05-11-2011 01:19 PM
My payment was due on May 2nd and I forgot about it and made the payment on May 3rd. Does anyone know if that missed payment will cause me to start having to pay interest on my no interest purchases?
05-11-2011 02:27 PM
I would call them immediately, explain the situation that you simply missed the date on accident, and ask them to waive any applicable fees. They probably will as a one-time courtesy.
05-11-2011 03:51 PM
05-11-2011 10:55 PM
Give it a try. I have a best buy store card and was two days late making a payment. I had a video camera charged at 0% for 24mos. Nothing appeared on my account in terms of late fees or interest for a few days, and when it finally did I called the number on the back of the card. Spoke to customer service and explained that it slipped my mind and he volunteered to reverse the late fee and the interest. I still have the 0 promo offer and I set it up as a payment from my bill pay account to repeat until its pif. Hope this helps, Wes.
05-13-2011 05:34 PM
HSBC will do one courtesy late fee reversal a year in most cases. What irritates me about HSBC's bill payment system is that scheduling payments is a real hassle on their website. You can only schedule out about a year of future payments, and guess how many people forget to return a year later to schedule more for those extended 0% payment plans? Bing... late fee. HSBC e-mail support usually denies reversal of late fees, but when you call they usually will do it for you.
Here is how I deal with all HSBC cards that routinely have balances:
On all extended 0% financing deals with a required minimum payment, use your bank's bill payment service, not Best Buy's online one. Take your original balance, divide by 12/18/24 (depending on length of offer) and then schedule the appropriate number of payments in that amount.
Always schedule bill payments at least TWO WEEKS before the due date. HSBC has a history of taking their sweet time applying/receiving payments sent by bank bill payment services, so give yourself lots of leeway.
Always schedule the final payment at least FOUR WEEKS before the promotional expiration date. Here is the biggest trap of all with HSBC/Best Buy promo financing. People assume the final payment is due on the due date of the bill, and it is not. It is due on or before the promotion expiration date found much lower on the bill (often page two or three). If you miss the promotion expiration date, retroactive interest from the date of purchase becomes due and payable, and that is quite a bill shock. Don't be their sucker. Always pay off these promotions around a month before the expiration date so you will never ever experience this nightmare.
The best bill payment services allow you to schedule automatic payment of at least the minimum amount due (BoA, Chase, Citi). The worst play games with payment cutoff times, or always seem to be down for maintenance when you need to make a payment (Dell). A few even limit the number of electronic payments you can make per month, making it hard to divide up your balance and pay weekly.
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