topic Re: HSBC/Best Buy credit card scam???? in Credit Cards

HSBC/Best Buy credit card scam????

Anonymous — Tue, 23 Dec 2008 16:33:41 GMT

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.

Re: HSBC/Best Buy credit card scam????

Anonymous — Tue, 23 Dec 2008 16:43:26 GMT

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.

Re: HSBC/Best Buy credit card scam????

Anonymous — Tue, 23 Dec 2008 16:51:41 GMT

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?

Re: HSBC/Best Buy credit card scam????

MidnightVoice — Tue, 23 Dec 2008 16:56:37 GMT

@Anonymous wrote:
is that legal for them to hike up your rates like that?

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.

Re: HSBC/Best Buy credit card scam????

Anonymous — Tue, 23 Dec 2008 17:11:24 GMT

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

Re: HSBC/Best Buy credit card scam????

Anonymous — Tue, 23 Dec 2008 17:12:43 GMT

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??

Re: HSBC/Best Buy credit card scam????

grneydangl — Tue, 23 Dec 2008 17:54:50 GMT

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.

Re: HSBC/Best Buy credit card scam????

Anonymous — Tue, 23 Dec 2008 22:02:52 GMT

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.

Re: HSBC/Best Buy credit card scam????

Too_much_debt — Wed, 24 Dec 2008 04:02:05 GMT

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

Re: HSBC/Best Buy credit card scam????

hyprble — Wed, 24 Dec 2008 08:13:57 GMT

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.

Re: HSBC/Best Buy credit card scam????

Anonymous — Wed, 24 Dec 2008 11:38:46 GMT

Doesnt surprise me one bit. Last time I went to Best Buy there were more employees then customers. On the bright note I believe they have a special now. Buy a toaster for $19.99 and get a free bank of your choise.

Re: HSBC/Best Buy credit card scam????

Anonymous — Wed, 24 Dec 2008 13:36:58 GMT

Highest priced electronics in the business with the highest interest rates. They've been criminals all along. I've got a store card. I will never carry a balance with them. I did buy a TV stand I couldn't find elsewhere, for that kind of thing I'll use them but never a n.

Re: HSBC/Best Buy credit card scam????

Anonymous — Wed, 24 Dec 2008 14:06:11 GMT

19.99 toaster, free bank of my choice-hahaha I wish then I would take GEMoney over HSBC.

Thanks hyprble for that reference link. I searched a bit but overlooked that, this whole situation STINKS, this is going to be a VERY big problem for us CC holders coming in this new year. I am going to write up a letter to my AG here in NC per LilMirth's instructions and I think that some of you guys should too if you have substantial balances. Thanks for all the input.

Message Edited by v6coupe on 12-24-2008 06:06 AM

Re: HSBC/Best Buy credit card scam????

USC08 — Wed, 24 Dec 2008 19:53:00 GMT

Members keep us updated if anyone has made any calls to HSBC regarding this matter because I received a hard copy in the mail of the change. This is BS because i made "2" seperate purchases exceeding the $499 to take advantage of their 0% intrest for 18 months and I made sure the items I purchased were qualified under the promotion they offered.

Message Edited by USC08 on 12-24-2008 11:53 AM

Re: HSBC/Best Buy credit card scam????

Anonymous — Fri, 26 Dec 2008 02:50:35 GMT

I received the same letter in the mail today. I think your just reading it wrong, there saying if you do not pay your minimum monthly payment every month for the 18 months your account int rate will jump to the 20%. Its a normal credit card thing. I bought a 52" sony lcd from Best Buy 11/28/08 and im on the "same as cash" 18 month no interest promotion plan until 6/08/10..Its not "no payment and no intrest" just no interest.

If I made all my min monthly payments and exapmle 5/1/10 I missed the min payment that month the 20% int will be accumilated to the WHOLE balance from the first day or day of the transaction on that promotion item. Its normal CC bull$hit but they do it.. Simply make your payments and never miss one and pay the item off as soon as possible. They are not telling you that it has to be paid in full by Feb 09.. Simply warning you that if you miss a payment you will be nailed with 20% int. I would call Best buy customer service and HSBC Bank tomorrow or Monday to ease your mind but I read it over a few times and there just warning you that new changes in the agreement but does not effect you if you pay on time and paid off by end of promotion.

Re: HSBC/Best Buy credit card scam????

