On November 2007 we purchase an entire entertainment system, TV, DVD, etc.., at no interest for three years, The salesman at the Florida store, a very nice man, was very helpful in choosing the system.
When he was making the bill he ask if we wanted the insurance to protect it in case of fire etc...I always decline that because is covered by my home home owners insurance...
Now here is how I got taken..I set up an automatic payment because I was going to be away for few month, I did not look at the online statement at each month because I TRUST THEM. But after a few month I received a past due notice, I decide to check the bill and find that the credit card (HSBC) had added the insurance I have previously decline. (done without my permission)
As a result they where charging $ 27.00 for insurance plus 39.00 fee for being past due each month that keep adding to my bill... UNBELIEVABLY DISHONEST! I end up losing hundreds of dollars! and on top of that, since I wast "late" on payment the no interest offer was cancelled, now I pay 19% apr...!!! ..BEWARE..!!!
It is a very well designed trap...
I made the call to the card co. and was answered on a very very far away country and it is very hard to make them get rid of that insurance protection plan.
It was very frustrating experience witch added many more gray hair to my head.