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Rank: HSN Forum Member
Joined: 6/27/2009
Posts: 1
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I have been shopping with HSN for many years All of a sudden my credit card payments have been enormous. I called today and was told that the new company has taken over HSN's credit card and are charging 21.9% WOW I am amazed this is robbery of the HSN shopper I am not going to pay 21.9% to HSN or anyone else. I am so sad That HSN has done this to their customers.
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Rank: HSN Forum Member
Joined: 8/4/2008
Posts: 159
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I guess it depends on what you think is enormous. I have an HSN charge card but never really paid attention to the interest rate but 21.9% is about standard for "store" credit cards. I lump HSN in with places like Kohls, Macys, Nordstrom, Sears, Dillards, etc. when I mean store cards.
On the bright side, if you carry a balance on your card, the higher the minimum payment, the sooner you will get the card paid off.
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Rank: HSN Forum Member
Joined: 10/19/2008
Posts: 795
Location: Boston
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NAMASTE wrote:I have been shopping with HSN for many years All of a sudden my credit card payments have been enormous. I called today and was told that the new company has taken over HSN's credit card and are charging 21.9% WOW I am amazed this is robbery of the HSN shopper I am not going to pay 21.9% to HSN or anyone else. I am so sad That HSN has done this to their customers. It isn't HSN that is doing it, it is the bank that controls the credit card. I've gone through a bankruptcy last year and have no credit cards now and I'm happy about that. My son, however, had his American Express go from $135 a month to way over $300! The banks and credit card companies are playing these games before the new laws governing credit cards go into effect in February, 2010. It is mean and dirty and Congress should have made the new laws effective 30 days after they were passed and not 10 months later. Shame on them and shame on the companies doing that to the public, especially during a recession.
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Rank: HSN Forum Member
Joined: 9/27/2009
Posts: 42
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i agree with you momska 100%. In the past month or so all of my credit cards intrest rate went up with no warning because they want to take advantage of people as much as possibile until Feb 2010. I never been late on any of my bills so there is no reason for this to happen but by the time the law will take effect everyone's rate will be so high resulting in more bankruptcys.
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Rank: HSN Forum Member
Joined: 10/20/2009
Posts: 69
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I agree too. And today Congress passed a new law about the credit cards -from what I understand they won't be able to make any more changes and the new law will now take effect on December 1 instead. It still has to pass the Senate though. And I'm not sure if the new law will be retroactive to what it was before they all started raising the rates and payments or not.
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Rank: HSN Forum Member
Joined: 10/21/2009
Posts: 13
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Don't get me wrong, 21.9% APR is fairly high, but SHOPSTOMUCH is absolutely right, that is pretty consistent with todays standards, "store" credit cards tend to have a higher rate. And another thing, while it is up to the bank that finances the card what APR will be charged, HSN choses which bank they would like to finance their card, so HSN DOES have some responsiblity here, it's not completely on the bank. Most importantly though, nobody is forcing anybody to use the HSN credit card, or ANY credit card for that matter. It's solely to the consumer if they chose to use a CC to pay or not. If you don't agree to the terms, DONT USE THE CARD! As for the new laws soon taking affect, how about the consumer taking some responsiblity? They complain about late fees, APRs, MIN payment amounts, and various other things, but NEVER seem to realize that they CHOSE to use that CC, nobody made them use it. If you dont like late fees, PAY ON TIME, if you dont like high interest rates, PAY YOUR BILL IN FULL EACH MONTH, if you dont like any of the terms and conditions of the credit card....DON'T USE THE CARD! As I said, I understand where you are all coming from, I'm not bashing this thread, however, take some responsibilty, READ before you agree to anything, and if all else fails, hold off on purchasing that "MUST HAVE FACIAL CREAM or 36 PIECE POTS AND PAN" set, and wait until you can afford it!
