I recently applied and was approved for the Best Buy card, they checked Equifax. Well, today I decided to do my homework on Best Buy and what I discovered was not pretty. The following is a site gathered from www.epinions.com, which tells of horrific experiences that some consumers have experienced. I personally thought that Best Buy, was a decent store with some great products. Wait untill you view the opinions of others: <www.bestbuysux.org> Reshod
Here is a story straight from epinions: ----------------------------------------------------------- My worst nightmare has come true! by aubreyj0 | Jan 23 '00 -------------------------------------------------------------------------------- Pros: NONE Cons: everything about this card is abhorrent....please don't make my mistake! Recommended: No -------------------------------------------------------------------------------- Let me begin by saying, I was a dumb 18 year old who wanted a computer. I shopped around a bit & found that Best Buy had the "best deal". They also had an almost too-easy-to-get credit card. My limit was approved for $2500. I got a computer, printer, monitor, etc., for $2300. (Do you know what you can get for $2300 today???) So my balance was abut $2300. Instead of taking the 6 month deferment I should have paid it all in full before the 6 months was up. Admittedly, I was an idiot. I asked what a "revolving credit" line meant. "OH, it's a really cool thing to have!" Said the cashier. And, like a fool, I had no more questions. I HAD A COMPUTER! Well, I have been paying on time every month for 5 years now (a fact which they'll dispute), and guess what my balance is? $2800. I've tried paying $100 over my minimum balance of $50. It makes a slight dent. See, your payment IS the finance charge. THAT'S WHAT THEY MEANT BY REVOLVING CREDIT ACCOUNT. You never get anywhere & you'll ALWAYS owe them money. This is where it gets kind of strange. My bill was DUE on the 13th: 1. I would send in checks on the 1st. There's NO WAY they didn't get there before the 13th. YET, Best Buy would HOLD them until the 15th & charge me a $50 late charge, ontop of my regular $50 payment. So I thought, "Oh, yeah? I'll beat them at their little game." 2. I started sending them checks on the 27th, so they couldn't say I wasn't paying on time. Those crafty b@$t@rd$ would count that as the PREVIOUS month's payment, and say I was late on my CURRENT month's payment. Are you following me here? Who makes 2 $100 payments in one month & then skips the next month? 3. Now, every time they "deem" your account "late", they get to raise your interest rate. Mine is currently 26.99%. I sat down & figured out how long it would take for me to pay this company off, if I sent them $250 a month, every month. 2 1/2 YEARS. That's $7500, ontop of the last 5 year's money. This computer I have is a POS. I hate it. But I can't afford another one. I have decided the only thing I can do is just "shine" them until they turn me over to collections. I cannot continue playing their sadistic games. It IS my fault I got involved with this company, but NO computer is worth over $10,000. At this point, I don't care that my credit is tarnished. I used to have perfect credit before this nightmare. I know Best Buy isn't the ONLY company guilty of this sort of scam. But there are websites out there that show I'm not the only one who hates this company. Please visit these sites. I'm sure if I didn't convince you, you'll think twice about their "wonderful" credit card or buying from their store: www.bestbye.com www.bestbuysux.org www.bestbuy-s.com
Reshold, well,you finance something from Bestbuy Card (Houehold Bank) and you tried to pay off within 6 months or transfer balances. After six months, you cannot payoff the balance of the purchase, you transfer balance to the lower rate of bankcard (either Visa/MC or Discover). As you knew, the retail store cards is extremely high and you cannot transfer balnces especially Best Buy cards had two-cycles average daily balnce terms which makes it very bad deal. Ron.
Ron Ron, this has nothing to do with my purchase from Best Buy, this is about bringing the truth of the matter to you and I, the consumers. I understand your post and appreciate your response, however this is to enlighten those whwo are considering Best Buy as a retail card. Reshod
Re: Ron Reshold, I didn't work with Household or Bestbuy and I just use the retail card carefully. I got charge-off account with them and they denied me because my name was on the blacklist for last 10 years. I just approved for Best Buy and CompUSA card after my name came from the balcklist list. I express my opinion how to handle the account. If I owe more than six months , I will transfer balances to the other low rate card. Thos retail card rate is very high and it seems like it is tough to pay down the balances. I'm sorry to hear than people had bad experiences with them. Ron.
I'm from Virginia and here we have a Best Buy and CompUSA every 15 miles. The card issued through Household Bank is to be used only for its special financing plan. For an example, buy over $300 worth of products at either store and you will can request a six month interest free payment plan. Interest is tallied daily from the date of purchase so the card must be paid by the end of the plan or you will have to pay the accrued finance charges at 23%. These cards offer a convenient payment plan for the savvy shopper. They are not made to carry a balance. Fortunately, I have never had any problems with Household Bank posting payments late to my account although several have complained about this. In closing, the card can be great if used for its special payment plans, otherwise use a major credit card if the balance can not be paid off in time. Dani PS Love the bestbuysux.com site - so true.
Dani, My brother had a Best Buy card and a CompUSA card for financing computer and other things. He always take advantage 6 months or 1 yrs to finance and he bought a lot of things from them. Occasionally they offer someting like 18 months no interest for purchasing certain things and it is not a bad card to get if you pay it off within the period. Ron.
Ron, That's what I use the card for - so far I have financed two computers for six months interest free. They offer some really good promotions, but the interest rate is a killer. Dani
Dani, My brother could't afford to pay for a computer for over $3000 if they don't have 6 months or a year 0% financing. It is not wise to carry balances without promotions on these store cards. Those interest rates eats a big hole in your pocket. If you can't pay off balances after the promotion period, you transfer balances to the lower rate bankcards. Ron.
try this I have had problems with late postings of my payments. What I started to do was to use a relatively new product of the post office. For 40 cents extra, they will give you a confirmation of when your letter was delivered. You can check it online and print it out. At least you will have proof as to when your letter got there.
Signature confirm. receipt Karen, This is what I use for large payments or sending disputes to the credit bureaus. I log on line and get the date, time, and name of the person who signed for it. It's great. And unlike the return receipt notice I can actually read the signature. Dani
