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Bust Buy HBSC Complaint - Best Buy HBSC Promotion

Review by eaglemom on 2011-03-13
I purchased items from Best Buy and used their promotion of no interest for 18 months. I have made the minimum payment and more each month. I made my November payment a week early. My dad died 11/22, so I made my December payment 11/24, which is after my November due date, but before my December due date. HSBC charged me a $25.00 late fee because I paid my payment early. I wrote and explained that I HAD indeed made the December payment, in fact I had paid $210.00 over 3 months, which was more than the $90 they had required. They wrote back that they will NOT refund the $25.00, they Are charging me interest for that money and they Are telling the credit bureaus that I missed a payment. I learned from previous experience with these people NOT to try to make double payments. They won't give you credit for the second payment.

So I made the payment AFTER the close of my November payment, but it didn't matter to them. I tried to be responsible and not miss a payment, due to the grief in my family, but they screwed me anyway. My advice to anyone is to use your own credit card or cash. Dealing with them is like getting caught in a spider web.
Comments:12 Replies - Latest reply on 2011-03-14
Posted by momsey on 2011-03-13:
Sorry, but any credit card will do the same. If you make any payment before the new billing cycle starts, it will be applied to the current cycle. Some will be nice and waive the fee, but some will not.
Posted by trmn8r on 2011-03-13:
When you use a "no interest" promotion, you have to make your payments on time, when you are billed. And you pay exactly what they ask, no more, no less. You do anything otherwise, and you will likely end up paying interest from the date of purchase, and the whole reason for using the promotion goes down the drain.
Posted by unhappy999 on 2011-03-14:
I agree with the first poster. Even thought you made the Dec payment after the Nov bill due date, it still counted for November because the new billing cycle had not started yet. There is always a period of time after your due date and before the next cycle starts. So to them, you did not pay the December payment. All the credit cards I have work like this. I once made the same mistake, I learned from it and I pay attention now to the billing cycles.
Posted by saj80 on 2011-03-14:
trmn8r, you are mostly right, except the part about only paying the amount due. I have used the promotions several times, and I calculate what the payment would be to pay the loan off 60 days prior to the maturity date of the interest-free offer, and then send that amount every month. I never wait until the last month to send the final payment, as there are too many things that could go wrong.
Posted by Inat on 2011-03-14:
i've used HSBC form Best Buy since 2004 when I made my first TV purchase from BB (heh, just found the receipt - $1799 for a 30" LCD tv :) )

I have never, ever paid interest on any purchase I've made from BB
Posted by MRM on 2011-03-14:
Inat, $1800, for 30" tv. Whoa Nelly! I have waited till the tv price have come down and the first time I bought a LCD tv is a 32" and it costs $329. Second tv is a 40" and it costs $500.
Posted by momsey on 2011-03-14:
I do the same as saj! I never pay the minimum, because then I'll have a big fat payment at the end, and that would sort of defeat the purpose, in my eyes.
Posted by momsey on 2011-03-14:
It's amazing how much the prices have fallen, huh, Inat? We bought a TV from Best Buy in 2005, I think, it's this big honking thing. It still looks and works great, but it's not a flat panel and it was about double the price of the flat panels we've bought since.
Posted by trmn8r on 2011-03-14:
saj80 -> Personally I spend 5 minutes to call and verify the last payment amount. I don't see the risk in planning to pay as I agreed to do.
Posted by Anonymous on 2011-03-14:
It boggles my mind why anyone would finance a television. It's one of those items that you save and pay cash for. I could never see the point of writing a check for a television that is a year or more old. That's just me

I can see a car or a washer and dryer, but anything else that depreciates doesn't make sense to me. Reviews like this one just tells me that you try your best not to pay no interest and it is still a headache trying to make it happen. Your at the mercy of the financier and if they want to screw you there's nothing to stop them.
Posted by FlShopper on 2011-03-14:
I'm sorry about your Dad. Sometimes a company will waive a fee if you call them personally and explain your situation. It's worth a shot.
But understand that you DID make a late payment and, if they refuse to waive it, you are responsible for that fee.
Posted by momsey on 2011-03-14:
throwback, different strokes for different folks. When I pay $50 a month for a really nice TV, it almost feels like I'm getting it for nothing, even if I have to pay for it for a year or two years.

And it's never been a headache to me for any of the no interest loans I've taken. I've done them through Best Buy, Sears and even Ashley Furniture! I always make sure I stay on top of those bills even more so than I do on my regular bills and I've never had a problem. I get a bill, I pay it with plenty of time to spare. No problem.

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