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RM said this about HSBC credit cards: “Looks like Black November for HSBC card holders. On Nov 13 2008 I also received a change of terms stating that my rate was going to increase from 8.24 to 14.99 effective Jan 2009. I have never been late on a payment on any debt in over 9 years since bankruptcy (still on public record till sept 2010) I’ve had my hsbc card for over 3 years and have run over $30,000.00 thru that card remodoling my home as I can afford to. I always send a min of 2x the min payment and that was only 3 times the rest of my payments to HSBC have been in hundeds and even thousands at a time to keep my debt low and avoid paying alot of intrest. Lets just say I learned my lesson about credit card from the bankruptcy.
Yet when contacted HSBC was rude and spoke to me like I was a 10 year old and as other reports I’ve seen it was a business decision and somthing they dug out of my credit report. My report has no negatives just the bankruptcy that has been there since I started doing business with them. They refuse to negotiate and tell me that I have the option to opt out and keep my rate at 8.2 on my current balance but that will automatictly close the account. Closing an account with a balance due is a pretty serious hit on your credit score. They refuse to budge regardless of the facts and even talk to me in a demeaning and condesending manner. The options are damage your score or just pay up and shut up.
To any one reading this and in a similar situation especialy those who recieved a notice in Nov. 2008 with effective date of change in Jan 2009 File a complaint with the FTC and Copmptroller of currency at www.helpwithmybank.gov for otc and get contacts from the FTC site . It is best to call the FTC telephone number and talk to them. They are building a file on this issue.
Any HSBC card holder who has a decent credit score with no late payments on their report send me your story at mcleodronal@sbcglobal.net as I am building my own case against HSBC. FIGHT BACK. The reason they and other card servises are doing this has alot to do with the likely passage of HR5244 that would go into effect in Jan 09. Contact Sen. and congressmen and tell them to support this bill and tell your story. It is time we stop being sheep and fight this economic terrorism.”
This article, HSBC increases credit card rates effective January 2009, is just one of our articles from Bank Horror Stories, HSBC Secrets
Bank Horror Stories monitors banking problems and customer complaints and has done so since 1999. Writers hold no stock positions. Some material is used under the fair use copyright act.
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