Post # 1
I am planning on getting FI his dream guitar, a Gibson Les Paul Classic, as his wedding gift. OF COURSE, the guitar will cost me somewhere between $1400 and $2000, used.
I know this is alot of money but my plan was to take out a credit card with 0% interest for the first few months so I could pay it off slowly w/o interest. Problem is, I applied for a Mastercard and just found out it does NOT have introductory 0% interest, as I thought (really really thought) it said on the website when I applied for it.
But, it does have 0% interest on transfers. So, I thought I could buy the guitar w/ my Discover card and transfer it to my Mastercard. But my credit limit on the Discover card is only $1000. I am very new to credit and I was approved for $4000, but I got nervous and had them take it to $1000.
I called Discover to see if I can have the credit limit raised to $2000. They told me I cannot change it until June 14th, 6 months after I opened the card. Problem is, I am getting married on July 3rd! And 2 weeks is not enough time for me to find the right guitar!
Does this all make sense? I’m trying to buy the guitar with 0% interest, then pay it off before the 0% interest is up. I think it’s total bullshit how if you buy something for $2000 and pay off $1000 you still pay interest on the entire $2000 (just an example). I know that’s “just how it works”, but it’s bull.
Does anyone know how I can make this HUGE purchase happen without be penalized by interest? I’m really worried I won’t be able to pull it off. I want to suprise him so bad 🙁
Post # 3
Sorry, but IMHO that is a HUGE gift. With a wedding, etc, you are most likely already strapped for cash. You don’t want to start off a new wedding in debt!
Also, you’re new to credit–if you aren’t sure, I would not take the plunge on SUCH a huge purchase. What about opening an ING account and saving money for a year and making it your first anniversary gift? Isn’t the first anniv. traditional gift paper? You could get him some sheet music, then surprise him with the guitar then!
Post # 4
I LOVE dpillai’s idea!!!!! Totally love the sheet music paper gift and then surprise him!
I agree you should save up the money and then purchase the guitar with savings. The only other option I can think of would be to take a personal loan from a family member if anyone is willing, but that can get messy.
Post # 5
What is an ING?
I’m really starting to think I can’t pull this off! But I could afford an acoustic for under $1000- I might get him a guitar case and then put a note in it about how we are going shopping for an acoustic after the HM.
Post # 6
I’d definitely save for a year…..but I wouldn’t buy something you can’t afford right now. No matter how much your FI would love the guitar, he won’t like that you’re paying it off so extensively AFTER you’re married. What if something happens?
Post # 7
Yeaaa I know 🙁
I know I know I know. Maybe I got too ahead of myself.
Post # 8
Is there something else he’d really like?
What about a cool book all on vintage guitars and stuff? Or maybe my Dh is the only one who likes stuff like that, lol
Post # 9
Maybe I’m way too practical, but to me “happy wedding! I’m getting us started 2k in debt!” is not the best wedding gift 🙂 I mean… your debt is going to be his debt too right? I would not be so pleased if my FI put us 2k in debt right before the wedding. I think saving for a year and buying it with no debt would be a WONDERFUL gesture.
Post # 10
Ditto on what CorgiTales said.
Also, keep in mind that there is usually a fee if you transfer money from one card to another.
Post # 11
@Jacqi Thanks 🙂
An ING account is just a savings account with pretty good interest rates. It’s easy to use–my favorite personal finance blog, iwillteachyoutoberich.com, turned me on to it. You can set it up to take money out automatically, so you don’t even have to think about it!