I have overspent my budget recently. I just started using Paypal and It has become to easy to spend alot. I've made some great purchases that I don't regret and will be paying off my credit card. For the longest time I didn't even use my credit card for much of anything but gas. Always paid It off every month after monthly spending.
I've done it and on for rare, hardly seen items I want, I would use my CC to purchase it. I seldom use credit cards, but I have them pretty much for situations like that where there's something I want/need now and don't have cash on hand.
Erik - what kind of credit card is giving you 5.4% AND 2% cashback? Is it available to the public? I've never done anything other than PIF except for 0% cards (arbitrage), but 5.4% is an exceptional rate to have immediate access to money in an emergency.
^ Agreed, I got a CC with 8.9% APR and 1% cashback on everything, 3% cashback on food / gas / groceries with a $10,800 limit and I thought that was incredible for my age with only 2 years of credit (24).
And as for Braveheart's investment theory, sure it has played out perfectly in recent years. However, I think it would be ridiculous to expect the prices of NES games to continue to climb at the same speed in the next 2 years, especially considering the economy. I'm not saying they'll fall, but I think they may level off. I'm just waiting patiently because I know there are going to be some good sell-offs in 2009. NESManiak already has a bunch of rare CIBs up, and I'm sure more will follow. Also will be watching eBay like a hawk...
I only use credit card, BUT I pay it off every month and gain the points.
~~NGD
this is exactly what I do, and I have an ebay mastercard, with 1 percent back, so on average I put 2500 bucks on my card, and get a free 25 bucks toward ebay every month, this adds up fast!, havent paid credit card interest in 7 years
Erik - what kind of credit card is giving you 5.4% AND 2% cashback? Is it available to the public? I've never done anything other than PIF except for 0% cards (arbitrage), but 5.4% is an exceptional rate to have immediate access to money in an emergency.
Hehehe... I know I love it. Granted I only have a $12K limit on the card so I couldn't fund anything huge but definetly helpout in a pinch. Also they send me 3 checks every month that to this point I have NEVER once used. But each month the checks are #1: 0% interest for 6 months, #2: 0% interest until XXXXX fixed date in time, #3: sometimes 3.99 sometimes 4.99% fixed rate on the amount of the check until it's paid off. The reason I don't use the checks is they charge a fee up to $50 on the amount of the check.
Anyways... my card is probably not possible to get anymore. I first got it about 8-9 years ago... it was originally a Wachovia Bank Card, they sold their credit cards off to someone (can't remember now), then they sold it again to Chase (the branded name on it now). Anyways, Chase just sent me a new Prestige Platinum (auto suck and ass whipe) super card version of it but I haven't activated it yet because I haven't read all the fine print yet to see if they are offering me this "upgrade" to get rid of my grandfathered fantastic margin over prime they lend to me on.
But you are correct in pointing out Arch Angel that this is a fantastic deal!
I've put things on credit, but not games. The only expensive ($250+) things that have ever touched my collection, I didn't pay what they were worth by any stretch. Even my arcade and pinball were $150 or less. I've got really cheap taste in gaming stuff, though Cart only baby!
Erik - that makes more sense now...being grandfathered in on a sweet fixed spread with prime, especially with today's REALLY low rates. I'm surprised their original agreement with you wasn't structured in a way that allowed them to change your terms at their convenience. That seems like how they all work nowadays. Also, most of the good spreads vs. prime have a floor now, as well.
I never believed in owning a credit card, and for the same reasons Dain mentioned...it really is too easy to get in over one's head. While I do have a bit of self-control, I just don't want that temptation to be there. Even if it was someone else's credit card, I still wouldn't use it.
And as for Braveheart's investment theory, sure it has played out perfectly in recent years. However, I think it would be ridiculous to expect the prices of NES games to continue to climb at the same speed in the next 2 years, especially considering the economy. I'm not saying they'll fall, but I think they may level off. I'm just waiting patiently because I know there are going to be some good sell-offs in 2009. NESManiak already has a bunch of rare CIBs up, and I'm sure more will follow. Also will be watching eBay like a hawk...
I just wanted to quote my other post to respond to your quoted post: "Now as a banker I wouldn't tell people to INVEST in video games... but damn... it is nice to have at least one thing I have money in that is actually going UP right now!" As I plan to never sell my personal collection items it isn't an investment to me!
From that statement you can hopefully see that I did not say invest in video games. At least I thought you could? I simply said it's nice to have something that has gone up in value when everything else out there has come down, even gold is down off it's highs. It's hard to say that money can't be made in NES though. Think about the extreme case of Jason Wilson (DreamTR) contacting all of the original Gold NWC winners and buying up all the copies he once had some as low as $50 a piece. VERY SMART and VERY BENEFICIAL financially.
