HSBC North America

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OK. .. I notice my HSBC credit card has its APR up to 30% ! I blow my top. .. I calm down and call them. Credit card companies can lower these rates upon request as a "Courtesy". All of my credit card companies have in the past. I call HSBC and speak to "Carlos" obviously from India, without giving him any of my information (although I'm sure it was right in front of him because I had to enter my account number before the call would be answered)I told him I needed to speak with a rep that spoke English. He asked what can he do for me. I repeated, that I wanted to speak with someone who spoke English. He put me on hold and hung up on me (accidentally, on purpose).

I called back, entered my info again to get through, this time another rep from India answers, I couldn't even understand the name he gave because he couldn't speak English. I told him I did not appreciate Carlos hanging up on me. And I told this rep, that I wanted to talk with a supervisor that speaks English. He said there are none. I told him to connect me with a rep that spoke English and he said there were none. I said, "Are you telling me, in a company as big as HSBC, there isn't even one rep that speaks English or lives in the US"? He said they are global and no matter how many times I call, I will get someone in India. So, I asked him to transfer me to ANY supervisor, and that I didn't care what language they spoke as long as the can at least understand English. He hung up on me. I called back again... and spoke with "Sabrina" (yeah right), I told Sabrina that I was recording this call because Carlos and the other rep hung up on me and refused to get a supervisor on the phone. She asked me for my name and account number, I told her I will give that info to the supervisor when I get one on the phone.

Finally, a person came on the phone, ID'd herself as a supervisor (I don't remember her giving a name), I told her about the two reps that hung up on me, because I wanted to speak with someone who speaks English. She asked me if I was recording the call, (I guess "Sabrina" told her)I told her yes, I was. She told me if I didn't stop the recorder she was disconnecting the call. I asked her what the big deal is, because I was informed by them that they may be recording the same call. She said again, if I was recording the call, she would disconnect... so I said... "OK, I shut the tape off"... I didn't though. She told me charging 30% isn't uncommon for them, and basically they can charge anywhere from 17.99 and up... I told her I've worked with credit cards for over 10 years, and I know they can bring the rate down for those with a good credit history with their company and being that I've never missed any payments and was never late on any, all of my other creditors have dropped theirs for me. I told them they should be raising the fees on the people who default on their agreement instead of the ones that don't.

She said there is nothing she can do about it, they have no special offers going on at this time, and I hung up on her. I'm not even sure what HSBC is, but they took over the original creditor, Household Finance... maybe they are the same, but just changed their name, I don't know, but I do know that there is no way I will pay 30% on any account. If I have to transfer the balance to another account, I will... but I'm not paying all those fees to feed the smart assed mouths in India!
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AZJEM on 09/11/2005:
I have two different lines of credit from different stores and when I got the bill I found out they were from the HSBC bank. I have and excellent credit rating and have low interest on other cards...except this company. If you actually paid the minimum due (which I never ever would do) you are actually paying more out then they are applying to your loan. It's legal loan sharking at its worst. These babies are being paid off in full in the next month or so and shredded to pieces. Shameful isn't it?
DebtorBasher on 09/11/2005:
I agree! Mine will be transferred to another lower rate card.
bill on 09/11/2005:
HSBC is Hong Kong Singapore BanCorp. They bought out Household, Orchard Bank and a couple others.
DebtorBasher on 09/11/2005:
Thanks for that info, Bill.
Ponie on 09/12/2005:
Glad I don't have that 'silly' problem! Of the 8 credit cards I use, each is paid in full each month. It's not that I have bushels of money--I just budget effectively.
squeekie on 03/08/2006:
HSBC sucks! they havecrazy aprs. my husband has a loan with them for 5k but because they tack on the interest ahead of time it looks like the loan is overdrawn, and its current. I can't wait to be done with them. we arte just going to keep giving a little extra to it every month so it lowers the amount quicker
JUICE ANN on 03/02/2007:
Be glad at this juncture, you are where you are at. HSBC created a Master Card account, which no one would verify.
HSBC , after HSBC RECEIVED within 7 mo. 3 certified-signed received letters demanding paper/plastic/.
HSBC VERIFY NONE. My attorney, I've already submitted my documents.
We will file a class action suit.
Guess we are not the only???????????
tdub.u22u on 09/29/2007:
I read your posting, you were talking to the reps at the company demanding to speak to someone who speaks English. Well obviously they spoke English to tell you they were all from India. You are just an ignorant, racist a-hole! It's no wonder that everyone hates americans, because of jerks like you! I have a car loan through HSBC & I think they are a piece of crap company too. But people like you just piss me off. Maybe her English wasn't perfect, but how many foreign languages do you speak? My guess is ZERO! Imagine having to help someone on the phone from Norway, what would you do? Blame the stupid ass American companies for shipping the jobs overseas in the first place! In the meantime, go whistle yankee doodle dandy up a flag pole! - ASS!
jktshff1 on 09/29/2007:
tdub, I was agreeing with you until after the second sentence. The rest of your comment was as racist a rant against Americans. as you state the op is.
It is possible that the poster was having trouble completely understanding a particular strong accent. It is important on both sides that there is clear understanding and a meeting of the minds of the questions and answers.

