Anyone notice changes to Bestbuy Credit?
#1
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Anyone notice changes to Bestbuy Credit?
Just reviewed my latest Bestbuy bill. There was a line in it that says due to the changes in the new credit card law as of 2/22/2010 they are eliminating the 90 days same as cash credit on all purchases, so in effect they are now a regular credit card. And......they raised my interest rate from 20.99 to 24.24. I liked the 90 day float but I think now I'm going to have to wait for House Season 6, for example, to go from 38.99 when it comes out to when it's 24.99 (or less) near XMAS.
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Re: Anyone notice changes to Bestbuy Credit?
Thanks, mw390.
I don't use this card a lot and my balance is actually $0.00 (paid it off last month). And, since they don't mail statements where the balance is $0.00, I would have never noticed this (yes, I still use paper statements ... until they offer me a discount every month to not get one, then they can keep coming in the mail).
In any case, I logged in online and saw it:
Given this, I'll only use the card every couple of months to buy a single movie or something and pay it off immediately, just to keep the account active and open (it has a $10k credit line that I don't want to lose from my credit report history).
No reason to use the card for actual purchases anymore ...
Ironically, I swore they mailed out things last year discussing the different types of special finance options available, in order to comply with the new federal regulations by specifically outlining the plans terms and conditions ... I'll look in my filing cabinet for it and post a scan of it when I have time.
Yeah .. like the move .. "oh, to comply with federal regulations about gouging customers unknowingly, we are going to get rid of the 90 day payment option and hike up the APR about 5% ... Thanks for shopping, Best Buy!"
Another reason Best Buy can kiss my @$$.
I don't use this card a lot and my balance is actually $0.00 (paid it off last month). And, since they don't mail statements where the balance is $0.00, I would have never noticed this (yes, I still use paper statements ... until they offer me a discount every month to not get one, then they can keep coming in the mail).
In any case, I logged in online and saw it:
Customer News
On 2/22/2010, Best Buy® retired the 90 Day promotional financing plan to comply with new consumer regulations. Visit BestBuy.com/creditcards or ask a store associate for details on current financing options.
On 2/22/2010, Best Buy® retired the 90 Day promotional financing plan to comply with new consumer regulations. Visit BestBuy.com/creditcards or ask a store associate for details on current financing options.
No reason to use the card for actual purchases anymore ...
Ironically, I swore they mailed out things last year discussing the different types of special finance options available, in order to comply with the new federal regulations by specifically outlining the plans terms and conditions ... I'll look in my filing cabinet for it and post a scan of it when I have time.
Yeah .. like the move .. "oh, to comply with federal regulations about gouging customers unknowingly, we are going to get rid of the 90 day payment option and hike up the APR about 5% ... Thanks for shopping, Best Buy!"
Another reason Best Buy can kiss my @$$.
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Re: Anyone notice changes to Bestbuy Credit?
They better get their act together... on the statement it says to go to http://www.BestBuy.com/creditcards for financing options/information. Once there, I clicked for details and they post this for the Best Buy Card (not the MasterCard).
Nice of them to offer 30 days no interest (oh wait ... that's the billing period). But, they better fix their typographical error and remove the whole "must pay in 90 days to avoid interest" since it is supposed to be a whopping 30 days.
Originally Posted by http://www.bestbuy.com/site/olspage.jsp?type=page&fCode=10&id=cat12125
No interest for 30 Days
No minimum purchase required.
Required minimum monthly payment is greater of $10 or 1% of balance plus billed finance charges plus any late fees. Interest will be charged to your account from the purchase date if plan balance is not paid in full within 90 days or if minimum monthly payments are not made. Online and in-store offers may vary.
No minimum purchase required.
Required minimum monthly payment is greater of $10 or 1% of balance plus billed finance charges plus any late fees. Interest will be charged to your account from the purchase date if plan balance is not paid in full within 90 days or if minimum monthly payments are not made. Online and in-store offers may vary.
