04-13-2010 10:33 AM
I want to educate people and I am seeking help regarding an invoice I received this month April 2010 from Best Buy/HSBC regarding deferred interest for a high end Plasma TV I purchased in 2008. I purchased this TV under a deferred interest promotion after the sales rep convinced me that it was to my benefit to open a Best Buy card and utilize that for payment instead of my personal check I was going to utilize. The sales Rep stated my payments would end March 2010 without interest. I finalized my payments to Best Buy/HSBC last month March19th 2010 with my final payment of $300; without interest as the salesman had stated. I had portioned this payment out over the last 24 months to be paid off in full before the payment due date in March 2010. To my surprise I received an invoice this month an opened it yesterday April 12th and I was shocked when I saw a $1,666 deferred interest charge. I am getting married in less than two weeks and this has happened leaving me with a sick feeling in my stomach because I feel I have been mis-lead and take advantage of in the amount of $1,666.00.
I received my Feb invoice from Best Buy after March 1st, I made my final payment and it was received before the due date of March 19th. I assumed that HSBC would understand there had to be a mistake that I made my last payment before my deadline (due date) of March 19th and things would be cleared up quickly. Wrong, the HSBC rep stated I had a deadline of March 1st not March 19th and this was posted on my Feb invoice as an alert(first I had heard of this March 1st promotion end date). At first I challenged him and said that's not right because I didn't even receive my invoice from the US Postal service until after March 1st because I have a last week of the month billing cycle so I usually don't see an invoice until the 4th or 5th of every month and since Feb is a short month 28days there was no chance to alert me by that stated deadline. So for 23 months straight I had paid on the due date of the 19th of ever month. I found my Feb invoice stub and there it was a notice alerting me that the March 1st was the deadline for my promotion and my deferred interest would hit unless paid by March 1st. I was shocked to see this since I did not even receive this alert until after March 1st so how was that an alert and this was the first I had heard of the deadline; they moved my due date up to the 1st of March 4 days after my billing cycle had just began for that month(Feb 24th). The Bank rep would not help me waive the bogus interest charge even with my obvious credit history showing my payments over 24 months. I believe the sales rep mis-lead me with his statement that the promotion ended in March 2010; technically it did on March 1st but I had no opportunity on that last invoice payment to pay the amount in full and there was no communication from BestBuy or HSBC that the promo ended on March 1st not my payment due date that I had been paying for 23 months straight. So now the bank wants full interest payment of $1,666.00 because they received my final payment (of a $4,000 invoice) of $300 on March 19th not March 1st. It was my intent to have this paid in full by the end of the promotion and my payment history proves this; the fact the on the last month someone moved the due date from the 19th to the 1st of the month is extremely mis-leading and without any verbal communication to the consumer a very dishonorable act.
I have been a loyal customer at Best Buy even in a down economy and planned to be one for many years...Once I was married I planned to replace my kitchen appliances as well as other purchases at Best Buy since my card was finally paid off. Now I have to use the money I had saved for my honeymoon to pay off this bogus deferred interest charge. Everyone knows I had every intent to pay this off before the promo end date. The fact that they gave me less than 4 days to alert me that the promo has ended is simple a scam even if you have it somewhere hidden in the fine print it was never verbally communicated to me; also I never received my notice alert in time to have a change pay this off on that invoice. That is simply a fact. There will be some people who read this and say you didn't read the fine print (if it's even in there) 2 years ago but I expect better customer service from a provided I spend thousands of dollars with and was planning on spending thousands more. How can you explain the sales rep stating my promo ends in March after I make my last payment? I never received an opportunity to make that payment in March. As I mentioned I have been a loyal customer but it shouldn't matter if I spend thousands or hundreds that statement is mis-leading tied together with the bank who releases an alert 4 days before the promo ends changing the normal payment due date and is never received in time. Why didn't they ever send that due date or post that date anywhere else at anytime during the previous 23 months?
I scrapped together everything I had from the last 12 months to make sure I didn't have debt going into my marriage now this has happened and has consumed me with frustration since I will have to use my honeymoon money to pay this off and close my account with HSBC and Best Buy forever. I hope this reaches someone at Best Buy that can help me since HSBC will not even return my call afetr I escalted through their call desk. Also for future consumers beware Best Buy sales reps are mis-leading and the bank is cold and unforgiving and will not alert you of any changes to due dates for any promo end dates until they have passed and its to late. With these two elements working together it's a very slippery slope and do not assume the Bank will understand, actually I have personally found out it's the opposite they are ready and waiting for you to slip in and make your payoff.
God Forgives All - But that doesn't change the fact that I will be in debt starting my married life and I will not have a honeymoon after my wedding becuase of this.
