Complaint Review: HSBC - GM Card - Salinas California
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- Author Confirmed
- HSBC - GM Card PO Box 81622, Salinas, California U.S.A.
- Phone: 800-9471000
- Web:
- Category: Banks
HSBC - GM Card Deceptive Interest Rates Practices Salinas California
*Consumer Comment: They Do it....Because they can....
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I opened a credit card account and received a GM Rewards Card, thinking I may use my rewards someday toward my next vehicle purchase.
I opened the account in early 2004 and have never been late in paying and I have always paid far more than the minimum payment.Because I had a 0% intro rate, i transferred other balances to the card to save some money.
In March 2007, I was sent a letter stating that a routine credit review showed that my credit score was not the same as when I first opened the account, so they were raising my interest rate... which they did ... to an astounding and incredibly high 32.24%.
I called and they said that the interest rates were determined when they do their reviews of individuals, and that there was nothing they could do about the changes, because it was automatic based upon their formulas, despite the fact that my relationship with them was one of a good customer.
Shane
North Myrtle Beach, South Carolina
U.S.A.
This report was posted on Ripoff Report on 07/03/2007 10:55 AM and is a permanent record located here: https://www.ripoffreport.com/reports/hsbc-gm-card/salinas-california/hsbc-gm-card-deceptive-interest-rates-practices-salinas-california-258446. 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
They Do it....Because they can....
AUTHOR: John - (U.S.A.)
SUBMITTED: Tuesday, July 03, 2007
Just like a 200-pound man can take candy from a baby.... likewise your credit card carrier can raise your interest rate at any time.... for any reason....
Their excuse here is most likely a late payment on another card that you have or a very high balance or max-out also on another card...This is called the "Universal Default Clause"... meaning that trouble on one card be used as an excuse to raise the interest rate on another card... even if you have a perfect payment record on your card.
If you have balance transfer options on other cards, I would recommend balance transferring the debt to other cards... If you don't... save money and pay them off... there's nothing you can do to lower the rate.
Ultimately, the America voter and public is to blame for situations like this... they've been electing Right Wing politicians to office for over 25 years, to get "government off the backs of people."
People, you've been fooled... this was a classic "bait & switch" scam... the reality is that they got government "off the backs of big corporations," like the credit card giants..so now they're free to do as they please and raise your interest rates whenever THEY like... for ANY reason....
If and when the apathetic, over-worked and over-entertained American public decides to take government back from our crony-capitalist elites... then maybe we can stop abuses like this....
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