Complaint / Review
Hsbc - Gm Card
Deceptive Interest Rates Practices

I opened a credit card account and received a GM Rewards Card, thinking I may use my rewards someday toward my next vehicle purchase.

I opened the account in early 2004 and have never been late in paying and I have always paid far more than the minimum payment. Because I had a 0% intro rate, i transferred other balances to the card to save some money.

In March I was sent a letter stating that a routine credit review showed that my credit score was not the same as when I first opened the account, so they were raising my interest rate... Which they did... To an astounding and incredibly high 32.24%.

I called and they said that the interest rates were determined when they do their reviews of individuals, and that there was nothing they could do about the changes, because it was automatic based upon their formulas, despite the fact that my relationship with them was one of a good customer.