HSBC Watch News Release Forum Index
Forum Name: - Best Buy
Topic Title: BB Card and Household MasterCard
Sun Aug 15, 2004 6:06 am
This was classic. My Best Buy card was invalidated for not being used for over a year. I asked to have it reactivated to avoid having a hit on my credit report. I was told by Best Buy and Household personnel that I should just apply for a new card.
I did and while I was doing so the Best Buy employee asked me if I wanted a Household credit card. I said no because I didn't need it. She said it was free and that she would get some kind of credit for "selling" me the card. Unfortunately, I relented and marked my initials.
I was subsequently denied credit by Best Buy for having too much open credit in my name. A week later I received a Household credit card with a $500 credit limit (offensive, to say the least considering my annual income). Even better, two weeks after that I received a bill for the annual fee of $99.
The terms read that the annual fee is $0-99 and that I woudl be informed of this when I received the card. I was not. I called to cancel the card and requested that the annual fee be refunded since I was cancelling. Household informed me that upon opening the account, I was obligated to pay. After severeal expletives, I cancelled the card. I went ahead and paid the fee to avoid further contact with Household Bank and cancelled all other cards issued or related to Household Bank.
What is interesting is that I wasn't informed of the fee when the card was received, but I was obligated to pay it. Also, why was I issued one card when I wasn't good enoughf or the other? I wonder how many people are screwed by having an annual fee equivalent to 20% of their total credit line?
I did have words with the Best Buy manager as well explaining that his employees should not mislead. Naturally, I was told "buyer beware" as if I didn't know this. At a later date after getting my credit report cleaned up, I did file a complaint with the Federal Trade Commission for unfair/unscrupulous business practices.
I received a response that Household Bank, NA is not monitored by the FTC because they are a bank. Interesting since the Fair Credit Reporting and all activity therein is monitored by them. Household Bank is a crooked bank and I will never have any kind of relationship with them again. Buyer beware, indeed.
Editor's Note: The FTC monitors Best Buy and all of Household's other merchants.
Wed Sep 01, 2004 8:48 am
You are not the first person to go through the *beep* of Household Credit Card. Not the second or third... I have heard that same story several times.
In my case, I bought a $1,700 computer package. Obtained my Best Buy Credit Card to take advantage of the 1-year no interest financing. I was approved for $1,400 and paid for the rest in debit. It looks like without knowing I signed up for the Account Shield piece of $H*% program, which overdrafted my card. I said no when they asked meif I wanted that program, but then they proceeded to mark all the spaces where my signature was required on the Best Buy application. WHY CHECK THE LINE FOR THE SERVICE I DECLINED?
A month later I get a letter saying that I have a Consumer protection lock in effect on my Credit Report, and that they need to verify certain information before I recieve my Household Credit Card. I had no idea what that was. I said no when they asked me, but then they proceeded to mark all the spaces where my signature was required on the Best Buy application. WHY CHECK THE LINE FOR THE SERVICE I DECLINED?
Mon Mar 14, 2005 2:51 pm
Over last Thanksgiving's mega sale at Best Buy I applied and was approved for the Best Buy Card. I am a very cheap and paranoid guy and always watch out for companies trying to *beep* me over. This particular application for a BB card was actually two applications in one. It was a very misleading form, but I parsed through it and only signed up for the Best Buy Card, and not the other Household Bank Mastercard. Upon reaching the checkout counter, the employee tried to trick me into signing the other portion as well. She actually told me I had to sign there as well. I of course knew what she was doing, but played dumb and explained the form to her, and did not sign there.
I received the Best Buy card in the mail weeks later. Following that, I received the Household Bank Card as well. I was shocked. I did not even realize who the bank was until I called them and asked who they were and how I got the card. I am really upset about this. What can I do?
Mon Mar 14, 2005 3:22 pm
meToo wrote:
I received the Best Buy card in the mail weeks later. Following that, I received the Household Bank Card as well. I was shocked. I did not even realize who the bank was until I called them and asked who they were and how I got the card. I am really upset about this. What can I do?
The card is issued by a bank regulated by the Office of the Comptroller of the Currency. There is a link to them in the upper right corner of this web page, as "Regulators." At first it appears as if it will be your word against theirs. But not to worry, since the OCC has so many complaints like yours they see the trend and will understand you are telling the truth. Hold out for a mandate whereby the store GM's must make copies of the application especially if the lender is a predator. Disgraced predatory lenders such as Household International should be required to undergo more scrutiny since their name changed to a somewhat reputable HSBC, but the tactics appear to never change.
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.