BP in Oklahoma says: “I was enticed to sign up due to HSBC advertising 9.9% interest. I paid on time for nearly a year of having two platinum cards. One month my wife and I paid 2 days late and our interest rate went to 30% plus the late fee plus an over limit fee. I closed the account and now HSBC charges $5.00 to “manage” a closed account. It was never written anywhere in the terms and conditions for such an outrageous interest rate. I asked for documentation that I agreed to such ridiculous interest and all they keep stating is a general statement of “prime rate” but no actual prime rate numbers. Now that the payment is a week and half late due to me complaining trying to work out a settlement on the account, they are calling me every 3 days at work asking for money. In spite of the fact, I tell them to stop calling me at work.”
Editor’s Note: If HSBC wants to expand in the United States the $5 charge referred to above is not the way to do it. Neither is 30 percent interest. One time at 2 days late should not have this kind of impact. HSBC must be bleeding red ink from their subprime losses if this is how they attempt to make a profit these days.
Related posts:
