HSBC Mastercard
HSBC Bank "No Interest" balance transfer a scam, deceptive come-on Schaumberg Illinois

I wanted to make a large purchase that I expected to pay off within a few months, so applied for a HSBS Mastercard based solely on their web advertising offering "no interest balance transfers" for limited time period. The advertising come-on touts no interest followed immediately by the claim of "no annual fee."

I made no other purchases with this card. After I got the card and transfered the balance, a "cash withdrawal fee" for $95 showed up on my statement. I wrote to complain that there was not supposed to be any interest on my balance, and the company wrote back as follows:

"The transferred balance is subject to a cash transaction fee of 3% or a minimum of $15.00, whichever is greater and subject to a maximum of $99.00. Therefore, you were assessed a $95.26 cash fee finance charge. However, please be assured that the transfer has no interest."

Why don't they include that little trick in their advertising? What is the difference btetween a "finance charge" and "interest"?? Nothing. This is a total ripoff, and I would recommend against anyone signing up with this cheating company.

Company: HSBC Mastercard
Country: USA
State: Nationwide
Site: www.hsbccreditcard.com

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