HSBC Credit Card / interest rate
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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