HSBC/Best Buy credit card scam????

[Anonymous]

Some may not like HSBC, but I assure you, their legal staff is too sharp to try to sneak something like this by the consumer.  They don't want you to PIF... now, or during the free period.  All they are saying is IF you are late on a monthly payment, the rate you pay will increase from X to Y.  Last year I charged a ring at Kays with no interest for a year if I made minimum payments of $20 and PIF before 12 months.  I had to pay 10% down to "qualify" for the no interest offer.  I paid monthly and PIF in 5 months.  Before Christmas, I charged a Leo diamond necklace at Kays.  THIS TIME, (with higher credit scores and a track record with them) on the same amount, I had to pay 20% down to get the zero interest... and minimum payments are $130 a month (1/12th) and the contract states if I do not pay the $130 minimum "on or before" (read this twice) the due date, I will be charged interest from inception.  Times, they be a changin'!  I think HSBC can change the RATE of interest you pay, under certain circumstances, but charging interest within what was the free period if existing terms and conditions were met, would be unconscionable and indefensible.  HSBC simply would not try to pull it off.  We're not talking First National of Hooterville, here.  Save the AG letters for the real deal, which this isn't.

[marty56]

I want to add to add that you should be mindfull of the dates and time that you pay.  It goes without saying to pay at least 2 days (1 week is best) before it is due but always pay after the statement drop date so you dont get trapped in the double payment last month no payment this month trap.

[Anonymous]

Shoot. Hooters has got more class than HSBC does.

[Anonymous]

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"charging interest within what was the free period if existing terms and conditions were met, would be unconscionable and indefensible."

 Re: the Best Buy Bait-and-switch

Well, I spoke to four different representatives today, and that's exactly what they are proposing to do.  If you don't like it, there is an address you can write to (I suggest sending several copies, at least one of them return receipt requested).    Apparently there is more than one letter floating about, as two of the reps I spoke to said "oh, you have one of 'those' letters".  Could it be that only those with long repayment periods got "those" letters? 

If I don't like the idea that my "two years at no interest" card is switching to "pay in full within 23 days of the billing date" I have the option of sticking to my old arrangements by registering a protest by mail.  But I will not be allowed to use my Best Buy card.  Fine.  I have always paid well over the minimum payment, and well in advance of the due date. They can put their card where the sun don't shine...

[Anonymous]

I may want to revise my post "defending" HSBC.  In April of last year, I applied for CCs with Cap One and HSBC (FICOs in low 500s).  Cap one rejected me.  HSBC gave me a $300 line, later CLI'd to $500.  I paid the HSBC card on time every month for several months, then closed it due to it having an AF.  Since that time, I've opened accounts with Zales ($1200, paid in full in 5 months), Best Buy ($2,400 HDTV paid in full in 4 months), Credit One (paid and closed quickly), got a $750 MC with Juniper (zero bal every month) and financed a new car with Toyota Motor Credit (paid 2 months ahead).  My FICOs are all now near 700.  Earlier this month, I decided I wanted another MC/VISA with a higher limit, so I confidently applied with HSBC and with little hope, to Cap One.  To my surprise, Cap One approved me for $1,000 on a no fee rewards card.  HSBC, with whom I had established credit, actually sent me a card with a freakin' $300 limit and $39 annual fee.  I had to pick myself up off the floor!  I called to recon and ask for an explanation.  The rep was nice, but said "it's the economy" and stuck by the $300 limit.  I asked her to listen... fed the card into the shredder (mine is really loud)  , then asked if she knew that sound?  She said "Yes sir.  I've cancelled the account and you will not be responsible for the annual fee.  I'm sorry.  Please feel free to appy again in the future."  Yeah, right!  I'm sure their decision was based on most of my credit being relatively new, but aside from the car, my total indebtedness is less than $600 and I make approximately 48K a year.  Cap One, who had earlier rejected me... approves me and HSBC, with my good history with them rejects me.  Go figure!  Add me to the HSBC Sucks team.

[Anonymous]

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@Anonymous wrote:
  I had to pick myself up off the floor!  I called to recon and ask for an explanation.  The rep was nice, but said "it's the economy" and stuck by the $300 limit.  I asked her to listen... fed the card into the shredder (mine is really loud)  , then asked if she knew that sound?  She said "Yes sir.  I've cancelled the account and you will not be responsible for the annual fee.  I'm sorry.  Please feel free to appy again in the future."

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Really?  You couldn't just say, 'I don't want a card with a low limit and an annual fee, can you please close the card at my rquest?'

You had to mak her listen to you shredding the card?  Why?  It's not her fault that HSBC gave youa a low limit CL and AF?  She was nice, you said so yourself, why couldn't you be as well?

Message Edited by woopah on 01-01-2009 06:55 AM

[Anonymous]

FYI:  I was VERY nice to her throughout the conversation.  We both laughed when the shredder ground it up.  Feel better now?

[Anonymous]

Follow up on this, my 3 months is almost up everybody, did HSBC switch anyone's rate who got one of "THOSE" Letters that were floating around? If they think that they are going to change my rate, their TV will promptly be back at the return counter. My statement comes out on the 15th. I've paid 150 just to move the balance a little for the past two months. Let me know Thanks

[Anonymous]

HSBC/BestBuy Card charged me interest within my no interest fee period.  This is how they did it.  I was led to believe as long as I paid out the balance prior to the no fee interest deadline, NO interest fees would be charged.  I was in the habit of paying a much higher amount than my minimun fee, so when the bill would come the due amount would read $0.00 amount due.  One month I was sick and did not pay or I paid after the due date because nothing was due, but they told me that they had a right to add interest if I didn't pay anything even if nothing was due.  How wrong is that?  Has that happened to anyone else> 

[creditnocash]

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@Anonymous wrote:

HSBC/BestBuy Card charged me interest within my no interest fee period.  This is how they did it.  I was led to believe as long as I paid out the balance prior to the no fee interest deadline, NO interest fees would be charged.  I was in the habit of paying a much higher amount than my minimun fee, so when the bill would come the due amount would read $0.00 amount due.  One month I was sick and did not pay or I paid after the due date because nothing was due, but they told me that they had a right to add interest if I didn't pay anything even if nothing was due.  How wrong is that?  Has that happened to anyone else> 

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i know this is a dead thread and one single post brought it back but how do you have nothing due if there is a balance? 

if you didnt pay once in the statement it says right in the deal you will be charged back interest and the late fee. 

the 0 interest is included in your regular min payment.... so if there is a balance its always included.