HSBC 6.9 percent fixed rate raised to 31.46 percent
MR in Maryland says: “I have been a holder of a GM credit card, a company under HSBC for almost 4 years. Never missed a payment or even a late payment. In November of this year my payment was received 3 days late. After calling the company they said that was no problem and they would even take off the late fee. In December our bill stated that they raised our fixed 6.9 % interest rate to 31.46 %. This added rate made our balance exceed our maximums and in addition charged an extra $44.51. Our finance charge for the month is now over $340.00. We can not pay this. I am a social worker and work for the state of MD.. My wife is a teacher. Please help. Tell me what the difference is between this company and a loan shark? I don’t see any. This may put us in bankruptcy.”
Editor’s note: Was your payment really received three days late? Hard to prove, isn’t it? Everyone with an HSBC credit card is vulnerable to the ‘late payment’ issue. Can HSBC be trusted to apply your payment correctly? Not according to the ten million dollar settlement covering 1994-2004, part of which alleged payments were applied one date late. Some think it is still going on today.
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