09-24-2011 09:48 AM
I am an aspiring photographer and purchase most of my photography gear from Best Buy. I purchased a few cameras about a year ago with the no interest program. Unfortunately I was not aware that any deferred interest was going to be charged after the 12 month period. I just thought I would start paying interest on the balance I still owed. I went to the best buy website today to order 2 new lenses and realized I had over $800 tacked onto my bill in deferred interest.
I feel absolutely sick about this. I have been a Best Buy loyal customer for years now and was planning on to continue with Best Buy because of my photo business but now I dont think I will. I almost feel as though the fine print is a scam. The person helping me at best buy never explained these fine details to me. If I was aware i'd get all this money tecked onto my account I would have never purchased anything from BB. I am really hoping someone can help me out with this so I can order my 2 lenses and continue to shop with BB.
09-24-2011 04:34 PM
I personally don't see how it is fine print. For example, from a Nov 2010 ad,
It specifically says if paid in full within x amount of months and interest will be charged to your account from the purchase date.
This verbiage was identical to the store signage of the time so the poster's with the info on it said this as well in store. It also said it on the application you filled out, as well as every statement since then. You also had a warning section the last two months on you full statement advising you of this fact. You would want to call HSBC as they are the ones that administer the account at the number on the back of your credit card.
09-25-2011 09:49 PM
09-26-2011 12:35 AM
I am just extremely disappointed in bb for talking me into a cc that really just messed me up for a long time and ruined my new business plans.
I didn't know Best Buy resorted to holding people at gunpoint to get them to sign up for their credit card. Interesting...
09-26-2011 12:50 AM
GUNPOINT? A little dramatic don't you think.
I am simply saying the the girl who helped me made it sound like a better option than to put it on another cc that I was planning on using. She made it sound like I will pay interest if it wasn't paid in full by the date... Not back interest. YES, I know I should have read all the fine print but I have never heard of deferred interest before, nor have I EVER had a cc that did this to me. I guess I can say lessoned learned, but I can also say that bb will no longer be my shopping source for any electronic, and the $300 printer that I bought last week will be returned. You would think they would offer a better cc option for all their customers. Being a single mother and trying to expand my business to provide for my children is a little tough when an unexpected charge of over $800 gets added to my bill.
09-26-2011 10:58 AM
I don't know how I can answer this without being too critical... but I am surprised that you have never heard of deferred interest before?!?!? This is not some shady practice that HSBC (the card is issued by them, not BestBuy) is employing here. I have yet to come across a retail credit card that did not operate in the same manner for deferred interest. If the associate at Best Buy told you that you would not begin to be charged interest until after the promotional period, then i would speak with management at that store so that they can properly train that individual. However, they have no control over the policies of HSBC and the interest is your responsibility. Look, I am not fan of HSBC and have spoken out against them on these forums in a few instances. However, I find it somewhat comical that people come here to complain about things they did wrong and want Best Buy to bend over to accomodate them. The fact that you got charged interest is YOUR fault. No one tried to pull the wool over your eyes.
09-26-2011 02:15 PM
Any credit card can get you in financial trouble and ruin your business plans.... The problem is you didn't read and udnerstand the terms. I'm not clear how that is Best Buy's fault. If you had followed the terms, you would have got hte item interest-free, and they would have been doing you a 'favor'... The outcome depended on your actions, not Best Buy's.