• Report: #265933

Complaint Review: HSBC Credit Card

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  • Submitted: Tue, August 07, 2007
  • Updated: Thu, August 30, 2007

  • Reported By:Erie Pennsylvania
HSBC Credit Card
hsbc.com Nationwide U.S.A.

HSBC Credit Card Raised my credit card rate to 33% Ripoff Illinois

*Consumer Suggestion: I concur

*Consumer Comment: Interest rate increase

*Consumer Comment: Sleazy Yes, Illegal No....

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I urge anyone that holds a card with HSBC affiliated with GM Card to close the account an get out as fast as you can. They raised my interest rate to 33% simply because they felt I was a risk. 6 Months later I have paid $900.00 in interest and the balance has not gone down. I contacted the Federal Trade Commision and filed a report. They thanked me for my information and are compiling a list to send to legislature congress, senators ect..to deal with these companies. I urge everyone to file the complain with the FTC as well as your local congress person.

Pianoman
Erie, Pennsylvania
U.S.A.

This report was posted on Ripoff Report on 08/07/2007 06:09 PM and is a permanent record located here: http://www.ripoffreport.com/r/HSBC-Credit-Card/nationwide/HSBC-Credit-Card-Raised-my-credit-card-rate-to-33-Ripoff-Illinois-265933. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 3Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

I concur

AUTHOR: Tim - (U.S.A.)

I would follow the previous rebuttal's advice, cancel the HSBC card, and transfer your balance to a more reputable outfit. HSBC, in my opinion, is a terrible company with absolutely no ethics or concern for their customers. Not to mention that 33% is an INSANE interest rate.
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#2 Consumer Comment

Interest rate increase

AUTHOR: Df - (U.S.A.)

Did they give you a written reason for the increase? Tell you which credit agency they obtained information about you that prompted this increase? They have to give this information to you if you request it. I requested it for my HSBC card, and 3 months later finally have an answer - your interest rate was increased to maintain our profitability! There should be a way to fight this, but I doubt it. Only thing I know to do is to transfer your balance to another card, and cancel the HSBC card.
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#3 Consumer Comment

Sleazy Yes, Illegal No....

AUTHOR: John - (U.S.A.)

What has happened to you is called a Universal Default Clause...meaning ANY perceived problem with another credit card can be used as justification to raise your interest rates to the skies. Doesn't matter if there are no problems with other cards....Credit card giants can basically do whatever they want.

There's no need in filing FTC or BBB complaints against activity that isn't illegal. The problem ultimately lies with the government and "We the People" allowing that government to be taken over by crony con-artist politicians who have sold their votes to the highest bidder...Guess who was George W.'s biggest contributor? MBNA...the largest credit card company in the nation.
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