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Rank: HSN Forum Member
Joined: 10/21/2009
Posts: 13
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NAMASTE wrote:I have been shopping with HSN for many years All of a sudden my credit card payments have been enormous. I called today and was told that the new company has taken over HSN's credit card and are charging 21.9% WOW I am amazed this is robbery of the HSN shopper I am not going to pay 21.9% to HSN or anyone else. I am so sad That HSN has done this to their customers. Just a BTW, I have an HSN Credit Card as well, they were taken over by a new bank in JANUARY, almost a year ago, and did very well at notifying us. Why it took so long for you to realize that is completely on you.
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Rank: HSN Forum Member
Joined: 6/10/2008
Posts: 116
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I agree that you should not complain if you have chosen to use a card to purchase skincare or something you don't have to have but not everyone has chosen to use a credit card for certain items. Of course the HSN card or dept store cards are the exception because for the most part you can only buy things you don't have to have with those cards. But sometimes people actually do NEED something like a new refrigerator for example and don't have the cash. Especially now with so many people out of work. Some people have to charge food. What if you have a fire and need to buy things to live? So CHOOSE wisely!
Tomorrow's a mystery...Today's a gift...That's why we call it the present
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Rank: HSN Forum Member
Joined: 10/20/2009
Posts: 69
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DollarBill999, you don't need to lecture me, I pay my HSN card on time. I just think it's highway robbery with the interest rates they are charging now.
But that may change if any of you had read my post above. If the Senate passes the bill, all those changes that were supposed to take place next summer, are being moved up to 12/1/09. Hopefully, the bill will also include that the cc companies have to go back to the older rates and drop all the new fees they are tacking on.
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Rank: HSN Forum Member
Joined: 8/4/2008
Posts: 159
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I remember a couple of years ago when there was some type of regulation passed to up everyone's minimum payments on their cards in an effort to help them pay them off earlier.
I remember that min. payments were very low and by the time monthly interest was added on, oftentimes the min. payment was less than the interest so people were getting nowhere paying their cards. And then if someone had a late fee tacked on, it made it even worse.
I remember boards being abuzz when that change was going into effect because many peoples' payments were going to double and people weren't going to be able to afford that.
I choose to use my HSN card only when it's beneficial to me, such as I have a coupon code but it can only be used with your HSN card.
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Rank: HSN Forum Member
Joined: 5/24/2008
Posts: 40
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Unfortunately good loyal customers are being penalized also. This due to the fact that CC companies don't make any or enough off of the good consumer. Now they are starting to charge yearly fees of anywhere from about $49-$89 dollars. These banks who I HELPED bail out are sticking it to those of us who used their cards wisely. Shame on congress for not putting the new laws into effect immediately.
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Rank: HSN Forum Member
Joined: 8/5/2009
Posts: 50
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WELL SAID!!!!! MOMSKA wrote:NAMASTE wrote:I have been shopping with HSN for many years All of a sudden my credit card payments have been enormous. I called today and was told that the new company has taken over HSN's credit card and are charging 21.9% WOW I am amazed this is robbery of the HSN shopper I am not going to pay 21.9% to HSN or anyone else. I am so sad That HSN has done this to their customers. It isn't HSN that is doing it, it is the bank that controls the credit card. I've gone through a bankruptcy last year and have no credit cards now and I'm happy about that. My son, however, had his American Express go from $135 a month to way over $300! The banks and credit card companies are playing these games before the new laws governing credit cards go into effect in February, 2010. It is mean and dirty and Congress should have made the new laws effective 30 days after they were passed and not 10 months later. Shame on them and shame on the companies doing that to the public, especially during a recession.
Life AIN'T WORTH LIVING IF YOUR DEAD.
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Rank: HSN Forum Member
Joined: 10/21/2009
Posts: 13
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SHOPSTOMUCH wrote:
I choose to use my HSN card only when it's beneficial to me, such as I have a coupon code but it can only be used with your HSN card.
WELL SAID!
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