HSBC/Best Buy credit card scam????

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

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

[USC08]

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

[Anonymous]

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.

[Anonymous]

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

[Anonymous]

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@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

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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.  

[Anonymous]

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.

[Anonymous]

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!

[MsKiwi]

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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. 

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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.