HSBC Watch News Release Forum Index
Forum Name: - Horror Stories
Topic Title: Store Card to get 10 percent off not worth it
Tue Dec 28, 2004 12:58 am
Early in the summer, I purchased three pairs of trousers from Casual Male Big & Tall in Huntsville, Alabama. When I was paying, the clerk asked if I would like to open up a charge account. I agreed to do that, and I received a 10% discount on my purchase, which came to $87.47.
Little did I know at that time what kind of scam this company was running! On June 27, 2001 I paid the bill of $87.47 (check # 3880). A few days later I received another bill for $29.75 which I paid. I paid it without looking carefully what it was for, thinking my wife probably charged something from some place named "HRS USA."
Then last week I received another bill for $2.00, which indicated that I paid $29.75 on a $30.75 account, resulting in another $1.00 penalty, making a total owed of $2.00. It was then when I examined the bill more closely, to find out that the annual percentage interest rate is 134.33%. This is absolutely unbelievable!
I am paying the $2.00, and returning the credit card issued to me (cut
into small pieces). I am informing Mr. Bill Pryor, Alabama Attorney General, the Huntsville, Alabama Chamber of Commerce, and the
Huntsville, Alabama Better Business Bureau. In addition, I have made 50 copies of the bill, showing the interest rate, and handing them to all of my friends and associates who might be a future customer.
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.