As for people selling off that happens every year BUT new collector's come into the scene every year... let me think about who came in last year... AaronShea, Mario's Right Nut, Oh and by your own admission JoneBone... When new people come in prices tend to go up as people with that have to have it now mentality drive prices up.... I DID IT MYSELF years ago as I neared the end of finishing up my NES CIB set, self admission. But look at all the big name collector's that left in 2008. ALOT! It will happen every year for various reasons. Perhaps the largest was one I thought would never sell out, MichiganFan2. Mike had a fantastic collection but when he sold out he made by his own admission alot more than even he expected to get. I myself spent over $3,000 with him buying variants and sealed stuff. The eb and flow of collecting man. If it didn't work like that the 5 or 6 CIB SE's would be locked up in vaults and none would ever change hands. Thankfully for the people who have them now it does work that way.
I will be the first to say that I have spent tons of on video games with my cards. I used to be be really bad with credit. Now I have a second checking account used just for my game habits, and nothing new goes on the credit cards. Unfortunately, it's going to take me some time to pay them off in full, but it's a steady process at least . Live and learn I guess. I have a good balance now where I pay off a healthy amount each month, and the leftovers go to go gaming.
^^^ Just a small piece of advice: if you have "leftovers" you should pay the extra toward your CC debt, after you do the math and realize how much you'll have paid in financing charges by the time you're done.
There is a lot of good reading out there about strategies for killing off CC debt. Having a plan can really improve the motivation to clear the balance sheet.
But you made the first BIG step which is to not repeat the process.
Nah, never. Hell I don't even do that for non-gaming items. Everything that I buy (online, or in person with a credit card), I pay off immediately (before my bill even comes in). Most of the time I put the money on BEFORE I make the purchase. The only real reason I have a credit card (I only got one when I was 19 or so) is for my paypal account, and to buy certain things that are much easier to buy with a credit card, like hotels, bookings, etc...
I've also never taken money out of my savings account to buy a game, either. Actually, thats a lie. I did once, and then once knowing I could "pay myself back" within a week or so.
As for people selling off that happens every year BUT new collector's come into the scene every year... let me think about who came in last year... AaronShea, Mario's Right Nut, Oh and by your own admission JoneBone... When new people come in prices tend to go up as people with that have to have it now mentality drive prices up.... I DID IT MYSELF years ago as I neared the end of finishing up my NES CIB set, self admission. But look at all the big name collector's that left in 2008. ALOT!
I complete agree with you in theory... if people enter the game faster than people are leaving, then prices should naturally go up due to simple supply / demand. However, there's more variables than that. Look at all the new people who register here everyday, there are always new collectors.
The question is, how many of these new collectors have lots of money to blow? Aaronshea and MRN are not the typical new collector, not by a longshot. Those guys seem to have their own place of residence (they are married, so I assume so) so I have no idea how they spend that much on games (hence the reason I created this thread). Their wives must not know because my GF would KILL ME if I ever spent 4 digits on a game, especially since I'm saving for a house. I'm not in their league because I don't pay market value for anything... although I have started to loosen up and start paying more for games. Prime example, just grabbed dead mint CIBs of DWIII and DWIV for about $150 shipped. And I'm talking Dead Mint Handbooks and everything... not as easy to find as you might think. Boxes are usually in great condition, but the manuals / maps almost always show wear. I think most collectors follow my mentality of "Let's grab whatever is good for cheap" rather than "I WANT DONKEY KONG MATH MINT AND I'M GONNA WIN AT ALL COST!!!" Not that there is anything wrong with this, I just think that only a few people think that way.
So only time will tell. However, I honestly believe 2009 is going to be much worse economically than 2008 for the US, and I really do believe some people are going to sell games because of this. That's why I just keep waiting and waiting...
We have all debated this many time before you were even a member JoneBone so some people are probably not chimming in cause we've been there done that. Anyways that said... I can only think of myabe 5 but certainly less than 10 big NICE collections of NES stuff that were sold off last year and only a couple REALLY nice ones like Mike's and Castlevania4ever's. Granted there are tons of NES sales and people who sell out every week, month, year. But I still think when you look at the number of people with the rarest NES stuff only a handful sell out each year. And if it takes someone selling out to pickup an SE box or a Myriad CIB or something that rare then those items are only going to go up. Just supply and demand really on the rarest stuff. On the stuff that's $20 and under... those CIB's are gonna be $20 and under even in 10 years... commons are commons PERIOD. But I would say the stuff that is rare (say top 20) and not just the RAREST (7) are gonna keep going up too because even the few that filter around will eventually find their way into permanent collections to be held for 1,2,5+ years whatever. Just speaking for me here but when I see threads like this I am only thinking/talking about the top 100 titles or Rare Sealed, rare MINTY Black Box stuff, etc... with NES there are about 600+ titles that will always sell for what they sell for now.
