HSBC Possible Fraudulent Activities With Best Buy Card ripoff Carol Stream Illinois
I was wondering is HSBC was the same company as HRS HouseHold Resources? I have a Best Buy card through HSBC. The problem described in http://www.ripoffreport.com/Credit-Card-Fraud/HRS-USA-or-Best-Buy/hrs-usa-or-best-buy-credit-car-49BC6.htm seems very familiar to me.
I have had a minimum payment of around $25.00 since I opened this account in 2003. I normally pay $40.00, and sometimes pay it twice a month.I am now being told by HSBC that I am past due because I have failed to make
the minimum payment of $85.00.
My total balance due is about $845.00, my minimum payment has apparently jumped to 10% of the balance??? I have not received a statement in some time due mostly to my moving around the state and not having a permanent address. However, in the last 4 months alone I have paid $238.44 and not seen my account balance go down at all.
Matthew
Keewatin, Minnesota
U.S.A.
2 Updates & Rebuttals
Matthew
Keewatin,Minnesota,
U.S.A.
Not quite
#3Consumer Comment
Thu, April 13, 2006
If you read the post, you would see that the minimum payment I was told was due equals 10% of the balance. Since my previous minimum payment was around 20 - 25 $, that would be an increase in the neighborhood of 400%! The new rules for minimum payments is a completely seperate issue. No credit card makes a minimum payment 10% of the balance, paid monthly. The balance would be paid off in a year, which is not in their best interest. I did some investigating, and it turns out that they were charging a late fee every month (when none was due them) then adding that late payment to the minimum payment due the next month. In short, they have robbed me of about $180 in improperly charged late fees.
Robert
Wallingford,Connecticut,
U.S.A.
New minimum payments.
#3Consumer Comment
Thu, April 13, 2006
As I understand it, there was recently a change to increase the minimum payment percentage (the idea being that comsumers will pay down their debt in a shorter time).
It appears you were not aware of the increase (probably a notice sent to you but as you stated you did not have a permanent address so you would not have received it) and have been sending in your normal minimum payments. Since it wasn't enough to cover the new increased minimum you have probably been acruing late fees (possibly also take a hit on your credit reports as late paying). Also alot of credit card companies are reducing their payment cycles, meaning your payment due date would be different from month to month.
Is it possible to get web access to your account? Then you can view you statements, see exactlty what you owe and what your minimum due is no matter where you are (assuming you can get internet access to view it).