HSN CREDIT CARD - BEWARE! - Page 19

Shawnie · ‎03-10-2010

@eddyandme wrote:
@Shawnie @Nightowlz @AngelLove2 @Hayfield @kcladyz

Hi, ladies! Have to tell you I, too, always pay my bill in full every month; thus should result in a zero balance. However, if a fp hits your account (which it did mine) after the invoiced amount, i.e., total amount of your monthly billing, you will get charged interest on the fp which will be included in your next invoiced billing. The amount of interest charged to date will be on the reverse side of the statement. This went into effect in July. You can refer back to the beginning of this thread (page3?) and there is a copy of this change to read.

But isnt that always the case? In other words-- What is listed in detail as a chargeon your statement is always what has hit your statement since the last statement was closed. So I still dont get it. Some say aint happening others say yes it is, I pay my balance each month, no interest but i dont use flex or easy pay etc.

eddyandme · ‎09-24-2011

@Shawnie

No! This bank is charging daily interest even though it came through after the closing date, so the bank is charging interest on something prior to being invoiced.

e.g. If monthly your credit card bills you for charges between July 1 thru July 30, and you paid said bill upon receipt on July 31. However, a fp hit your a/c on July 31 of $20. The bank is charging you daily interest on this $20 fp even though they have not invoiced you for this, let alone the nominal interest free period has not expired 'cause that would be August 30, the date of your next billing. When you get your statement, you'll see the balance you paid on July 31. Then you'll see all your new charges listed, among them, you're actually paying a fp of $22 (your $20 fp and $2 interest the bank earned on your fp which came thru but the bank had not yet invoiced you for, since they don't send bills out on a daily basis. You turn over your August statement and see year-to-date interest paid $2. People who don't know how much their fp's are won't catch this; also, people who don't pay off their monthly bill won't catch it. It's very sneaky and does not allow the nrmal 'grace' period the time in between billings.

That's the best way I can explain it; those are just made up numbers, I have no idea how much their interest rate is. I have no other credit cards that charge daily interest on charges that are made during the "grace" period and haven't even been invoiced yet.

Perhaps you can call Comenity Bank Customer Service. You might get lucky and get a good explanation; or, they'll spiel off a lot of double-talk. Imho, this may have become a major PR problem for the bank and HSN.

elizabethl123 · ‎03-29-2017

I NEVER ORDERED ANYTHING FROM THEM

Hayfield · ‎03-10-2010

@eddyandme wrote:
@Shawnie

No! This bank is charging daily interest even though it came through after the closing date, so the bank is charging interest on something prior to being invoiced.

e.g. If monthly your credit card bills you for charges between July 1 thru July 30, and you paid said bill upon receipt on July 31. However, a fp hit your a/c on July 31 of $20. The bank is charging you daily interest on this $20 fp even though they have not invoiced you for this, let alone the nominal interest free period has not expired 'cause that would be August 30, the date of your next billing. When you get your statement, you'll see the balance you paid on July 31. Then you'll see all your new charges listed, among them, you're actually paying a fp of $22 (your $20 fp and $2 interest the bank earned on your fp which came thru but the bank had not yet invoiced you for, since they don't send bills out on a daily basis. You turn over your August statement and see year-to-date interest paid $2. People who don't know how much their fp's are won't catch this; also, people who don't pay off their monthly bill won't catch it. It's very sneaky and does not allow the nrmal 'grace' period the time in between billings.

That's the best way I can explain it; those are just made up numbers, I have no idea how much their interest rate is. I have no other credit cards that charge daily interest on charges that are made during the "grace" period and haven't even been invoiced yet.

Perhaps you can call Comenity Bank Customer Service. You might get lucky and get a good explanation; or, they'll spiel off a lot of double-talk. Imho, this may have become a major PR problem for the bank and HSN.

I've used Flex Pay and I've never paid interest. I keep all my HSN invoices and it states the amounts of the Flex Pays and the statement and invoice always match and it never amounts to more than the original amount of what the items costs that I've purchased. I just got my August statment and there on no interest charges anywhere on the statement, front or back.

sunshine45 · ‎03-09-2010

@Hayfield

as stated previously, this is my experience also.

i currently have 12 flex pays that were on my august statement. i paid the previous flex pays last month on my july statement in full. this month i will pay the flex pays in full on my august statement which i received a few days ago. no interest charges are on my account.

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"The world is a dangerous place, not because of those who do evil, but because of those who look on and do nothing." - Albert Einstein

Nightowlz · ‎03-11-2010

@eddyandme I guess a fp has not hit my account after billing & payment. As of my Aug statement it still shows 0 interest for 2017. I will just pay what they show my account balance is instead of my closing statement balance. I will have to check account balance at the end of the month before I pay the balance on the 1st.

KathyPet · ‎03-09-2010

THe name for this sneaky way to rip customers off is called trailing or residual interest. YOu can google it to get a explanation of how it works. More and more retail (store) credit cards are beginning to charge it. Macy's tried charging me this once. I paid it and promptly closed my Macy's charge account.

brandiwine · ‎03-11-2010

Again, this is not happening to everyone. I have my bill in front of me, including a flex pay, and there is NO INTEREST charges.

arrabella · ‎03-12-2010

I'm waiting for my August statement which usually comes around the EOM. I'm another one who has flex pays and pay the balance every month. Never been charged interest. If they are charging inerest it has to be shown on the statement as interest charged.