03-29-2012 07:55 PM
I'm new to Best Buy forums, but I wondered if anyone has had trouble with HSBC not crediting a payment to available credit. I am so frustrated with them. I made a payment of $3,200 on my account on 3/23 to pay off one of those deferred credit purchases. The payment shows on my online account, and they have verified that they received it. The problem is that they did not apply it to the available credit. We want to purchase a new TV on the account to take advantage of the 3 year no interest option. I have emailed and called HSBC and they say it can take 14 days to release the funds to available credit! Any suggestions? We have been Premier Silver members for years and have spent thousands of dollars at Best Buy.
03-29-2012 08:37 PM
03-29-2012 08:43 PM
Hi BGS and welcome to the forums.
Yes, I had the same thing happen a while back. There's nothing you can do about it that I'm aware of. Some say that it's a normal policy, but HSBC is the only company I do business with that has ever done that. Once the funds have cleared your bank and are sitting in HSBC's account, that should be sufficient proof that the payment was legitimate. I believe I was looking at a MacBook Pro during that excessive time lag, you are wanting to purchase a TV, and I've read similar stories on this forum. Not much doubt that HSBC doing that has cost Best Buy some sales. Btw, I'm Premier Silver also but that doesn't matter to HSBC which is a separate company.
03-30-2012 12:47 AM
The TV I want to purchase is a very expensive Samsung that is on sale this week. If they don't resolve this in time to take advantage of the sale, I might as well purchase it somewhere else. I would like the Rewards points, and the interest-free for 3 years would be nice, but I just can't accept their business practice. I, too, have never had this situation with anyone else I do business with. Sorry for the double post, but I thought maybe I left the impression that I would just wait for HSBC to post the payment before I buy.
03-30-2012 03:03 AM
BGS said: -
".......We want to purchase a new TV on the account to take advantage of the 3 year no interest option."
It isn't a NO Interest plan. It is a Deferred Interest plan. Offered by the most notorious predatory lender that I have ever known off.
Like all consumers. You would do well to always keep in mind the indisputable fact that there isn't any such thing as a "Free Lunch". There never has been, and there never will be.
With the possible exception of a close friend, or relative. Nobody, and certainly not ANY Bank, is ever going to give you something for nothing. NO Excuses, NO Exceptions, NO Rationalizations!
Anybody who tries to tell you otherwise. Is either an extremely naive and gullible person. Or, more than likely, they are out to con you.
When you buy any merchandise from Best Buy. It is Best Buy that keeps any net profit from that purchase. The bank isn't keeping any of the profit from your purchase.
So, ask yourself. Why would a bank want to loan you money for 3 years, free of any charge? What's in it for the bank? It cost the bank money to obtain the funds that they would be loaning to you. It also costs the bank money to administer your Credit Card account.
If the bank was actually giving Truly free loans. Then the bank would be losing money on every Credit Card account. And they would soon be bankrupt and out of business.
They are setting you up for the sting. Sooner, or later, one way, or another. You will end up paying for it. And you will usually end up paying far more than was actually necessary. If you had not been deluding yourself into naively believing that you can actually get something for nothing.
The HSBC bank will do absolutely everything, and anything, that they possibly can do. To grease the skids for you. To encourage you, and manipulate you. In to defaulting on the terms and conditions of your Deferred Interest Credit Card loan. So that they can, and will, charge you the extraordinarily high and exorbitant penalty interest rate of 29.99%, charged retroactively for three years, and compounded monthly.
With the net effect that. When that exorbitant amount of retroactive interest is added in. you will end up paying a total cost of approximately double the original purchase price.
You have already had a taste of the unorthodox and customer unfriendly ways that HSBC does business. For you to now enter in to another deferred interest plan with HSBC Bank. Is the equivalent of intentionally trying to navigate your way thru a minefield, while wearing a blindfold.
If you make the naive mistake of thinking that you can outsmart HSBC Bank, by trying to beat them at their own game. Then, you will very likely be taking the first step down the slippery slope toward financial disaster.
There isn't any shortage of legitimate attractive Credit Card offers. From banks such as Citi, and Chase, etc. That do not include ANY possibility of retroactive interest charges.
Good Luck -
03-30-2012 10:18 AM
I wish you would stop beating around the bush and let us know how you really feel about HSBC...lol.
It can be the minefield / nightmare you described, or it can be a powerful financial tool if you pay close attention to your statements and 1) Make your payments on time every month, and 2) Pay off any promotional amounts before they expire. The last two months in a row I've had to make budget-busting payments to HSBC but the accrued interest vanished. As two promotions were coming up on their expiration dates, I paid them the listed payoff amounts plus the minimum payments shown and added a few extra bucks just to make sure if there was an error it was covered. Ta-da! Two purchases made with my Best Buy CC that HSBC will never see a dime of interest from (from me anyway).
It does take close monitoring of your account / statements, and practically an OCD level of paying your bills on time. However, if a person is willing to do that I don't believe it's inevitable that you will get stung "sooner, or later, one way, or another." It's not a 'set it and forget it' situation. So, if a person doesn't want to make that kind of commitment or put in that much effort they should probably avoid financing plans that will "surprise" them by adding deferred interest (which they agreed to) when the promotion expires. I realize that these deals carry certain risks, because sometimes in life stuff happens. But, handled correctly, the risk does come with rewards.
It's some of HSBC's other policies, like the one the OP is experiencing, that puzzle me. When I called HSBC to ask about the delay in restoring my available credit, I was first told that it was a "check hold", even though no check was involved. That suggests to me that even HSBC employees don't really understand it.
03-30-2012 10:34 AM
Thanks for the responses. Actually, I have enjoyed numerous "deferred" interest purchases. I always pay off my account at least one month prior to the expiration of the promotional period and have not had to pay any interest on Best Buy, Lowes, and other accounts. My current problem has nothing to do with interest but, rather, with them failing to apply my payment to available credit.
03-30-2012 01:57 PM
You can lead a horse to water ... ... .... .... .. .....!
...but a wink is as good as a nod to a blind horse.