I have had a Direct Merchants Bank Mastercard (administered by HSBC Bank) for 10 years. Spoke to them in October to ask for a reduced interest rate, which I've done several times in the past. A 3.99% interest rate for 6 months was approved. My credit limit is $9500. There have been times when I've had a balance close to the limit. I currently do not owe anything on the account. I was planning to use this card for some major dental work scheduled in March. The card's expiration date is 2/09.
Received a letter dated 2/15/08 saying my account had been closed because I hadn't made a purchase in more than 6 months. Last time I used the card was June. Received a "change in terms" notice on 2/28/08. Hello! You closed my account! Don't they communicate amongst themselves?! In 10 years, a purchase in 6 months has never been an issue. What's up with HSBC Bank? What a dumb company to cancel a good customer. I didn't know you could be cancelled for lack of use. What irony. The "change in terms" notice informed me that if I default in any way, my interest rate could go as high as 33.49%. I probably shouldn't be so miffed. Maybe they did me a favor. Thank you very much Direct Merchants Bank for relieving me of your usury.
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