Complaint Review: gm card issued by hsbc nevada - Internet
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- Author Not Confirmed
- gm card issued by hsbc nevada Internet United States of America
- Phone:
- Web: gmcard.com
- Category: Credit Card Processing Companies
gm card issued by hsbc nevada Received a cut in credit limit for paying on time and no late payments reported on Trans Union Internet
*Consumer Comment: Not really a ripoff
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I was notified that my credit limit was being lowered. I called to inquire why and was thanked for being a loyal and valuable card user for over 6 years. I was told that I had no late payments on record for the last 24 months and no report of any from any other card issuer. However, because I use my card frequently and do not pay what they think I should they feel they must lower my limit. I always pay over the minimum payment on all my accounts and always on line and schedule them to arrive on the day due. I will stop using this card and report that I feel they are not a worthwhile card to carry. I only opened it for the reward points, but found with a reasonable interest rate, I like to use it whenever I can, but no more. The will not be in business I hope for much longer with this type of customer service and care.
This report was posted on Ripoff Report on 04/15/2011 02:12 PM and is a permanent record located here: https://www.ripoffreport.com/reports/gm-card-issued-by-hsbc-nevada/internet/gm-card-issued-by-hsbc-nevada-received-a-cut-in-credit-limit-for-paying-on-time-and-no-la-718075. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 Consumer Comment
Not really a ripoff
AUTHOR: Flynrider - (USA)
SUBMITTED: Friday, April 15, 2011
Every revolving line of credit can be reviewed and adjusted when the issuer sees fit. This particular bank doesn't happen to think that your numbers add up to the risk profile that they're willing to accept for your old credit limit. While this was unlikely to happen in the free and easy credit environment of a few years ago, it is a very common occurance at most issuing banks these days.
Banks took a big beating for not managing risk properly a few years ago. Additionally, the new credit card regulations that went into effect to protect the consumer, result in a lower overall return on the risks, so they're just cutting back on their exposure. Hard to call it a ripoff, since you were never guaranteed a particular credit limit forever.
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