I have been a HSBC cardholder for 10 years, I have made only 3 late payments in my life. And they were with in a 3 day period. I had a Limit of $9000.00. In 6 years I have paid them OFF 4 times up to $8000 in 1 wak. In the past 6 months they sky rocketed my % rate, and started a new policy where if you pay online it has to be 72hrs in advance.
I have NOT used the creditcard in almost a year because they raised my % rate, and continued to do so. But I noticed a Late Payment on my bill last month and called. And ask them when the new policy was implemented the cust.rep told me OH 2 years ago. I called him a liar..
See, I am anul about keeping records so I told him that was crap, and HSBC was only doing this to get money quick to cover their bad investments and still be able to give the Executives a bigger bonus.
I was also done the same way by "Chase" so I filed a complaint with the Attorney General office. But UNLIKE Chase they would not budge, as a matter of fact they upt my rate to 24.99% and dropped my available credit to $50 over what i owed. $1,080.00 my new limit. Thank God my balance is low and will be paid off soon.
Chase was good about resoulving this issue and as soon as it was resoulved I opted out of their card immediatly at the low rate. I HOPE everyone reading this will opt out of ANY credit card as soon as they recieve a letter stating that their intrest rate will be going up. This is your LEGAL RIGHT to do so.
These banks depend on the people that have debt with them. So GET RID, Payoff and Dont get anymore credit cards. If you cant afford it now save your money and get it later. The economy will only be getting worse.
Lets ALL stand together, it is the ONLY way. So in closing I leave you this.
" FEED THE PIG " NOT THE BANKS....