Household HSBC Watch

HSBC needs the money. If there is an possible away, HSBC Finance would like to raise your HSBC crdit card rate to 30.99 percent or higher. excuses to customers are questionable at best. With no ‘late-30’s’ and timely payments, HSBC told one customer “you have a lot of bills” and raised the interest rate to 30 percent. Constant credit report reviews show how HSBC trolls the credit reporting agencies like bottom feeders, looking for any excuse. Clearly with billions in subprime losses HSBC needs the money.

A Florida customer said: “The interest rate on my credit card began at 18.9% and remained at that rate for approximately four years. Then suddenly, without cause, they raised it to 20.9%, and later 24.9%. They continue to refuse to give a valid explanation to why. A customer in Kentucky said “After having an HSBC credit card for several years, my interest rate was just raised to 26.990%.”

There a many more examples on our complaints blog, as well as other web sites on the Internet. What is disturbing are the excuses given by HSBC. Obviously HSBC does not forewarn the customer. It comes as a shock, and payments increase. In these troubled times there may not be room in the budget, although perhaps one’s budget should not be that tight. When the shocked customer calls HSBC (HSBC Finance) there is no desire to talk to the customer. The decision has been made, but nobody likes surprises.

If a person misses a mortgage payment, or goes over 30 days late with any payment, HSBC is quick to raise rates. Other credit card companies are not. As our friend from Sears pointed out, Citi is the primary choice, and HSBC gets the leftovers. HSBC is accustomed to dealing with their customers as though they are lower-class citizens. Opportunists in every way, HSBC needs to take into account the people that selected HSBC because of their advertising, or otherwise had some special trust and confidence in the fidelities (the quality or state of being faithful) and abilities of HSBC. Those people will also become targets, and therefore disenfranchised.