JS in California sent an alarming report about higher annual percentage rates on HSBC credit cards: “I currently have an HSBC credit card with an APR of 12%. I have never made a late payment to them and have always paid 2 or 3 times the minimum amount due. Last week I received a “change of terms” from them, apparently as of 4-10-07 my APR will increase to 27%. HSBC gave no reason, only a telephone number to call for specific reasons as to why they were changing the APR.
I called and spoke with a woman who was of no help, she confirmed they were going to increase the % rate and told me she was unable to access any info as to why. I told her I was going to pay the balance off and close my account. This lady had the nerve to ask me to sign up for some savings plan through that credit card! I said, “are you deaf, I’m CLOSING MY ACCOUNT”. There is no way in hell I’m going to pay the % rate. I also checked my credit report after this and I have no late payments or any other negative factors on it! Stay away from this company!”
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