BTW, blame the American Companies and their workers, for helping the US to get to a point, that it has to export jobs and contribute a significant amount to the global economy.
If America is so hated, why are more people trying to immigrate here than any other country?
And no, the majority of Americans are not bilingual (Spanish possibly the exception). We don't have to be. People legally entering the US are welcomed and encouraged to assimilate into society and become productive. Newly released statistics show that American per capita productivity is the highest in the world. There would be no global economy without the US.
Tell you what, the next time there is a natural disaster, plague, someone that needs defending, another major contribution to the UN.....
The greatest thing about the US is that ANYONE (emphasis) can be as much as they are willing to work for and attain, and have the right to do so.
The downside of our beloved freedom is that is also gives the right for someone to have STUPID written on their forehead..and there are a lot of them out there.
tdub.u22u on 09/29/2007:
I'll tell you why people from south of the border are trying to get up here. American companies that move down to me-hi-co treat their employees sven more shi%#y than they do here. No competetive wages, no benefits, & oh yeah no OSHA looking over their back so they can pollute & do whatever thay want. Why do you think they moved there STUPID! There was just a story in AZ where 2 illegals almost died because they stowed away in a shipping container that had new Dodge trucks in them. Boy must have been real tough to decide to run away from that great production line job for quality American products. - NOT!Real wages & buying power have been on the decline for over a decade!

Also you said: Newly released statistics show that American per capita productivity is the highest in the world. There would be no global economy without the US.

Sure, and those same statistics will tell you that we are ranked in the 40's amongst countries for life expectancy. We are overworked & underpaid, take the least vacations & are ridiculed as being the FATTEST country on earth. Not to mention we have the most people incarcerated of any country on the planet. More than Saudi Arabia, Iran, China etc. etc. It must be nice to sit high & mighty & CHERRY PICK your statistics. so to get your "meeting of the minds" & other dribble . . . look at all the facts.

Also you said: "And no, the majority of Americans are not bilingual (Spanish possibly the exception). We don't have to be."
This is exactly the American cave man mentality that I am talking about. We are in a global economy now, I live on a border state & to remain competetive, I learned Spanish, I also know some Thai even though I grew up in an Irish catholic family. People who choose to keep their blinders on will ensure the downfall of American superiority to China & the E.U. - something I DON'T want by the way.

In conclusion, - YES I love this country, and BIG YES it sucks where it is going. But I care about it enough to get fired up about these issues and not just wave a flag. - ASS!
smoked on 01/20/2009:
Do what did cut the dam thing up and send it back to them with a nice F-you letter:)
Principissa on 01/20/2009:
I'd be angry as well. If these companies are going to hire people who do not speak English as their primary language they better make darn sure that these people can speak and be understood by their customers.

DB cut the card up and send it back to them with a letter telling them why you are taking your business elsewhere.
DebtorBasher on 01/20/2009:
Princi...that card is looong gone. This review was from 2005 and I didn't even remember writing it...I must have realllly been upset. Anyway, it was interesting to read and who was the DebtorBasher who said a word from the Basher's "No-No Word" book? Geesh....I'll have to add .50 in my own swear jar...but honestly, I think someone hacked my review and posted that to make it look like it was me!
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HSBC, Best Buy and Deceptive Practices
Posted by on
Rating: 1/51
My wife and I bought a large TV at Best Buy. My wife and I thought it was a large enough purchase, so we bought the coverage to protect us if one of us was disabled or if we lost our jobs. It was quite a large investment so we thought that was a good deal. The problem is, the deal is scam.

We were paying for the TV for quite a while and then, my wife lost her job. She wanted to see if she could get a job before leaning on the service policy we bought for just such an occasion. When it was obvious that she was not going to find a job quickly, she filed with HSBC, who was the lender BEST BUY USES. They said there was a time limit and that we were one or two days late. 1. There was never any mention of time limits. We just tried to do the right thing, and they used something we never saw. WE have tried to get the entire contract several times, but to no avail.

Best Buy just says, "we are not responsible," and just washes their hands of it. I wish I could lead folks down the path to destruction and then just say, "I am not responsible." Like shooting fish in a barrel. (In my humble opinion, Best Buy is responsible to the public for the instiutions they bring under under their roof and use as reputable companies. We, the consumer, who bought merchandise under their roof and are taking their lender at their request, IS responsible! We depend on them to steer us in the right direction. Otherwise, the should tell people up front that we have to find our own lenders when we make a purchase. Best Buys tacit agreement with these crooks makes them culpable. They are in enough hot water already. You would think this would be something that they would not like to be tangled up with. HSBC is clearly one of those dirty institutions with tons of complaints about things I would call fraud, but won't because I have not read the doc on those complaints, so can't really accuse them in those cases. As with our case, you don't need to see a fish to know there is something rotten in the area...
We will end up getting an attorney over this, but I wanted to let folks know up front what they will be dealing with if they buy something from Best Buy on terms. This will be our last not-so-Best Buy from this sinking ship... I say good riddance. One more dirty organization taken out by trying to do as little as possible for its potential customers, (suckers).
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trmn8r on 07/05/2012:
What WERE the terms?

