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ZERO Percent Interest Scheme HSBC.
Hi
Has anyone received the brochure of HSBC's new Credit card scheme. They offer 0% interest with 6 months equal installments for purchases above Qr. 2000/- or more for Ispot products or Qatar Airways Holidays. Since nothing else is mentions and Since HSBC is known for their hidden charges. I would like to know if any one has experienced any catch in this latest HSBC strategy?
Are there any hidden charges? any administrative charges that make this scheme a no goer compared to full payment purchase?
Tks for you comments.
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Scarlett said
maaverix ...if something looks to good to be true, it usually is!!
Grant me the senility to forget the people I never liked,the good fortune to run into the ones I do,and the eyesight to tell the difference.
maaverix said
Hmm ...With HSBC I am always Skeptical....
Fatcat said
Commercial Bank has a ...Commercial Bank has a similar scheme with a few stores... Home Centre comes to mind.
maaverix said
Fat cat ...How was the scheme? did you have to pay something extra if you go by that scheme rather than paying in full.
crazyfish said
FYI ...guys thr's nothing called 0% interest rate. I was working for the same bank & what we used to do is bundle the interest component into the product..
If i remember correct it was around 12% per anam.
So guys dont get exited about these kind of gimmics.
"There's No free Meal"
proposers said
You are right, theres No ...You are right, theres No free Meal. What ever free offered by "any bank" (forget HSBC) is bundled into the product. Be particularly careful with credit card rates. Most banks say it's only 1.5 or 2% without mentioning it's per month! And be careful with the extras like "finance charge" "overlimit charge" "usage charge" "replacement charge" and so so......
maaverix said
Tks guy ...Thanks for the update. That was quite an enlightenment. This time HSBC released the ad without any fine print. With the insider info I was able get a better idea.
sayedmunafahmed said
crazyfish ???? ...How it works is once you swipe the card for the total amount..lets say 6000qr you fill out a form(available at the vendor)and fax it to the hsbc credit card dept. There your total amount is broken down over 6 equal installments...in this case 1000qr every month. There are no hidden charges whatsoever. The promotion is meant to increase awareness of HSBC Cards and promote usage among existing customers. Customers might remember a similar offer with damas last year.
oh btw im an ex-staff of hsbc doha.
Vegas said
Don't take credit here...You will be stuck here.... ...Get credit from your home country...
You can't teach experience...
maaverix said
Wow ...Now there is a conflicting response. If there is no hidden charges why doesn't the bank come out explicitly and write it on their brochure,. With HSBC everything must be taken with a pinch of salt. There has been numerous post about HSBC in QL for that matter.
Fatcat said
Maaverix, I can't comment ...Maaverix, I can't comment because I do not know the fine print nor have made use of this service.
I know that in Brazil it does exist. Shops (incuding airlines) will split the payment over a few months interest free. So, if you buy an airline ticket for QR1500 and elect to pay over three months interest free (the airline/shop needs to give you that option, though), then you are charged QR500 per month over three months. No interest. But that's in Brazil, here I do not know how it works.
maaverix said
Fat cat ...I will have to do a bit more investigation till I get convinced about the scheme. Tks for the Brazil version.
crazyfish said
Guys, thr's no FREE Meal ...guys wot the bank does is they come to a mutual agreement with the Vendor to promote thr product or service.
There after bank negotiate on the price & then they add thr % to the product or service...
Then goes the add for the 0% scheme..
If it's for 6 months they divide it by six.. At the end of the day you end up paying interest???
My suggestion, Just ask wot would be the cash price so Youll be able to get an idea??
Cheers
Fatcat said
Crazyfish, as I previously ...Crazyfish, as I previously said I cannot comment on what happens here because I did not make use of the service.
In Brazil, you'll pay exactly the same price (QR1500 on my example about the airline ticket), whether you pay the airline by cash, cheque, credit card once off or credit card in 3 installments. No interest whatsoever.
proposers said
ZERO PERCENT OFFERS ...THERE IS POSSIBLY NO HIDDEN CHARGES UNDER THIS OFFER PROVIDED YOU PAY ALL INSTALLMENTS ON TIME; SHOULD THERE BY ANY DELAY THEN YOU ARE STUCK WITH ALL THE CHARGES WHICH BE CAREFUL!!
maaverix said
I checked ...I checked and guys at Ispot confirmed that there were no extra charges and the charge was same as buying the PC at full price.
Tks for the help guys.