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HSBC Credit Card Rates / unjust rate hike on good customers

New Jersey, United States Review updated:
Contact information:
Phone: 269-964-0801
Like others that I have seen since recieving a change of terms notice on Nov. 13 HSBC said they are raising my rate from 8.24 to 14.99 effective Jan. 2009. I have tried talking to them on the phone and talked till I am blue in the face to supervisers that state they are as high up the chain I can go to complain about this un warrented rate hike. These people talk to you in a demeaning tone and all have the same scripted answer We saw somthing on your credit report. and refuse to negotiate stating that I have the option to opt out which will keep the intrest rate on my balance but will automaticly close a open account with a balance due. Anyone with even a minor knowledge of credit scores knows that kind of action will damage your score. or I can shut up and pay up. I 've had this account for 3 years and have run well over $30, 000.00 thru it remodoling my home yet I keep my balance to at least half of my total limit as i do with my other card. I always pay on time and my credit report reflects no late payments on any accout over the last nine years. When I do run up the card I send very large payments over the following month and have brought the balance down to $0.00 3 times. This action that they are perpetrating on myself and other good customers is to raise our rates before Jan 2009 when HR5244 will likely pass congress and that will stop them from raising rate on existing balances and restrict the from many other abuses in the credit card industry. Anyone having the same situation from HSBC please cotact ne with details as I am building a data base for the FTC and the coptroller of currency Administer of national banks Please only HSBC customers with good historys and no late payments on credit report respond. If you feel that you have been treated unfairly By hsbc Please take the time to contact the FTC and the occ at www.helpwithmybank.gov mcleodronald@sbcglobal.net. FIGHT BACK every complaint filed against them gets us closer to justice.


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  19th of Nov, 2008
Agree Disagree 0 Votes
File complaints about this with the Federal Trade Commission
  19th of Nov, 2008
Agree Disagree 0 Votes
I just got the letter that they are raising the rate on our card. it is going up 5%. When I called and tried to talk to them they just said that it was a banking decision and that I would get a letter telling why they did it. I pull our credit report 2 times a year and it is clean. nothing on our report should cause them to do this. We always pay more then the minimum and we have never been late. The only option we have is to not accept the rate hike and they will close the account which will put a ding on our credit report. I feel that HSBC should be sued for damageing peopls credit reports. They act like some kind of MAFIA.
  22nd of Jan, 2009
Agree Disagree 0 Votes
I also got a change in term notice for both my accounts with them the first week of November. They are one nightmarish, unprofessional company. There was no negotiating with them. I have had an account with them for years. Well actually not HSBC. My accounts were through another company, Metris. I got notices about three years ago that HSBC had bought them out. I was disappointed because I have never heard anything good about HSBC or Household Finance. everything was fine until recently when they sent the "Notice of the change in Terms". I have had a low interest rate on both. I had absolutely blemish free histories with them, no lates, over limits, returned checks...perfect. Suddenly it jumped to 14.9% on both or was going to effective my Jan. 2009 billing cycle if I did not opt out. I called asking why and they would not tell me. The person said they would mail me the reason. I waited about ten days and it never arrived. I decided to go ahead and mail in my opt outs because they needed to be in within 30 ay of receipt. I had gotten them between Nov 1st or 4th. I could not remember exactly. On November 18 my jaw hit the ground when I got a letter saying they had received my notices but they were late and the accounts would remain open at the higher rates. That's when the real nightmares began. Let me just say that customer service is nonexistent. I called and they said they received my letters on December 9th. I was to believe it took 24 days. Customer service would not transfer me to a Manager, only a floor supervisor. They would not escalate my call to the executive level as I asked repeatedly. A supervisor told me there had been a problem processing the opt out requests in time and told me to send in two more letters and they would be closed. Liar. I sent the letters on December 18th. By Jan. 11 I had heard nothing. I sent two message thru the link on my account. They would not respond. I called again I was told those letters were received on Dec. 23 and 24. this time it only too 4-5 days. There were no notes that I was told to mail two letters again or that I was told there was a problem with the opt out processing. I was told at that point literally there was no need to contact me because I had already been declined. Again I asked for a number for corporate offices and was refused. I could go on and on...

I filed a complaint with my AG office. It was on the BBB site that I found a number for their executive offices. I spoke to someone there and told me story. I told her I had reported this to the BBB, Attorney General and OCC but would give her a shot. She is the Executive Liaison. She reviewed my accounts and called back today to tell me "as a courtesy they had processed my opt outs and closed my accounts.

I personally would still like to see a class action on them As I know pretending they did not get the opt outs is all a scam to force customers into higher rates.
  22nd of Jan, 2009
Agree Disagree 0 Votes
Anyone seeking phone number cor HSBC executive office please contact me. jdvaughn@ctc.net
  19th of Mar, 2009
Agree Disagree 0 Votes
My complaint is that they sent me a letter stating that there was a "security breach" and they had to issue me a new card. When I called I spoke with someone who did not speak English reading off a cue card. They would not reveal what the security breach was. However, they did say that they offered protection against just this sort of thing for a fee. This is not the first time I received this letter from them, I think it was a little over a year ago they pulled the same thing and at that time also offered their product. I think this is a scam that relies on people's fear of their personal information being compromised to sell them a product. I should have the right to know what part of my personal information was exposed and to whom. The credit card companies seem to have all of these rights to raise our finance charge as they see fit, give out information to "affiliated companies", yet when there is a security breach we have no right to know any of the details. I agree that action should be taken against HSBC for several reasons. First, we live in the United States of America and we should be able to access customer service here in our own country and speak with people who speak our language. I believe that dealing with people outside of our country is disrespectful to us and is done deliberately to cause miscommunications. Next, they should not be allowed to raise interest rates unless they have good reason, i.e. late payments, no payments. As far as the late payments, I have had experiences where I sent it out via mail and they said it took three weeks. No freakin way unless the payments are also being diverted to Pakistan in which case they should not be allowed to charge late fees. Enough people have to be willing to commence the action or they will just laugh it off. They are the third largest bank in the world and one of the few with problems. I guess they sort of feel bulletproof at this point and will do whatever they want. You know you can pay the balance and put the card in a drawer, you don't have to use it.

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