- Report: #410549
Report - Rebuttal - Arbitrate
Complaint Review: HSBC - Household - Direct Merchants Bank
HSBC - Household - Direct Merchants BankPO BOX 17313 Baltimore, Maryland U.S.A.
HSBC - Household - Direct Merchants Bank, credit line decrease, apr increase Baltimore Maryland
A business' first
line of defense
on the Internet.
If your business is
willing to make a
Click here now..
2 unusual things happened within 3 months of each other
1. Household Bank decreased my credit line from $3000 to $305 for no reason. I have called their credit services but they could do nothing for me since their records stated they sent me a letter to explain the reason for the credit line decrease. I never received such a letter. They indicated that the reason it was decreased was due to inactivity, which is not true. I decided to close the account when they refused to reinstate my $3000 credit line.
2. Direct Merchants bank increased my APR from 13.99 to 19.99 and for "cash advance" they increased from 19.99 to 29.99. I had used the card to transfer balances and had taken advantage of the rate reduction at the time. My credit line is $6800 and my balance is around $5075. Now the interest totals $120 for this past cycle and the minimum payment is $138. Interest and min payment skyrocketed! I contacted HSBC and they told me that it was a "business decision" and could not reverse their decision. They also stated that I received an opt out notice and change of terms in early December, but I never did.
I verified addresses both times and I still get my monthly statement for both accounts and I receive them every month. I also have NEVER been late on these 2 credit cards and have not been delinquent on any card in over 6 years. They are preying on their customers and this is a poor business practice. They are not easy to understand and they will do NOTHING for you to help.
This report was posted on Ripoff Report on 01/10/2009 04:01 PM and is a permanent record located here: http://www.ripoffreport.com/r/HSBC-Household-Direct-Merchants-Bank/Baltimore-Maryland-17313/HSBC-Household-Direct-Merchants-Bank-credit-line-decrease-apr-increase-Baltimore-Mar-410549. 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.
If you would like to see more Rip-off Reports on this company/individual, search here:Search Tips
In order to assure the best results in your search:
- Keep the name short & simple, and try different variations of the name.
- Do not include ".com", "S", "Inc.", "Corp", or "LLC" at the end of the Company name.
- Use only the first/main part of a name to get best results.
- Only search one name at a time if Company has many AKA's.