Best Buy Complaint - Bill Payer Beware!!
Best Buy gets all my business for electronics, camera equipment, music, etc. I typically find their staff helpful and of good humor.
With two teenagers, we tend to spend a lot here and it's not unusual for us to carry several thousand dollars of charges on their card, almost exclusively under their "no interest" credit plan. (This plan allows you to avoid all interest charges for anywhere between 12-18 months if you pay a minimum amount on time every month and the remaining balance according to their schedule.)
It's basically free money to the consumer if they follow the rules.
I noticed a monthly fee entitled "Debt Cancellation" last month on my bill and assumed it had something to do with the extended payment plan. (I've only recently taken over the bill paying from my time starved spouse.) Called yesterday and was shocked to find out that this "Debt Cancellation" program (which I evidently must have checked a box on when I opened my account) a) cover 10% of your debt per month if you die or are disabled; b) will pay to repair or replaced anything purchased on the card; and c) pay to replace anything stolen.
OK--here's the catch: .9% of your monthly balance is charged to your card for this service, every month. Buy a Tv, entertainment center, laptop and BluRay and put $5,000 on your card--no interest--and you'll be charged $45 per month and will continue to pay. 9% until the bill is paid. Think about it folks--no interest, but 10.8% annually for stuff that is probably warranted anyway for 18 months until the item is paid for!
Here's a couple of questions for Best Buy:
If I have this protection, how come your store salespeople still push me to buy extended warranties on all my purchases? How come they don't know that I have this? And if I bought an extended warranty shouldn't I get a refund?
How come, when I tell the guy my camera was stolen overseas a month ago and I want to file a claim (why not since I had this coverage I didn't even know about?) he tells me I had to have a police report to collect? Really? A police report on a $300 camera stolen in Italy?
How come, when I tell the guy on the phone to cancel my coverage, he offers me the reduced rate of. 25% instead of. 9%? That's a double insult.
Please, please please check your bill for this bogus charge and then determine if it's worth it to continue. I will still shop at Best Buy because of their selection and prices, but eventually I will find someone to talk with about this. The guy on the phone suggested I talk to the Manger at my local store. Please.....
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