• Report: #257359

Complaint Review: HSBC A/k/a HSBC Bank Nevada, N.A., Best Buy A/k/a Best Buy Co., Inc.

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  • Submitted: Wed, June 27, 2007
  • Updated: Sat, January 31, 2009

  • Reported By:Miami Florida
HSBC A/k/a HSBC Bank Nevada, N.A., Best Buy A/k/a Best Buy Co., Inc.
www.bestbuy.com Carol Stream, Illinois U.S.A.

HSBC Bank Nevada, N.A., Best Buy Inc. Misleading deferred finance charge billing Ripoff Carol Stream Illinois

*Consumer Comment: What llegal avenues do I have, if any, and what recourse is there now

*Consumer Comment: What llegal avenues do I have, if any, and what recourse is there now

*Consumer Comment: What llegal avenues do I have, if any, and what recourse is there now

*Consumer Comment: I think all of these deferred payment deals are nothing but traps for the unwary

*Consumer Comment: I Saw That

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I have been Best Buy coustomer for many, many years spending thousands upon thousands of dollars at its stores.
I have a Best Buy credit card issued by HSBC Bank Nevada, N.A.
I have always used the deferred finance option on purchases, and always have paid my bill on time to avoid deferred finance charges.
I received my Best Buy credit card statement and it clearly stated prominently in the first box summarizing my account that the new balance was $773.28 and payment due on 6/15/07. I paid the full balance online on 6/15/07 as requested.
I received a bill the following month imposing deferred finance charges of $338.93 on 6/21/07, 5 days after payment in full was made. At the time the deferred finance charges were imposed, there was a $0.00 balance on the account.
I called HSBC customer service, and they pointed out that in fine print at the end of the statement, the full balance had to be paid by 6/10/07 to avoid deferred finance charges.
I explained that their billing is extraordinarily misleading ... at the top of the payment it clearly states that payment was due by 6/15/07, and the balance was $773.28, which I paid in full in compliance with the stated due date and the full balance due. I was in disbelief that they could impose deferred finance charges on 6/21/07 which was 11 days after the promotional period had expired, and 5 days after payment in full was received. How could they impose deferred finance charges on a zero balance?
My pleas to the HSBC supervisor resulted in an offer to waive 1/2 of the deferred finance charges. I refused the offer and insisted on a full credit of the deferred finance charges because the billing is extraordinarily misleading. HSBC refused to make the adjustment, and I asked them to immediately close my account ... I stated and vowed that notwithstanding my many years of being a loyal customer of Best Buy, I would never, ever step foot in Best Buy again.
I then called Best Buy, who was totally nonchalant about the event. Best Buy claimed it could do nothing about the credit card billing becasue the card is issued by HSBC ... Best Buy claims to have no control or access to the credit card billing. Interesting ... Best Buy doesn't appear to have any problem posting charges to the credit card for purchases at its stores, and uses HSBC as its credit card issuer under the Best Buy name, but it can't adjust any of the charges?
Well, of course, I stated to the Best Buy representative that I will never set foot in its stores again, and I would dispute the deferred finance charges and investigate the possibilty of a class action lawsuit against Best Buy and/or HSBC.

Guess I'll look for the nearest Circuit City store from now on.

Raul
Miami, Florida
U.S.A.

This report was posted on Ripoff Report on 06/27/2007 08:50 PM and is a permanent record located here: http://www.ripoffreport.com/r/HSBC-Aka-HSBC-Bank-Nevada-NA-Best-Buy-Aka-Best-Buy-Co-Inc/Carol-Stream-Illinois-60197-5238/HSBC-Bank-Nevada-NA-Best-Buy-Inc-Misleading-deferred-finance-charge-billing-Ripoff-Ca-257359. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 Consumer Comment

What llegal avenues do I have, if any, and what recourse is there now

AUTHOR: Richard - (U.S.A.)

I have also been mislead by the exact same conditions stated in your HSBC finance charge misrepresentations. I also refused to settle for half the claimed interest that HSBC offered.

But now the debters are calling, and threatening. Do I have any recourse at all or should I face them in court (will they go that far?).

Please help with any guidance. This has been going on for a year. I have perfect credit and have always paid my bills but this matter is a moral issue that I refuse to give in to. Am I blind of further consequences.

thank you
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#2 Consumer Comment

What llegal avenues do I have, if any, and what recourse is there now

AUTHOR: Richard - (U.S.A.)

I have also been mislead by the exact same conditions stated in your HSBC finance charge misrepresentations. I also refused to settle for half the claimed interest that HSBC offered.

But now the debters are calling, and threatening. Do I have any recourse at all or should I face them in court (will they go that far?).

Please help with any guidance. This has been going on for a year. I have perfect credit and have always paid my bills but this matter is a moral issue that I refuse to give in to. Am I blind of further consequences.

thank you
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#3 Consumer Comment

What llegal avenues do I have, if any, and what recourse is there now

AUTHOR: Richard - (U.S.A.)

I have also been mislead by the exact same conditions stated in your HSBC finance charge misrepresentations. I also refused to settle for half the claimed interest that HSBC offered.

But now the debters are calling, and threatening. Do I have any recourse at all or should I face them in court (will they go that far?).

Please help with any guidance. This has been going on for a year. I have perfect credit and have always paid my bills but this matter is a moral issue that I refuse to give in to. Am I blind of further consequences.

thank you
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#4 Consumer Comment

I think all of these deferred payment deals are nothing but traps for the unwary

AUTHOR: Thomas - (U.S.A.)

so I avoid them. If you carefully read through the typical "12 months same as cash" deal the fine print always says you must pay it off *within* the 12 month period starting with the purchase date or they will nail you for interest calculated over the entire 12 months- effectively doubling your interest rate since your *average balance* is 1/2 the original balance. I would suggest avoiding these deals or pay them off one month ahead of time. If you make you last payment in the last month it is due I will bet you it 'will be late'.

Staggering the charge card payment due date away from the "12 months same as cash" deal payment due date which based on the purchase date is really, really clever. What will they think of next?
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#5 Consumer Comment

I Saw That

AUTHOR: Cory - (U.S.A.)

I saw that same identical thing on my last 6 month no interest deal. IF you didn't pay attention to your bill they got you. It had to do with when the item was purchase and when your billing cycle came up. What it boiled down to was you got 5.5 months of no interest. When my FIFTH bill came in and that payment was due on the 28th AND THE TOTAL AMOUNT HAD TO BE PAID OFF BY THE 10th OF THE FOLLOWING MONTH, I looked at it once, I looked at it twice and the third time I think, what a rip. If I hadn't looked at it closely and paid attention, I would have been late UNDER THEIR TERMS and owed the full amount of interest. So I just paid the full amount on the fifth month and was done with it. If you've seen any of my other post about how it takes 12 or 13 days for a payment to go from Tx to Ca, that's another rip.
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