11-14-2011 09:31 PM
I have never missed a payment with my Best Buy Credit Card but this past weekend my internet was down AND I had to request a new debit card so I was unable to pay my payment until this evening, a day late....maybe 2 days late since I'm sure it won't be posted until tomorrow. I now noticed a 25 dollar late fee on the payment website.... I was wondering if this will break my no interest period? I always pay my bills on time, I would really hate to have to end up paying the interest rate, I can't afford to do this. Any help?
11-14-2011 10:40 PM
I'd suggest you contact HSBC as they're the card issuer and would be better prepared to answer your questions.
11-15-2011 12:04 AM
I'm sorry to be the one to confirm what you seem to already know.
Yes, by being even one minute late with a payment. You have now automatically forfeited the 0% "Free interest" rate that you were promised. You are now being charged the extraordinarily high, exorbitant, interest rate of 29.99%. Charged retroactively to the very first day that you ever used the card, and compounded monthly.
HSBC Bank counts on you to some how mess up and forfeit the 0% rate. That's their game plan from day one. That is their business model. That is how they make their money. So, don't expect them to cut you any slack.
Evidently, you were familiar with the consequences of being late with a payment. But, you still chose to gamble that you could beat a Predatory Lender at their own game. You gambled, and lost.
While I do sympathize with your problem. The only thing that you can do at this point, is to pay up. And hopefully, you will have learned from your expensive lesson. That there simply isn't any such thing as ever getting a "Free Lunch".
11-15-2011 12:07 AM
11-15-2011 09:02 PM
11-15-2011 09:31 PM
11-15-2011 09:59 PM
I believe the CARD Act in 2009 changed the way rate increases due to lates are dealt with. As it stands the best advice is for the OP to contact HSBC as they're the issuing bank and would be able to concretely answer their questions. Anything we post here will just be speculation as it's not up to any one of us.
11-16-2011 12:56 AM
11-16-2011 01:10 AM