Best Buy - HSBC Credit Card Services - "The Biggest Rip Off" Late charges and high finance charges on a 0% APR account promotion City Of Industry California

when you sign up for a credit card the Sales Rep doesn't have to tell you all the details... they can even outright lie to you & NO Government agency Will do anything about your complaint .. here's why.... Written contracts override verbal agreements... every customer signs a written credit application and the terms are avail .. even if you filed a small claims court against HSBC/Best Buy the Judge will ask one simple question.. "do you know how to read?" yes.. case dismissed...

I'm going to highly suggest you immediately pay all the lates fees, financial charges etc. you might refuse out of principal.. but here's what's going to happen if you don't

1) countless phone calls at both Home & work from collection agency..
2) the collections agency may file a case against you or attempt to have your wages garnished... some employer's (check with your own HR dept) don't allow garnishments since it's a headache for payroll.. since it's a court judgement and your employer MUST Legally comply .. the solution is simple.. YOUR FIRED! problem solved (other employer's has a policy of doing this for employees that don't pay thier child support & the state attempt to garnish)

3) they will report this to all 3 credit agencies & your Credit (FICO) score will probably drop down to 500 good luck getting any new credit cards or getting a home loan 4) your Car (or Home) Insurance renewal will arrive in the mail.. and your rates just when up $300 for the next 6months because your a high risk (some states even allow an insurance agency to cancel your car insurace based solely on your credit score.. even if you have zero tickets or accidents.. check with your State Insurance commissioner office.

the best deal is to ASK Questions and assume there is a "catch" somewhere (typically it's 0% for 12 months differed, min payments are required, miss a single payment and the rate goes up to 28% if you don't pay off the bill within the 12months (which you will never do just by making the min payment) interest is charged all the way back to the first day of the charge.. meaning on month 13 add an additional interest charge of $200 to your bill

given the recent economic situation, Bank are going more conservative ... people need to pay more then the min payment due on EVERY Bill you have.. missing one single payment with another credit card.. is enough for them to raise your rate to 25% and drop your credit line.. (which will hurt your credit score) Banks are checking credit scores weekly.. if you have 15 credit cards with $1000 credit line each.. and you owe $12,000 (high debt to credit ratio) that's another trigger.. there paranoid your about to go bankrupt.. HSBC doesn't want to be the next WAMU (washington mutual bank) that went under because people couldn't pay them back..

in short.. the days of easy credit are over..

You opened the account at the promotion rate, made one payment, and then you were LATE for a subsequent payment.

The late payment is what triggered the "late fee" and the "default interest rate" (ending the promotional interest rate.)

This is NORMAL and I don't think you have a prayer in beating it. The best thing you can do is payoff the late fees and CLOSE THE ACCOUNT before they actually send it to collection, and worse, report it to the CRAs so it appears on credit reports about you.

Your LATE PAYMENT is what triggered the end of the promotional rate and late fees.