Often people ask of top collectors "Where do you get these" and "How did you manage to snag this"
The answer is simply anyway and everyway they could. When the item they have been looking for day in day out for 3-4 years pops up they do whatever it takes to buy it. Every major collector has at some point made sacrifices for the sake of his collection.
I complete agree with you in theory... if people enter the game faster than people are leaving, then prices should naturally go up due to simple supply / demand. However, there's more variables than that. Look at all the new people who register here everyday, there are always new collectors.
I don't think this is a fair assumption either. There are plenty of very quiet and newer members with collections that would match or dwarve the regular users. I know someone here that has one of the wildest collections you have ever seen and you personally had talked down to them like they were a noob. That's the thing about the internet; it's anonymous and if your not told, you don't know. You were just talking about how the Myriad buyer wants to remain private. How do you know they haven't been here a week and brought 10 friends with equally deep pockets? One thing is for certain; the hardcore collectors will shell out more as these certain items pass through each person.
I don't charge games, but I would do it for that once in a lifetime deal people speak of. If you are investing, then you got this idea all wrong. It's supposed to be fun, not a retirement plan.
Often people ask of top collectors "Where do you get these" and "How did you manage to snag this"
The answer is simply anyway and everyway they could. When the item they have been looking for day in day out for 3-4 years pops up they do whatever it takes to buy it. Every major collector has at some point made sacrifices for the sake of his collection.
A little late to the thread, but find the subject really interesting. Personally I haven't had to charge something where I didn't have the cash to back it up (like a few folks here I gain points for CC purchases), even when I first started collecting I usually sacrificed one hobby for another.
Now for the sort of off-topic post:
TMB's observation that there are collectors you would never know about is absolutely correct. I got offers on the Myriad from people I had never heard of or seen. Example: I'm not on either of the lists for rare NES & SNES game ownership and only on the Atari Video Life list because my acquiring it was so public.
I really stepped on the gas in 07/08 to finish things up (after almost doing so a decade ago), but there are always folks quietly building insane collections and the only way to get them to part with something is via trade, money isn't really the issue. I've put in some crazy (and I mean WTF offers) for certain things and haven't gotten the owner to budge. Once one of these rare items is in their hands, you can pretty much consider it out of circulation until that person passes on (which has happened in the arcade collecting scene). I have a few arch nemeses on eBay in the system variant scene from back in the days when userids were public that I still routinely fight against for those crazy special items that come up.
For me personally once I had most of what I was looking for on NES, it took some of the fun out of it. I think it was cool that I found that 6-in-1 manual in the wild and have no hard feelings about giving it up to Qixmaster for basically nothing, because it's the hunt that's really interesting (and at that point I believe Josh was relatively new to the hobby... good karma maybe). But for some of my super rare stuff, you'll never see it for sale, ever, because I literally don't know if I could replace it.
What I'm trying to say is that collectors come in all shapes and sizes, but there are a good number of folks that will really throw down for those once-in-a-blue-moon opportunities, even if it means breaking out the plastic. Like someone else said, what if all you needed was that one thing to finish?
Now, who has a color Vectrex or Gold Dreamcast (last production model) lying around? I'm buyin!
Hey Arch 8ngel... LOL I am happier than I thought. I just got my CC statement today and my interest rate is Prime + 1.4%... so my rate is 4.65%. It's almsot worth borrowing money on it at this point... sheesh... if there was any investment I could stick it into to make that these days I might do it.
I never used a credit card for collecting. I'll use it if I am going to flip something like wiis this year but that is it. I don't tie my money up. I'll tie someone elses and gain the points. I also pay the balance in full each month.
I charge thousands to my credit card every month for video games and all of my other expenses, earned $300-$400 in points last year and haven't ever paid a dime of interest on it. It amazes me most people can't handle their finances well enough to do the same
I agree with sosafan. It isn't going to hurt as long as you can pay it off instantly. But interest does accrue daily so you gotta pay it fast. If anyone has one that doesn't accrue daily, PM me. I was pissed because I had to pay $2.33 last month in interest. Not cuz the $2, just the principle of it.
I charge thousands to my credit card every month for video games and all of my other expenses, earned $300-$400 in points last year and haven't ever paid a dime of interest on it. It amazes me most people can't handle their finances well enough to do the same
If everyone was able to do that, credit cards would probably not exist.