Did you have a loan that came with alleged protection in case of not being able to pay? Is the time limit they came up with from the beginning of the loan, relative to a payment due date, something else? I don't really understand what you thought the agreement was, and if you feel they did something outright wrong or took advantage of fine print in the agreement.
Pat T on 02/04/2013:
The problem is that the guy at the finance desk at BB tells you one thing and the written "agreement" that they give or send you AFTER you've accepted the card and made the purchase says something else - and "reading it" is nice advice but you've already bought the item and used their card to buy it. Then both BB says "out of our hands" and HSBC says "this is what the agreement says, you owe us." I paid the entire principal balance off in less than the promo period and told them (a) nobody said anything about "minimum monthly" so I'm not paying "retroactive interest" and (b) if this goes on my credit report I will sue you. Talked with 3 people before they agreed to "take care of it." But "take care of it" meant get me off the phone, don't contact me but don't reverse the charges - charge it off and sell the "account" to a CA that calls me over 4 years later. It's not on my credit report and it's now past SOL but every few years I get a call or letter from a new CA - I explain what happened, they make a note of it, they never call again but they sell the "account" to someone else who calls me. This is so outrageous.
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My Accounts on Hold for?
Posted by on
SALINAS, CALIFORNIA -- I have cards on both them and I pay annual fee as I was trying to improve my credit score.. I have never missed a payment and I access everything online. One day, I was going through my accounting and accessing my credit card online accounts and I could not get into either one of them... The funny thing is that both cards were placed on hold at the same time... Note, I am moving to another state soon and I go down to see family..

So I called in and one is closed for business (6pm EST).. The other phone is 800 and I got through customer service. They directed me right to credit review department. Be aware, these cards don't even give you a credit increase and you are paying annual fee.. The ladies comes online and verifies me with multiple private information.. Maiden name, social, address, etc.. They obviously could tell that I am the account holder... She states for verification purpose that the accounts were placed on hold and they want me to mail my income, 2 utility bills, and social security.. I asked why? You have my information and I asked where is the notification? It is in the terms of agreement. So I stated then wouldn't you think you should notify before you place it on hold so you do not disrupt services? She stated that we did.. Really, then why would I be calling you and finding out now?

Also, you really think it takes less than 1 day to notify? To make the long story short... They have my information, they know I pay my bills.. Heck, I even told her when my last payment was (since I went into the account the week prior to pay my bills)... All she could state is that I have to wait and can't use the card until it is cleared.. SO you pay annual fee for service, you are denied service (and it is acceptable for them to place a hold).. Do you think you should get credit? I see why credit card companies are predatory.. They have no problem and demanding us pay right away but would do anything possible to deny service... And they could change terms whether they want..

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trmn8r on 03/18/2011:
The key to this is that there were holds placed on your cards for some reason. That is why they asked for your identifying information. This isn't typical. I have had credit cards for over 20 years, and never had a hold placed on a card.

Did they tell you WHY the hold was put on your account?
madconsumer on 03/18/2011:
are you self employeed?
unhappy999 on 03/18/2011:
I agree with trmn8r. I have used multiple credit cards for a number of years and never had to send in income, utility bill and SSN. I don't know why they would need all of this if you already had a line of credit with them and most likely, they already have your SSN. I did have hold put on one of one of my cards once due to a fraud alert. I had to call and verify that the charges were valid and that I was the one making the charges and they removed the hold. While it was inconvenient, it was for my own protection so it didn't bother me too much. I don't remember how I found out about it, I think my card was declined so I called the number on the back. I do not get any cards that have an annual fee, I only get the free credit cards. There are plenty of them to get that don't have a fee so I don't know what the advantage is of getting one with a fee. I get points with my Chase Freedom card and every so often, I go online and order a $50 check for my points.
Anonymous on 03/19/2011:
What the OP is not saying says a lot. I see "lowering credit score", and "never missed a payment". That just tells me there may be a large outstanding balance on the credit cards that could have led to actions taken by the lender.
Strangerthanfiction on 02/14/2012:
dbrhee... I am EXACTLY in the same situation as you. I filed a complaint with CFPB concerning this very thing (and other problems). When a representative from HSBC called to "discuss" my complaint, she told me there's no way I'd be asked those kind of questions.

After saying I had witnesses that HEARD them being asked, her story changed a little. The company had the right to verify information to be sure I was the actual account holder. Therefore, there were entitled to ask verifying information questions.

This was the exact same thing I have been told umpteen times already. I've asked, repeatedly, how answering irrelevant information, such as weight, cars driven, and a bunch of other survey type questions could prove my identity when my "legal" identifying information wasn't enough to verify who I was.

Furthermore, I NEVER provided such information to them in the first place so how would they know if the answers I gave were true or not. I was told the information they asked were a matter of PUBLIC RECORD and they could verify my answers that way.

So, PUBLIC RECORDS are more acceptable and will unlock my online access than private information? That means the public would have a greater chance of being able to get into my account.

BTW... everyone given advice or commenting on what the poster did wrong or had to do wrong... I hope you NEVER have to deal with this company the way I have. It is completely unreal. NEVER have I dealt with a company like this and I hope I never will again.
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Lies, and horrible customer service
Posted by on

I am extremely frustrated, and at this point angry, with the way I'm being treated by HSBC in regards to my application for the Best Buy card.

