HSBC Credit Card Complaint - HSBC (Direct Merchants Bank) unjust treatment of customer - Interest Rate

Interest Rate - Complaint

Review by ldickson67 on 2010-09-11

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!!!

Comments (5)

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Comments:

Posted by werelucky on 2010-09-11:

You accepted the terms of the credit card. It is your responsibility to read the fine print and understand the terms. It's like sticking your hand in a hornets nest and complaining you got stung. The best thing to do is have no credit card debt. Get two or three jobs to pay it off. Then, don't spend more than you have.

Posted by leet60 on 2010-09-11:

With most credit card agreements you agree that they are allowed to periodically review your credit profile. If they see late payments, a higher debt to income ratio or too many inquiries they have the option to modify the terms of your agreement. This is not only HSBC but almost every credit card issuer is the same.

Posted by bcd on 2010-09-11:

Since 2/22/10 credit card companies are not permitted to increase the interest rate on existing balances. If you had read the letters you would have had the opportunity to stop using the card and therefore not suffer the rate increase.

Posted by Nohandle on 2010-09-11:

Please in the future open what you consider junk mail. I learned that one a few years back after almost throwing a rebate check in the trash.

Posted by MaggieMcT on 2010-09-12:

I'm not sure why it would be their fault that you didn't read the letter?