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, Wed, 19 Nov 2008 19:17:39
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HSBC was the bank behind Best Buy's store credit card program, at least a few years ago when this happened. When I bought a digital camera, the salesman said I could get 25% off of accessories if I made the purchase on the best buy card. I didn't have one so he said he could arrange it over the phone in a few minutes.
First problem is that they wanted to give me a $10,000 line of credit. Here I am in the noisy store talking to someone in India that I can barely understand telling me I would eventually get a plasma TV and sound system and would need all of the $10,000 line. I told them I only wanted a $1,000 line or I would walk and the store guy intervened and finally got them to do that. But they were real pushy on the higher limit. So my purchase is 25% off, six months same as cash, no interest, he says. Great, $500 purchase on the new card, and I'm off.
First bill comes in and I ignore it, its calendared on my computer so I don't forget to pay it off in time in six months. Second bill comes in and I finally get around to opening it and I have a $39 late fee and interest from day one at 24%. Call them and some cubicle honey points out that its not a no payment card for six months, its a no interest card if you make required $10 payments of principal each month and pay in full by the sixth month. Guess I didn't read the 2 point font light grey print on the application in the darkened store, and none of that was explained by the salesman. And oh, she says, the next bill just went out and I already owe another months interest and another late fee, about $100 in all (not including principal) against a $500 purchase. All in 60 days.
I asked for a supervisor and told them that I would take this up with the Best Buy Corporate Office and the NY attorney general's office with a charge of deceptive and predatory credit card practices. Looooong silence and she asks to speak to her supervisor. After a long time on hold, I paid the principal off in full over the phone and they waived the penalties and interest. They did not, however, close the account as I instructed. So yeah, I guess they are great as they did almost everything I wanted. I wouldn't go near them again.
posted by 216.187....
, Wed, 19 Nov 2008 19:17:39
, Thu, 20 Nov 2008 14:46:43, Thu, 20 Nov 2008 16:09:17
, Fri, 21 Nov 2008 15:15:20, Sat, 22 Nov 2008 08:42:24, Sat, 22 Nov 2008 13:21:15, Sun, 23 Nov 2008 14:24:11, Thu, 20 Nov 2008 14:51:14, Thu, 20 Nov 2008 10:33:10
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