"3 Days Late = 29.99% APR"
My Best Buy® Visa® Card Review
Written by: ohno on 2011-08-19
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ohno's review: 
My normal interest rate is 18.99%. I have never been late on a payment in 2 years I have had this card but when I was late for the first time my interest rate jumped to 29.99%. When I called customer service (some where in India, I think) they told me the interest defaulted to 29.99% because of my late payment, but not to worry once I wasn't late for another 6 months the interest would go back to 18.99%. What a rip off. My average credit score is around 690. I would not recommend this card. I am transferring my balance to another card (13.99%) and cancelling this one!!!
My normal interest rate is 18.99%. I have never been late on a payment in 2 years I have had this card but when I was late for the first time my interest rate jumped to 29.99%. When I called customer service (some where in India, I think) they told me the interest defaulted to 29.99% because of my late payment, but not to worry once I wasn't late for another 6 months the interest would go back to 18.99%. What a rip off. My average credit score is around 690. I would not recommend this card. I am transferring my balance to another card (13.99%) and cancelling this one!!!
3 Comments
Comment 1 by derek1061
Re: 3 Days Late = 29.99% APR 
on 2011-08-19
Wow that really sucks. HSBC is not a very good company to do business with, especially if you have good credit and have options. HSBC is currently going through hard times as it is selling its US consumer credit card division to Capital One.
on 2011-08-19 Wow that really sucks. HSBC is not a very good company to do business with, especially if you have good credit and have options. HSBC is currently going through hard times as it is selling its US consumer credit card division to Capital One.
Comment 2 by wanderer
Re: 3 Days Late = 29.99% APR on 2011-08-19
The rate change due to late payment(s) exists for virtually every account. The rate of 29.9% is pretty typical. I have an HSBC Account that goes to 50% late fee APR if that isn't nonsense. Remember, HSBC is going away and your card account(s) will be converted over to Capital One Financial in the near future. From my view point, no great improvement!
on 2011-08-19 The rate change due to late payment(s) exists for virtually every account. The rate of 29.9% is pretty typical. I have an HSBC Account that goes to 50% late fee APR if that isn't nonsense. Remember, HSBC is going away and your card account(s) will be converted over to Capital One Financial in the near future. From my view point, no great improvement!
Comment 3 by derek1061
Re: 3 Days Late = 29.99% APR on 2011-08-19
While almost every credit card company does have a default rate most of them require you to be at least 60 days late, or late with 2 payments within last 12 months.
on 2011-08-19 While almost every credit card company does have a default rate most of them require you to be at least 60 days late, or late with 2 payments within last 12 months.
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Disclaimer: This content is not provided by Citibank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Citibank. Review content is powered by Finance Globe.