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04-14-2010 12:40 PM
Unfortunately, HSBC was probably correct in stating there was one final notice on February's bill that the no-interest promo was to expire March 1st. HOWEVER, each line item on HSBC's bill always has the promo listed next to it with the start and end date. I would assume HSBC wasn't being very helpful since you've been receiving statements for two years and didn't see that part of the bill (or pay attention to it I guess).
I understand where you're coming from in stating that you've been a good client of both HSBC and BB but I don't know how far that may get you in this situation, unfortunately. It sucks too that you are getting married very soon b/c that is obviously a very costly process.
As you've realized, the BB CCs are completely administered by HSBC so even BB corporate has no control over the final decision on this issue. However, one of the Community Connectors (BB corp employees/forum moderators) should be along sometime soon to assign your thread to the CC best suited to assist you with this. That CC should be able to contact HSBC on your behalf and see if something can be worked out.
04-14-2010 03:26 PM
04-14-2010 03:56 PM
Hello jwisor -
I can understand how this would be frustrating to feel that you were misled by the HSBC financing terms.
Ultimately, the agreement is between you and HSBC on the credit card. There should be a notice on each statment which shows the promotion ending date and pay off amounts to allow you to plan. I understand that you took the sales rep's word on the March payment and planned as such, however. I apologize for any misinfomation you may have received and any frustrations this situation has cauased in what should be such a happy time of your life.
We want you to enjoy a honeymoon and enter your marriage on a high note, thus I have been in contact with HSBC and have some encouraging news. I have sent you a private message with some additional information. To check your private messages, please click on the envelope in the upper right hand corner while logged into the forum.
Thank you, Coral
|Coral|Community Connector | Best Buy® Corporate|
04-15-2010 04:10 PM
I just wanted to send a special thanks to Best Buy and Coral for truly showing me what a great company with great employee's they have. I will be able to enjoy my wedding day and honeymoon now and make sure to pick up those new kitchen appliances from BB when I get back!
I truly appreciate your help with this unfortunate situation; God Bless You.
04-15-2010 04:15 PM
It was my pleasure to help out! I am so glad you will be able to enjoy your wedding and honeymoon and enter your marriage on a positive note
|Coral|Community Connector | Best Buy® Corporate|
04-16-2010 05:33 PM
I have now found myself in a very similar situation. This is very frustrating to recieve such charges when we are loyal customers and regularly pay our bills on time (or before). Luckily my charges were not near as high as the person in the first message. I hope that someone with HSBC will step up and correct this. I have paid off the purchase in question however because money was applied to other purchasing out of my control they still show a "small" balance remaining for the purchase in question. From this experience I know that I will no longer use the "Store" credit card or the Best Buy "Mastercard".
I guess we all get to learn the hard way where the power lies in our economy. Very Sad indeed..
04-19-2010 02:09 PM
I am very sorry to hear that you have encountered a situation similar to jwisor’s and for any frustration as a result, but I would be happy to see if there is something we can do to help with your situation too!
If you are interested in my assistance with this matter, please send me a private message with your name, phone number and address as they appear in your account. You can send a private message to me by clicking on the “private message” envelope in the upper right-hand corner of the page and then composing a new message to my username “SARAH-BBY” (when signed in). Once I receive this information I will follow up with you again, also by private message, as quickly as possible!
I hope to hear from you!
Thank you and have a great day!
|Sarah|Community Connector | Best Buy® Corporate|
05-17-2010 07:04 PM
I too have found myself in a similar situations. We moved in March and completely missed the bill informing me of my deferred interest rate coming. Our fault, I know, but we mistakenly applied the wrong forwarding address at the post office. It hadn't been mentioned on any bill prior. I was planning on using my tax return to pay off the remainder of my HSBC account ($998). Now, I have a letter in the mail, that states 7 days ago was the deadline and now I owe ($1600!). I have used this same as cash option twice on this card. Both for televisions. I didn't run into this problem the first time around. I've been using this card for well over 4 years. I've convinced at least 5 friends to do the same. Sarah-BBY or anyone else, I would really appreciate any help you can offer. Or please point me in the right direction. I would love to be able to pay off the $998 like I had planned for the month of May.
By the way, after reading the previous posts, I feel much more calm and confident that BB is willing to help out. I don't think I've seen another major retailer with what seems such a responsive forum.
05-18-2010 03:27 PM
As someone who recently moved myself, I can certainly sympathize with your predicament, but thank you for reaching out to us regarding this, I would be happy to see what can be done to help you too!
As already mentioned here, HSBC is a separate company from us whereby they administer our credit cards to our customers. However, I was able to look into this further on your behalf and have now received what I believe will be some really good news! For additional details please refer to the private message I have sent you by clicking on the “new message” alert in the upper right-hand corner of the page (when signed in).
Thanks again and have a great day!
|Sarah|Community Connector | Best Buy® Corporate|