I have had my household bank card for three years. No late payments, no overlimit fees, nada. Yesterday I received a written notice that my interest rate was being raised to the default rate. HUH? For three years HSBC has raised my limit consistently. Since they've gotten the limit up so high, why raise the interest rate. I pulled my credit report from all three bureaus and find that there is nothing new reporting that wasn't there when I opened the card. Nothing that is but good payment history, not only on their account but every other acocunt I own for the past three years.
If you go with household and expect. Like I did. That your good payment history would eventually reward you with a lower rate card, don't fool yourself. Everytime I call CS, I get someone who can't even answer my questions from Bangalore.
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