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Best Buy / credit card interest rate

1 United States Review updated:

Do not purchase anything from best buy on their rewards or finance charge cards!!!

It's a total ripoff. I purchased a $1500 plasma tv back in feb, on their reg finance card. They were offereing a promotion of 6 months free of interest, with minimum payments to be made. I knew after the 6months that I would start to charged interest, but was I shocked to know that the interest was 19.5% + a defered payment charge of $165? So, every payment that I made went out the window & basically I owe as much as I did originally when I made the purchase in feb!!! That's crazy. I talked to the customer service & they basically told me, oh well, you should have read the fine print! Well, I hope they can read my fine print here, because I will never shop with best buy ever again! I put this as a warning to all potential future credit card purchasers as well, dont do it!!!

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Comments

  • Da
      10th of Oct, 2008
    0 Votes

    On November 2007 we purchase an entire entertainment system, TV, DVD, etc.., at no interest for three years, The salesman at the florida, 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.

  • Ro
      4th of Apr, 2010
    0 Votes

    i wll never shop at bestbuy again they will totaly ripp you off. i was a hundred and sixty dollars from paying my card off. when i checked my account to pay off the one hundred and sixty dollars i found that bestbuy had added an extra five hundred dollars in intrest at 20%. when i called customer service they told me you need to read the fine print. i spoke with a maneger and he did cut the five hundred in half. but the catch is he told me that they are acrueing intrest fees and they submit them when they want . all i can say is best buy is the reason many people have credit problems. i was an eight year card holder of bestbuy and this is how you treat your best customers. will never ever shop there again. r.c.

  • Ca
      7th of Sep, 2010
    0 Votes

    i bought a 1200 dollar laptop on bestbuy card, they said no interest for 1 year. after the year promotion they charded about 24.5% apr. basically i paid 1700 for this laptop? pretty weird. i thought it was free interest i didnt know i would be paying the entire entrest for the first year after the first year...

    i called customer service (its in india) i asked if i could pay off my old balance without the intresest that was charged. the promotion just ended about 7 days ago thats when i got my bill and saw. the customer service rep didnt understand and was using big words i didnt understand... making it very confusing. i asked for manager ( american ) who understand and was able to take 75% percent of that added interest off if i paid in full... so i did, told the manager to cancel card, cut it up, not shopping at best buy anymore, the end :)

  • Be
      24th of May, 2011
    0 Votes

    Best Buy offers a charge card just like places such as Amazon, Fry's, etc. Anytime you get offered free interest for six months no matter where it's from, a furniture store, appliance store, wherever, a year or whatever the case, you should expect to pay "defferred" interest rates as a penalty for not paying it off in the "Interest Free" time frame. That's the whole point of it. Those that pay it off quickly get away with not paying interest, but if you fail to make it you pay the penalty. You should feel lucky they only charged you 19% defferred as the average interest rate for electronics is about 24% and can be as high as 29%. The problem is with consumers like yourselves that don't understand how different types of credit work and fail to read in detail the terms of the credit. If you guy's don'ty know what your getting into, why are you making purchases? I don't get it. :(

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