Beware of Best Buys RZ Mastercard scam...
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Beware of Best Buys RZ Mastercard scam...
Hello All,
Since I have been a Best Buy Reward Zone member since they started they sent me an offer for a BB Reward Zone Mastercard. I joined online and I got the card in the mail. But was I in for a shock when I checked my balance after a couple of purchases and they charged me $79 for an annual fee.....SEVENTY NINE dollars to have this card??? Hello??? Has anyone EVER paid this much for a credit card? I am sure they listed this price somewhere in the application but I sure never saw it....Plus they only gave me a $300 spending limit, so right off the bat they took 25% of that limit for their fee! I have never felt so cheated in all my life...I have been a very loyal shopper with Best Buy but they may be losing one very soon....BEWARE!
Since I have been a Best Buy Reward Zone member since they started they sent me an offer for a BB Reward Zone Mastercard. I joined online and I got the card in the mail. But was I in for a shock when I checked my balance after a couple of purchases and they charged me $79 for an annual fee.....SEVENTY NINE dollars to have this card??? Hello??? Has anyone EVER paid this much for a credit card? I am sure they listed this price somewhere in the application but I sure never saw it....Plus they only gave me a $300 spending limit, so right off the bat they took 25% of that limit for their fee! I have never felt so cheated in all my life...I have been a very loyal shopper with Best Buy but they may be losing one very soon....BEWARE!
#2
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It doesn't sound like a SCAM to me, just a case of not reading the fine print. Granted, $79 is a lot for a credit card, and if you can prove they didn't notify you of this fee your golden. But as you stated, I am sure it was some where in all the terms & conditions they throw at you when you are applying.
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I think the way they did was what really pissed me off. They send me an offer to join since I am an original member of the RZ club. I never thought they would screw me this bad! I just got off the phone with CS there, they agreed it was not a good thing to do so they lowered the annual fee to $40, a 50% drop just because I asked.
I just wanted to let people know this outrageous fee BEFORE they sign up. I know alot of members here use the Reward Zone program....
I just wanted to let people know this outrageous fee BEFORE they sign up. I know alot of members here use the Reward Zone program....
#4
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Originally Posted by Wildo1966
I think the way they did was what really pissed me off. They send me an offer to join since I am an original member of the RZ club. I never thought they would screw me this bad!
#6
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You do know that they're going to charge you $79 per YEAR, right? Regardless of whether you use the card or not.
Have you checked the interest rate yet? I think you're probably going to be shocked.
Every credit card company is required to list the interest rate and all fees associated with the card in an easy-to-read "information chart" included with the application. This stops you from having to dig through the fine print to find this information.
If you don't read this chart, you're doing yourself a disservice and will be "screwed over" every time.
Have you checked the interest rate yet? I think you're probably going to be shocked.
Every credit card company is required to list the interest rate and all fees associated with the card in an easy-to-read "information chart" included with the application. This stops you from having to dig through the fine print to find this information.
If you don't read this chart, you're doing yourself a disservice and will be "screwed over" every time.
Last edited by rich-y; 12-04-06 at 12:00 PM.
#7
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I'm sure it is in the fine print somewhere, but $79 fee on a $300 limit card?
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Originally Posted by fujishig
I'm sure it is in the fine print somewhere, but $79 fee on a $300 limit card?
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Originally Posted by Wildo1966
I know, that is absolutely insane! They did lower the annual fee by half and they also increased the limit by $150. I just read some of the other 'fine print' they sent along with the actual card. If you are late or overspend they will increase the APR like 10%, another super deal! So if you payment arrives late you are really screwed! Read the fine print people!
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sounds like your credit is shaky. had you applied in store there would be no annual fee. If you get a low credit line, its because your credit score is weak. If you keep this card, maintain your card for the first year, call them up and they'll waive the the annual feel(likely)
#12
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I also got the offer in the mail for this card recently, i have it right here in front of me. Mine says no annual fee. Not sure if that might be different because i am a preferred customer (what the letter says) though.
Last edited by Maxflier; 12-04-06 at 04:21 PM.
#14
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Originally Posted by Maxflier
I also got the offer in the mail for this card recently, i have it right here in front of me. Mine says no annual fee. Not sure if that might be different because i am a preferred customer (what the letter says) though.
I only use the card at BB which is not often and I pay off the balance every month.
The bank is HSBC and they are very reserved in their credit limits for BB especially if you dont know have a card history with them elsewhere. They do raise the limit quickly; usually around the 6 month mark it will double as long as you make payments on time and keep a low balance (if you keep one at all)