Complaint Review: hsbc polaris card - carol stream Illinois
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hsbc polaris card hsbc is a rip off carol stream, Illinois
*Consumer Suggestion: Ridiculous
*Consumer Comment: Class Action Lawsuit?
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I bought a motorcycle back in 2007 in michigan at a dealer on there new credit card the polaris card , well it was the worst thing i ever did my payments were to be 57.00 a month well i sent 80.00 a month i called to see what my balance was and they say i still owe 4,000 dollers on this bike well h*l the bike was 3, 999 and i could not understand why they could not give me a reson eather and iam not paying for this bike twice , i need help does anyone know of a class action suit on them or of any help !!!!!
This report was posted on Ripoff Report on 05/11/2011 05:22 AM and is a permanent record located here: https://www.ripoffreport.com/reports/hsbc-polaris-card/carol-stream-illinois-60116/hsbc-polaris-card-hsbc-is-a-rip-off-carol-stream-illinois-727942. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#2 Consumer Suggestion
Ridiculous
AUTHOR: W. - (USA)
SUBMITTED: Wednesday, May 11, 2011
If you are paying $57.00 a month you are going to pay it off for a lot longer than 4 or 5 times over. Assuming an interest rate of 19.99%, which is normal for a credit card, and a balance of $4000.00 you aren't even paying the monthly interest charges, let alone a good amount of the principle. I see nowhere in the report about them not applying a payment, or some other type of problem with your account other than you are paying pennies for a motorcycle and are pissed that its not paid off. If you can't calculate interest than you shouldn't be borrowing any money.
#1 Consumer Comment
Class Action Lawsuit?
AUTHOR: Robert - (U.S.A.)
SUBMITTED: Wednesday, May 11, 2011
Typical reaction of someone who doesn't understand even basic finances. Not even taking into account what it takes to get a suit to Class Action Status that is just a naive statement.
When you got the bike you didn't just pay the price of the bike $3,999. You need to include Taxes, Registration, and any other "extras", such as warranties or accessories, you bought. Depending on the "extras" that can easily add a few hundred or more to the starting balance.
What is your interest rate? Even if they gave you 0% interest through the entire balance you are talking around 6 years(at least) to pay it off. Did you have a promotional rate? Very often these "cards" have promotional rates for the first couple of years, but after that time the interest rate increases.
If you only pay the minimum, or close to it, you will not pay for the bike twice. It would probably be more like 4 or 5 times. But this is how credit cards work. Now, if you don't pay it then the only suit will be the one they file against you, and they will prevail.
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