In August of 2010 I applied for the Best Buy card online and was declined, however I was approved for the MasterCard, which I did not want, and which I did not accept. I have a steady, long-term job, and a credit score of 818 so I called to find out why I was declined and they said they'd send me a letter.

I waited about two months, and called a second time because I never received the letter. This time they said, "Oh good news! There's been a mistake, if you reapply you're sure to get approved!"

November 11, 2010, I reapply and again I'm declined for the Best Buy card, but approved for the Master Card. Again, I don't want the MasterCard, and again I don't accept the MasterCard. I call back for the third time, and again they promise I'll receive a letter within 30 days.

Two months go by, and I call for the fourth time to ask where's my letter and I'm told again that there's been a mistake and to reapply. I don't think so! I told them I don't want to reapply a third time, I want the reason of why I was declined. So I'm promised for the third time that I will receive a letter within 30 days.

So, I called them yet again yesterday, February 22, 2011. I received the same song and dance again, and they promised me they'd send me the letter of why I was declined.

Well, at this point I don't even want the card anymore, and I'm ready to stop shopping at Best Buy on top of it I'm so annoyed. If all this wasn't bad enough, my mother called me to inform me that HSBC has sent a MasterCard in my name to her address. She lives in a completely different state then me! How does this happen? The didn't even put my full name on the card! I would never apply for a card without my full name, not to mention my mother's address.

I will never, ever do any business with HSBC after this experience.
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Christine in NY on 07/20/2011:
I am going through a very similar situation. My husband applied for the Best Buy card and got declined but was approved for a rewards card (MC) we didn't want it. It came in the mail and we NEVER activated it, in fact we shredded it. I called and supposedly got it all straightened out and cancelled. Well now we are getting Bills that say we have late payments????? on the annual fee! I have called twice now and the last time I said "look! we don't want the card it was never activated stop trying to ask me why we don't want it!" close the account and Fix the late fees and all fees for that matter and TAKE THE NEGATIVE MARK OFF MY HUSBANDS CREDIT REPORT!" She said she did it and I would be receivng a letter....We'll see. I have a feeling this crap is going to lead to a class action lawsuit with these people. geez it's so frustrating!!!
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America pays
Posted on
Yesterday, I received notice from HSBC that they were re-pricing all accounts that were "in my APR range". Effectively, this moved the "purchases" APR to 19.9, and "cash" to 29.9.

While I cannot begrudge companies that are tired of putting up with stupid customers who (1) can't remember to pay their bill on time, (2) don't pay their bill because they did't get their mailed statement (anybody heard of the internet??), or (3) keep right on spending even when they fully know they have exceeded the account limit - I DO take EXCEPTION when companies jack up the rates for those that don't fall into these categories.

Like many others earlier this year, HSBC is now one of them. So, I opted out. After 10 years I had to close the account to avoid paying through the nose.

Today - I keep thinking about this and I keep wanting to "do something about it". I keep thinking about my bank and how they basically do absolutely nothing to have use of my money on a daily basis. I keep thinking about how to ...well, how to not ever be in this position again.

What I realized is that all of these wonderful institutions have programmed ALL of us to believe and accept that we need them in our lives to be whole and complete. We have come to accept that "payments" are necessary and required. We have been led to believe that there are pieces of plastic that make us better - more prestige, more clout - as long as we are willing to handover more money.

And then, the double whammy hits. The almighty FICO "score" and credit reports. To be "good" we voluntarily allow our financial life to be rated and then distributed to companies we don't even know.

It used to be that the Better Business Bureau was THE place for consumers to make sure a business was worthy. Now the tables have been turned and it is we - the consumers - who are being rated exclusive of any shenanigans of the businesses.

I think there needs to a new rating system. One that bridges business and customer ratings to produce an entirely new means to evaluate who we want to do business with.

But - in the meantime, I am going to do something about it. With a very old, old tool found in nearly every home in the US - I have cut into pieces every credit card I have that has seen an APR increase outside of any increase to the prime rate. I have called and emailed every single one of these companies and closed the accounts.

I am now down to one single account. One.

I am going today to move my checking and savings accounts to a local credit union that doesn't have 30 million dollar CEO's. (I think it is quite obvious these guys ain't worth their money when they have to go ask the govt for a handout. What? Were they asleep at the wheel? They didn't see it coming? They didn't know? What?)

I will diligently pay off every account I closed - and the one that remains open. And when done, will never again agree to such an insane arrangement.

