It may be even more important to tell shoppers that HSBC is the financing behind the Best Buy consumer electronics store credit card. Bankrupt electronics retailer Circuit City Inc. said Friday it has asked for court approval to close its remaining 567 U.S. stores and sell all its merchandise. The company said it has 34,000 employees. Personally I do not tell my children to stay away from Best Buy. I simply warn them not to get a Best Buy credit card. Knowing what we know about HSBC Finance, and complaints about Best Buy, we tell our kids to pay cash or use their own credit card.
There are simply too many complaints about timely payments declared to be late. Debt cancellation insurance is another point, and customers report that the insurance is sold to them, but claims are denied. In other cases the customer declined debt cancellation, but were billed for it anyway. There are simply too many unanswered questions to be comfortable with any interest-free promotion from Best Buy and HSBC.
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