EX-Pawn I pawned 2 diamond rings for $450. They were worth around $5,000. When I tried to redeem the rings, six months later and having paid $100 a month in interest the refused to accept a credit card. Cash Indianapolis, Indiana
I found myself in a financial bind about 8 months ago. I pawned 2 diamond rings worth about $5000. They "loaned" me $450. I was unable to redeem the rings right away and they said I could make monthly interest payments. I did so for about 6 months at almost $100 a month.
A friend offered to redeem the rings and I could repay him. We went into the shop and he offered to redeem the rings using a credit card.
The original payoff amount was, I believe $524. The redemption amount became over $700, I think it was $738. They said it was due to interest, even though I had been paying $100 month interest for about 6 months. Then they refused to accept my friends credit card to redeem the rings. Due to his personal arrangement with his bank, we couldn't get the cash on his card. I wasn't able to redeem the rings and I'm out about $5600.
Donald, Indianapolis, IN
2 Updates & Rebuttals
The Outlaw Josey Wales
Golden Meadow,United States of America
Not suprising
#3Consumer Comment
Wed, June 13, 2012
Not amaze that Team Rebutt would leave this report alone
Flynrider
Phoenix,Arizona,
USA
Not surprising.
#3Consumer Comment
Mon, June 11, 2012
I would actually be surprised if you could find a pawn shop that would accept a credit card for payment of a loan. The reason they don't is that the credit card charge can be reversed by payer once they have received their collateral. Then the shop no longer has the collateral and now has to fight the card company to get paid. While I'm not saying you or your friend would necessarily do this, a lot of people would. The reversable nature of a credit card transaction makes it unsuitable for many types of transactions.