• Report: #765405
Complaint Review:


  • Submitted: Mon, August 15, 2011
  • Updated: Mon, August 15, 2011

  • Reported By: AST — Carlsbad California U.S.A.
Internet United States of America

HSBC HSBC / BestBuy "deferred interest" Internet, Internet

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After making every payment timely, HSBC and/or BestBuy arbitrarily and without notice, appplied and interest rate of 24+% to PREVIOUS balances after the no/low interest rate period expired.

I was told by BestBuy and logically understood at the time of purchase that after the "teaser" period expired, whatever balance remained would accrue interest at market rates.  With 10-year Treasuries at 2.2%, 25 is a tad high IMO. :)

An HSBC offered to remove 50% of the interest charges on the condition that I immediately pay the outstanding balance which still included 50% of "rip-off" interest.

Even if you dispute charges (of any sort, for any reason), these big cap companies are prone to slaughtering you at the credit bureaus.  I could not take that chance, so I paid the extortion.

I have asked BestBuy/HSBC for any and all written agreements.  I  plan to request a credit (now refund) of the improper interest charges, and refer the matter to consumer complaint organizations and my atty general.

Since I will never buy anything from BestBuy and/or HSBC again, I asked their rep why they engage in these practices since it must cost them much more in ill will then it generates in ill-got profits.  The rep just snickered.
In fact, i was about to make a monster purchase of appliances and TVs.  All of mine are now 7+ years old.

This report was posted on Ripoff Report on 08/15/2011 12:49 PM and is a permanent record located here: http://www.ripoffreport.com/reports/hsbc/internet/hsbc-hsbc-bestbuy-deferred-interest-internet-internet-765405. 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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