This company provides financing for Best Buy, among others. I have purchased a number of household appliances through this credit company when their interest free financing for 6 months or more becomes available.
I purchase items this way to allow myself to obtain appliances I need but otherwise can't afford in a manner that does not require me to pay more than the actual cost of the appliance since I pay it off before the balance is due.
However, it seems that no matter how early I mail the payment, sometimes even on the day I get the statement - weeks before it is due, I get charged late fees.
We call to complain, and even have had photocopies of postmarks to show how far in advance payments have been mailed, yet they still charge a $29 late fee.
They say it is not their problem that the post office takes so long, yet, it is not my problem either. Every other bill I pay 5 - 7 days in advance and it takes 2 - 3 days to post to my account (early), and yet this company takes weeks sometimes.
Sounds like they get the payment, but refuse to apply it.
We get the one time courtesy story so they will no longer wave a late fee. The last time I called they told us we had four in the past year (yet I had every statement I have ever gotten from them and there had only been two that year.)
The other problem is that when you buy an appliance from Best Buy you get certain advertised payment terms for whatever promotion they have in the ad that week, even printed right on your receipt.
Yet, this company does not seem to honor those terms. We bought a camcorder on a twelve months interest free option, and they put it on FOUR YEARS!!! Reduced interest at 14.5 percent. Why would I finance a $600 item over four years? I may as well just pay twice as much for it.
We bought a washing machine on 18 months interest free and they only gave us ten months. The store itself was able to force them to correct the camcorder issue, but not on the washing machine. We ended up having to pay it off early to avoid the finance charges, but after you add in late fees, it is a moot point anyway.
They do offer the option of paying over the phone, but at a fee of $10 when your required payment is only $11, it hardly seems worth it.
I think after this latest item I am paying off is done, I am cancelling the card until Best Buy gets a new financing company. I had no problems with their other company. I thought I was the only one with these problems until I found this web site.
Jessica
Romeoville, Illinois
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