GameStop’s new FlexPay rental program looks as if a large rip-off


At the moment, GameStop introduced FlexPay, a brand new buying program that permits shoppers to hire costly {hardware} and make funds over time. It sounds good in concept, however the phrases are astronomically dangerous for anybody with no credit check score.

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GameStop’s new FlexPay program is mainly the store-wide equal of Xbox All Entry. FlexPay provides three totally different suppliers that will help you get {hardware} and video games by incremental purchases: Klarna, Quadpay, and Progressive Leasing. The latter is a hire-purchase program that has charges worthy of rip-off.

On a lark, I went to Progressive Leasing web site and does a fast payout calculation estimate for a $ 499 lease-purchase settlement from my native GameStop ($ 499 is MSRP for Xbox Collection X and PlayStation 5 consoles). The outcomes have been completely horrible. Assuming you did not have any credit score, shopping for a $ 499 console with tiered rental with 12-month funds would value $ 1,181.75 in complete.

GameStop's New FlexPay Rental Program Seems to be a Giant Scam 44 |  TweakTown.com

That is greater than 200% of the particular financial worth of the fabric. We do not know if it is a mistake … but when not, you will need to keep away from it in any respect prices.

The three-month choice is essentially the most economical, however even that may cost you round $ 100 off the MSRP. The ultimate value with this era shall be $ 598.80.

GameStop's New FlexPay Rental Program Looks Like a Giant Scam 45 |  TweakTown.com

Additionally learn: Xbox All Entry: Is It Value It? Provided that you will get the most effective charges

The charges differ relying in your creditworthiness. Like Xbox All Entry, your credit score will decide how a lot you pay every month.

The opposite choices, Klarna and QuadPay, are extra possible.

Klarna spreads the whole buy over a interval of as much as 36 months and has a variable rate of interest of 5.99%. There’s 0% APR in the event you pay for the acquisition in full on time. The quantity you pay will depend on your credit score.

QuadPay additionally divides the acquisition into 4 funds. Every fee have to be 25% of the whole value of the merchandise. There’s apparently no credit score verify for QuadPay and the fee cut up is curiosity free.

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