Live. Experience. Learn. Don't be stupid.
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Anonymous on 09/26/2009:
Sometimes it is easier to have a blanket policy. That way, you don't have to worry about the hassle of deciding who deserves what. One policy for everybody. No headache.
Eloise on 09/26/2009:
Great points! It's very frustrating to 'pay' for other people's mistakes.
DigitalCommando on 09/26/2009:
Did anybody really think that the bailout's were going to be paid back through the banks profits generated by legitimate business methods? WE bailed them out. WE are paying their loan back for them via 20% rate increases and other methods. This means the bank simply received a free multi-billion dollar gift courtesy of you and I.
Anonymous on 09/26/2009:
"Thomas Hartley of Business First of Buffalo reported that HSBC USA has no plans to take part in the federal government troubled asset relief program (TARP). The article “HSBC Passes On Federal Program” says “HSBC supports the U.S. government’s efforts as part of ongoing public and private initiatives to address issues in the marketplace, including the recent announcement of the TARP (troubled asset relief program)."
Anonymous on 09/26/2009:
There isn't much difference in taking a taxpayer funded govt handout and gouging the crap out of the taxpaying public. One way or the other - they get the MONEY.
Anonymous on 09/26/2009:
HSBC has jacked up the rates to hopefully avoid the public scorn of receiving a handout. It still does NOT clear them of making high-risk, high-greed, financially stupid loans and investments. And that, my friend, is what I object to paying.

If I make bad decisions - I pay the tab. If they make bad decisions - I pay the tab.

Anonymous on 09/28/2009:
Do you have an HSBC issued credit card? If so is it cobranded and with whom? Some of the purchase APR rates are moving up to rates you see on store charge and private label department store card accounts.
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Stay Away From HSBC!
Posted by on
GEORGIA -- I took out a credit card with HSBC April 2008. Me and my husband were to use the card for a house we were remodeling to flip. Their 0% interest drew me towards them and I got the card in April. Paid online via billpay, and on time as long as I got the bill in the mail, which has always been my reminder. All of a sudden I got a letter from them in August to let me know that I'd missed payments. Well, I called them and asked them why I'd not received a bill in the mail. The CSR told me that I had gone online and opted to receive my bills online, which is not true. Funny thing is that I'd not received any online bills either. The CSR would not budge, basically didn't believe me so all of a sudden I owed over $600 to bring the account current? Keeping in mind they'd added fees and all of a sudden I had a 38% interest charged to the account balance. I'd kept my credit scores at 700 and above until this happened. The CSR told me they'd work with me at $50/month for 4 months, which I agreed to and also told them to close the account.

They were to draft it from my account. This did not happen and I ended up having to make the payment via billpay. I continued getting phone calls and still got harassed. I finally received a letter from their company which I disputed and faxed my letter of dispute to their company (all documented). They continue to call me at least 6 times during the day beginning at 7 A.M. and sometimes lasting until 10 P.M. I don't answer the call because I recognize their number. They seem to refuse to respond via paper or mail. So for now, we're at a standstill. This company will not work with you. I was widowed in 2006 and then was married for 1.5 years to an abusive relationship in which I made a decision to divorce this man, finalized Dec. 2, 2008. He left me with ALL debt.

HSBC CSR's showed no sympathy and showed absolutely no compassion as to my circumstance. They also have ruined my credit. Furthermore, they've been in the news lately more than I'd like to say, with stories that are shameful and it concerns millions of dollars. Let me dollars? I'm sorry but if they can give a man a $22 mil. in a settlement to leave their company, can they not work with me on a measly $4,000 balance? Oh, I guess we need to add the $1000 in fees and charges they've attached to the bill which brings it to over $5,000. Shame on HSBC!

So, my advice? STAY AWAY FROM THESE PEOPLE....they're bad news.
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Anonymous on 03/13/2009:
"I was widowed in 2006 and then was married for 1.5 years to an abusive relationship in which I made a decision to divorce this man, finalized Dec."

Anonymous on 03/13/2009:
"...I got a letter from them in August to let me know that I'd missed payments."
I never understand why people fail to pay bills on the basis they that they never got a statement. Did they think they suddenly got a raise? A paper calendar taped to the fridge with last month's bills will work if you don't want to lay out bucks for a PDA or put the monthly reminder on your computer. (BTW: Kudos on getting out of the abusive relationship.)
Anonymous on 03/13/2009:
It is easy to forget to pay a bill if you rely solely on receiving a monthly statement as a reminder. Most companies will tell you that the billing statement is a courtesy and not a reason to not make a payment....and, they are right.

Here's something simple I started doing a few years ago that helps me keep track of all recurring and non-recurring bills. Using Excel, I created a spreadsheet where I put down all my monthly recurring payments I.e. mortgage, car note, insurance, phone, TV, etc, everything that I know I have to pay monthly, as well as any non-recurring bills like dentist/medical/etc. I have columns that show amount due, due date, amount paid, date paid and I keep a running total of everything both monthly and yearly.

At the end of the year it also helps when I'm doing my taxes, I can easily find how much I paid out for child care expense for example by referring to the total paid for the year.

