HSN CREDIT CARD - BEWARE! - Page 9

qvcaddition · ‎03-10-2010

I also canceled all auto items and this morning got an email they were billing me and sending out an auto delivery item. I was able to have them cancel. QVC and HSN must not be training New hires or their system is not getting the message. I don,t wAnt credit rating ruined to cancel cards, just won,t use them.

SilleeMee · ‎05-22-2016

For those of you who are considering cancelling your HSN card accounts, you might want to rethink doing that because when you cancel or close a cc account it will affect your credit scores in a negative way. It affects the part about how much credit is available and how much of it you are actually using. This ratio is best kept low and it is reflected in your overall credit scores. Don't want a balance on your HSN cards?...then don't cancel them. Just stop using them.

Ibby114 · ‎03-10-2010

@WenGirl42 wrote:
If I think about this from the financial institution's POV, it does make sense (I still think it's unethical and crazy though). If HSN didn't offer flex pays, and someone wanted to make lower monthly payments on their item, they'd have to charge the full amount and pay it off in installments, accruing interest along the way*. From the consumer's standpoint, the benefit of flex pay is that they can avoid the interest charge, but if HSN or HSN's affiliated bank is the one extending the credit, it makes total sense that they'd still want this interest (flex pays likely make up a large portion of their purchases, and most people are probably only using their HSN cards to purchase things at HSN). So I suppose the solution is for the customer to only do flex pays on some other card...in which case why have HSN's card at all?

*Even in this scenario, though, the interest charges go down every month, as they are only computed on the remaining balance and not the initial balance (...unless that's changed). This new scenario is like how mortgage interest is charged...from the initial amount of the loan at the beginning. So I guess it makes sense that paying extra towards the "principal" would decrease the interest charged?

I bet there are states where they are not legally permitted to do this. That's likely why some people are not seeing the charges.

There are all kinds of deals you can sign up for with b&m's - even on the shopping channels. Pay this/that off in 18 mos, for example, to avoid interest. But interest is actually accruing behind the scenes and if you go even 1 day past the alloted timeframe you get hit with all those interest charges. But here- this is different. You're not even billed yet for those flex pays - but they're charging you the interest anyway!. This is beyond unethical.

Ibby114 · ‎03-10-2010

@SilleeMee wrote:
For those of you who are considering cancelling your HSN card accounts, you might want to rethink doing that because when you cancel or close a cc account it will affect your credit scores in a negative way. It affects the part about how much credit is available and how much of it you are actually using. This ratio is best kept low and it is reflected in your overall credit scores. Don't want a balance on your HSN cards?...then don't cancel them. Just stop using them.

As @SilleeMee & I discussed yesterday, I took the hsn card off my .com account as the default- and I changed all my flex pays to another card. I won't cancel my hsn card- it'll jsut go dormant.

Ibby114 · ‎03-10-2010

@brandiwine wrote:
@Ibby114 wrote:
@brandiwine wrote:
I use the flex pay now and then and have never been charged interest as long as I pay in full and on time.
@brandiwine wrote:
I use the flex pay now and then and have never been charged interest as long as I pay in full and on time.
This new 'thing' is effective with the July billing.
I'm looking at my July billing right now and no interest charges.

@brandiwineDo you have any active flex pays? Check the 'flex pay manager' on line.

Illinois8 · ‎06-20-2010

HSN is still not addressing this. Just read the thread going on over there, but not a lot of activity. This seems like it's being ignored.

I just bought something on FP, but thankfully, put it on my personal card, nothing HSN related. I too have removed my HSN card from being used as payment. I don't buy a lot, but NO MORE PURCHASES from HSN. I don't feel confident they have knowledge of their business practices.

viva923 · ‎03-12-2010

I don't own credit cards, so have no idea what is out there any longer. I paid all my cards off at least 15 yrs ago and now everything is cash for me.

Illinois8 · ‎06-20-2010

Not sure about this, please correct me if I'm wrong, but if you want to change the payment online how a FlexPay is billed, don't you have to change it every month? I think if you originally billed the FP to the HSN card, switch it the next month to Discover, then the next FP would revert back to the HSN card, unless you manually change it again. I think you have to monitor it for every FP.

SilleeMee · ‎05-22-2016

@Illinois8 wrote:
Not sure about this, please correct me if I'm wrong, but if you want to change the payment online how a FlexPay is billed, don't you have to change it every month? I think if you originally billed the FP to the HSN card, switch it the next month to Discover, then the next FP would revert back to the HSN card, unless you manually change it again. I think you have to monitor it for every FP.

I believe if you change cards in the Flex Pay Manager then your remaining future flex pays will be billed to the card(s) you have chosen. It will remain that way until you change it again. @Illinois8

WenGirl42 · ‎07-05-2012

@Ibby114 wrote:
@WenGirl42 wrote:
If I think about this from the financial institution's POV, it does make sense (I still think it's unethical and crazy though). If HSN didn't offer flex pays, and someone wanted to make lower monthly payments on their item, they'd have to charge the full amount and pay it off in installments, accruing interest along the way*. From the consumer's standpoint, the benefit of flex pay is that they can avoid the interest charge, but if HSN or HSN's affiliated bank is the one extending the credit, it makes total sense that they'd still want this interest (flex pays likely make up a large portion of their purchases, and most people are probably only using their HSN cards to purchase things at HSN). So I suppose the solution is for the customer to only do flex pays on some other card...in which case why have HSN's card at all?

*Even in this scenario, though, the interest charges go down every month, as they are only computed on the remaining balance and not the initial balance (...unless that's changed). This new scenario is like how mortgage interest is charged...from the initial amount of the loan at the beginning. So I guess it makes sense that paying extra towards the "principal" would decrease the interest charged?

I bet there are states where they are not legally permitted to do this. That's likely why some people are not seeing the charges.

There are all kinds of deals you can sign up for with b&m's - even on the shopping channels. Pay this/that off in 18 mos, for example, to avoid interest. But interest is actually accruing behind the scenes and if you go even 1 day past the alloted timeframe you get hit with all those interest charges. But here- this is different. You're not even billed yet for those flex pays - but they're charging you the interest anyway!. This is beyond unethical.

Yes...but while you haven't been billed for those flex pays yet, you *have* been billed for the full item (since HSN's bank is the one extending the "credit" that allows you to pay monthly). They've basically amortized the "loan" for the item just like with a car loan/mortgage. I agree it's unethical, and it completely defeats the purpose of both flex pay (from the consumer's vantage point) and using the HSN card. If you're going to have to pay interest on the amount "borrowed" anyway, then use whatever card you want.