Comments
And as for Braveheart's investment theory, sure it has played out perfectly in recent years. However, I think it would be ridiculous to expect the prices of NES games to continue to climb at the same speed in the next 2 years, especially considering the economy. I'm not saying they'll fall, but I think they may level off. I'm just waiting patiently because I know there are going to be some good sell-offs in 2009. NESManiak already has a bunch of rare CIBs up, and I'm sure more will follow. Also will be watching eBay like a hawk...
I only use credit card, BUT I pay it off every month and gain the points.
~~NGD
this is exactly what I do, and I have an ebay mastercard, with 1 percent back, so on average I put 2500 bucks on my card, and get a free 25 bucks toward ebay every month, this adds up fast!, havent paid credit card interest in 7 years
Erik - what kind of credit card is giving you 5.4% AND 2% cashback? Is it available to the public? I've never done anything other than PIF except for 0% cards (arbitrage), but 5.4% is an exceptional rate to have immediate access to money in an emergency.
Hehehe... I know I love it. Granted I only have a $12K limit on the card so I couldn't fund anything huge but definetly helpout in a pinch. Also they send me 3 checks every month that to this point I have NEVER once used. But each month the checks are #1: 0% interest for 6 months, #2: 0% interest until XXXXX fixed date in time, #3: sometimes 3.99 sometimes 4.99% fixed rate on the amount of the check until it's paid off. The reason I don't use the checks is they charge a fee up to $50 on the amount of the check.
Anyways... my card is probably not possible to get anymore. I first got it about 8-9 years ago... it was originally a Wachovia Bank Card, they sold their credit cards off to someone (can't remember now), then they sold it again to Chase (the branded name on it now). Anyways, Chase just sent me a new Prestige Platinum (auto suck and ass whipe) super card version of it but I haven't activated it yet because I haven't read all the fine print yet to see if they are offering me this "upgrade" to get rid of my grandfathered fantastic margin over prime they lend to me on.
But you are correct in pointing out Arch Angel that this is a fantastic deal!
And as for Braveheart's investment theory, sure it has played out perfectly in recent years. However, I think it would be ridiculous to expect the prices of NES games to continue to climb at the same speed in the next 2 years, especially considering the economy. I'm not saying they'll fall, but I think they may level off. I'm just waiting patiently because I know there are going to be some good sell-offs in 2009. NESManiak already has a bunch of rare CIBs up, and I'm sure more will follow. Also will be watching eBay like a hawk...
I just wanted to quote my other post to respond to your quoted post: "Now as a banker I wouldn't tell people to INVEST in video games... but damn... it is nice to have at least one thing I have money in that is actually going UP right now!" As I plan to never sell my personal collection items it isn't an investment to me!
From that statement you can hopefully see that I did not say invest in video games. At least I thought you could? I simply said it's nice to have something that has gone up in value when everything else out there has come down, even gold is down off it's highs. It's hard to say that money can't be made in NES though. Think about the extreme case of Jason Wilson (DreamTR) contacting all of the original Gold NWC winners and buying up all the copies he once had some as low as $50 a piece. VERY SMART and VERY BENEFICIAL financially.
As for people selling off that happens every year BUT new collector's come into the scene every year... let me think about who came in last year... AaronShea, Mario's Right Nut, Oh and by your own admission JoneBone...
When new people come in prices tend to go up as people with that have to have it now mentality drive prices up.... I DID IT MYSELF years ago as I neared the end of finishing up my NES CIB set, self admission. But look at all the big name collector's that left in 2008. ALOT! It will happen every year for various reasons. Perhaps the largest was one I thought would never sell out, MichiganFan2. Mike had a fantastic collection but when he sold out he made by his own admission alot more than even he expected to get. I myself spent over $3,000 with him buying variants and sealed stuff. The eb and flow of collecting man. If it didn't work like that the 5 or 6 CIB SE's would be locked up in vaults and none would ever change hands. Thankfully for the people who have them now it does work that way. 
There is a lot of good reading out there about strategies for killing off CC debt. Having a plan can really improve the motivation to clear the balance sheet.
But you made the first BIG step which is to not repeat the process.
I've also never taken money out of my savings account to buy a game, either. Actually, thats a lie. I did once, and then once knowing I could "pay myself back" within a week or so.
As for people selling off that happens every year BUT new collector's come into the scene every year... let me think about who came in last year... AaronShea, Mario's Right Nut, Oh and by your own admission JoneBone...
