They do it because they CAN! Actually, I have card with Orchard Bank, which is same as HSBC.HSBC card has a low interest rate, so did Orchard when I signed up back in November. However they did not send me 1st statement therefore I had not paid the bill. They then sent me the next month's statement, late fee included. I called up telling them I had not received the 1st bill (which was honest) and they reversed the late fee and gave me back half of the annual fee because they did not want to lose me as a customer...oh boo hooo. The next statement...they JACKED UP THE INTEREST FROM 15% TO 29.9%.They did not reverse it and I cancelled the account. Oh and btw, if you want to talk to someone in the US, you MUST ask for it. I do it all the time! Screw these banks. They all do it because they CAN. They take ownership on their faults but screw the customer in the end! I believe if the company is in the US then customer service should be US based and THE INTEREST RATES THAT ARE SKY HIGH SHOULD BE ELIMINATED. It never used to be this way! But greediness comes in various packages.