Best Buy Forgives $500 In Interest Just Because I Asked

Mike forgot to pay off the balance of a purchase he made on a Best Buy/HSBC credit card by the no-interest deadline and faced more than $500 in charges. On a whim, he followed our advice for launching an Executive Email Carpet Bomb and Jedi mind-tricked Best Buy into forgetting about the interest.

He writes:

To make a long story short, through a series of my errors, I missed the date for the end of a promotional financing offer with Bust Buy on my Best Buy/HSBC card. I ended up paying the balance off 18 days late and was assessed $505.08 in accumulated interest charges. After receiving a form response from HSBC online customer service I used your site to find the contact information for both HSBC and Best Buy’s executive customer care.

In less then 24 hours Best Buy resolved the problem reaching out to HSBC and having the charges removed!

Since it was my error, I had no expectation of getting the charges waived. By not only getting it done but also in such a rapid fashion, Best Buy will have me as a loyal customer for a long time to come.

If you’ve scored with an EECB, tell us about your conquest.


Edit Your Comment

  1. FoxCMK says:

    Wow, that’s huge. Of course, I’m not sure how much of that money goes to Best Buy rather than HSBC, but still – very, very unexpected.

  2. pecan 3.14159265 says:

    Um…why? The letter was way too short and vague to explain why Best Buy forgave his interest. What did he say to Best Buy? What did he say to HSBC to get a form letter?

  3. mxmerc says:

    Under the CARD Act, credit cards aren’t allowed to revoke promotional interest rates unless payment is over 60 days late.

    Ummm, so doesn’t this technically fall under that stipulation?

    • theblackdog says:

      Technically no, he was making his payments on time, but he was supposed to have finished his “12 months no interest” promo on date X. Instead, he still had a balance on it by date X, so they backcharged him the 12 months of interest on the entire balance (which was in the agreement when he accepted the offer).

      So since he was never late, they didn’t have to do squat for him on forgiving all of that interest, the CARD act does not apply here.

    • benh999 says:

      It was not necessarily a late payment that caused him to owe the interest. For example, let’s say the APR is 20% which is waived if I pay off my $1000 purchase in six months. My monthly minimum payment might only be $100. If I were only making the minimum payment each month, I would still get hit with the interest after six months.

      It is kind of funny since I had the same thing happen to me with Sleepy’s, but they never asked for the interest. I just had an “oh crap” moment after realizing my 12 months were at least a month or two up, paid off the balance, and never heard back.

    • jeepguy57 says:

      It sounds like he was past the 18th month deadline for no interest. His payment wasn’t late – it was just past 18 months. They didn’t have to do this at all, so it was nice that they did.

    • DanRydell says:

      This isn’t a promotional interest rate. The promotion is that they waive ALL interest for a period of time as long as you pay off the balance before the end of that time. The interest still accumulates, but they waive it if you’ve paid off the balance. Those no interest of X months deals are great as LONG AS you pay it off on time.

  4. Macgyver says:

    He was late in paying, but still he was complaining about the interest.

    • tbax929 says:

      I know reading the articles would seriously get in the way of your ALWAYS blaming the OP, but did you miss this:

      “Since it was my error, I had no expectation of getting the charges waived. By not only getting it done but also in such a rapid fashion, Best Buy will have me as a loyal customer for a long time to come.”

      It doesn’t sound like he was complaining. In fact, the only one complaining about it seems to be you.

      • Macgyver says:

        If he wasn’t complaining, then why did he even email them?

        • mdoneil says:

          I have to agree. He wanted special treatment. He failed to live up to his end of the contract and asked for special treatment. Sure, it is nice that he got it, but I deal with my errors without asking for others to make up for my failures.

      • TasteyCat says:

        I’ll join the complaining. We just went through this yesterday with someone not reading his credit card agreement and expecting special treatment.

      • ryder28910 says:

        I don’t understand how anyone can perceive the OP as anything but a whiny, entitled little boy who is just trying to escape his responsibilities. At some point, people have to accept their responsibility without abusing resources that will now be taken less seriously for people with actual, non-self-imposed problems.

  5. Dave Malik says:

    well crap! I had to pay my $300 accelerated interest. I was late by 12min, no joke.
    I paid it at 12:12 the day after it was due. :(

  6. youbastid says:

    While the EECB may have been effective, it’s things like this that will make EECB’s ineffective in the long run. The mistake was his fault. EECB’s are intended for when you have a legitimate problem and all other courses of action have been taken. This is an abuse of that tool.

    • theycallmeGinger says:

      Thank you for saying that. You are absolutely right — this kind of thing will take away EECB’s efficacy and then we’ll have no ammunition left! This guy screwed up and kudos to him for making the effort to clear his debt, but his method was not warranted. The title of this article should have been “Man abuses EECB; ruins it for the rest of us.”

    • mikehtiger says:

      In his defense I would be willing to take $500 dollars from Best Buy/HSBC to make the EECB useless for everyone else.

      Whale Biologist, I calls em’ like I sees em’

    • bill793 says:

      Totally inappropriate use of EECB….

  7. Griking says:

    I’m just gonna sit back and wait for the creative ways people will turn this into another anti Best Buy thread.

  8. sopmodm14 says:

    eh, won’t matter, they’ll lose more customers with their other shenanigans, lol

  9. turnip says:

    OMG! I paid $932 in late interest to Circuit City. I paid the bill before the “no interest” grace period was over, within a few days, but Circuit City said it didn’t matter when I paid it. They said that it was when they processed my payment that determined if it was late or not. I paid it in full 4 days before it was due but it took them 5 days to process my payment so I was one day late. The interest was about $400 at first but then I refused to pay it and contested it. Over the next two years, the amount increased to $932. I ended up having to pay it to get it off my credit report.

  10. Chaosium says:

    I wonder if it was the googleable name that did it.