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CG in Virginia said: “My name is (redacted) and on June 22, 2008 I established a credit card relationship with HSBC at Best Buy. The terms of the account, as noted to me by the store employee was 24 months no interest, no payments. I purchased an Apple iMac and a Sony Laptop computer, the total purchase made was $1,992.96.
I received my first statement late June 2008. I didn’t immediately open the statement because I thought I didn’t have a reason to, because it was 24 months, no interest no payments. I am sure you can imagine my surprise when I did open the statement and learned that I had a $20.00 payment due on the account. The payment was due in a few days, so I went online and set up an automatic payment to go to HSBC on a monthly basis. The payment was set up and paid to HSBC on 7/31/2008. Since I set the payment up for a reoccurring transaction, to be taken from my account each month, I didn’t look at the next statement. The same thing happened the next month.
I was surprised when I received a phone call in late October, learning that my account was past due and there was money owed on the account. When I learned how much was owed, I modified the payment amount and sent in the extra moneys (They don’t just double the minimum payment, they add on finance charges, which I wasn’t supposed to pay for the month, which brings the minimum payment higher than the addition of the two consecutive month minimum payment. Ie. $20.00 + $20.00 + $9.00 finance charge) I then learned, about a week later that my account was still past due. So i sent in more moneys (as seen below). At this point, I assumed my account was current and began sending in $30.00 payments.
During this time, I mentioned to the HSBC associate that I had paid my account on time, the first payment – they said that according to their records I was late. So they told me to send them copies of my bank statements telling them and showing them where it cleared my account. I did this, while bringing my account current because I thought they would actually correct their error.
I learned in December, that my account was past due yet again. This time because I had “defaulted” on my terms and was now responsible for paying the interest on the account each month. My minimum payment had changed from $20.00 to around $110.00 (which is outside of my budget). About this time I received a response in the mail from HSBC declining my request to credit fees. I was also told that HSBC had begun reporting this account delinquent to the credit bureau agencies.
I was furious. I explained the situation to the phone rep and she advised me to go into the Best Buy where I purchased the computers and complain loudly. That a Best Buy Manager would reinstate my terms on the account – but that was the best should could do for me. Needless to say, I didn’t take her advice. Instead I decided to write complaint letters to HSBC, none of which they have responded.
To this date, I have paid around $450.00 on my loan to HSBC. However, my current balance is $2,218.73, not $1,542.96 as it should be, and it is $225.77 higher than what the original loan was, and includes the $450 I have paid them. When I talk to HSBC they tell me that I have to pay $333.00 to bring my account current, but current does not mean reinstating the fees that have been assessed to my account because of their error, nor fixing my credit rating, nor returning to the terms of the account – 24 months no interest.
I ask you to step in and help educate HSBC on customer service and banking regulations. What they are doing is immoral and wrong. I have made a payment on my account monthly, according to the terms the account was established. Even when I was told that I was delinquent, I made multiple payments to bring the account current and in good standing. I have provided them with the documents to prove my case and have subsequently been declined. It is financial institutions such as HSBC that are full of greed and corruption.
I simply want the terms of my account reinstated, the finance charges and past due fees waived from my account (all of them), and my credit rating with HSBC reversed so that this does not tarnish the hard work I have taken to establish a decent credit rating for myself.”
This article, Another HSBC Best Buy credit card complaint about no interest, is just one of our articles from Bank Horror Stories, HSBC Secrets
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