I know a few people that swear by software programs like Quicken but I've yet to try anything like that, but the point is that at the end of the day, rarely do companies let not getting a statement slide as an excuse to not pay/waive fees, so we have to be very disciplined and organized.

lastly, I 2nd the kudos for getting out of the abusive relationship...good for you!!

shirleypix on 03/13/2009:
Please understand my life was turned upside down at the time all this was going on so it was hard enough to remember my name, much less paying a bill. Thank you for your helpful comments and the "kudos." It was a good decision even if I am drowning in debt but no more fear for my life.
jktshff1 on 03/13/2009:
JBC, Quicken works well also. The Mrs like a spreadsheet also.
Csarol on 03/25/2009:
I agree.
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Take Your Money And Run While You Still Can!
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I have been a loyal customer of HSBC for a long time, and until recently I was a happy customer as well. Suddenly, I have become a very unhappy customer and I am taking my money out of HSBC because of the dreadfully unfair and arbitrary actions taken by HSBC. I have been very diligently paying my bills on time and taking other steps to make sure my credit score goes up as much as possible. Suddenly my credit score dropped significantly even though ALL of my payments, etc. have all been paid on time. So why did my credit score drop one might ask? The one and only negative thing that happened in any of my credit history recently is that HSBC arbitrarily decided to lower the credit limits on a large number of its credit card customers. I always paid my bills on time, never went over my credit limit, and in fact, I always kept my outstanding balance below 50% of my credit limit. Suddenly HSBC arbitrarily decided to lower the credit line on my card and thousands of others by 60%!!! Yes, that number is correct.

They lowered my credit limit by 60%! This caused my balance to available credit ratio (a key factor in determining FICO scores) to go from about 40% to about 97%. The 40% ratio which I worked diligently to maintain is viewed as very good in the eyes of the credit reporting agencies, and was one of the factors helping to bring up my credit rating. However, one of the worst danger warnings in the eyes of the credit agencies is a "maxed out" credit card, so this 97% ratio caused solely by the arbitrary actions of HSBC caused my credit rating to drop by about 30 points! Now let me again stress that my income and job situation has not changed, I have not had a late payment or been over my credit limit on any of my credit accounts in many years, and have not had any other activity that might negatively affect my credit rating for many years.

Despite all of my diligence in maintaining my credit and despite my loyalty to HSBC and the fact that I even have my savings account with HSBC they took this unfair action which has already had a very negative impact on my credit rating. I had been saving up to buy a house this year, and now I will most likely have to pay a higher interest rate on my mortgage or wait even longer before I am able to purchase a home, all because of the indifference of HSBC toward its customers. Just as a "maxed out" credit card is a danger indicator for the credit reporting agencies, this kind of of indifference and arbitrary action towards its loyal customers is a BIG RED FLAG about the financial health of HSBC! A wise person could see such acts by HSBC as a strong indication that HSBC is a bank struggling in very serious financial trouble. I for one could not be comfortable leaving my money in an account at a bank in serious financial trouble. I know the banks are supposed to be insured, but why take chances with bureaucratic red tape?

It seems much wiser to simply take all money out of the troubled bank. HSBC may be located in Nevada, but if I am going to gamle with my money, I would rather do it at the casino and not with my bank accounts.
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tnchuck100 on 02/26/2009:
Complain to your legislators. LOUDLY. Yours is a perfect example of how a persons credit can be trash through no fault of their own. There should be legislation that would mandate FICO cannot consider an arbitrarily lowered credit limit when the consumer has done nothing to cause. These actions are detrimental to the consumer when the consumer has virtually no control over it.

If this is an old card, pay it off and put it in the back of the dresser drawer, never to be touched again. If it is a relatively new card, pay it off, and tell them to shove it.
bitzerking on 02/26/2009:
We aren't alone....and the number is over 1 million not the thousands of card members that were mentioned in the previous posting. My husband and I just got off the phone with HSBC customer service. After a lengthy conversation, no information, we requested the attention of a supervisor. She was so very apologetic...but so what. We are the ones with the negative mark on our credit. We have our home and do not plan to borrow any money but we pride ourselves in handling our money judiciously. Now we have to spend our time monitoring the dispute to get the "overlimit" and "reduced credit limit" and the available credit proportion remedied. It looks like the toxic banks don't just rhyme with "schank of America" and "chitty bank" (to quote a late-night TV host.
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HSBC Visa; Avoid This Company!
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I acepted a postal mail pre-approved offer, and opened a credit card account with this company. I had the card for about 2 years (+/-) without any problems. I feel I was an ideal customer, from the credit card company's standpoint: I never exceeded my credit limit, never once was late with a payment (on ANY of my credit accounts, anywhere), and always carried a monthly balance. My FICO credit score is always in the 670 to 700 range whenever I check it.

One month after about 2 years, I opened my monthly statement and was shocked to discover that my monthly interest rate had been changed from 12% to something like 27%, and there was a monthly fee added for credit monitoring, which is something that I had never authorized and which is mentioned NOWHERE in any of the terms and conditions in the original card agreement (I save EVERYTHING when I open an account, and urge others to do the same).

I immediately called the company, and was sent to on-hold hell, where I spent much of my lunch hour at work and never did get a live servie representative. The next day I encountered the same thing, but did manage to eventually get a customer representative who explained patiently that in the account agreement it clearly states that they can pretty much change the terms and conditions of any account at any time for any or no reason at their will. I asked whether there was any sort of reason for deciding to change my terms with no notice at all, and received no clear answer (just a canned statement that something must have changed in my credit history or that I may be in default on some other account. Bullsh*t; I monitor my credit score and am NEVER in default on anything. I have since double checked, and my credit is fine and I have had no problems with any other company.

