WARNING! Best Buy Zero Interest Scam - IT'S A TRAP! Shocking Truth Revealed!
/BEST BUY “ZERO INTEREST” TURNED “BALLOON PAYMENT” EXPOSED
Picture this: You walk into Best Buy, eyes wide with excitement, ready to snag that shiny new gadget you’ve been eyeing. And there it is—the alluring sign promising “Zero Interest Financing for 12 to 24 Months!” You think you’ve hit the jackpot, right? Wrong!
Brace yourself, because what follows is a financial trap so insidious, it’ll make your jaw drop. Best Buy’s zero-interest deal isn’t the gift you think it is; it’s a ticking time bomb set to explode your bank account.
When that seemingly sweet grace period ends, prepare for a shock wave of balloon interest charges that could dwarf your original purchase price. It’s time to expose the truth and protect unsuspecting consumers from this predatory scheme. Hold onto your wallets—this is about to get ugly.
If you have any doubts, just remember: Best Buy’s “zero” interest isn’t zero at all—it’s a wolf in sheep’s clothing, and it’s hungry for your hard-earned cash. Let’s dive deeper into this financial horror story and unveil the dark secrets they don’t want you to know.
Share this post far and wide; your friends, family, and fellow shoppers deserve to be warned. It’s time to fight back against Best Buy Credit and expose it for what it truly is: PREDATORY LENDING!
Two years ago, I purchased a new Microsoft Surface tablet for my son, who was about to enter the Mizzou College of Engineering. As an incoming freshman, he needed a powerful laptop as a tool for the challenging Mechanical & Aerospace Engineering program. I scrambled to find a way to afford getting him this $2,000 laptop, and I wasn’t coming up with any quick solutions.
That’s when I was drawn in to the Best Buy Credit scam.
As I searched online for the best deal, I was captured by an amazing offer from Best Buy, where they promised me ZERO PERCENT INTEREST for 24 months if I purchased the Surface tablet through their credit department. Excited and relieved, I applied for a Best Buy Credit account and made the purchase.
A year later, I was lured in again with a zero percent interest deal on computer components. I needed to spend an additional $800 to upgrade my work computer in my home office. I was glad to do business with them again, happy to save so much money. I even went on to buy a $300 stereo head unit for my car, which was in dire need of an upgrade.
The total amount that I had spent on all of my “zero interest” purchases was roughly $3,200. In my mind, I had a grace period of twelve months with no interest being charged, figuring that the regular high interest rate of 30.9% would pick up on the remaining balance at the end of the grace period. My monthly payments were only about $80, so this seemed to be a great deal. I figured that I would accelerate the payments after the grace period was over, to minimize my interest charges.
That’s where I made a huge mistake. I didn’t read the “fine print”.
What actually happens when you arrive at the end of the grace period will knock you off of your feet and put you into a state of shock. Rather than charging the monthly adjusted interest, they do something entirely different, which is downright evil.
The minute you go past that 12 or 24 month grace period, you’ll get hit with a balloon payment based on the original amount of your purchases, at the full percentage rate, regardless of the amount you paid off by that time.
The month after my grace period ended, my phone started ringing off the hook. I was told that my balance was $1,300 over my credit limit, because they added a $1,600 interest charge to my balance!
I feverishly tried to do the math to figure out how they arrived at this amount, but to no avail. The amount of interest was working out to be nearly 50%, not 30.9%, and that was based on the ORIGINAL total of all my purchases, NOT the remaining balance.
Digging deeper into this, I noticed that Best Buy had been charging me a $40 late fee every month for the first 9 months after opening up my account. But I had never missed a payment. To add insult to injury, the $340 in late fees was also generating interest charges at the full rate!
I was furious.
Best Buy Customer Support called me within 15 minutes after my failed attempt to make sense of the charges, as if they were reading my mind. The agent spoke very poor English, and was repeatedly asking me to pay the $1,600 interest fee to get my account back in good standing. Furthermore, the agent repeatedly asked for my bank account number to make the payment at that moment.
I had to inform the agent that I was hanging up the phone on her, so I could get on the website and continue trying to make sense of this disaster.
After fully realizing that I’d been had, I called back. Once again, the customer service agent spoke poor English, and was obviously speaking to me from a call center outside of the country. Best Buy apparently doesn’t even have the decency to hire agents within this country, much less within my locality.
Calling the local store where I made my purchases wasn’t isn’t even an option. They won’t deal with you. Once the local store gets your money, they are out of the picture. You’re then left to the mercy of foreign agents that can’t communicate clearly in English.
Completely disgusted with the situation, I offered a settlement amount to zero out the account. I told them that I wanted ALL of the late charges removed, and the balloon interest payment taken off. They refused to remove the late charges, but offered to eliminate the balloon interest AFTER I would agree to making a $1,600 payment, which would still leave me with a balance of $1,000.
It has yet to be resolved.
After doing further research, I found SCORES of people in the same situation. One couple bought a washer and dryer and a few more items for $5,000 after being lured in by the 12 to 24 months “free financing”. They paid down the balance all the way to $2,000, but missed the end of the grace period. After the balloon interest and several other fees, their balance exploded, and was back over $6,000.
Another unsuspecting customer was approved for a $3,000 limit on the “zero interest” deal. They missed the grace period, and ended up with a balance of $8,956 after the balloon interest charge, and several late fees!
One thing is for sure: Best Buy is BETTING on you forgetting about the end of your “zero interest” grace fee period. They’re also betting on the fact that you won’t read the fine print, where they tell you that the interest charged won’t be calculated based on your balance, but your ORIGINAL AMOUNT.
Sure, we can only blame ourselves for not paying attention. But this is predatory lending at its finest. Best Buy Credit hauls in massive profits because of this. If they were truly looking out for their customers, they’d just charge a straight interest rate without a grace period. But they wouldn’t make NEAR the amount of money.
Their goal is to get you to trust them by offering an outrageously good deal, knowing that the majority of people will let their guard down, and forget the agreement by the time that grace period ends. It’s evil, and they should be called out for it!
So what is my recommendation?
STOP SHOPPING AT BEST BUY. They are financial predators. They don’t have the decency to hire American citizens for customer support, but chose to pay slave wages to people in other countries to circumvent minimum wage laws in our country.
That being the case, you might as well start buying all of your technology and appliances on Amazon. They deliver, they have excellent customer service, and they don’t have any predatory lending practices.
I’ve got an Amazon credit account, and I rack up rewards that pay me back DOUBLE of what the yearly fee is for being an Amazon Prime member. And I have yet to call their customer support and get a person from a foreign call center who can’t speak understandable English.
When I need to return items, all I have to do is drop off the box at a UPS shipping store, and I’m given a credit with no questions asked. To date, I’ve never had one single negative experience with them.
So help spread the word, and share this post. And then start shopping on Amazon. I’ll even give you my referral link so you can start shopping there TODAY. For all I care, Best Buy can die on the vine and go by the way of K-Mart and Circuit City. It’s what they deserve.
Carlton Flowers
Disgusted Best Buy Shopper Turned Amazon Enthusiast