Pawn Shops??

Question

When you pawn something, can you pay it back with a credit card to get your item out, and to pay them the intrest back??

Answer 1

Pawn business is like any other business. For honouring credit cards in lieu of cash payment for goods and services, the establishment should have registered themselves with one or more credit card company (ies) and/or affiliated with apex credit card bodies like Master/Visa.. The nature of transaction is irrelevant for payment through credit card.

Thus, if your pawn shop displays a logo that credit cards are accepted, then you can make your payment throgh credit card. But the commission charged by the credit card company may erode the net cash inflow to the acceptor and so he may, if the custom of the trade is so, insist upon your bearing the additional charge of card commission.

Caution: The use of credit card for any transaction should be done only if you are confident of generating adequate surplus to meet the monthly bill in full, on the due date. Lest, if you delay, default or even choose to pay the minimum payment prescribed, you may land in paying high interest charges as well as may end in a debt trap.

Also, evaluate the interest charged by your pawn shop and that by the credit card company, in case you have to pay your dues only in instalments allowed and not in a lump sum on the due date and decide appropriately in your own interest.

Answer 2

Yeah, my local pawnbroker will take credit cards, but they're very strict with id checks and stuff.