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Please stop purchasing at BestBuy

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1. Write The Great God Obama thanking him for 'credit card reform' which sparked these price increases. Tell him how much you are looking forward to heath care reform and its price increases as well.

2. Get another credit card....OR> > > > >

3. Don't use a credit card. Instead, try something new to your life: save up and buy the products for cash.

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-paul
 
pinnacle said:
I have many cards to choose from. I use the one that is tied to the best deal. BB commonly offers 12 months with no interest. That is why I bought the dishwasher from them 60 days ago.
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If I may: was this the only reason for buying there? I ask because on 8-August this year, my diswasher (yes) died.

So I checked the price for a new one. 1st at 'Mediamarkt', which is over here in Germany/Europe what BestBuy is in the US. They offered 969€, all inclusive (dismantling and scrapping of the old, delivery and installation of the new machine). No negotiation possible. But I could pay in 12 monthly instalments, no interest rate. Sounds familiar?

Then I went to a small lokal specialised dealer, but didn't tell him about the Mediamarkt offer. He checked at a comparison shopping site and said he can't compete with the lowest price there, 749€ plus 49€ for shipment (no dismantling/installation/scrapping service whatsoever included).

Best he could do is 846,90€, all inclusive. Of course he got the contract. And of course I paid cash. And it is not an exception that I get a much better package offered from a small local merchant than from large chain stores. And even in the rare cases Mediamarkt is cheaper, I prefer to support the local small business.
pinnacle said:
They reneged on the deal and that is why I am going to pay it off tomorrow and cease doing business with the in the future.
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Wise decision. Even wiser: don't buy goods on credit.

--
Some of my Photographs: http://photo.net/photos/various%20things
 
Marcamera said:
Member said:
You appear to be obsessed with people like Marx and Ghandi. And of course it is Karl with a "K."
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O.K.:
Karl
Member said:
Member said:
Pleaaaaase....
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(Its the "e" you want to repeat to make the exclamation...not the "a."
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O.K
Pleeeeeeeeeeease
Member said:
And no I'm not thinking Ghandi, Karl or any other high profile personalities...just plain old grass roots people who care enough to rake a stand on important issues.

Dan
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Happy?
Now you can "rake a stand"
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Touche!

Thank you for taking the time to comment on my thoughts on the interest rate issues.

I like the way you communicate.

You are absolutely correct about many things. Carrying a balance on a credit card is foolishness.

I think at times I can be the poster boy for "Knuckleheads 'r Us." (In the way I get carried away with some things)

Thank you again for engaging in the discussion.

Dan
Member said:
Rgds
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delete said:
delete said:
I have many cards to choose from. I use the one that is tied to the best deal. BB commonly offers 12 months with no interest. That is why I bought the dishwasher from them 60 days ago.
Click to expand...
If I may: was this the only reason for buying there? I ask because on 8-August this year, my diswasher (yes) died.

So I checked the price for a new one. 1st at 'Mediamarkt', which is over here in Germany/Europe what BestBuy is in the US. They offered 969€, all inclusive (dismantling and scrapping of the old, delivery and installation of the new machine). No negotiation possible. But I could pay in 12 monthly instalments, no interest rate. Sounds familiar?

Then I went to a small lokal specialised dealer, but didn't tell him about the Mediamarkt offer. He checked at a comparison shopping site and said he can't compete with the lowest price there, 749€ plus 49€ for shipment (no dismantling/installation/scrapping service whatsoever included).

Best he could do is 846,90€, all inclusive. Of course he got the contract. And of course I paid cash. And it is not an exception that I get a much better package offered from a small local merchant than from large chain stores. And even in the rare cases Mediamarkt is cheaper, I prefer to support the local small business.
delete said:
They reneged on the deal and that is why I am going to pay it off tomorrow and cease doing business with the in the future.
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Wise decision. Even wiser: don't buy goods on credit.
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Good post and good advice. Thank you.
delete said:
--
Some of my Photographs: http://photo.net/photos/various%20things
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if you dont like the interset rate then dont buy on credit ..has nothing to do with anything else and a boycott based on credit card rate is rediculous
 
pcassel said:
3. Don't use a credit card. Instead, try something new to your life: save up and buy the products for cash.
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I can't imagine life without one .
How would one make an airline , hotel or rental car reservation ?
I use it to buy just about everything , including a cup of coffee at Starbucks .

How else can you buy everything you need , all month long , using someone elses money , all FREE OF CHARGE ?
And not only for free , but actually get paid by THEM to use it ?

(I get 1 point for every $ spent and get 1% CASH back or use the points for FREE airline tickets )
And I dont care how much they charge for interest .
I use the card INSTEAD of cash and pay the bill when it's due .

Only a total Moron would use a credit card for long term loans and then ***** about "being taken advantage of " because they are too stupid to manage their personal finances .
 
Totally wrong about the culprits!

Who declared that every American should own its house was Carter, and the one who forced the Banks to be less demanding before giving credit was Clinton.

But this has nothing to do with photography anyway, just with the power of biased media.
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Just passing by...
 
