I have had a Gold MC for longer than I can remember, have always paid my bill on time and have spent and paid off tens of thousands of dollars. I received a letter to make a purchase on my $11,000 limit, zero balance account or my account would be closed. I meant to and was in the middle of moving from Georgia to California and never made the purchase.
They consequently closed my account, my debt to income ratio went down, my FICO plummeted and my credit was strongly negatively affected. I am very dissatisfied about that but rely on my other credit cards who have not cancelled on a customer who has never been late, paid tons of interest over the years and always carried the card on him when leaving the house.
I see MC applications online and in the mail and always ignore them as they have turned their backs on me regardless of how it affected my credit. I have seen the news stories that relate how credit card companies consider customers who don't pay much interest and never any late fees to be the real deadbeats since the company doesn't make much money on them.
CITY OF INDUSTRY, CALIFORNIA -- I hate HSBC and will tell anyone who asks me to NEVER get a card issued by HSBC. I have had my account for several years and have never missed or even been late on a payment. Actually, I have generally paid more than the minimum amount due. However, due to "a business decision" as I was told they raised my interest rate from 14.99% to 19.99% and supposedly sent me a letter, those letters that none of us read as we get three or four a week and deem them junk mail.
I have been a very good customer for HSBC and this is how they decided to reward me. I am trying to get out of debt and companies like this take advantage of the middle class working their asses off that aren't able to instantly pay off their credit cards. I hope their business suffers and even goes under in this economy. That's what they deserve for such crappy treatment of their customers!!!
I have had a personal loan with Beneficial Finance for approximately 4 1/2 years. The loan amount was for $15,000.00. I was paying approximately $300 a month before my divorce. My ex-wife could not afford the $300 a month payment, so she applied for a financial hardship with Beneficial. Beneficial gave my ex-wife the "run around" several times. My ex-wife sent in the necessary documents for the hardship a few times (because Beneficial somehow lost or misplaced the documents), however, Beneficial took their sweet time approving the hardship.
When the hardship finally went through, the payment was lowered to approximately $150 a month. This hardship was for 6 months and after the 6 months was up, my ex-wife could apply again. So, here recently she did--she was denied. Now, my ex-wife has not had an increase in pay or won the lottery. Beneficial told her to re-apply in a monthWHAT!!!
This is crazy!!! Now in saying all of that, I need to say this, remember me saying that the loan was $15,000 and that amount has been paid on for years now....the balance as of May 2010 is $14,383.45. Yeah, do the math. Beneficial is a rip off--the loan is paid down roughly $700 after several years. My next step is the Attorney General's office. I am looking at having Beneficial Finance investigated.
We took out an auto loan with HSBC auto financing in 2006 for our truck. We have paid them over 18000.00 on our loan. Never late on a payment and then the 6th of March I called them to see if we could defer a couple payments. They said no then transferred our loan to a debt consumer company. My husband has been laid off work so we are trying to save what money we have till he goes back to work but this company couldn't care less about helping their customers. This company needs to be investigated between their poor credit card services and their loans. They are ripping off whoever they can. This is a sorry company all the way around. They should be shut down.
With HSBC Best Buy Store credit Card you can not schedule any recurring online monthly payment. You have to do the same process for every month. If you owe $3000 and want to make a $150 payment of the 2nd day of every month you will have to schedule 20 payments in advance with each one taking at least 5 minutes to finish entering the same info over & over again.
My belief in today's technology HSBC is making it harder to schedule payments in the hope you will miss one schedule than they will hit you with a $39 late charge & start charging interest. It is a shame to say the least, I did not even asked for this credit card, it was pushed by the Best Buy guys. I like Best Buy but will never shop there again for partnering with some Crooks from Nevada.
I had purchased a living room furniture set from a Furniture Row retailer. The purchase was put a newly opened card from Furniture Row and managed be HSBC Retail services Dept. The purchase was under a "same as cash" promotion on 12/27/08. I made payments up to 10/24/09. On 10/24/09 I made one final payment of 1,840.66 and wrote paid in full on the memo line on the check. To my surprise, I received a bill the following month for. 66 cents. I thought that I had mad a mistake when writing the check so I check with my bank to view the paid check online. For some unknown reason, that check was the ONLY check that I could not view. From here I went to the checkbook to see the carbon copy. Sure enough, the check was written for 1,840.66. Was this an honest error on their part or is it that my promotion period was just about to expire and not having my account paid in full would mean that they would be able to demand the deferred finance charges of $436.76 You can come to you own conclusion, I'm sure you know what mine was. I am sending them another. 66 cents (This is more than it cost them to bill me) to try to avoid what would come next.
