Maybe someone can explain but why do you use a CC then pay off at end of month? Why not just pay cash up front?
[/QUOTE]

IF and I mean IF you are disciplined, you can float your CC balance for free for a month. When the CC bill comes a month later, you can earn 2% rewards on the free money you just floated. To top that off, you then earn interest from the bank account that the money you will use to pay the monthly balance off has been sitting in; say 1.3% at NCSECU. Total of 3.3% you earn in interest you earn for using someone else’s money.

I run a lot across a card each year. I figure why pay cash for anything when i can make money by using a card (unless there is a cash discount greater than the 3.3% I would earn otherwise). We cash the rewards in each year and then use them to pay for most, if not all, of our family vacation.