EM in Illinois said: “I hope GM realizes the disservice this company is doing to them. I have had a GM card for many years. I recently received a notice reducing my limit. This makes it virtually useless to use and to accrue points toward future purchases. It also potentially impacts my credit score making it less likely that I will purchase or lease a GM vehicle in the future. GM needs to reevaluate this partner and ditch them asap! They certainly are not stimulating vehicle sales by outsourcing to HSBC.”
GM in Connecticutt said “I have been a HSBC GM Card holder for fifteen years with a $16,000 credit line. I pay my card in full each month, and have a 800 FICO score. Since November 2008, HSBC has rejected transactions on my card three times with no prior warning. The first time was when my wife was rejected at the local warehouse club on a Friday evening. Fortunately she had another card with her. The second time they rejected an annual billing my internet vendor. Just today, they rejected my attempt to book a hotel for one night. They then followed up with a phone call from India asking me to verify five other transactions.
SA in Michigan said: “I have excellent credit and have had my GM card account for 10 years. My credit limit was $6500 until yesterday when I received a letter from HSBC stating that due to inactivity, my account credit limit was being reduced to $300. What a joke. I haven’t used my card in about 4 months and didn’t carry a balance, but I’ve used it for very big ticket purchases in the past in order to build GM points, and have carried a balance, but haven’t lately because of the stingy 14% APR on the account.
SD in Texas said: “More of the same here for me: Opened a letter from GM today and read that my credit limit is $300.00, reduced from just under $20,000.00. I also had $50.00 in earnings due to me which I told the representative I was uninterested in. I closed the card. It’s unfortunate this happened but oh well.”
JM in Illinois said: “I have had a GM Card for over 10 years. I’ve never made a late payment. My credit is excellent. My account is active, i.e. I have current charges on my GM Card to be paid in January 2009. My credit limit during all that time has been $3,500 which was sufficient. Just yesterday I received an unfriendly letter in the mail from HSBC which reads: