DR in Arizona said: “I have used the Best Buy HSBC credit card to buy products with deferred interest over the past several years. The theory being if you can use someone else’s money for free, why not. Otherwise, I do not carry balances. On their account I was down to a very low balance, and in fact would have paid it off with one more payment. However, I did not receive a statement in July which of course went unnoticed by me When I received the August statement of HSBC it included a late fee and of course the accumulated interest due.

When you complain to HSBC of course they tell you their records indicate a statement mailing. So you’re stuck and they know it.

To put things in perspective, I pay all credit card balances each month and have a very high FICO score. In fact I have not accrued any interest on any of my accounts in more that a decade. The minimum payment on the Best Buy account would have been $10 in order to avoid the accumulated charges.

One would have to be a moron to see the aberration in my credit payment history for me to let this happen.

No, this was a calculated effort by HSBC to manipulate the billing system to get more revenue because they know you cannot do anything about it.

My only satisfaction is to cancel the credit card and know that Best Buy has lost a good customer forever.”

Editor’s Note: One of the reasons we started Household – HSBC Watch was Household International did exactly the same thing to my wife back in 1997, also with a Best Buy account. HSBC bought Household in 2003, but obviously did not change the mindset or predatory nature of the company. Intelligent people would think numerous complaints, submissions to the FTC and OCC, and a track record as evidenced by Shea vs Household would mean something. We know, and DR in Arizona knows exactly what happened in this case.

It is this editor’s opinion that regulators are turning a blind eye to this problem. Regulators did the same with subprime lending, and HSBC is also a very big part of subprime. In fact a total lack of regard for consumers and subprime impacted financial markets around the world. While Americans have no confidence in some regulators, it is unfortunate that other countries have less regard for Americans as a result of our mortgage crisis. Much of it comes back to HSBC and lack of regulatory oversight as evidenced by this report.

Related posts:

1. Northern Tool and Supply HSBC quick pay scam
2. HSBC bad address scam still going on after 10 years
3. HFC Owes North Carolina Customer Since 1997
4. Household Bank and HSBC frustrate Arizona customer
5. HSBC Finance begins to crumble