I am a loyal shopper to Best Buy and have been a rewards zone member for many years. I was in the market to purchase a new washing machine and was looking at Best Buy. The customer service representative told me about the reward zone MasterCard and that I would earn more points than just having the regular reward zone card. It looked like a good program from the outside, so I applied and was approved. I used the card for the washing machine and had every intention of paying it off at the end of the month when my statement came.
I did not receive a card in the mail and by the time I received the statement, my payment was already past due. I am not sure if it was the mail, however I found it odd that I never even received the card in the mail either. I called HSBC and was told there was nothing they could do, I did not pay by the due date, and was assessed a 39.00 late fee. They were rude and unwilling to listen.
I paid the balance off and closed the card.
I initially opened the HSBC Bank - Best Buy Reward Zone MasterCard when I purchased a flat screen television for my home. I liked that interest was deferred for 18 months from the date of my purchase. It was a fairly easy process to open this credit card but I came across a couple of obstacles when trying to set up my monthly payments. First, my promotion was not applied correctly to my purchase. It took several calls to customer service to get the promotion applied to my credit card and several billing cycles for it to show up correctly. Interest was initially applied to the purchase and then was taken off after the promotion was applied. I found that it was difficult to get through to a customer service representative. When I was finally successful, I still needed to be transferred several times before I found someone who could help me with the promotional issue. Once the issue was resolved, everything went smoothly. I recommend this credit card but encourage other consumers to read their statement very carefully to make sure everything is applied in the correct manner.
Added to the fees, the Rewards Zone MasterCard offers an interest rate starting at 11.9%, if you are credit worthy. However, this is only temporary. After 48 months, this rate would be increased to 21.4% up to the penalty rate of 29.99%. With a rate of 21.4%, Best Buy can keep their MasterCard.