Report: #457480

Complaint Review: Best Buy And HSBC Bank

  • Submitted: Mon, June 01, 2009
  • Updated: Sun, May 09, 2010
  • Reported By: Fajardo Other
  • Best Buy And HSBC Bank
    City Of Industry, California

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On Jan 24,2009 I bought merchandise at Best Buy. I was given a credit plan with no finance charges until 2010. The finance bank is HSBC in California.
My contract and purchase slip say that I should make a monthly payment to avoid late charges.

I was informed on line that I should pay $10 per month.
Based on that I paid: $50 in Feb 18, $50 in March 4, $50 in April 6 and $50 in May 25.

On May 7 2009 I received charges of $39 per month retroactive for every month. When I called them for help I was told that "thats how they do it".
I am paying at the beginning of each month five times what they require. Can't understand. Is this a ripoff?
I continue to try to get them to reason things out but they do not answer my emails.

Puerto Rico

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This report was posted on Ripoff Report on 06/01/2009 05:22 PM and is a permanent record located here: 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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#1 Consumer Comment

Late Fees

AUTHOR: Mark A - (USA)

This is what I have experienced. You get credit for a purchase of, let's say $400.00. They say that you have 0% financing for 6 months. You may only have a $10 minimum payment. You can make that Minimum payment on time every month but if, within the 6 months, you don't pay off the entire purchase or "promotion" amount, the will charge you the interest for all 6 of the months from the time of purchase. The 0% interest is conditional as to payment in full before the 6 month promotional period expires.

These figures are hypothetical and this is only from my experience. It is shady propaganda and if you don't read the extremely long fine print you will lose. Its designed that way.

I hope this helps

Mark A
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#2 Consumer Comment


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

Well, I don't know when your due dates were, but I send mine by mail at least 2 days before the recommended mail date, which is over a week away. I live in Iowa and the money is mailed to Illinois. Yet twice now I've had them charge me for having a late payment of one day late. This too me sounds like a lie, I am currently mailing my letters with a confirmed delivery where the post office informs me when the letter shows up. So far its only taken 2-3 days, so I'm starting to wonder if its not a lie. Again I don't know about your issue, but it wouldn't suprise me if it was just them.
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#3 Consumer Comment

It DOES sound like you were late, not ripped off

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

I have to agree with Ashley. From the payment schedule you claim (Feb 18, Mar 4, Apr 6 and May 25), it sounds like you were making your own due dates. When did the COMPANY tell you the payments were due? I have never had a credit card in my life that allowed more than 30 days - 25 is the norm now - to make payments (Apr 6 - May 25 is almost TWO months - there is no way that the May payment was on time). $39 is a pretty standard late fee amount. Also it is clear you are not presenting the entire situation ("...I was told that's how they do it." Do what?). I used to work for a major credit card company, and heard something similar to your, "I paid five times the amount due" argument all the time. It does not matter the amount of the payment. You must make payments every month BY the due date to avoid late fees with ANY credit card. Check online again. I'm sure that wherever it was that told you to make $10 payments, it also gives a date by which to make them. You were NOT ripped off.
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#4 Consumer Comment

Late fees

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

You were probably late. It does not matter how MUCH you are paying each month, you still have to make a payment above the minimum before the due date on your credit card every month. Since you missed a due date and you were late, they are probably going to charge you finance charges now for not living up to your end of the deal.
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