BestBuy.Com

[arodr91]

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?

[AaronE]

I'd suggest you contact HSBC as they're the card issuer and would be better prepared to answer your questions.

[hockeycanuckjc Trusted Contributor]

It takes more then one payment to mess up the record you will be fine but since you have a special circumstance they  might be able to work something out. 

[Bob_A]

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". 

Good Luck

[CrystalWoW Community Veteran]

Bob that is most likely not correct and you have no knowledge of their account otherwise so I suggest you don't comment when you don't know if that is the case. The only person who knows is the OP when they call HSBC and ask. It takes two late payments or misses payments or the end of a promo missed to trigger the interest.

[Bob_A]

CrystalWoW said:

"Bob that is most likely not correct and you have no knowledge of their account....."

In fact, I have the irrefutable knowledge, coming directly from the Credit Card account holders above post, that the account holder was one or two days late with a payment.

CrystalWow also said: 

"It takes two late payments....To trigger the interest" 

I also have irrefutable knowledge of the Terms and Conditions of the HSBC Credit Cards that are promoted by Best Buy. As very clearly stated on Best Buys own Website. Written by, or for, Best Buy.  Stated without any ambivalence, in very plain English language. Language that, IMO, would be correctly understood by most any 8th grade school student.

Crystal, we have been over this same ground before. So, I know that you already know better. However, in deference to your very convenient memory lapse. Here again, is EXACTLY what it says.

"Interest will be charged to your account from the purchase date if the purchase balance is not paid in full within x months or if you make A late payment"

 If you prefer, you can refresh your memory(again) by reading the T&C directly from the BestBuy.com site. Here >

http://www.bestbuy.com/site/null/Credit-Cards/pcmcat102500050032.c?id=pcmcat161200050007 

If it Is it really necessary for me to give you English Grammar lessons. I would call your attention to the fact that it clearly states: "make A late payment". A payment is the singular version of payment, as in ONE payment. As opposed to the plural version of payment, which is paymentS, with an S attached at the end of the word payment. If HSBC intended for their T&C to dictate forfeiture of the 0% promo rate only after TWO payments were late, instead of only one payment being late. Then it would clearly state TWO PAYMENTS, instead of "A Payment". 

However, perhaps even more significant. Is the fact that quite a few people have posted in these forums. Complaining that they are being charged large sums of retroactive interest by HSBC. Because they were late with just ONE payment. And I know that you know of such posts. If for no other reason than the fact that I publicly brought your attention to at least one such post.

To put it as kindly as possible. You should be embarrassed by your (very convenient) memory lapses. 

CrystalWow also said:

"..So I suggest you don't comment..."

There have been quite a few times. When visitors complained about Spin Doctors, and others, who Spammed their threads by posting pointless, or very negative, or argumentative, or very critical of the OP posts, that are totally devoid of any productive advice. And which only serve to inflame the issue.  So they asked the offending poster to stop commenting in their thread.

Whenever anybody posts such a comment, asking that the offender stop their unproductive comments. You, Crystal, immediately jump in to the thread. And give a strong lecture about how this is a public forum, and therefore, anybody and everybody has a right to comment as they please.

However, now, when that same doctrine of yours. Of anybody having the right to comment as they see fit. Is not convenient to your role as an obsessively dedicated senior member of the resident cadre of Best Buy Spin Doctors. You have the unmitigated gaul to tell me that I should not comment. 

Most any objective person who reads more than 2-3 of your posts. Soon comes to recognize you for the obsessively dedicated Best Buy shill that you are. Which makes you little more than an amusement to readers.

While I may find Spin Doctors to be amusing. I find hypocrites to be intolerable. 

________________________________________________________________________________________________

                                                     BEWARE THE BEST BUY SPIN DOCTORS!   

[DanK Best Buy Employee]

I understand you're not a fan of HSBC, and obviously it's true that their purpose is to make money... but they're not as evil as you think. They are often willing to work with you, and I don't believe being a few days late on one payment will cause forfeiture of your promotional financing.

[AaronE]

Bob, 

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.

[CrystalWoW Community Veteran]

We'll try this again. You have ZERO knowledge of the op's account unless you stole their account information and called HSBC for them. Unless you are the op, you have NO intimate knowledge of their account whatsoever. Best Buy's site has no bearing on your terms of your account through HSBC. To put it kindly you should be embarrassed of your treatment of others, including the OP who sought information and help from the community connectors who actually can look into the account and receive information on it's status. You misunderstood my do not post. Feel free to fill up people's threads with your propaganda, however, do not post an absolute that yes something has occurred with their account unless they post that this has already happened. As the forum terms and conditions state, do not post about matters you have no knowledge of such as the fact that you do not know whether or not the op has lost their promo. You have zero clue either way, just like I don't. They may have very well lost their promo due to this and other account payment issues but we don't know this as it isn't our account so don't say otherwise. Anyone who bothers reading your posts sees that you are extremely biased against HSBC so much that you have blinders on about them and any comments made about them that aren't negative. No need to continue your name calling either as again, that is against the forum terms and conditions. I find continually upsetting posters when you have no knowledge of their account [who by the way may assume you do since you post the absolute that something has already taken place] intolerable and reprehensible.

So to the OP, sit tight and a community connector will be along to see what is currently and actually going on with your account. The best person to contact however, is HSBC as they can pull up your entire account history and let you know if your promo is in place or not.

[CrystalWoW Community Veteran]

and for clarification purposes, interest rates vary by account type and credit history so the figure you gave may be incorrect, and interest is not charged back to the first time you ever used the card as each promotion is separate. If you did incur deferred interest charges, they go back to the first date of each promotion you may have going, not purchases that may have been paid off before you started any promos that are currently active. Interest is charged separately on each promotion if you were to incur it.