JM in Illinois said: “I have had a GM Card for over 10 years. I’ve never made a late payment. My credit is excellent. My account is active, i.e. I have current charges on my GM Card to be paid in January 2009. My credit limit during all that time has been $3,500 which was sufficient. Just yesterday I received an unfriendly letter in the mail from HSBC which reads:
“We want to be proactive in communicating any changes that may affect your Account. Based on inactivity on your GM Card, we have decreased the credit limit on your credit card Account, to $300.00.”
I thought it was probably a mistake and inquired online, and this was their response:
“Please note that we have made a business decision to re-evaluate our current credit limit structure and found it necessary to make this change. The decision to change the terms of your Account was based on your past spending habits.”
My past spending habits are none of their damn business and are an invasion of my privacy! Do they really think anybody would bother to carry around a credit card with a $300 limit? They must be crazy! I will of course close the GM Card if they actually lower the limit as they threatened (they haven’t yet). I have a pocketful of other credit cards, so don’t have any problem in that regard. HSBC/GM’s approach to this is a big slap in the face for being a 10+ year loyal customer of GM and their credit card! No wonder they’re going bankrupt with such idiots managing their affairs.”
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