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HSBC Credit Card / interest rate

1 Prospect Heights, IL, United States Review updated:
Contact information:
Phone: (847) 564-5000

I have been with this company for more than 4 years. I have always made payments on time, except for when I was involved in an accident and had to depend on the insurance I purchased through HSBC. I have always tried to make more than the monthly payment. My interest rate kept increasing so in May of '07 I contacted the company and asked them to reduce my rate. I was told they would lower it from 28% to 12%. I waited for several months and they never did lower it. I called them in November and asked them why my interest rate was not lowered and I was told I did not qualify. I told them that if I didn't qualify to have my interest rate reduced why did they keep on raising my credit limit. They had no answer. I told them to cancel my card because I had previously been told I would have it lowered and even received a letter to confirm that fact. This company would have kept raising my credit limit and my interest rate to get more money out of me. I think they should be investigated and that all the people who have been charged outrageous interest rates should be compensated. I am also sick and tired of speaking to people who can't even understand English. I have never gotten a rep that could be understood or could properly understand what I was telling them.

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  • Si
      9th of Mar, 2009
    0 Votes

    Absolutely agree. I was late on a payment and my rate went to 21.80%
    Made two payments next (1) for current month and one for next month with 2 checks and explanation. HSBC put both payments on current month and said I made no payment the next month. Raised my interest rate to just shy of 26%.

    After calling them, they were just plain mean and would not budge.
    This is a secure loan.

    Yes I Do Agree

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