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      CommentAuthormeinside100
    • CommentTimeDec 14th 2008 edited
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    Are their profit margins soooo bad that they have to make it up with charging people 20% plus interest on a DVD or 20oz. Coke? Then they want to fire people for not getting enough Frys cards!!! There was a guy who quit 2 days after training because he found the Fry's cards immoral and he couldn't bring his conscience in-line with getting people into debt for stuff they dont need. He yelled at the PIc walking about "If I wanted to sell credit cards, I would have gotten a job at Chase". The fucker had a point!!!!
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    Store cards generally have high interest rates.  
     
    And why the focus on Fry's Cards? Because if they need/want something, they have a credit card that only works at Fry's. Say if said customer only has a Visa. Discover, and a Fry's Card. That customer can go to Fry's and finance something, instead of paying for it all up front. If customer looks into his wallet and sees the Fry's card, he thinks Fry's Electronics (Hey Advertising!).  
     
    I know Best Buy, Circuit City, and Microcenter all carry store credit cards. They all have incentives, like ours, for the customers. And like Fry's, they too have a general quota to reach.  
     
    Also, if you are buying a 20oz Coke on a credit card you KNOW that has a high interest rate, that is definitely not the salesperson's fault.Why is there an S in Lisp?
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      CommentAuthorasdf
    • CommentTimeDec 14th 2008
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    The economy is in bad shape simply because bad credit. Stop asking people if they want a Fry's card!
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      CommentAuthorSasquatch
    • CommentTimeDec 15th 2008
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    I feel bad asking people about Fry's cards and wireless installs. "Would you like a great, low-rate ARM today?"
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      CommentAuthorAyaHu
    • CommentTimeDec 15th 2008
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    It is not just an interest rate thing. When you have a card from a retailer you are 50% more likely to go there for whatever product you are looking for or to shop. Its a way to drive repeat customers who can buy higher ticket items able to pay them off in installments.Superhero!
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      CommentAuthorsomeone
    • CommentTimeDec 15th 2008
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    Sasquatch: I feel bad asking people about Fry's cards and wireless installs. "Would you like a great, low-rate ARM today?"
     
     
    you ask for frys cards? I get them by people asking me..Hiya kids. Here is an important message from your Uncle Bill. Don't buy drugs. Become a pop star, and they give you them for free!
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      CommentAuthorSasquatch
    • CommentTimeDec 16th 2008
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    Admittedly, I'm not that great about Fry's cards.
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    Sasquatch: Admittedly, I'm not that great about Fry's cards.
     
     
    Diddo, I didn't start asking for them until I was threatened with being fired. Many people are the same way.
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      CommentAuthorasdf
    • CommentTimeDec 16th 2008
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    meinside100:
    Sasquatch: Admittedly, I'm not that great about Fry's cards.
     
     
    Diddo, I didn't start asking for them until I was threatened with being fired. Many people are the same way.
     
     
    Fry's cards are too easy to get. You ask how they will pay for this crap and the frys card is a good option.
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    There are 100 reasons the Fry's card exists...you'd have to be fucking retarded to not get why they are there. If you feel bad for pitching them, then guess what, it is not your company nor is it your decision to what you do and don't do for a job that clearly has performance expectations of you, so go get one that will fulfill your soul like the peace corps.  
     
    5 major reasons for the OP (since it isn't obvious enough):  
     
    1) Repeat business  
    2) Paying money directly into a bank that Fry's controls  
    3) Following number 2, no charges from 3rd parties, or paying guards to haul money away  
    4) Promo items (please don't have me explain why this is a good thing)  
    5) Fry's makes fucking money off of people using the cards (derrrrr)
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      CommentAuthorAyaHu
    • CommentTimeDec 17th 2008
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    Paying money directly into a bank that Frys controls? Usually store CCs are through banks, like HSBC? How does the Fry's card work? Can someone verify Frys owns the bank, I highly highly doubt that.Superhero!
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    Fry's Card is through the National Electronic Bank I believe.Why is there an S in Lisp?
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      CommentAuthorAyaHu
    • CommentTimeDec 18th 2008
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    With your tipoff I was able to find it is First Electronic Bank which does appear to be owned by Frys, or at least I cannot find evidence that it's not.Superhero!
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      CommentAuthorSasquatch
    • CommentTimeDec 18th 2008
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    http://www.linkedin.com/companies/first-electronic-bank  
     
    I wonder how deep Fry's thumb is in the pie...
  5.  permalink
    AyaHu: It is not just an interest rate thing. When you have a card from a retailer you are 50% more likely to go there for whatever product you are looking for or to shop. Its a way to drive repeat customers who can buy higher ticket items able to pay them off in installments.
     
     
    I wouldn't be surprised if people with a store card in their wallet are X% more likely to shop at said store because they are reminded of the card whenever they open their wallet, but I am pretty skeptical that it is 50% more likely. Anyone who signs up for a store card probably already shops at said store regularly so I am doubtful that they would all of a sudden start shopping at said store 50% more just because they have a store card.  
     
    I wouldn't be surprised if a store card like any credit card makes you slightly more likely to spend more, but most of the studies I have read usually peg the the percentage at around 10-15% more than those who were just spending cash. I am curious into what your source for such a steep increase would be.  
     
    Concord24BottomFeedr: There are 100 reasons the Fry's card exists...you'd have to be fucking retarded to not get why they are there. If you feel bad for pitching them, then guess what, it is not your company nor is it your decision to what you do and don't do for a job that clearly has performance expectations of you, so go get one that will fulfill your soul like the peace corps.  
     
    5 major reasons for the OP (since it isn't obvious enough):  
     
    1) Repeat business  
    2) Paying money directly into a bank that Fry's controls  
    3) Following number 2, no charges from 3rd parties, or paying guards to haul money away  
    4) Promo items (please don't have me explain why this is a good thing)  
    5) Fry's makes fucking money off of people using the cards (derrrrr)
     
     
    I don't think that there are a 100 reasons, but the 5 that you give pretty much cover the major reasons that most retailers have store credit cards. Another reason I would give is that especially at a store like Fry's that sells some expensive items there are some people that have the desire to buy a big ticket item, say a 60"+ HDTV that don't have the money today, but could afford to pay for the item via a payment plan. It allows you to book profits for sales that otherwise wouldn't happen for months. The big reason of course, is that Fry's and every company that has these store cards makes a lot of money off of them. While some people save a lot of money off of various promotional financing most purchases will make the store money either through paying less for merchant fees OR through the interest on the purchase if the customer doesn't pay the balance in full at the end of the month.
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    AyaHu: With your tipoff I was able to find it is First Electronic Bank which does appear to be owned by Frys, or at least I cannot find evidence that it's not.
     
     
    First Electronic Bank has it's main office INSIDE OF THE SAME BUILDING as Fry's home office....I'm pretty sure it is controlled by Fry's.
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      CommentAuthorAyaHu
    • CommentTimeDec 18th 2008 edited
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    Concord24BottomFeedr:
    AyaHu: With your tipoff I was able to find it is First Electronic Bank which does appear to be owned by Frys, or at least I cannot find evidence that it's not.
     
     
    First Electronic Bank ...I'm pretty sure it is controlled by Fry's.
     
     
    Yes, that's what I was implying. Thanks for reiterating.Superhero!
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