HSBC/Best Buy credit card scam????

[Anonymous]

Hi all, this is my first post, i read all the time but never post for all the months i've been reading but had to because this just absolutely kills me. I've had a best buy account for 3 yers now and have made on and off purchases that have been paid back in full with my balance being $0 for the last few months.  I recently went christmas shopping and racked up a $1700 bill with 18 months no interest payment plan on dec. 5. How about 4 days later i get a email from HSBC stating that all of a sudden the 18 month plan is no longer effective and if i don't pay that balance in full by february it would jump to 21% interest monthly. i think that is sooo wrong of them to do to customers and still have the nerve to advertise the products in store for that price payment plan. I'm outraged.  They say the only way to keep the 18 months no interest is to close the acct.  I just wanted to let that out. BEWARE of these scams.  And btw no i've never missed payments, never been late, i have excellent credit 740+ and have never heard of this so (suddenly) happening as soon as i make such a major purchase. the bank is just being a d*&^ in my opinion.  Thanks for looking.

[Anonymous]

True they are still advertising that 18 month zero percent interest at the store. I shopped there yesterday and saw the ads all over, especially by the TV's.

[Anonymous]

It's stating any purchases $499 and up and thats exactly what i got, a flat screen tv. I have not opened it yet and i really want to take it back and get a refund. On my online statement it still shows the due date for the promo plan as 6/2010. I'm going to keep my eye on it but is that legal for them to hike up your rates like that?

[MidnightVoice]

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@Anonymous wrote:

 is that legal for them to hike up your rates like that?

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I have a nasty feeling that the adverts say it is available on "approved products", which may have been inserted to allow them to do this.

But I agree, it is immoral and should be illegal.

[Anonymous]

Yes, but you would think a TV (being the most expensive item there) would be an approved product.

[Anonymous]

This would be a whole new level of deception if they went ahead with this, because say they come up with these huge profit gains considering the market situation rite now. What if other banks went with this philosophy, We consumers would be stuck with high int. Bills that would run our pockets dry. Luckily like I said I have not opened it and I am wondering if this has happened to anyone else on the forum??

[grneydangl]

I think something similar to this happened to my mom a couple of years ago (I don't know if it was HSBC back then) anyway she closed the account and has never shopped there a single day since.

[Anonymous]

Wow. That is a pretty dirty trick. First thing on Monday (tomorrow if they're open), I would contact your state's Attorney General office and ask to make a consumer protection complaint. This sounds like the 'bait & switch' of credit. After you've made the complaint, get the complaint number and then call HSBC/Best Buy-- reference both the e-mail and your AG complaint number. Ask them what they intend to do to remedy this situation, and use the words "bait and switch", and "false advertising". If they refuse to honor the deal, frankly, I'd return the TV (but don't close the account yet), and file an FTC complaint as well. I'd send a letter to their corporate HQ, copying your state's AG, their state's AG, and the Federal Trade Commission (and referencing the complaint number). In the letter, I'd briefly recount the circumstances of the "bait & switch", what you consider to be an acceptable resolution (in light of the new inquiry and lowered AAoA to your credit report), and a timeframe under which you *expect* a resolution. Say... 30 days. Then see what happens.

[Too_much_debt]

I received the same notice.  I plan on transferring to a 0% card.  Bunch of BS!

[hyprble]

I got the same notice, although my card was a 90 days interest free for all purchases card:

 thread discussing the elimination of 90 day grace period

I really do wonder if they are changing the terms on the balance you already have or are doing it to future purchases.  If they really are getting rid of your interest free promotion so soon after you agreed to it, then that's really fishy - I am surprised there isn't more uproar about it.