I just received notice from HSBC Platinum Card regarding a change to my credit card which included an increase to my interest rate - from 15.99% to 26.99%
I have paid my bill on time with them since I've had the card, always at least double the minimum payment due, and my credit history has not changed enough to warrant such a huge increase.
When I contacted HSBC regarding the notice, I first spoke with someone who was obviously not USA-based and was told that the credit markets were doing poorly and the bank itself was doing poorly. I asked the customer service rep if he knew about the recent Fed rate CUTS here in the USA.
I immediately requested to speak to a supervisor who was not able to provide a reason for the increase and advised she would request her back office to send a letter explaining the increase.
Sorry HSBC, I don't work like that - you just lost a customer and I'm asking my friends to dump you for shady banking practices.
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