Best Buy & Geek Squad Policies

[jettoki]

I've just been charged $250 in deferred finance charges by HSBC Retail Services without prior notification.  The Best Buy sales representative who sold me the card & no interest plan explained that at the end of the promotional period, my purchase would either be paid off, or else normal interest rates would resume.  What he failed to mention is that when normal interest rates resume, they are applied retroactively as an enormous finance charge.

I blame myself for being suckered in and failing to read the fine print.  Had I been aware of the pending finance charges, I would have paid off the balance in full - actually, I would have paid off the entire purchase a long time ago, but I got into the habit of paying my credit card bill like any other.  They said it was zero interest, and I trusted them.  Huge mistake.

So I write this as a warning - avoid the Best Buy card, and don't get suckered into a No Interest plan.

[Adamtech Emerging Expert]

Hey there, I apologize if there was any miscommunication. The promotions clearly state 2 things, 1. A minimum monthly payment is required and 2. That the balance must be paid off in full by the end of the no interest period. Remember to read all promotions carefully to make sure your end is taken care of.

[jettoki]

I was told directly that the minimum monthly payment would cover the entire balance by the end of the promotional period.  I was certain to ask this of the sales representative at the time of the purchase, and it was implied by the promotion.

This attitude of "read the fine print or we cheat you" is unacceptable.  HSBC had the same attitude when I called them.  If you really wanted to be clear, the credit statements would include a suggested minimum payment to avoid deferred finance charges.  I was told (even just 5 minutes ago on the phone) that by paying the minimum monthly payment, I would avoid fees.

This was a lie.

Again, I blame myself for this situation, but only because I was too trusting.  It doesn't excuse Best Buy's poor marketing practices or HSBC's blatant racketeering.

[Adamtech Emerging Expert]

Well in reality did you think that what you were paying would be enough to pay off the balance?

[jettoki]

I was suspicious that the minimum payment was not enough, but again, they reassured me that by paying it, I would avoid fees.  HSBC's justification for telling me this is that the deferred finance charge is not a fee, because it's technically the promotion defaulting.

That's an interesting technicality, but it doesn't change the fact that I was sold the card on false premises.  Had the sales representative given me an honest answer, I would have simply purchased with cash and been done with it.

This once again leads me back to my point: I blame myself, but only for being too trusting.  In the future, I won't have to bother reading the fine print, because I won't be shopping at Best Buy or enrolling in credit services with HSBC.  I don't really care about losing $250, but I am quite frankly insulted that these two companies conspired to take it from me through deciet.

[Adamtech Emerging Expert]

I do not believe the you were purposely taken advantage of as Best Buy gained nothing from your balance not being paid off.

[jettoki]

If Best Buy had nothing to gain from it, why sell me the card to begin with?  And why do so on false premises?  I was prepared to pay cash, but the sales representative talked me out of it.  I really didn't need to finance this purchase, but the card was practically shoved down my throat.

No, I may be naive, but not so much as to believe that Best Buy's partnership with HSBC is anything but convenient for both parties.  Even if it's no more than a floor commission for selling the card to me, someone had something to gain - that's business.  I just expected more from Best Buy, since I've been shopping there for so long.

[Adamtech Emerging Expert]

What I meant was Best Buy does not benefit from the customer not paying the balance in time. Both HSBC and Best Buy benefit from the card application. The false information you are speaking of would have only benefited HSBC in the end, not Best Buy.

[jettoki]

Then why was false information purveyed by a sales representative on the floor at Best Buy?  Why was I talked into enrolling in a credit service that I clearly did not need?  I was prepared to pay for the purchase with cash on the spot, but a Best Buy employee talked me out of it and assured me that I'd never pay an extra dime.  Perhaps he secretly worked for HSBC?

I appreciate your efforts to sort this out, but I'm not interested in hearing legal or technical absolutions from Best Buy.  I was scammed.  I'm insulted and a little embarassed that I fell for it, but I don't expect to get my $250 back.  I just want to make it clear that I'm not happy about it.

[Adamtech Emerging Expert]

I understand you're not happy.