I’ve recently had the feeling that Funko, maker of cheap collectibles including the popular line of vinyl statues called Pop figures, did not have its customer’s best interest in mind. The feeling was confirmed with the release of the Target exclusive “Red” Batman.
The figure is not just an exclusive for Target, it can only be purchased with the Target branded Mastercard called the REDcard. You cannot purchase it with cash, a check, a Target gift card, or even a different credit card. No, the only way to buy the Target exclusive Red Batman is with a high-interest self-branded credit card. How high is the interest rate of a REDcard credit card? A whopping 25.15 percent.
Just to be clear: The Target REDcard and predentary credit cards like it should be avoided like the Ebola virus on prom night. I would not recommend the Target REDcard to a human being even if they reported to be a Jimmy Buffett fan. In other words, my worst enemy.
With friends like Funko, who needs enemies?
If a friend recommended I get a Target REDcard, I would punch them in the throat. Encouraging anyone to get a Target REDcard is something a friend does not do. Not if they care at all about the person they are telling to get a Target REDcard. By Funko producing an exclusive Pop figure that can only be purchased with Target’s awful credit card, they are encouraging people to get a Target REDcard. That’s both terrible and irresponsible of Funko.
America has a real problem with credit card debt
On average, each American household with a credit card carries $8,284 in credit card debt. That’s $8,284 too much. We should encourage people to decrease their credit card debt, not add to it with a store-branded predentary card with an excessive amount of interest.
When I was a much younger man, I had a problem with credit card debt. At first, I could not get a credit card. I tried but I was turned down every time I applied for one. I did not understand why it was so hard. I was in the Air Force and stationed on Guam. I made decent money and had zero debt. I lived on base in the dorms. I ate for free in the chow hall. Why could I not get a credit card?
I was finally approved for a credit card
Then one day, I was approved for a Visa card. After I received the physical card, I ran out to the base electronics store and bought a monitor for my Commodore 64 and a couple of music CDs.
I very quickly maxed out the credit line. I made the minimum payments every month. I was rewarded by my financial misfeasance by getting pre-approved for more credit cards. In only a few years, I racked up quite a bit of credit card debt.
Do not be a stupid dummy like me!
I eventually turned things around. It took years. I currently have zero credit card debt. My wife and I have only one credit card. We use it for everything we buy and pay it off in full each and every month. We pay no interest. We do this for the travel miles. We are able to take vacations paying nothing or something very little.
It is entirely possible not everyone who gets a Target REDcard will only pay the minimum payment each month and end up paying a lot in interest. Not everyone is as stupid as I was when I was younger. The problem is, if even only 20 percent of the people who get a Target REDcard to buy an exclusive Funko Pop and don’t pay it off in full within 25 days or less, that’s too many people. Chances are, the number of people who fail to use the card responsibly is a lot higher than 20 percent. If Target wasn’t making money with this high-interest garbage credit card, they wouldn’t offer it.
The people at Funko should know better. They are assisting a corporation in abusing people. Not just any people, but the people who are fans of Funko products. They should not do that. It doesn’t matter how much Target paid for the privilege to sell an exclusive red Batman.
Do you think Batman would encourage people to sign up for a credit card with a 25.15 percent interest rate? Not the Batman I know.