04-16-2012 01:18 AM
I opened up a Best Buy card because the person who was helping me claimed that the account I'd be opening would be a "no interest credit card" for about 18 months. I never heard anything about it being deferred interest.
Imagine how my heart sunk when I seen I was charged for $600 in interest when my remaining balance is $600. I am a college student that needed a computer for school. That's why I used the Best Buy credit card. Now I'm paying nearly $2,000+ for a computer I purchased because of the $600 interest?
Does anyone know if Best Buy will just let me pay off the $600 remaining balance today and if they'll forget about the interest?
Can anyone please help me with my frustrations? There is absolutely no way I can pay the $600 interest.
04-16-2012 01:45 AM
You would need to contact HSBC for that since they are the bank the card is issued through and they are the ones who deal with payments, interest, etc.
04-16-2012 07:37 AM
Hi lenaelle and welcome to the forum!
A Best Buy Community Connector might be able to look into this for you, but they can't take any direct action or make any changes to your account since HSBC is a separate company from Best Buy (even though Best Buy's name is on the card).
I recently paid off two deferred interest deals with HSBC and (having made all payments on time and having paid off the promotional amounts before they expired) there actually was "no interest" but they were still deferred interest transactions. However, that's a matter of semantics and I obviously don't know exactly what you were told in the store.
For future reference, all the information about promotional payoff amounts, expiration dates, and amounts of deferred interest accrued is on your HSBC statement every month. Paying on time and being aware of those dates is critical to avoid nasty hits like the one (at least for now) you are stuck with.
04-16-2012 12:17 PM
04-16-2012 01:04 PM
Also, the old adage... "If it's too good to be true, it is"
How would HSBC make any money off of a no-interest promotion? Maintaining your account costs them money and they can't invest the money that they are lending you.
They rely on people 'messing up' to cover the expense of the people that follow the promo guidelines and get their item interest free.
04-20-2012 04:15 PM
I appreciate your feedback and the concerns you have shared with our Community. I truly regret any disappointment you may have felt when you discovered the deferred interest that was charged to your account.
As the other users have mentioned, our credit cards are issued through HSBC who are a completely separate company from us. Due to this and privacy reasons, we do not have direct access or influence over their accounts or policies.
While I cannot guarantee any changes to your account, I’d be happy to work with HSBC in regards to your account. Unfortunately, I wasn’t able to locate your account information using the name and email address listed in your forum registration. If you could please send me a private message with the name and phone number used on your account by clicking on the “Private Message” link near my name below.
I hope to hear from you and wish you a wonderful weekend!