DF in New Jersey said: “GM FLEXCARD HOLDERS BEWARE!! -They started me out with an interest rate of 9%. I opened my bill this month and it is now at 30.99%. I HAVE NEVER PAID LATE!! This was out of nowhere…I actually had to pull out magnifying glass to make sure I wasn’t seeing things!! When I called GM Flexcard, I asked why did you raise the interest rate HSBC’s reply was “It’s a business decision” they refused to lower the interest rate or to give me any other explanation as to why ESPECIALLY since I have always paid on time – that they did this to me.
How do I think this should be resolved? First – I’m paying this card off immediately – and will never have any part of HSBC, GM Flexcard or GM for a future car. It’s time the US Government stepped in and stopped GM from explotation and the fraud it commits upon the consumer. GM’s criminal credit card operation should be shut down NOW!!! My advice to all GM Flexcard holders – get rid of that card ASAP!!
It’s only a matter of time before they hike up your rate too…they are out to screw everyone since GM is in a financial bind and you better believe that they (big wigs) are not going to suffer…they are going to hurt the consumer instead to get more money in their pockets. Cut up your GM Flexcard today!! Do not be their next victim. 1/30/09″