When new people come in prices tend to go up as people with that have to have it now mentality drive prices up.... I DID IT MYSELF years ago as I neared the end of finishing up my NES CIB set, self admission. But look at all the big name collector's that left in 2008. ALOT!
I complete agree with you in theory... if people enter the game faster than people are leaving, then prices should naturally go up due to simple supply / demand. However, there's more variables than that. Look at all the new people who register here everyday, there are always new collectors.
The question is, how many of these new collectors have lots of money to blow? Aaronshea and MRN are not the typical new collector, not by a longshot. Those guys seem to have their own place of residence (they are married, so I assume so) so I have no idea how they spend that much on games (hence the reason I created this thread). Their wives must not know because my GF would KILL ME if I ever spent 4 digits on a game, especially since I'm saving for a house. I'm not in their league because I don't pay market value for anything... although I have started to loosen up and start paying more for games. Prime example, just grabbed dead mint CIBs of DWIII and DWIV for about $150 shipped. And I'm talking Dead Mint Handbooks and everything... not as easy to find as you might think. Boxes are usually in great condition, but the manuals / maps almost always show wear. I think most collectors follow my mentality of "Let's grab whatever is good for cheap" rather than "I WANT DONKEY KONG MATH MINT AND I'M GONNA WIN AT ALL COST!!!" Not that there is anything wrong with this, I just think that only a few people think that way.
So only time will tell. However, I honestly believe 2009 is going to be much worse economically than 2008 for the US, and I really do believe some people are going to sell games because of this. That's why I just keep waiting and waiting...
The answer is simply anyway and everyway they could. When the item they have been looking for day in day out for 3-4 years pops up they do whatever it takes to buy it. Every major collector has at some point made sacrifices for the sake of his collection.
I complete agree with you in theory... if people enter the game faster than people are leaving, then prices should naturally go up due to simple supply / demand. However, there's more variables than that. Look at all the new people who register here everyday, there are always new collectors.
I don't think this is a fair assumption either. There are plenty of very quiet and newer members with collections that would match or dwarve the regular users. I know someone here that has one of the wildest collections you have ever seen and you personally had talked down to them like they were a noob. That's the thing about the internet; it's anonymous and if your not told, you don't know. You were just talking about how the Myriad buyer wants to remain private. How do you know they haven't been here a week and brought 10 friends with equally deep pockets? One thing is for certain; the hardcore collectors will shell out more as these certain items pass through each person.
I don't charge games, but I would do it for that once in a lifetime deal people speak of. If you are investing, then you got this idea all wrong. It's supposed to be fun, not a retirement plan.
Often people ask of top collectors "Where do you get these" and "How did you manage to snag this"
The answer is simply anyway and everyway they could. When the item they have been looking for day in day out for 3-4 years pops up they do whatever it takes to buy it. Every major collector has at some point made sacrifices for the sake of his collection.
Boy isn't that the truth.
Now for the sort of off-topic post:
TMB's observation that there are collectors you would never know about is absolutely correct. I got offers on the Myriad from people I had never heard of or seen. Example: I'm not on either of the lists for rare NES & SNES game ownership and only on the Atari Video Life list because my acquiring it was so public.
I really stepped on the gas in 07/08 to finish things up (after almost doing so a decade ago), but there are always folks quietly building insane collections and the only way to get them to part with something is via trade, money isn't really the issue. I've put in some crazy (and I mean WTF offers) for certain things and haven't gotten the owner to budge. Once one of these rare items is in their hands, you can pretty much consider it out of circulation until that person passes on (which has happened in the arcade collecting scene). I have a few arch nemeses on eBay in the system variant scene from back in the days when userids were public that I still routinely fight against for those crazy special items that come up.
For me personally once I had most of what I was looking for on NES, it took some of the fun out of it. I think it was cool that I found that 6-in-1 manual in the wild and have no hard feelings about giving it up to Qixmaster for basically nothing, because it's the hunt that's really interesting (and at that point I believe Josh was relatively new to the hobby... good karma maybe). But for some of my super rare stuff, you'll never see it for sale, ever, because I literally don't know if I could replace it.
What I'm trying to say is that collectors come in all shapes and sizes, but there are a good number of folks that will really throw down for those once-in-a-blue-moon opportunities, even if it means breaking out the plastic. Like someone else said, what if all you needed was that one thing to finish?
Now, who has a color Vectrex or Gold Dreamcast (last production model) lying around? I'm buyin!
I charge thousands to my credit card every month for video games and all of my other expenses, earned $300-$400 in points last year and haven't ever paid a dime of interest on it. It amazes me most people can't handle their finances well enough to do the same
If everyone was able to do that, credit cards would probably not exist.