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New Member
Posts: 3
Registered: ‎10-03-2019

Deferred Interest Scam

[ Edited ]

Hello,

 

I purchased a laptop from Best Buy on 10/31/17. I was told by the salesperson that I would be 18 months of paying no interest. At  no time did this person tell me that if I didn't pay the balance in full I would be charged back interest. Today I looked at my statements and I found that the current balance is just about what I paid for the new laptop and that in month 19 I was charged $678.58 in back interest. Remarkably the interest rate is 27.49%!

 

I spent 30 minutes with Citibank speaking to four different people. I told them that I felt the "Deferred Interest" promotion was a scam. Shame on me for not reading the fine print and not reading my statements carefully. They did tell me that I was not the first person to have fallen to this misleading promotion. 

 

Is there any recourse? I've offered to pay the the card off (minus the $678.58) but I was told that this was not an option as I didn't make this offer within 60 days of the promotion ending. If they had sent me an email warning that the promotion was ending this would have been avoided. 

 

Yours,

 

 

David {removed per forum guidelines} 

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Valued Contributor
Posts: 1,761
Registered: ‎02-07-2011

Re: Deferred Interest Scam

That is literally how every no interest promotion works, everywhere. Menards, lowes, Sears, it's all the same, and has been for 20 years. It's not a scam and it's your responsibility to read the fine print, not anyone else's to do it for you or remind you.

That being said, that is an unfortunate situation, but Best Buy has no control over your account, CitiBank is the only one that can do anything about the charges.
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New Member
Posts: 3
Registered: ‎10-03-2019

Re: Deferred Interest Scam

You are correct. It is my responsibilty. But...they had my email address. A customer service-centric company might have been able to give a heads up, rather than see my error as part of their profit center.

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Posts: 874
Topics: 66
Kudos: 174
Solutions: 38
Registered: ‎10-19-2017

Re: Deferred Interest Scam

Hi there, David,

 

Welcome to our Best Buy forum community! 

 

I'm a huge fan of our flexible financing, so I can certainly understand why you'd be excited to take advantage of the 18-month financing option with our My Best Buy Credit Card. That said, it hurts me to hear that you were unaware that you would be charged interest if the amount wasn't paid in full by the end of that time-frame. 

 

One thing that I love about our card is when you go to make a payment each month, it will show exactly when the flexible financing ends, as well as the amount that needs to be paid off by that time, so I don't have to keep track of it on my end. However, if you set it up your account for automatic payments, I can understand how that feature could have been missed.

 

While I know this isn't the answer you were looking for, nckhammond is correct that Best Buy's Credit Card support through Citibank would be the correct route for having any options explored regarding that interest. You can get in touch with them by calling (888) 574-1301. 

 

Best Wishes,

 

 

Elle|Social Media Specialist | Best Buy® Corporate
Give Kudos if you like this post or Accept as Solution if it answers your query!
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New Member
Posts: 5
Registered: ‎10-29-2019

Re: Deferred Interest Scam

Hi David,

 

My fiance is going through the same thing. Have you been able to get this resolved in any way?

 

-Courtney

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New Member
Posts: 3
Registered: ‎10-03-2019

Re: Deferred Interest Scam

Not at all. I'm trying to pay it of ASAP.

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New Member
Posts: 5
Registered: ‎10-29-2019

Re: Deferred Interest Scam

Ugh, very frustrating!

If only they could take off half that interest as a courtesy! Removing $225 from $550 (or whatever) would help some even!