Anonymous — Fri, 26 Dec 2008 15:33:47 GMT

Well just off the phone with HSBC and Best Buy customer service.. Its exactly what I had mentioned in my earlier post.

As long you pay your payments ON TIME and never late your promotion is good until the end. What the agreement is saying is that the rates have gone higher on daily and standard rate BUT if you keep your account up to date with NO late payments you have absolutley nothing to worry about. Im on the "same as cash" promotion 18 months until 6/8/10 to pay for a $2300 TV...There askink for min payment of $25 a month with in 18 months I would have only paid $450 total towards my $2300 balance.. So dont play the game, take your calculator and devide your balance by how many months is left on your promotion in my case $127 a month.. But to be safe im gonna just pay $300 a month...

The first poster in this thread you should read the agreement a few times and call yourself so you have no worries.

take care

happy holidays

Hoss

Re: HSBC/Best Buy credit card scam????

Anonymous — Fri, 26 Dec 2008 16:19:37 GMT

@Anonymous wrote:
Well just off the phone with HSBC and Best Buy customer service.. Its exactly what I had mentioned in my earlier post.
As long you pay your payments ON TIME and never late your promotion is good until the end. What the agreement is saying is that the rates have gone higher on daily and standard rate BUT if you keep your account up to date with NO late payments you have absolutley nothing to worry about. Im on the "same as cash" promotion 18 months until 6/8/10 to pay for a $2300 TV...There askink for min payment of $25 a month with in 18 months I would have only paid $450 total towards my $2300 balance.. So dont play the game, take your calculator and devide your balance by how many months is left on your promotion in my case $127 a month.. But to be safe im gonna just pay $300 a month...
The first poster in this thread you should read the agreement a few times and call yourself so you have no worries.
take care
happy holidays
Hoss

I don't have a balance on my BB card currently, but I was wondering if that would be the case. I can't see them cancelling those no interest plans for people that have already make purchases on that plan. I mean they could, but I would guess that there are a lot of people who don't pay the items off within the 18 months and have a lot of interest to pay when the no interest plan ends.

Re: HSBC/Best Buy credit card scam????

Anonymous — Fri, 26 Dec 2008 16:24:08 GMT

Thanks factoryphoto and I sure did read this agreement a few times and I did call the customer service and the rep confirmed what I stated earlier but very questionable because she could barely understand me?!? This is the exact wording from the email, maybe we got 2 different notices but the 2nd paragraph clearly states HSBC's intentions.

GRACE PERIOD FOR REPAYMENT OF BALANCE: No finance charges are assessed on new purchases if the balance is paid in full each month within 23 days after the billing date.
The new terms will apply to all new and existing balances unless you notify us in writing that you do not accept this change. We must receive your notice by January 27, 2009. You must include your name, address and account number and mail it to PO Box 17112 Wilmington, DE 19850-7112. Upon our receipt of your notification, your Account will be closed to future purchases.

Re: HSBC/Best Buy credit card scam????

Anonymous — Fri, 26 Dec 2008 17:42:42 GMT

V6 I called three time now just to hear it from different people.. They all said the same thing, that if not paid min monthly payment I would be hit with 24% int on the whole balance and/or if I did not pay off the balance before the "promotion" due date was over I would be hit with 24% int from the start of the balance. There trying everything they can to get more money out of us if we defualt on a payment or dont pay in full before the end of promotion date. What there saying that instead of the rate being 19% its now 24%!

Again, if we keep up on our payments and pay it off before the promotion end date we will have no problems. I would advise everyone that has the promotion to pay it off at least 5 months prior to that due date so they dont play games saying "we never received your last payment" or" you still had a $2 dollar balance" ect ect.. After all this I will never use HSBC for anything ive used them many times for dirtbikes and boats with no problems but this little game there playing ticks me off and im over them. I will be paying off my balance ASAP!

Re: HSBC/Best Buy credit card scam????

MsKiwi — Sat, 27 Dec 2008 03:45:03 GMT

v6coupe wrote:
Thanks factoryphoto and I sure did read this agreement a few times

GRACE PERIOD FOR REPAYMENT OF BALANCE: No finance charges are assessed on new purchases if the balance is paid in full each month within 23 days after the billing date.

Reread the part that states no finance charges on NEW purchases if balnce is paid in full. I think this is where you are getting confused.