HSBC Watch News Release Forum Index
Forum Name: - Scams
Topic Title: Insurance causes default high rate
Thu Dec 15, 2005 4:18 pm
There is more than one way for HSBC's predator, formerly known as Household International, to cause your interest rate to skyrocket. If the so-called "insurance" is through them, how can they pay themselves late? Review this customer's report:
"I applied for a Best Buy 0% interest Credit card and also purchased the credit insurance plan on the account to protect myself in the case of loss of employment. A few months later I lost my job, and the insurance company was making my payments. I noticed that the insurance company had made a late payment on my account which caused all of the interest to be accrued and late charges to be assessed. I later called explaining the situation and was told that "you need to pay your bills", and got nothing but arrogant people that I spoke with..."
The answer is that you have binding arbitration. There is nothing you can do except don't get an HSBC credit card in the first place. Best Buy is HSBC's biggest merchant account. The Best Buy card is an HSBC Household International credit card.
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