02-20-2013 02:23 PM
Hello Best Buy person
I am not sure where to direct this issue on here if this is the wrong place and to be honest I am too upset to call about it at the moment. I accessed my online account to find that my balance had literally doubled just recently since my last statement.
Apparently an item I purchased more than 3 years ago was on some kind of promotion that I was not fully aware of at the time of purchase and I am now being charged "back" interest on the full amount and the amount of interest being charged to my account was $880 and is ~ a) just about DOUBLE my most recent balance b) a COMPLETE suprise c) I literally will not be able to pay d) not at all reasonable.
I know Best Buy uses HSBC but I need to know what to do here because I struggle to make the payments as it is and without notice my minimum payment doubled and my outstanding balance has doubled. This is not at all reasonable. In the Service world ~The service or lack thereof from HSBC chosen as your vendor represents the service of Best Buy in my opinion since you use them which is why I am starting with Best Buy to work towards a resolution.
02-20-2013 02:41 PM
Your best bet is to call Capital One/HSBC and discuss the matter with them. In situations such as this, folks have had some luck getting their interest reduced by half or more. Best Buy has no power over Capital One/HSBC. A Community Connector from Best Buy can contact them for you, but can really only act as a middleman. From my perspective, though, it would seem more effective to call for yourself.
That said, I agree that the interest is crazy high, but when it all comes down to it, this is the contract you agreed to, and HSBC/Capital One is just upholding their end of the contract. From what I've been told here, you have to select on the keypad, during purchase, whether you want Traditional Financing or the Deferred Interest promotion on the purchase. Additionally, every statement has information on your promotion, including the amount of the accrued interest and the promotional payment deadline. They put reasonable effort into ensuring that you are aware of what is going on, but you should never expect them to go above and beyond in that regard. This is exactly how the bank makes money from these promotions.
02-20-2013 02:44 PM
02-26-2013 11:20 AM
I am sorry to hear that you may have been unaware of when your promotional financing offer ended. For future reference, Best Buy credit card users are able to check their account balance, promotional financing expiration dates, and much more by logging into the Manage Your Accoun page.
Hydrogen is correct in saying that Best Buy does not have control over the credit card account billing process. I would back his suggestions and ask that you get in touch with Capital One as soon as possible to see if they will work with you regarding this issue. Their customer service number is: 1-800-365-0292.
If you contact Capital One and a resolution is not reached then I would be more than happy to reach out to them on your behalf. I must state again that the final decision made is at the discretion of Capital One. They may or may not choose to listen to my suggestion. Again, I am more than happy to contact them for you, but it may not change the outcome.
If you would like me to reach out to Capital One, please send me a private message with your full name plus the address and phone number associated with your Capital One account.