HSBC - ORCHARD BANK My APR will be going from 16.740 to 29.99 percent as of December 11, 2009. The card is in good standing and no lates payments have ever been recorded salinas, California

The rate hike is not just an Orchard Bank thing, HSBC, Bank of America, Capitol One, and almost all of the other credit card companies are raising the interest rates across the board. This has nothing to do with your standing with the bank, but a "repricing" of their services. Like you kind folks, I refuse to pay this loan shark interest and have opted out to keep my current rate. I have not only done this with my Orchard Bank card, but Cap one, and BOA as well. I now have no open credit card accounts. If we all opt out of the rate hikes, and don't open new accounts with the high APR's then the banks will have no choice but to lower them (ie: they have prices themselves out of the market) All this after WE THE PEOPLE kept them open with tax money. As far as I can say, I no longer have ANY trust in our banks, and can't wait for the day that the Canadian, and European banks come and dominate the industry here in the US.

..all by my own choice....And if this bank pulls anything like that on me..I will pay off the balance (which is very low), cancel the card..and mail them back the card in a box filled with dog feces. If I want to be in debt that badly..I will refer to my neighborhood loan shark where at least I can receive a rate that won't change while I am in good standing.

I received the same letter.  My account, too, is in good standing and has been for five years.  I will also be opting out and these rip offs can kiss my big, white, a**!

He sleeps very well in his multi-million dollar house bought on the sweat and backs of a lot of his banks customers.  If you're looking for integrity or morality...don't look for it in our banking system of today...a system driven by profits and fee driven services.

I, too, received a letter from Patrick Burke of HSBC in which I was told that my APR would be increasing from 9.9% to 13.99%.  Like you, I was told that the rate increase was due to the country's "economic climate" and that HSBC often has to make difficult business decisions in order to keep their enterprise afloat.

I blasted the CSR telling him that their practices are abhorrent and unethical and that I am opting out of the rate hike.  My account is now closed.  But I am furious.

I plan on calling Mr. Burke and emailing him (patrick.j.burke@us.hsbc.com) daily, if not more often, to let him know that he should be ashamed of his "difficult-to-make business decisions."  This rate increase is nothing more than a money grab by the bank to further put the screws to people while they are already struggling.  I also plan on doing my homework to see if there has been any recent legislation that prohibits the banks from such unethical behaviour. 

Please just don't lie down and take it-- there is power in many voices.  I plan on closing all my accounts with HSBC and taking my business elsewhere.  I suggest you consider the same.