SALINAS, CALIFORNIA -- I recently had my interest rate on my HSBC credit card doubled from 14.90% uo to 29.99% for all future charges & all balances on the account because I "triggered" the default interest rate.
In 4 yrs of having this account, I have never been late nor have I ever exceeded the credit limit. On many occasions I make payments of 5x's the minimum paymnet due or pay the balance off completely & there have even been months where I have paid in excess of the balance and left myself with a credit on the account. Additionally I always make my payments within 7 days of receiving the statement so it is paid well before the due date. So here is how HSBC rewards this good customer . . .
On 9/26/2009 my wife made a charge at a salon that put the account OVER THE LIMIT by $61.00
Now rather than DENY the charge HSBC allowed the charge to go through apparently "to avoid the embarrassment of a denied charge". For this favor I was charged an "over the limit fee" of $30. But the fun doesn't stop there . . . not only am I being assesed this $30 fee (which according to customer service is not possible to have reversed) but my interest rate is being doubled effective December 1, 2009 from 14.50% up to 29.49%
I understand the fee, but they say it is IMPOSSIBLE to reverse the interest rate charge and that they will be HAPPY to review the interest rate after 6 months of ON TIME payments, but I HAVE NEVER BEEN LATE
This is ridiculous and borders on criminal
MARTIN, TENNESSEE -- I cut up the card when I was informed that my credit limit was being cut pretty much in half. I don't care about that. What I care about is that I was a good customer and they treat me like dirt. Then I realized I forgot to write the number down. I now have a replacement card WITH the number so I can do it.
What is confusing is HOW to cancel an account with them. How do you do that and where do you go to find an address to contact them? I do NOT want to cancel over the phone. I want to do it in writing asking that they make notation that it was I as the consumer who closed it and not them. I also intend to write the three credit bureaus to ensure they are also informed by ME. I have paid off the account.
I had a call from HSBC informing me a purchase made on Christmas Eve was never paid for. I asked what they were talking about. The nasty person claimed the account was past due - again I asked what they were talking about. Turns out an authorized user made a small purchase BUT THEY NEVER SENT ME THE BILL. They claim they emailed me repeatedly - I offered to pay immediately and was told I COULDN'T PAY IMMEDIATELY. I had to wait on them to process a paper bill. To make this fiasco even better after hanging up I went right over to my online account - and the very first thing it asked me to do was to SET UP ONLINE EMAIL NOTIFICATIONS OF MY STATEMENTS. Accept or decline! When I pointed this out to them they still claim they emailed them. I save every email - the only emails I received from them came today informing me that email notification was NOW set up and they received my complaint. That's it. The spam filters weren't deleting because everything else they sent today came through. I closed the account immediately - besides having rude and nasty people working for them they LIE. I paid the bill immediately - even though I was told I couldn't.
I'm not arguing the late fee - I should have known who was using my card - however their people skills suck and they can't even admit that just maybe I'm telling the truth and never received the statements - either paper or email. I hope the late fee lasts a very long time because its the last dime they're ever getting from me.
OKLAHOMA -- Hey just letting you know this card service is a rip off. I had a credit limit of 5600.00 Last month this month I am over my credit limit of 400.00. Yes you got that right no letter no phone call. Tried to use my card declined. So I call am on hold for 30 minutes and hear its a business decision and if you have a card that HSBC issued please if you can pay the sucker off and find a credit card company that cares they sure don't. I hate them this is how bad I have a car loan threw then I plan on helping a local lender and get rid of my car they do not need that credit risk either oh by the way they are all rude, obnoxious and couldn't care less and all they could say was it was a business decision.
So you may just be their next credit risk cause my 400.00 Credit was a real risk please get rid of HSBC they will screw you I am out of HSBC will never ever get another card from anything with HSBC and they use other names so check please don't get burned.