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HSBC is cutting back in the U.S. after its 2003 purchase of Household International Inc. required it to set aside more than $65 billion for bad loans

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Bestbuy zero interest plan upset

Fact Checker — PK in Washington said this recently: “My Best Buy account previous balance was $532.47. My latest bill shows interest charged of 344.66 raising the bill to $827.13. What is this? I haven’t bought anything for quite some time. I was also charged $25.00 for a late payment reversal even though the payment was not late.”

It seems Bestbuy and their finance department has not changed in over ten years. This is a common complaint, and many customers thought protection under new credit card laws would stop abuse.

Under current law, if a payment is late – a debatable issue with Bestbuy – interest is not automatically charged unless two payments are late in twelve months. Amazon.com financing respects that rule of law. Does Bestbuy?

Perhaps we do not have all of the facts. On the other hand, a late payment fee was reversed. Why wasn;t the interest reversed at the same time? We report so you can decide…

Posted By Timothy Blake

HSBC Watch is a watchdog and consumer activist coalition.

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UPDATE NOTE: HSBC car loans were sold to Santander USA in 2010 :: Most HSBC credit cards became Capital One credit cards in 2012 :: HSBC horrible predatory home mortgages are in run-off