• Report: #410549

Complaint Review: HSBC - Household - Direct Merchants Bank

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  • Submitted: Sat, January 10, 2009
  • Updated: Sat, January 10, 2009

  • Reported By:Chicago Illinois
HSBC - Household - Direct Merchants Bank
PO BOX 17313 Baltimore, Maryland U.S.A.

HSBC - Household - Direct Merchants Bank, credit line decrease, apr increase Baltimore Maryland

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I have 2 credit cards with HSBC: one from Household Bank and the other from Direct Merchants Bank.

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.

Ernie
Chicago, Illinois
U.S.A.

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.

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