HSBC and Best Buy Deferred Interest Called Misleading
The Lawyers and Settlements website has a great article worth reading if you plan on using your Best Buy card for any interest free promotion this holiday season. Here is an excerpt:
“…When the statement came in, he noted the payment due date of June 15, 2007 indicated beside the balance, and made his Best Buy credit card payment of $773.28 in full, electronically, on that date. However, the next statement arrived with a deferred financing charge of $338.93, which was charged to his account on June 21st—five days after he paid the balance in full. Thus, the day the finance charge was levied, the balance on his account was zero.
Best Buy deferred all queries to HSBC Bank, which explained that buried deep within the fine print of his statement was the provision that the balance had to be paid by June 10, 2007—five days before the due date positioned next to the balance—in order to defer the finance charges.”
See the entire article here, and read carefully before you use your HSBC credit card
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