HSBC GM Card Complaint - APR / interest rate raised for no reason
CAROL STREAM, ILLINOIS -- I had a GM card for nearly 4 years, and never had a problem with them. They even lowered my rate from 18.24 to 14.24 when I called them about it last year. Suddenly, a couple of months ago, they sent me a letter stating that due to their review of my overall financial situation, and despite the fact I had never missed or been late on a payment to them, they were going to raise my interest rate from 14.24% to 32.24% I was furious, and immediately paid off the card and closed the account. I am trying to spread the word that you should avoid both HSBC and their GM card, because they will rip you off.