#4
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Re: Anyone notice changes to Bestbuy Credit?
It still is interest free for 90 days, you just have to make minimum payment now instead of no payment for 90 days. Unless it less than $10 (minimum payment) or $20 (2 months of minimum payments) you get the 90 days of free interest. Purchases over $30 would use $10 minimum or 1% rule would get you the whole 90 days of interest free billing.
It's not phrased much better than what I got from my Lowe's card. I cannot find the exact wording now - All future 6 or 12 month no interest NO payment offers will require minimum monthly payments.
It's not phrased much better than what I got from my Lowe's card. I cannot find the exact wording now - All future 6 or 12 month no interest NO payment offers will require minimum monthly payments.
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Re: Anyone notice changes to Bestbuy Credit?
I thing you last 2 guys got it wrong. I looked at my bill online and EVERY purchase after 2/22/2010 shows in the promotion payoff date column N/A.
To me it means pay up.
To me it means pay up.
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Re: Anyone notice changes to Bestbuy Credit?
@mw390: I am quoting from the website where it says "no interest for 30 days" and then the errant "paid in full within 90 days" part that is clearly left over from the old text. I wasn't arguing that you were incorrect - I was arguing you were correct and that it's just another way to tick off customers.
@Just Lurking: The 90-day plan always required minimum payments to keep the no-interest for 90 days active (at least on my account). My bill always said "minimum payment required".
@Just Lurking: The 90-day plan always required minimum payments to keep the no-interest for 90 days active (at least on my account). My bill always said "minimum payment required".
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Re: Anyone notice changes to Bestbuy Credit?
@mw390: I am quoting from the website where it says "no interest for 30 days" and then the errant "paid in full within 90 days" part that is clearly left over from the old text. I wasn't arguing that you were incorrect - I was arguing you were
correct and that it's just another way to tick off customers.
@Just Lurking: The 90-day plan always required minimum payments to keep the no-interest for 90 days active (at least on my account). My bill always said "minimum payment required".
correct and that it's just another way to tick off customers.
@Just Lurking: The 90-day plan always required minimum payments to keep the no-interest for 90 days active (at least on my account). My bill always said "minimum payment required".
I still dont get how they say the new bill mandates they eliminate the 90 day plan. Not that I've read it but its intent certainly was not to eliminate payment plans, just to stop all the weasel deals.
#8
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Re: Anyone notice changes to Bestbuy Credit?
Basically, stopping the weasel deals = they make less money from the bottom feeders. So guess who gets to make up the difference?
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Re: Anyone notice changes to Bestbuy Credit?
I am a Best Buy employee. The 90 days is something the website needs to be updated. The law required that the minimum requirement for financing is 6 months. the 30 days interest-free is something that most cards already offer.
The current deal is $249 and up is 18 months 0% interest with monthly payments. This a promotion.
Beyond this, it will be. 299 and up 6 months. 11.9% fixed for 48 months.
Call the bank to confirm this if you wish. 800 365 0292
The current deal is $249 and up is 18 months 0% interest with monthly payments. This a promotion.
Beyond this, it will be. 299 and up 6 months. 11.9% fixed for 48 months.
Call the bank to confirm this if you wish. 800 365 0292
#11
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Re: Anyone notice changes to Bestbuy Credit?
It still is interest free for 90 days, you just have to make minimum payment now instead of no payment for 90 days. Unless it less than $10 (minimum payment) or $20 (2 months of minimum payments) you get the 90 days of free interest. Purchases over $30 would use $10 minimum or 1% rule would get you the whole 90 days of interest free billing.
It's not phrased much better than what I got from my Lowe's card. I cannot find the exact wording now - All future 6 or 12 month no interest NO payment offers will require minimum monthly payments.
It's not phrased much better than what I got from my Lowe's card. I cannot find the exact wording now - All future 6 or 12 month no interest NO payment offers will require minimum monthly payments.
And they have always required the minimum payment.