HSBC Complaint - Ripped off by HSBC

Posted by warddw1526 on 2010-09-16:

I believe that the late payment fees are just added to the total owing. And the interest is calculated on the total owing. The quicker you can get it paid off, the better.

Posted by FlShopper on 2010-09-16:

Paying this off should be your main focus right now. Worry about taking your complaints further later.

Posted by momsey on 2010-09-16:

What furniture? Were you wrongly charged for furniture?

From what I understand from the review, you didn't read your bill and therefore didn't pay it properly. What do you want the government to do about that?

Posted by justcuz on 2010-09-16:

What is the interest rate on your card? I don't think two late payment fees could account for $700 in interest fees over the year, but yes they (and all CC companies) do charge interest on the late fees, too.

Big ticket items like furniture really should be saved up for and paid in full rather than charging to a CC, unless a person is able to pay off in 30 days. Depending on how long ago you bought the furniture and how much you paid for it, what your interest rate is with HSBC.. $700 in interest is not unlikely. Good luck paying this off and being done with them!

Posted by MRM on 2010-09-16:

It has been 9 months since commencing on my New Years Resolution in paying off my balance and so far, so good. Slowly, but surely.

Posted by Obsfucation on 2010-09-16:

Is this a case where you had an interest free loan until you had late payments, then you incurred all the interest? That's how they work.

Posted by FlShopper on 2010-09-16:

Is it one of those accounts where interest is accrued but deferred for the first few months? If you are late once, they will add on the entire amount of accrued interest to the balance and then charge interest on the new higher balance (which also includes the late fees).
What was the original amount charged to the card?

Posted by FlShopper on 2010-09-16:

Obsfucation...looks like we had the same thought at the same time!

Posted by Obsfucation on 2010-09-16:

Indeed.

Posted by momsey on 2010-09-16:

Obs and Fl, I bet you hit the nail on the head there! That didn't even occur to me. I bet that's it, the only HSBC card I have is my Best Buy card, which I only use for those interest free financing deals and I make sure that bill is taken of before any other bills.