I was pretty angry by this time, and very clearly stated that I wished a payoff amount and wanted this account closed immediately. I received the payoff amount, paid it off in full by internet transfer from my checking account while still on the phone with them, and verified on the phone that they had received payment. I repeated that I Wanted the account closed immediately, and wished to file a dispute for the credit monitoring charge of $12.95.

In about a week, I received in the mail a computer generated form letter confirming my disputed $12.95 charge.

2 weeks later, I received a monthly statement which indicated that the account was still open, with a zero balance. I immediately called, and was told that there mst have been some mistake or misunderstanding as nowhere did it state in my records that I wanted the accoutnclosed. I was angry now, and very clearly stated several times that I wanted this account closed, NOW. The representative said it was now closed.
The next month, I received another monthly bill for zero dollars... This time I asked for a supervisor, and repeated my insistence that the account be immediately closed NOW this INSTANT. I again got the song and dance about there having must been some miscommunication on my part. I followed up with a written letter stating the same thing, and have not received any monthly bill since then. Eventually I got a check in the mail for the $12.95 disputed credit charge.
Beware tis company. If you DO open an account, be sure to check your statement every month, as they are dishonest and unethical and undoubtedly make a LOT of profit by slipping in unjustified fees and changes in interest rates without anyone noticing. I am just thankful that I happened to open the paper statement and check that month, since I usually pay online and might not have noticed being raped for several months otherwise. I went back through my mail, and there was NEVER any sort of notification of the change in interest rate or additional fees provided to me.
Note: I have a Capital One card, and have never had any problems like this in 10 years, nor have I EVER encountered such an uncommunicative, rude, arrogant customer service staff as the one at HSBC.
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tnchuck100 on 11/22/2008:
Very good review. You handled their ineptness very well. It is best to send a written communication/return receipt requested when canceling any accuont. Do not trust Capital One either. They are just as capable of doing the same thing.
Ponie on 11/22/2008:
' sure to check your statement every month...' Why single out just this one company? Don't you do this with all statements you receive? I know I certainly do. And, don't kid yourself--they notified you of the change in rate. Maybe it was in print so small you completely overlooked it, but it was there.
Slimjim on 11/22/2008:
Agreed good review. I would have lost it too over that bull. The jack in interest is bad enough but the gall to put a credit monitoring service on without authorization. You did the right thing and were fortunate enough to be able to pay off the account stat. I always check my statements for charges and balance errors but I really should be extra careful to check interest rates on anything I may be carrying a balance on these days.
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Deceptive Business Practices / HSBC Mortgage
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BUFFALO, NEW YORK -- Do not use HSBC for mortgages or refinancing unless you love to go through hell and lose money. I have investigations ongoing from state and federal agencies along with the Better Business Bureau into the business practices of HSBC Bank, Mortgage Division. The complaint concerns two issues:

1.) Deceptively assuring customers that loans were pre-approved to collect non-refundable application fees
2.) Performing fraudulent appraisals.

On February 5, 2008 I inquired online to HSBC Bank on the refinancing of my manufactured home. HSBC Bank is the current lender for my mortgage for over 15 months which I have had no prior issues with or had any late payments on, so I thought it was in my best interest to continue my business relationship with them. I received a call of pre-approval from [snip] of HSBC at 1-800-622-7759 ext. 6393 and she brought up my account and asked me for more personal information and brought up my credit report. At this time we locked in a rate at 5.6% and I was told that I would have to pre-pay a non-refundable application fee of $525.00. At the time she brought up my credit report, which is a credit score of 678 and said that with all of the information she had that the refinancing should go smoothly and quickly. Knowing that they manage my mortgage and have for over 15 months, I paid the $525.00 after being assured that the refinancing would be done. After several days I contacted Denise to see how the loan was progressing, and was told that HSBC does not refinance manufactured homes and that they would not able to refund the application fee of $525.00. Being that they have managed my account for over 15 months I was puzzled why they did not tell me that they could not refinance my home before they took my “non-refundable” application fee.

At this point I submitted a formal complaint and received a call from Denise’s supervisor. I explained my frustration that I was assured and pre-approved for a loan which they ultimately would not provide and that they would not refund my money. I would not have given them the application fee of $525.00 if I would have known they would not refinance my manufactured home. She told my that I had given Denise false information concerning the property type, for which I stated that not only did I not give any false information, but that they have all of my information from the current mortgage which would made it impossible to falsify my information. At this point she told me that HSBC buys mortgages in bundles and has no idea of what those mortgages are, but she would investigate.

She called the next day to inform me that HSBC would not refund my application fee of $525.00. I the told her that I could not believe that after 15 months of making thousands of dollars from me that this business relationship was going to go sour over $525.00. She then apologized and said that the $525.00 could not be refunded because it was used for an appraisal of my house. I told her that there was not an appraisal done of my house and she checked on her computer and said that one had been done. At this point I told her that I am a certified Appraiser II for the Property Tax division of the Arizona Department of Revenue and that a drive by picture of a house may justify as an appraisal in New York, but not in the State of Arizona. She then checked the computer again and said that a full appraisal had been done of my home. I told her that in order for a full appraisal to be done, the appraiser would have to enter my home and therefore I would have to be present or someone representing me would have to be there. She insisted that a full appraisal was done.