Over ten years ago I was up to my neck in credit card debt, I manage to settle all the debt, cut up all the cards and now buy something when I have the money and no one bailed me out when I was in debt.

Unless you pay the complete bill when the first payment comes in, that camera that you got free shipping on ends up costing twice as much. I would never own another credit card, you can get better rates from a loan shark. If the OP wants to protest anyone it should be the Government, banks, credit card companies or themselves for making it so easy to get these cards. There is no sign at Best Buy saying you have to buy their products with a credit card.
And just for the record I'm far from wealthy.
Cedarhill said:
Not every household uses credit cards that way. I haven't carried a credit card balance in two decades because I made a willful decision early in my career not to buy things I can't afford. I sacrificed a lot in living standards compared to my peers long ago so as to be completely out of debt and able to pay cash for what I want today. I have no sympathy whatsoever for people who could not restrain their desires enough to follow the same path. I resent the open promotion of class envy from those who have been financially reckless toward those who have not. I also resent my tax dollars going to subsidize the bad loans of financial fools. They should have to suffer the consequences of their decisions.
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--
Tom
 
Tom C said:
Over ten years ago I was up to my neck in credit card debt, I manage to settle all the debt, cut up all the cards and now buy something when I have the money and no one bailed me out when I was in debt.

Unless you pay the complete bill when the first payment comes in, that camera that you got free shipping on ends up costing twice as much. I would never own another credit card, you can get better rates from a loan shark. If the OP wants to protest anyone it should be the Government, banks, credit card companies or themselves for making it so easy to get these cards. There is no sign at Best Buy saying you have to buy their products with a credit card.
And just for the record I'm far from wealthy.
Cedarhill said:
Not every household uses credit cards that way. I haven't carried a credit card balance in two decades because I made a willful decision early in my career not to buy things I can't afford. I sacrificed a lot in living standards compared to my peers long ago so as to be completely out of debt and able to pay cash for what I want today. I have no sympathy whatsoever for people who could not restrain their desires enough to follow the same path. I resent the open promotion of class envy from those who have been financially reckless toward those who have not. I also resent my tax dollars going to subsidize the bad loans of financial fools. They should have to suffer the consequences of their decisions.
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Tom
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You, and a lot of folks in this thread, are missing the point that the OP is making.

He was led to believe he had a deal on a purchase that guaranteed no interest for 12 months. But because of the "we can change the rates at any time without notice" clause in the credit card agreement, that interest free year was false. It's good to alert people who might take these retailer come-ons seriously what they are letting themselves in for.

No matter what the credit card company did, BestBuy was complicit in advertising the deal without revealing that it could be switched without notice.

I'm astonished that they can get away with it.

--
http://www.pbase.com/soenda
 
Credit card companies messed up big time, and now their trying to screw everyone. Yeah, Best Buy is a terrible company, but everything, even the best companies, have problems w/credit cards. I predict the CC industry is going into melt down soon. Look at them funny and they raise your rates to 30% - who would want to risk paying that? I'll just use Paypal and kill the cards. Everytime my wife makes a purchase now the fraud department calls and asks if is the purchase was OK, it's totally crazy.

Get ready for the cash economy.
 
Soenda said:
No matter what the credit card company did, BestBuy was complicit in advertising the deal without revealing that it could be switched without notice.

I'm astonished that they can get away with it.
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This is why I seriously doubt this is the story as told. I think we are missing some parts of the purchase agreement.

As for the purpose of OP's story, more of a venting excersise rather than anything else. How did it so quickly become a story on wealth distribution in the USA?

By the way, many in those upper income brackets started with nothing and got there with hard work, luck, foresight, ingenuity , etc.
Not every rich person inherited the fortune, best example: Bill Gates.
Rgds
 
Jean Stumberger said:
Only a total Moron would use a credit card for long term loans and then ***** about "being taken advantage of " because they are too stupid to manage their personal finances .
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OK. Tell it to the OP who was whining about the new cost of using the credit card for long term financing.
--

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-paul
 
Soenda said:
You, and a lot of folks in this thread, are missing the point that the OP is making.

He was led to believe he had a deal on a purchase that guaranteed no interest for 12 months. But because of the "we can change the rates at any time without notice" clause in the credit card agreement, that interest free year was false. It's good to alert people who might take these retailer come-ons seriously what they are letting themselves in for.

No matter what the credit card company did, BestBuy was complicit in advertising the deal without revealing that it could be switched without notice.

I'm astonished that they can get away with it.
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When something sounds too good to be true, it probably is. We have had many interest free deals locally for years but I only bought things that I could afford instantly. There is always something fishy about those deals but OP doesn't seem to get it.
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Alan Chan
http://www.pbase.com/wlachan
 
Soenda said:
You, and a lot of folks in this thread, are missing the point that the OP is making.

He was led to believe he had a deal on a purchase that guaranteed no interest for 12 months. But because of the "we can change the rates at any time without notice" clause in the credit card agreement, that interest free year was false. It's good to alert people who might take these retailer come-ons seriously what they are letting themselves in for.

No matter what the credit card company did, BestBuy was complicit in advertising the deal without revealing that it could be switched without notice.

