HSBC raises credit card rate to 29.49 percent in Florida
RP in Florida asks: “I have been with HSBC for 2 years and never was late on paying my bills, I get a letter that due to my credit score they are raising my percentage rate up to 29.49%. How can they change it so drastically and get away with this and how can I fight it?”
Editor’s Note: The first step is to call your credit card company, in this case HSBC. On other message boards and blogs we see where other card holders are reporting similar issues. Citi and Chase, two of the largest issuers of credit cards, often lower the interest rate after the customer calls. The rate is often lowered back to what it was before. With some companies it is a security issue. With others it is a grab for money and profits. Check your credit report for errors or cases of identity theft. If you have a subprime mortgage assure your lender and your credit card company that you are not at risk (if that is the case).
In cases where people moved, make sure the credit card company has your correct address and phone number. When people receive electronic statements and email reminders this is often overlooked, much more so than in years past. It sounds as if the judgement call came from a review of your credit report. Check to see if it is indeed a judgement call, made by a person as opposed to a computer program. As a bare minimum the cause should be relayed to you so you can address the issue.
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