BestBuy.Com

[nyc282000]

I really have too much to say on the topic online, I really hope someone can call me and explain what is going on and how a company can abuse thier policies!

Last month i looked up my bill online as i always do. Come to find out they charged me $1,482.31 in deferred interest. I asked for paperwork which they only sent me half of. I purchased a TV in Jan 2009 for about $2000 they have only applied a small percentage to the balance. I have paperwork that shows from Feb 2010-March 2011 i made $1775 in payments to Best Buy, only $369 was applied to the 2009 tv purchase (plus payment i made from Jan/2009 to Feb 2010, that is not even included!!). I feel this is a HUGE problem, they should apply payments first to the major purchase where interest charges will be higher. I have another example for the laptop I bought. Paid $608 on 8/10 by 3/11 i still owe $567 and that is 7 months later when i make a payment of $100 orMORE a month. I cannot afford to pay all this interest and they said if i pay in full for the tv balance $450, they will only charge me half of the interest. What kind of scam is this??? PLEASE HELP!!!

[Jimmienomam]

They disbursed payments that way because law required them to do so. Per the Credit Card Act of 2009 section 104;

‘‘(b) APPLICATION OF PAYMENTS.—
‘‘(1) IN GENERAL.—Upon receipt of a payment from a card-
holder, the card issuer shall apply amounts in excess of the minimum payment amount first to the card balance bearing the highest rate of interest, and then to each successive balance bearing the next highest rate of interest, until the payment is exhausted.
‘‘(2) CLARIFICATION RELATING TO CERTAIN DEFERRED INTEREST ARRANGEMENTS.—A creditor shall allocate the entire amount paid by the consumer in excess of the minimum pay- ment amount to a balance on which interest is deferred during the last 2 billing cycles immediately preceding the expiration of the period during which interest is deferred."

This one isn't on HSBC, you can thank your government.



Here is where you can view the full law:

http://www.gpo.gov/fdsys/pkg/BILLS-111hr627enr/pdf/BILLS-111hr627enr.pdf

[Ryan-BBY Senior Social Media Specialist]

Hello nyc282000 -

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

[Kelly-BBY Senior Social Media Specialist]

Hey nyc282000,

Thank you for reaching out to us to share these concerns.  I can certainly understand your concern when you realized you had received a $1400 charge. 

If your purchases were made during the financing period, the payments would have been applied to your account per the credit card laws.  As Jimmienomam stated and as is my understanding, that any payments made to an account would first be applied to all minimum payments due for purchases on the account, then it would be applied to purchases that have due interest charges and if any funds remain from the payment, they will then be applied to purchases with financing promotions in order by expiration date. 

While I can’t guarantee any changes to your account, I would be happy to reach out to HSBC on your behalf so if you could please send me a private message with the name and phone number attached to your account by clicking on the “Private Message” link near my name below.

Thank you for your time!