can a credit card company do this?
03-25-2005, 09:21 PM
#1
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can a credit card company do this?
2 weeks ago me and my girl purchased a plasma tv from best buy. total came out to $4800. we went through the best buy credit card, but at first were only approved for $3600. we started to walk out and the manager chases us down and tells us let me see what i can do. come back to us 5 mins later and tell us if you buy the tv today, we will give you $5100 credit line. so we bought it. its a beautiful tv. couple days ago me and my girl get our cards saying we have a credit line of $5100. today we get a notice in the mail saying we regret to inform you that the request for a credit line of $5100 has been denied, but you are approved for $3600.
can they do that? what happens now? i have never heard of this happen to anyone.
pete
can they do that? what happens now? i have never heard of this happen to anyone.
pete
03-25-2005, 11:21 PM
#3
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Best buy's "credit cards" along with their "same as cash" deals are borderline criminal enterprises.
Pay close attention to everything they print on your statement, look out for "promotional payoff" amounts and crap like that, in your case, I'd halfway expect that they'll try to nail you with overcharge penalties.
You should take the latest "rejection" letter to the store manager who rang you up telling you you had the 5G credit, see what he says....
Pay close attention to everything they print on your statement, look out for "promotional payoff" amounts and crap like that, in your case, I'd halfway expect that they'll try to nail you with overcharge penalties.
You should take the latest "rejection" letter to the store manager who rang you up telling you you had the 5G credit, see what he says....
03-26-2005, 07:54 PM
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Who cares, you have the TV and they can bill you for the difference between $3600.00 and what ever the total was. It was not your fault that you didn't get approved. At this point they are saying that the most you can oew is $3600.00.....WoooHooo, great deal on a new TV. Let BestBuy call you and if they want cash now for the difference simply return the TV that is now used and rebuy it in a week for even less.....Best Buy Sucks
03-26-2005, 11:12 PM
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Originally Posted by Oaf
what's the APR of the $$ that you barrowed?
03-27-2005, 03:38 AM
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I used to work at Best Buy and both of my roomates are managers at Best Buy now.
You will be charged fees for going over your limit...and this fee will recur for each month you are over your limit. So, EVERY month you will be charged an extra fee if you don't get it paid down to you limit or your limit raised to your balance. The people at the store can't/won't be able to help you. You NEED to call the 1-888-Best-Buy number NOW. Explain the situation and try to get them to raise your credit line to what you owe. You must talk to the credit people only...The people in the store have no way at all of helping you, so don't bother. They can say whatever they want, and it won't matter. They have no power or access in any of the credit systems.
The 0% financing/same as cash deals are FINE, if you pay off your balance before your period expires. If you don't pay it off early enough then you get charged all of the interest you would have been charged anyway...which is probably in the mid 20% range.
You will be charged fees for going over your limit...and this fee will recur for each month you are over your limit. So, EVERY month you will be charged an extra fee if you don't get it paid down to you limit or your limit raised to your balance. The people at the store can't/won't be able to help you. You NEED to call the 1-888-Best-Buy number NOW. Explain the situation and try to get them to raise your credit line to what you owe. You must talk to the credit people only...The people in the store have no way at all of helping you, so don't bother. They can say whatever they want, and it won't matter. They have no power or access in any of the credit systems.
The 0% financing/same as cash deals are FINE, if you pay off your balance before your period expires. If you don't pay it off early enough then you get charged all of the interest you would have been charged anyway...which is probably in the mid 20% range.
03-27-2005, 10:22 AM
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or...
simply return the tv and pay no finance or overage charges.
i used best buys financing for a 55" tv and a laptop. it was at 0% for 18 months. i did it because i didn't have enough at the time to pay for it all, but did if i spread it out over about 3 or 4 months (which i did).
what johnp said about paying all the interest if your not 100% paid off at the end of the term is true, most 0% store financing is like that (especially Sleep Train).
simply return the tv and pay no finance or overage charges.
i used best buys financing for a 55" tv and a laptop. it was at 0% for 18 months. i did it because i didn't have enough at the time to pay for it all, but did if i spread it out over about 3 or 4 months (which i did).
what johnp said about paying all the interest if your not 100% paid off at the end of the term is true, most 0% store financing is like that (especially Sleep Train).
03-28-2005, 09:52 AM
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Returning the TV and not paying anything isn't exactly right.
At certain times of the year you will pay a restocking fee on TVs (around superbowl only usually...or on certain plasma/lcd models). This restocking fee prevents people from renting TVs from a retail store. They would take a $500-$1000 loss on something like that.
You won't get away free on the credit card either. You signed up for a pretty much open ended contract when it comes to fees that they can charge you. You will still need to pay them the initial financing fees as well as whatever overage charges you incurred by going over your limit.
The point is: you spent enough money to pretty much get the exact TV you wanted and should be really happy with it. I don't see there being a problem with them raising your credit line to include the TV's price. All you need to do is get talking with the financing company that handles Best Buy's cards (like I said earlier this is a separate company/bank...not Best Buy) and get them to raise your limit. If they won't do that then post in this thread again and I'll talk to my roomates and ask them for advice. When I was a manager at the store in Chico CA I had a similar situation come up. The lady talked the finance company into raising the limit. Her backup plan was to transfer enough of the balance off the Best Buy card to a different credit card in order to avoid the fees.
At certain times of the year you will pay a restocking fee on TVs (around superbowl only usually...or on certain plasma/lcd models). This restocking fee prevents people from renting TVs from a retail store. They would take a $500-$1000 loss on something like that.
You won't get away free on the credit card either. You signed up for a pretty much open ended contract when it comes to fees that they can charge you. You will still need to pay them the initial financing fees as well as whatever overage charges you incurred by going over your limit.
The point is: you spent enough money to pretty much get the exact TV you wanted and should be really happy with it. I don't see there being a problem with them raising your credit line to include the TV's price. All you need to do is get talking with the financing company that handles Best Buy's cards (like I said earlier this is a separate company/bank...not Best Buy) and get them to raise your limit. If they won't do that then post in this thread again and I'll talk to my roomates and ask them for advice. When I was a manager at the store in Chico CA I had a similar situation come up. The lady talked the finance company into raising the limit. Her backup plan was to transfer enough of the balance off the Best Buy card to a different credit card in order to avoid the fees.
03-28-2005, 12:15 PM
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Originally Posted by WRXDad
Ding Ding Ding!! Winner!
IMHO, Return it, save your cash for other things!
IMHO, Return it, save your cash for other things!
Are you really going to enjoy a $5k TV, when it's going to cost you another $2 or $3k in interest? Man, I am getting old.
I really want a Samsung DLP projection, but I think $2500 is too much to spend on a TV.