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HSBC GM Cardgm dollars stolen

1
G Review updated:

I held a GM Card issued by HSBC for over 10 years. I never had a late payment. I had accrued over $5, 000 in "GM Dollars". HSBC sent me a letter stating that my credit card was being canceled for the sole reason of "lack of use". I would have 3 months to use my GM Dollars (I could only use a $1500/car purchase) and then they would be forfeited. I didn't need 3.3 new GM cars at the time, so that's what they did: My $5, 000+ GM Dollars vanished. I seems to me I lost $5000 and HSBC gained $5000 and I didn't do (and wasn't even accused of doing) anything wrong. How is this not stealing? I'm certain their lawyers figured out a way to make it legal, but its wrong. Has this happened to anyone else?

Responses

  • T
      Sep 14, 2009

    My experience very similar. Cardholder since 1992 with $20K credit line, perfect payment record but only $700+ worthless points accumulated and never used. Letter received this weekend stating credit line being cut to $1200, reference Equifax report as reason. Called credit supervisor who admitted letter in error, "Corporate decision to reduce all credit lines across the board." Have perfect credit, 819 FICO, no need for tiny credit lines so cancelled account on the spot, empty apology notwithstanding. Having been in banking/finance over 30 years gave credit supervisor advice to find other work, since handwriting is on the wall for HSBC regarding solvency when they take such actions.

    0 Votes
  • S
      Oct 25, 2011

    Cardholder since the card came out. Dropped it almost a year ago. Never had a problem using card. Some months I put close to 10, 000.00 on it. Had 3, 000.00 on it towards a new car-Went to get one and said it was no good. Even got a statement the next month telling me to buy a new car with my earnings. Mailed it back to them, closed account and did not buy the car.

    0 Votes
  • W
      Jan 15, 2018

    I Just purchased a new car. have had 5, 081.49 credit towards buying it. Dealer only allowed 1, 500. Called Capital one and they said that the 5, 081.49 is not actually U.S. Dollars even though the amount is proceeded with $5.081.49.
    And then said the remaining dollars are worth $300. This issue needs a Class action suite. So let's get everyone on board for this.

    0 Votes

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