- Report: #258446
Complaint Review: HSBC - GM Card - Salinas California
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HSBC - GM Card
PO Box 81622, Salinas, California, U.S.A.
Phone:
800-9471000
Web:
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HSBC - GM Card Deceptive Interest Rates Practices Salinas California
I opened a credit card account and received a GM Rewards Card, thinking I may use my rewards someday toward my next vehicle purchase.
I opened the account in early 2004 and have never been late in paying and I have always paid far more than the minimum payment.Because I had a 0% intro rate, i transferred other balances to the card to save some money.
In March 2007, I was sent a letter stating that a routine credit review showed that my credit score was not the same as when I first opened the account, so they were raising my interest rate... which they did ... to an astounding and incredibly high 32.24%.
I called and they said that the interest rates were determined when they do their reviews of individuals, and that there was nothing they could do about the changes, because it was automatic based upon their formulas, despite the fact that my relationship with them was one of a good customer.
Shane
North Myrtle Beach, South Carolina
U.S.A.
I opened the account in early 2004 and have never been late in paying and I have always paid far more than the minimum payment.Because I had a 0% intro rate, i transferred other balances to the card to save some money.
In March 2007, I was sent a letter stating that a routine credit review showed that my credit score was not the same as when I first opened the account, so they were raising my interest rate... which they did ... to an astounding and incredibly high 32.24%.
I called and they said that the interest rates were determined when they do their reviews of individuals, and that there was nothing they could do about the changes, because it was automatic based upon their formulas, despite the fact that my relationship with them was one of a good customer.
Shane
North Myrtle Beach, South Carolina
U.S.A.
1 Updates & Rebuttals
John
Louisville,Kentucky,
U.S.A.
They Do it....Because they can....
#2Consumer Comment
Tue, July 03, 2007
Just like a 200-pound man can take candy from a baby.... likewise your credit card carrier can raise your interest rate at any time.... for any reason.... Their excuse here is most likely a late payment on another card that you have or a very high balance or max-out also on another card...This is called the "Universal Default Clause"... meaning that trouble on one card be used as an excuse to raise the interest rate on another card... even if you have a perfect payment record on your card. If you have balance transfer options on other cards, I would recommend balance transferring the debt to other cards... If you don't... save money and pay them off... there's nothing you can do to lower the rate. Ultimately, the America voter and public is to blame for situations like this... they've been electing Right Wing politicians to office for over 25 years, to get "government off the backs of people." People, you've been fooled... this was a classic "bait & switch" scam... the reality is that they got government "off the backs of big corporations," like the credit card giants..so now they're free to do as they please and raise your interest rates whenever THEY like... for ANY reason.... If and when the apathetic, over-worked and over-entertained American public decides to take government back from our crony-capitalist elites... then maybe we can stop abuses like this....
