BestBuy.Com

[Spabilda]

I appears that I am experiencing the same issue that many people are experiencing with their Best Buy card.  "Best" buy my foot. They are clearly run by slime buckets looking to rob people blind.  I just incurred a $500 interest charge on my card with a $1000 balance and am now over my credit limit, not to mention being told I have to pay an extra $500, for what???

This is disgusting. I will NEVER shop at Best Buy again!

There has to be a reasonable solution, please tell me what it is.

[Jimmienomam]

The reasonable solution is something you don't want to hear. I will just assume
You will take my answer as me just trying to be mean and condescending, but I am just trying to be bluntly honest.

Plain and simple you were irresponsible and I assume lazy. Lazy only pertaining to first reading the contract you signed stating that you had X amount of time to pay off the original amount or else the interest would be posted calculating from your time of purchase until the due date on ALL money falling under this category (hence deferred, many think it's interest free). Think of it as they calculated interest monthly and then put it on a tab that you would have to pay when your time was up with the stipulation that if you paid the full principal before the due date the tab would be wiped clean.

Secondly you were lazy in reading the statements they sent you. Every statement has how much you owe to pay off your deferred interest charge. It is in latter pages until the last 3-4 statements before the deferred interest promo ends. The principal left to pay off and the deferred interest end date are then put on the front page and highlighted.

Before you say that you paid enough money to pay off the principal (if you did) HSBC has to follow strict guidelines on how they disburse payments.

First it goes to the minimum due (split in small amounts to each item)
Then it goes to the highest interest to lowest interest.
If additional money is left it goes to deferred interest items last.

The last 2 billing cycles before the deferred interest is due the minimum is paid and then the remaining money goes directly to deferred interest items.

The above payment disbursement is LAW. HSBC has to abide by it and it is not their choice, you have congress to thank for that.

I really am sorry that you have to go through this, but everything was laid out before you and you signed it. I only assume you didn't read the info and the contract that you were given as all this was clearly outlined. As such it isn't slimebag or shady, it's what you agreed to. Sorry to say this but the reasonable solution is for you to take responsibility for yourself.

BBY, although has its name on the card, has no say in any matters regarding this. They can however act as a liaison for you to HSBC. They most likely won't get much of a different answer the you will get, but a mod will be here in approximately 3-5 days to address your concerns.

I will tell you many have called HSBC directly and have had their interest halved. Good luck.

[Spabilda]

You're right, I overlooked it on my statement. But I'm sure you already knew that. I appreciate the info and the time you took to share it. But, no need to personally attack strangers on a forum by assuming you know anything about them outside of the post you're responding to. To be bluntly honest, it's obnoxious.

[Jimmienomam]

Using words like slime buckets and disgusting when they didn't do anything wrong got me.

Likewise I don't really think I said anything untruthful about yourself. Sorry if you took it as a personal attack

[Ryan-BBY Senior Social Media Specialist]

Hello Spabilda -

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

[ddak87]

I was recently blown away when I opened my account and saw $400 in deferred interest charges, which subsequently sent my balance over the limit. It's funny because when a sales associate tells you 0% for 18 months, you take it as a literal meaning, when in fact it means something totally different. I would have PREFERRED to have been been paying interest this whole time, rather than be bombarded with charges. Unfortunately no, I did not read my statements because I had no reason to. I've been loyal, I pay on time every month, I've paid my card off in full and still continue to use it. Not anymore. While this may be totally legal, its ethicality is questionable. Is there anything that be done to resolve this with both parties being satisfied, or am I completely screwed? If it's the latter, no question I am done shopping at Best Buy. Regardless of the fact that it's not their credit card persay, they are partnered with a company whose actions are unacceptable.

I spoke to two customer service reps over the phone-- both foreign. I pleaded with both of them, explained my case, made it known how long I have been a customer, how many times I've paid my card off in full. I received no help at all. 

[Jimmienomam]

Both the pamphlet you received originally, the contract you signed and the signage promoting the card all said deferred interest.

If you choose to not use it, I could completely understand. I can't tell you what the salesman said, but ALWAYS read the contract because that is what you are agreeing to.

It is definately not good if the salesman didn't explain the card properly, but unfortunately at this point it is hearsay. Not condoning the salesman's actions. You just don't have a case unfortunately

[APR28]

This is how the banks are able to offer free interest. For every 1 person who reads and pays in full, there is is someone who doesn't.

The ignorant help reward the conscientious.

[Jimmienomam]

Unfortunately yes APR...

These "deals" can either be awesome or a complete nightmare depending on if you are aware and responsible the whole time.

[Kelly-BBY Senior Social Media Specialist]

Hello Spabilda,

Thanks for sharing your feedback with our Community.  I can certainly understand your concern after discovering you had an interest charge on your account.

As you may be aware, HSBC is a separate company from Best Buy.  With that said, we have no way to view or change your balance or financing plans.  While I cannot guarantee any changes to your account, I have sent you a private message so we may be able to discuss the details of your account further.  To check your private messages, please ensure you are logged into the forum and click on the envelope icon in the upper right hand corner of the page. 

I hope to hear from you,