I then asked her how did someone get into my house and why would HSBC perform an appraisal on a house that they would not finance. She did not know. I then asked for the name and license number of the appraiser. She said that I would have to talk with underwriter [snip] at 1-800-432-5632 ext. 5173, but quickly said that she was not in that day.

I have left messages with Judy Harway, but she refuses to return my calls. At this point I felt that there was some kind of fraudulent or criminal business behavior going on and I wrote in another formal complaint to HSBC stating that I was going to file a complaint to the Comptroller of the Currency, the New York Attorney General’s office, the New York division of the Better Business Bureau and the United States Justice department asking for a full investigation into the mortgage practices and possible fraudulent appraisals performed by HSBC Bank. Since issuing complaints to state and federal agencies and multiple complaints to HSBC I have heard no response from HSBC and have not had any money refunded to me at this date.

The moral of this story is stay as far away from HSBC bank as possible. They will find a way, legally or not to take your money.
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madconsumer on 03/29/2008:
although I do understand your complaint, this sounds like a mis-understanding of your home type. on the application, wasn't there a place to check house type?

I do not see any deception here.
Robbgibson on 03/29/2008:
That's the problem. I went back to check if there was a Manufactured Home selection and there was. I wouldn't check something that was different. Denise also brought up my current mortgage account, because I had to give my account number in the application. It clearly shows that I have a Manufactured Home. A flag should have gone up on her end, since they manage my mortgage. I can understand that I'm up the creek without a paddle if I had no association with this company, but they manage my account and when I talked with Denise's supervisor she was like "we just buy mortgages in bulk and have no idea what those mortgages are". This is an excuse to CYOA and the most idiotic thing your going to tell your customer. I was basically told, I have no clue who you are and don't care, but damn you if you don't send your payment in. Then there's the the subject of an appraisal that I was supposedly charged for which wasn't done. I always paid my payment early, never late. I was a great customer for them. In fact I have 2 credit cards from them and they pulled this crap and won't back down. Believe me this is not a mis-understanding, it's deceptive! If this was a mis-understanding we would have reached an agreement. I'm in a full financial war.
Robbgibson on 03/30/2008:
Then why don't they refund my money. That's the deception!!! If it's an honest mistake let's make it even. Return my money and we will let it go.
Robbgibson on 03/30/2008:
On another point, why are they charging me for an appraisal that was never done. In my eye when you are charged for a services not rendered you have been deceived, taken for and committed fraud.
Another victim on 10/13/2013:
I agree with youncompletely. Charter One/ Citizen Bank has done things similar tomthis. Hence stay away from them too.
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Bait and Switch Credit Card Offers
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INDIANA -- I have had a HSBC Gold MasterCard since 2002.I have been an excellent customer and always paid on my account. I recently received a replacement card - 03/2008 - and along with it was an offer for 0% APR on purchases made between March 1 and April 30 for 6 months.

I was considering taking HSBC up on this offer but wanted to confirm the terms before putting any major purchases on the card. What happened after I contacted customer service was just UNBELIEVABLE! First, I was told by a customer representative that they had no record of a 0% APR for purchases even being offered to me. He said there was an offer for a 0% APR for balance transfers for 6 months. I explained to him that a purchase 0% APR offer comes with no transaction fees and balance transfers do, so I preferred the offer that was SENT to me with the card!

I asked to speak to a supervisor and after waiting on hold for what seemed like forever, I talked to Latoya. She again told me that no offer for 0% APR on purchases was in my records, only the balance transfer offer. I then read the offer that was sent to me and asked if the balance transfer offer could be changed to the purchase offer that carry no fees. She then said I had to FIRST fax a copy of the offer that they sent to me! I told her that they should be aware of the offers they send out to customers and put it in their records FIRST before sending them out. I asked her why should I have to fax them THEIR OFFER! She refused to budge on the matter and would not change the balance transfer offer to the purchase offer.

To make a long story short, I just told her how ridiculous the situation was and how I would have been in a real bind if I had trusted their false and misleading offer. So to anyone out there carrying a HSBC Credit Card beware of their bogus offers!
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madconsumer on 03/28/2008:
these offers are sent automatically.
laklisa on 03/28/2008:
I don't work for HSBC, but we do work in conjunction with them (They issue our credit cards for my retail company). I know for our MasterCard they recently sent out some promotions and they do notate the accounts of the promotions they send to customers. It's possible that they did send out the wrong promotion to you. If it does say 0% APR for 6 mos on purchases (not balance transfers), I would take the time to fax it. The worst they will say is no, but you would have taken the time to show them that a mistake was made. If it happened to you, it might have happened to someone else.
Personally I can not stand the bank, as before we went with them (about 4 years ago) we were more lenient. Now that we are affiliated with them, we have to follow some of their practices.
aquasue on 04/14/2008:
no card is going to change your bt offer to a purchase rate offer. bt offers are always cheaper than purchases. this is not just a hsbc practice...and anyone could call in claiming a specific rate that is why you have to fax it..for verification and then they will give it to you...we are all human I am sure you are not perfect either.
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