Laura in Washington said: “I have 3 credit cards through HSBC, I pay on time, and usually over the minimum due. One of the 3 cards I have paid down to zero multiple times. I get letters in mail today informing me that my interest rates were all going to 29.99%, however the verbiage was very confusing, something like “would be or could be 29.99″ so I call and after going round and round wth some rep that sounded like a computer reading a script I demanded to know what my APR was exactly.
Turns out all my cards are going to be 26.74%!!! This is ROBBERY! My rate is being almost quadrupled on one card and doubled on the other two.
Then she tells me I always have the option of paying the cards off in full before the increase, oh of course, because thats why I used the credit card in the first place, I have no financing needs… I then made the rep, after being on hold for a while, get out a calculator and tell me what my new expected minimum payment would be.
She then tells me that the minimum payment will most likely not increase however my finance charges will be effected, so now your finance charges are more than the minimum due!
Bottom line: HSBC should be in the same category as payday loans and con artists.
Once I am able to pay off my cards with them I will NEVER, EVER, EVER open another credit card through them or any company affiliated with them!! I strongly incoourage all to do the same, lets put HSBC out of business!!”
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