HBC Mastercard Insterest Rate Ripoff Scarborough, Ontario
I don't know if you were aware how HBC Mastercard operates, I sure wasn't. Iowe them a small amount and because I was past due by a couple of days on 2 ocassions they changed my rate to 29.9% without notification. In addition when I called in the automated service did not allow me to key in my card number but instead asked me my name address and phone number and then proceeded to discuss my account. So, is it possible for someone calling without knowledge of my account number is able to steal my identity? In addition Dan Hill one of their supervisors indicated that interest is compunded annually retroactively to the date the account was opened even though interest charges are more than covered by the payment. That was obvious as the statement payout or the balance of the account that I asked for was not sufficient to payout the account . In fact I asked how much was owing and the balance was far less. Do not I repeat DO NOT deal with these people. HBC may be a good retailer but their management of credit and rude representatives has lost me as a customer. Pay cash or use a repectable credit card company. Do not jeoporadize you privacy and personal credit by dealing with HBC Mastercard
2 Updates & Rebuttals
Bman
Philadelphia,Pennsylvania,
United States of America
The Last Post Is Right...
#3Consumer Comment
Sat, October 09, 2010
I also would begin to educate myself about the system that we are all suffering under, and there is an easy to find documentary titled MAXED OUT that focuses on how banks are making their money. There is another documentary that explains the logic behind the corporate structure we work titled THE CORPORATION. Lastly there is a film titled THE END OF POVERTY? which sets out a colonial system that has been in effect for hundreds of years where you can see we are all (worldwide) becoming a fiefdom under the watch of international banking structures. Sadly all banks have made what was once illegal legal. I must add that being late for a payment has always had a consequence as long as I remember. Only now the usury remedy they impose is outrageous! Remember banks have exerted power in congress to have the laws changed to stem the flow of bankruptcies. It is a system where the poor are targeted, and the middle class are being pushed into poverty. If you find bank remedies to be unfair, and accept that late payments are your responsibility, then file a report about the remedies they imposed on you and send to:
http://www.ftc.gov/reports/index.htm
Jim
Orlando,Florida,
USA
Did You Read Your Cardholder's Agreement? Nope!
#3Consumer Comment
Sat, October 09, 2010
They can change their interest rate without notice. They can change their interest rate based on you being late on a payment. NO RIP OFF HERE.
You caused this by your own admission..."I was past due by a couple of days on 2 ocassions...".
You have two options:
1. Cancel the card and pay off the balance.
2. Make each and every payment on time, everytime. READ the agreement. Sometimes they will restore the former rate upon a demonstrated track record of on time payments!