- Report: #721605
Complaint Review: HSBC GM Credit Card
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| HSBC GM Credit Card
Internet United States of America |
|
HSBC GM Credit Card Raised interest rate to 30% for no reason Carol Stream, Illinois Internet
*General Comment: I Get What You're Saying
*Consumer Comment: Don't pay late
*Consumer Comment: It's clearly stated in the Terms
*Consumer Comment: No reason?
*Consumer Comment: Just because
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Do not sign up for a GM credit card. I have been a good customer for more then 10 years, and I have an outstanding credit history, yet they recently raised my interest rate from about 12% to the 30% default rate. I called up and asked why. The agent said I was late with one payment in October of 2010. Late by just a few days.
Does one late payment wipe out years of on-time payments? The bank does not care one bit about their customers. This is happening to many people. If you call to complain, all they will say is they have no lower interest rate available now, but call back in few months and ask again. Don't waste your time.
Do this if they raise your interest rates. Transfer your debt load to another card, and just use their card month to month. In other words pay it off every month. Make it cost them money to keep you as a customer. Ever since HSBC bank took over the GM card, it has gone down hill. Now it's useless. What good is a 30% card? I can't understand their tactics. Pissing off long time customers is not good business.
If you get an offer in the mail, just tear it up. Their are many cards that have better terms then the GM card.
Does one late payment wipe out years of on-time payments? The bank does not care one bit about their customers. This is happening to many people. If you call to complain, all they will say is they have no lower interest rate available now, but call back in few months and ask again. Don't waste your time.
Do this if they raise your interest rates. Transfer your debt load to another card, and just use their card month to month. In other words pay it off every month. Make it cost them money to keep you as a customer. Ever since HSBC bank took over the GM card, it has gone down hill. Now it's useless. What good is a 30% card? I can't understand their tactics. Pissing off long time customers is not good business.
If you get an offer in the mail, just tear it up. Their are many cards that have better terms then the GM card.
This report was posted on Ripoff Report on 04/24/2011 10:10 PM and is a permanent record located here: http://www.ripoffreport.com/r/HSBC-GM-Credit-Card/internet/HSBC-GM-Credit-Card-Raised-interest-rate-to-30-for-no-reason-Carol-Stream-Illinois-Inte-721605. 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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Search Tips#1 General Comment
I Get What You're Saying
AUTHOR: american consumer - (United States of America)
SUBMITTED: Wednesday, September 19, 2012
I understand what you are saying and I completely agree with you. One late payment of 1 day should not put your account into a default status and should not raise your interest rate to 30.99% for one month, much less 6 months, considering your long-term business relationship and history of on-time payments. Even though the credit card company is ALLOWED to do this and states it MAY do this, it does not mean it is JUST to do it.
GM cards are now owned by Capital One. This type of heinous situation is still happening.
GM cards are now owned by Capital One. This type of heinous situation is still happening.
Respond to this report!
What's this?
Late is late. You agreed to the terms. Not a rip off.
Respond to this report!
What's this? #3 Consumer Comment
It's clearly stated in the Terms
AUTHOR: JustAnotherConsumer - (USA)
SUBMITTED: Monday, April 25, 2011
I know it's frustrating that this happened, but they do clearly cover this issue in the Terms of the card (which you had to agree to when you applied for the card). Specifically, it states:
"Penalty APR and When it Applies: 30.99% This APR will vary with the market based on the Prime Rate. This APR may be applied to your account if you make a late payment.
How Long Will the Penalty APR Apply?: If your APRs are increased for this reason, the Penalty APR will apply until you make the next six consecutive minimum payments when due."
If you have truly been a customer for over 10 years and this is the one and ONLY late payment, you may be able to request a review of your account (by a supervisor) to see if they will make an exception. Unfortunately, they may not adjust the rate for 6 months, per their stated terms, because you did, in face, make a late payment.
Do I think this is fair? No. But is it a rip-off? No, because they warn you of this in advance. I hope you can get an understanding supervisor on the phone who will take your 10-yr payment history into account and not penalize you so much for one late payment. Good luck!
"Penalty APR and When it Applies: 30.99% This APR will vary with the market based on the Prime Rate. This APR may be applied to your account if you make a late payment.
How Long Will the Penalty APR Apply?: If your APRs are increased for this reason, the Penalty APR will apply until you make the next six consecutive minimum payments when due."
If you have truly been a customer for over 10 years and this is the one and ONLY late payment, you may be able to request a review of your account (by a supervisor) to see if they will make an exception. Unfortunately, they may not adjust the rate for 6 months, per their stated terms, because you did, in face, make a late payment.
Do I think this is fair? No. But is it a rip-off? No, because they warn you of this in advance. I hope you can get an understanding supervisor on the phone who will take your 10-yr payment history into account and not penalize you so much for one late payment. Good luck!
Respond to this report!
What's this? The agent said I was late with one payment in October of 2010. Late by just a few days.
That IS the reason. Being late with ANY payment will cause them to change the interest rate to a default or penalty rate!
Does one late payment wipe out years of on-time payments?
Yup! It gives them the excuse to raise your interest rate. The good new is that after 6 months of ON TIME payments they are required to reduce the interest rate. This practice is in place with every credit card company I know.
The bank does not care one bit about their customers.
That IS the reason. Being late with ANY payment will cause them to change the interest rate to a default or penalty rate!
Does one late payment wipe out years of on-time payments?
Yup! It gives them the excuse to raise your interest rate. The good new is that after 6 months of ON TIME payments they are required to reduce the interest rate. This practice is in place with every credit card company I know.
The bank does not care one bit about their customers.
Respond to this report!
What's this?
You don't like the reason, doesn't mean there wasn't one.
Does one late payment wipe out years of on-time payments?
- The short answer is YES. It doesn't matter if you were late by a few days or only a few minutes. If you are late you are going to "pay".
Their are many cards that have better terms then the GM card.
- Not when it comes to late payments and interest rates. With just about every card out there if you are late they have the right(and will usually excercise that right) to increase your Interest Rates.
Does one late payment wipe out years of on-time payments?
- The short answer is YES. It doesn't matter if you were late by a few days or only a few minutes. If you are late you are going to "pay".
Their are many cards that have better terms then the GM card.
- Not when it comes to late payments and interest rates. With just about every card out there if you are late they have the right(and will usually excercise that right) to increase your Interest Rates.
Respond to this report!
What's this? 
