Guitar Center Gear Card Account Agreement and Pricing Addendum

On the record for Guitar Center Gear Card Account Agreement and Pricing Addendum: a 34.99% purchase APR and a 39.99% penalty rate, filed by Synchrony Financial. Against the 4,587 filings on this site, that rate lands around the 84th percentile.

What this filing discloses

Synchrony Financial submitted the terms for Guitar Center Gear Card Account Agreement and Pricing Addendum to the CFPB's agreement database; this is what they contain. The filing runs five pages.

On the record here: a purchase rate, a penalty rate, a late payment maximum and a grace period. A cash advance rate, a balance transfer rate and an annual fee line are not stated.

The purchase APR against the corpus

At 34.99%, the purchase APR falls at roughly the 84th percentile of the 2,280 filings indexed here, which is well above what most issuers disclosed.

Translating the rate into money

Carry $4,000 on this card for a year without paying it down and the purchase rate alone generates roughly $1,675 in interest.

On a median-priced agreement from this index (21.99%) the same $4,000 would run about $983 a year, so this card costs in the region of $691 more annually for the identical balance.

These figures are arithmetic on the disclosed rate, not a quote: they assume the balance is never reduced, ignore any payments, and take no account of fees charged separately.

What a missed payment costs

A penalty APR of 39.99% sits in this filing, applied when the account falls into default as the agreement defines it. Against the 794 filings here that disclose one, that is roughly the 86th percentile.

A default therefore reprices the debt by 5 points: about $73 a year more on $1,000, for as long as the penalty rate stands.

$41 is the disclosed ceiling on a late payment fee, placing it near the 89th percentile of the set.

The grace period

Purchases carry a 23-day grace period: pay the statement in full inside it and the purchase rate never applies. With a corpus median of 25 days, this window is narrower than the norm.

A minimum interest charge of $2 applies in any cycle where interest is due, which makes very small revolving balances disproportionately expensive.

The limits of this document

The disclosure parsed here does not state anything about cash advances, balance transfer terms, an annual fee and a foreign transaction fee. Those gaps are gaps in what could be read from the filing, and the PDF may well address them in prose the rate table does not capture.

An agreement filing is not a marketing document. Rewards, perks, welcome offers and eligibility rules are not in it, are not in this dataset, and are therefore not discussed anywhere on this page.

Against the rest of Synchrony Financial's filings

There are 212 filings from Synchrony Financial in this index. Across that lineup purchase rates span 0% to 34.99%; this filing's 34.99% sits above 35 of the comparable ones.

Go to the source

The filed PDF is linked from this page and runs five pages. It is the authority for every figure summarised above; where this page and the document disagree, the document is right.

In short

This is an expensive agreement by the standards of the corpus, driven by a 34.99% purchase rate that is inert for a transactor and punishing for a revolver.