HSBC Bank "No Interest" balance transfer a scam, deceptive come-on Schaumberg Illinois
I wanted to make a large purchase that I expected to pay off within a few months, so applied for a HSBS Mastercard based solely on their web advertising offering "no interest balance transfers" for limited time period. The advertising come-on touts no interest followed immediately by the claim of "no annual fee."
I made no other purchases with this card. After I got the card and transfered the balance, a "cash withdrawal fee" for $95 showed up on my statement. I wrote to complain that there was not supposed to be any interest on my balance, and the company wrote back as follows:
"The transferred balance is subject to a cash transaction fee of 3% or a minimum of $15.00, whichever is greater and subject to a maximum of $99.00. Therefore, you were assessed a $95.26 cash fee finance charge. However, please be assured that the transfer has no interest."
Why don't they include that little trick in their advertising?? What is the difference btetween a "finance charge" and "interest"?? Nothing. This is a total ripoff, and I would recommend against anyone signing up with this cheating company.
Sandra
Saint Louis Park, Minnesota
U.S.A.
2 Updates & Rebuttals
Nikki
Coconut Creek,Florida,
U.S.A.
They all charge the 3% balance transfer fee.
#3Consumer Comment
Wed, October 29, 2008
I can't think of any credit card company who doesn't charge the 3% balance transfer fee. Has nothing to do with interest. They all usually state this fee in their terms and conditions.
Mina
MA,Massachusetts,
U.S.A.
HSBC MasterCard
#3Consumer Suggestion
Tue, October 28, 2008
I usually would have agreed with you about hidden fees. But if you're intentions were to transfer money from the creditcard to cash, you should have asked the Bank before you made the transaction.
I recently got a HSBC MasterCard for the same reason, and I mention the purpuse of getting a creditcard to the customer service rep. and he did tell me about the 3% fee. And since I was going to travel overseas, he also told me all I needed to know of how it works.
Be smart and ask all you want. Since we all know this type of info will never be on your statement.