I'm astonished that they can get away with it.
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I tried to say the same thing earlier in a couple of posts. But people ignored this shady business practice and jumped on a band wagon spouting the same mantra.... don't use a credit card unless you can pay it off right away, and stop blaming Best Buy because you used their card etc. All good advice, but missing the whole point.

There is a definite band wagon/mob mentality on this forum. All it takes is 2 or 3 posts in a row saying the same thing and then sure enough another 10 or 20 other members jump in and parrot.

Anyway Soenda, I agree with you. This industry needs more regulation and it's baffling how they can get away with the things they do.

BTW... the people that responded to this thread and claimed they don't use their cards much or do, but pay them off very quickly are in the extreme minority, and should stop preaching, it sounds a little too arrogant... imo.
Soenda said:
--
http://www.pbase.com/soenda
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--
'The truth is rarely pure and never simple' Oscar Wilde
 
wlachan said:
Soenda said:
You, and a lot of folks in this thread, are missing the point that the OP is making.

He was led to believe he had a deal on a purchase that guaranteed no interest for 12 months. But because of the "we can change the rates at any time without notice" clause in the credit card agreement, that interest free year was false. It's good to alert people who might take these retailer come-ons seriously what they are letting themselves in for.

No matter what the credit card company did, BestBuy was complicit in advertising the deal without revealing that it could be switched without notice.

I'm astonished that they can get away with it.
Click to expand...
When something sounds too good to be true, it probably is. We have had many interest free deals locally for years but I only bought things that I could afford instantly. There is always something fishy about those deals but OP doesn't seem to get it.
--
Alan Chan
http://www.pbase.com/wlachan
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I've availed myself of many a 0% interest deal over the course of the last 30+ years and the only "fishy" issue I've run into is the retailer who had raised their prices the same week they offered 90 days same as cash. That was, IMO, sneaky and ethically corrupt. I promptly took my business elsewhere.

Typically I only buy things I know I can afford but if your fridge goes out you pretty much have to have one and you have to get it now. Not everyone has that kind of cash laying around although we all certainly should. There's nothing wrong with credit cards if they are used responsibly. No one makes anyone buy things they can't afford.

I got a letter from HSBC last night and since I don't owe them any money and assumed it was another "privacy" notice I didn't open it, but I will certainly give it the once over later on.
--
Steve Hagensieker
Jack's Camera Shop
 
springbock said:
Soenda said:
You, and a lot of folks in this thread, are missing the point that the OP is making.

He was led to believe he had a deal on a purchase that guaranteed no interest for 12 months. But because of the "we can change the rates at any time without notice" clause in the credit card agreement, that interest free year was false. It's good to alert people who might take these retailer come-ons seriously what they are letting themselves in for.

No matter what the credit card company did, BestBuy was complicit in advertising the deal without revealing that it could be switched without notice.

I'm astonished that they can get away with it.
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I tried to say the same thing earlier in a couple of posts. But people ignored > this shady business practice and jumped on a band wagon spouting the same > mantra.... don't use a credit card unless you can pay it off right away, and stop > blaming Best Buy because you used their card etc. All good advice, but missing > the whole point.
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What is the point? Credit is a product with a price called an interest rate.

Credit Card agreement clearly states rates are subject to change. If you do not like it, do not carry a balance on a Credit Card. Take a fixed interest loan instead. And if you cannot get a loan , then there probably is a reason and you are back into a high-risk, high -interest credit card territory.

If you go to OPs website, and look at his pricing, you may find some who would call it acceptable, others will call it ridiculous. But, how wise would it be for a call to boycott the OP's business?
BB adised of a price (interest) increase ahead of time, how else can they do it?
springbock said:
There is a definite band wagon/mob mentality on this forum. All it takes is 2 or > 3 posts in a row saying the same thing and then sure enough another 10 or 20 > other members jump in and parrot.
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I would call it common sense. If more people agree on a certain point, they probably are onto something.
springbock said:
Anyway Soenda, I agree with you. This industry needs more regulation and it's baffling how they can get away with the things they do.
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That is very true and it would mean tighter control over credits.
springbock said:
BTW... the people that responded to this thread and claimed they don't use > their cards much or do, but pay them off very quickly are in the extreme > minority,
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could you somehow support this observation? What is it based on?
springbock said:
and should stop preaching, it sounds a little too arrogant... imo.
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It is more like giving a good advice rather than preaching.

Rgds
springbock said:
springbock said:
--
http://www.pbase.com/soenda
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--
'The truth is rarely pure and never simple' Oscar Wilde
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pinnacle said:
miick said:
Is there something about the original agreement that makes that legal?
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I don't know the answer to that question. I just know what I read today when i received the rate increase letter. It clearly stated that any current special interest free or reduced rates were to be superseded by the new rates as allowed by the contract agreement.

Dan

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I just spoke to HSBC Credit Services and they confirmed that any current 0% financing offers and any future 0% financing offers are NOT being canceled.

The only thing that is changing is the interest rate if you do not pay off the promotional balance by the ending date of the 0% financing promotion.

It appears that the 0% financing on your purchase is still valid.
 
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