I wrote about my HSBC fiasco on Monday and while that situation hasn’t been resolved yet, I’ve decided that I don’t want to take any chances with my HSBC Retail Credit Card.   Last year I purchased an LCD TV on a 0% APR for 18 months credit card offered by a retail store.  It turns out that the retail store uses HSBC as their bank for the stores credit cards and it also turns out that the 0% APR actually accrues interest during the 18 month period and defers it until the period is over.

After carefully examining the last bill, I noticed that I had close to $300 in deferred interest charges.  Given the problems I’m having with HSBC right now,  I decided that I’d pay off the remaining balance and close the account just to be on the safe side.

This is why it is so important that you ALWAYS have sufficient cash to be able to pay back arbitrage and 0% APR offers since you never what kind of shenanigans  will be pulled on you during the course of the year!