GM Card - HSBC HSBC Card Services No room to budge! After 3 years of good payments, %20+ interest rate. Carol Stream, Illinois
They will take your money as they did mine. I went over limit once and they added so many fees it took me 4 months just to get it under my credit limit. Now I have been paying on time for over 3 years and I called to get my rates lowered from 20%+. This is the only outrageous card I have, all others are %5-10.
Every time you call customer service you will speak with a foriegner from India. If you ask for a lower rate, it takes them seconds to say, "Sorry but there are no lower rates for you, but you can try again later." Over 6 mos of hearing this stuff from these people.
HSBC/ GM Card is the worst credit card company I have ever had. They will not work with you at all.
I know that the 0% interest rates look attractive, but don't miss a payment or go over limit, or you will be pay up to %28. HSBC is cheap, and lazy, and just rob America blind. I would rather give my money to Goldman Sach then the GM Card. Just stay away from them please. I don't want to see anyone end up like me.
1 Updates & Rebuttals
Dave
arcanum,Ohio,
United States of America
GM card
#2Consumer Comment
Thu, December 23, 2010
So HSBC credit card took your money? Well,be a big boy and manage your money correctly. Realize that all credit card companies are playing a game with you and they are betting that you will borrow as much as you can afford at very high interest rates..
Or just do what i did. Borrow the money and pay it back in full each and every month.I got the original GM card when they first came out,and figured that if I charged everything in the way of business expenses, that it might be possible to build up the maximum of 7 thousand off the price of a new car.Note that it is not possible to build this amount for new customers,but my account is grandfathered in.
Last year,my brother had a truck with 350,000 miles that barely ran.He replaced it with 'cash for clunkers' and bought a new Chevy Colorado pickup.. The best part of the story is that all I had to do to cash in my GM card was to add him as an authorized user to my account. Ten minutes later,I had 4000 dollars in my pocket,and I gave him 500 of it for his trouble.
To be fair,the one thing these people tried to do that was 'shady' was to offer me a 'new' GM card,but when I questioned them about how the card would be different than the one I had,I found out that the maximum amount of rebate available would be 5 grand instead of seven grand. I chewed them out pretty good for that one
Guard your credit well. A good credit score can get you great deals on home loans,and make car loans and insurance cheaper to purchase,and even make you more likely to get employment.