Best Buy & Geek Squad Policies

[Jaybee777]

It's kind of ironic when you google "deferred interest", Best Buy comes up first on the list with their unscrupulous practices against their customers.  Buyer BEWARE of this if you have any credit with Best Buy.  You will end up paying a rediculous amount of money to these people.  I have had credit cards all my life with deferred interest, but NEVER had interest back dated and charged currently to my account as Best Buy's HSBC does.  Just today I find out I have a new charge to my account of $690.00.  Thanks HSBC for making my day, then telling me..."We're sorry.  You knew this when you got credit with us.  it was on your statement every month."    My reply..."That's what I get for assuming I'm dealing with a reputable company.  Close my account."  I will pay this off and NEVER buy from Best Buy again or any business that uses HSBC as their bank!

[LiquidTension87]

Relying to a tread that's over a year old wont help of you're looking for assistance / a resolution. If you start your own thread a moderator can help contact HSBC on your behalf. Out of curiosity tho, what is your definition of a "deferred interest" program. Every deferred interest card/ program I've seen is the same: interest accrues from the date of purchas and only charged if the amount is not paid off in a given time.

[Area51Kev Regular Contributor]

Hi Jaybee777 and welcome to the forum.

If you have an issue or concern that you want Best Buy to address, you should probably start a new thread instead of resurrecting one that is over a year old.

The irony you spoke of is lost on me, since I did Google "deferred interest" (both with and without quotation marks) and Best Buy did not come up first on the list on my computer. This did:

Deferred Interest Definition | Investopedia

www.investopedia.com/terms/d/deferredinterest.aspDeferred Interest - Definition of Deferred Interest on Investopedia - The amount of interest that is added to the principal balance of a loan when the contractual...

Choosing not to read your statements does not actually make a company disreputable. Reading your statements from HSBC would make you aware of important information: your minimum payment, your due date, your current balance, promotional amount(s) and the dates the promotion(s) expire, how much you need to pay to avoid paying deferred interest, etc. 

Finally, instead of learning an expensive (but valuable) lesson from this mess, you choose to assign the blame to HSBC and/or Best Buy. Really? 

Good luck.

[Ryan-BBY Senior Social Media Specialist]

Hello Jaybee777  -

Marti from our Social Media team, will be reaching out to you regarding your concern. Thank you for your continued patience!

[Jimmienomam]

Umm all deferred interest cards/loans I have had have ALWAYS post dared the interest from the beginning of the loan. Deferred is pretty self explanatory:

Main Entry: de·ferred
Function: adjective
Date: 1651
1 : withheld for or until a stated time <a deferred payment>

Maybe you had interest free CC before, but saying no other company does it this way is ludicrous.

[Marti-BBY Community Connector]

Hello Jaybee777,

I’m sorry to hear about your frustration with your HSBC account. Best Buy credit cards are issued through HSBC which is a completely separate company from us. We do not have access to or influence over their accounts or policies. Payments you made to your account have been applied according to the credit card laws. If you monitor your account online, you can always see the minimum payment due for expiring promotions under the “Interest Charged Summary” in the “Statement Center” tab.

While I cannot guarantee an outcome, I would be happy to look into this with HSBC on your behalf. Please send me your name and phone number used on your account in a private message. In order to do this, please make sure you are signed into the forum, then click on the link to the right of my signature line.

Sincerely,