• Report: #701226

Complaint Review: HSBC/Best Buy

  • Submitted: Tue, March 01, 2011
  • Updated: Wed, March 02, 2011

  • Reported By: dstadig — Boston Massachusetts United States of America
HSBC/Best Buy
unknown unknown, Minnesota United States of America

HSBC/Best Buy Balloon Finance Charge unknown, Minnesota

*Consumer Comment: You said...

*Consumer Comment: Still not getting the "deceptive" part.

*Consumer Comment: A good deal

*Author of original report: HSBC/Best Buy Deceptions

*Consumer Suggestion: Read your contract.

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I had purchased a computer on an 18 or 24 month no interest deal. be that as it may, I've been making my payments online. The payments (their minimum payments) were always due on the 22nd. Well. I made my last payment on the 22nd and lo and behold, I get an email from these people stating that I owe them $288 in finance charges which are now subject to 26.99% interest. On their online payment site it did not mention this at all. This is deceptive to say the least. I called them and the first guy, who is in India, would take off my payment of $81.23. His supervisor, also in India, would cut it in half. I told them they shouldn't be charging me at all as my payment was on time. I got the same BS story from both of them that my 3 months prior statement said my promo end date was the 16th. I told them that there ws no mention of this on the payment site, which there wasn't and isn't. This company IS the worst and their actually better than they used to be. I have every intent of complaining to my state regulatory authority.

AVOID this company at all costs and I'm DONE with BestBuy, and any company that uses HSBC as the financing arm.

This report was posted on Ripoff Report on 03/01/2011 10:05 AM and is a permanent record located here: http://www.ripoffreport.com/r/HSBCBest-Buy/unknown-Minnesota-/HSBCBest-Buy-Balloon-Finance-Charge-unknown-Minnesota-701226. 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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1Author 4Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

You said...

AUTHOR: Susan - (USA)

You said...

"I had purchased a computer on an 18 or 24 month no interest deal."

Which was it? 18 or 24 months?

Your story makes no sense because there isn't a no interest that says 18 OR 24 months. 

You say you payed on the 22nd. What time or day did the payment clear your bank?
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#2 Consumer Comment

Still not getting the "deceptive" part.

AUTHOR: Flynrider - (USA)


"I had read the terms and know all about these types of deals. I've probably purchased 4 or more computers this way."

  OK, so I must be missing something.   If you read the contract and knew the terms, you would have known that that the "free interest" period was up on the 16th.   Why would you make the last payment on the 22nd?   If this was in the contract, how were you deceived?

  Since you claim to be aware of how these deals work, I'm having a hard time grasping how you think you were ripped off.  

They obviously don't value my business, so mutiply that times how many people this has happened to."

  They do value your business.  But this whole free interest scheme is dependent upon the borrower either ignoring, or forgetting what the terms are.    If they gave everyone a "do over", who would be left to pay the actual ijnterest?












I had read the terms and know all about these types of deals. I've probably purchased 4 or more computers this way. They are especially deceptive in these times after the so-called credit overhaul.
All of my payments were made on time and for at least 3-4 times their minimum. They obviously don't value my business, so mutiply that times how many people this has happened to. HSBC IS a deceptive company who makes their money on these kinds of deals and finance companies like HFC, Beneficial, etc. I will NEVER do business with them again.
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#3 Consumer Comment

A good deal

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

I have done this several times and it can be a very good deal.  It was very clear in the information provided exactly when it had to paid off.  We just made CERTAIN that it was paid off 3 or 4 months ahead so was no chance of timing problems.

If you pay attention, it is a good deal but you have make sure of what you are doing.  It's correct that if something is 'no interest', you better figure out why and make sure you know what you have to do get the deal.  It was very clear to us, in fact the salesman and the checkout people told us and it was also in the documentation we got .

Not a ripoff. 
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#4 Author of original report

HSBC/Best Buy Deceptions

AUTHOR: dstadig - (United States of America)

I had read the terms and know all about these types of deals. I've probably purchased 4 or more computers this way. They are especially deceptive in these times after the so-called credit overhaul.

All of my payments were made on time and for at least 3-4 times their minimum. They obviously don't value my business, so mutiply that times how many people this has happened to. HSBC IS a deceptive company who makes their money on these kinds of deals and finance companies like HFC, Beneficial, etc. I will NEVER do business with them again.
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#5 Consumer Suggestion

Read your contract.

AUTHOR: Flynrider - (USA)

"I had purchased a computer on an 18 or 24 month no interest deal."

    No interest financing always comes with a catch.   Somebody has to pay for the interest.  The catch can usually be found in the fincancing agreement that you signed.  Generally, you don't have to pay interest if you make every payment on time and completely pay it off before the free interest period runs out.    If you don't do both of these things, you'll be hit with the default interest (usually pretty high) for the entire term of the loan.   

"The payments (their minimum payments) were always due on the 22nd."

  That could be your problem.   On most of these loans, if you make the minimum payment, it pretty much guarantees that you won't pay it off before the "free" interest period runs out.   This is pretty common and is detailed in the agreement.

   Basically, "no interest" financing offers are subsidized by the folks that don't bother reading the contract.   Those who know the score will make sure the loan is paid for on time and in full before the term is up.   They are usually outnumbered by those who did not read the contract any further than "No Interest for xx Months". 

  Whenever you are offered something for "free", that's the time to start asking yourself who is really paying the tab.
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